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Which bank joins the India Bullion Exchange as a special category client?
Bank of India
Indian Bank
Punjab National Bank
State Bank of India
State Bank of India
State Bank of India (SBI) became the first public sector bank to join the India International Bullion Exchange (IIBX) at GIFT City as a special category client. This move enables the bank to import gold through the exchange, streamlining the bullion supply chain for domestic entities.
State Bank of India (SBI) became the first public sector bank to join the India International Bullion Exchange (IIBX) at GIFT City as a special category client. This move enables the bank to import gold through the exchange, streamlining the bullion supply chain for domestic entities.
The India International Bullion Exchange (IIBX) is India's first international bullion exchange, located in the International Financial Services Centre (IFSC) at GIFT City, Gujarat, which is governed by the International Financial Services Centres Authority (IFSCA) Act, 2019.
IIBX was inaugurated by the Prime Minister of India in July 2022.
Special category clients are permitted to trade on the exchange to facilitate gold imports into the country.
The primary objective of IIBX is to move India from a price-taker to a price-setter in the global gold market.
Qualified Jewellers (QJs) are allowed to import gold through the IIBX by paying customs duty.
The International Financial Services Centres Authority (IFSCA) acts as the primary regulator for all entities operating within the GIFT City IFSC.
Options A, B, and C (Bank of India, Indian Bank, and Punjab National Bank) were not the first public sector banks to join the exchange in this capacity.
D is correct тАФ State Bank of India was the first public sector bank to join the India International Bullion Exchange as a special category client.
When studying banking developments, always relate them to the IFSCA's role in regulating international finance, as GIFT City is a recurring theme in Economy and Current Affairs sections.
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