This circular is applicable to all Scheduled Commercial Banks (other than Regional Rural Banks).
FinTech BizNews Service
Mumbai, February 10, 2024:On review of the circular Branches of Indian Banks operating in GIFT-IFSC – acting as Professional Clearing Member (PCM) of India International Bullion Exchange IFSC Limited (IIBX) dated June 07, 2022, it has been decided by the RBI to additionally allow:
a) Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX, and
b) Indian banks authorized to import gold/silver to act as Special Category Client1 (SCC) of IIBX.
The detailed instructions in this regard are at ANNEX to this Circular.
2. These instructions are issued in exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949. In the event of non-compliance with extant guidelines, or if the Reserve Bank is satisfied that it is necessary and expedient in the public interest to do so, it may issue further necessary directions (including revocation of approval) and/or impose additional conditions, as it deems fit.
Commencement
3. The provisions contained in the circular shall be effective from the date of this circular.
Applicability
4. This circular is applicable to all Scheduled Commercial Banks (other than Regional Rural Banks).
