This event heralds a transformative era for bullion imports in India, enhancing efficiency, transparency, and accessibility for the industry particularly the MSME jewellers
FinTech BizNews Service
Mumbai, November 01, 2025: The country’s largest commercial bank, State Bank of India (SBI) has announced its achievement of successfully executing its inaugural gold trade as a Special Category Client (SCC) on the India International Bullion Exchange IFSC Ltd. This event heralds a transformative era for bullion imports in India, enhancing efficiency, transparency, and accessibility for the industry particularly the MSME jewellers. SBI was also the first bank to become a Trading cum Clearing (TCM) Member at India International Bullion Exchange in 2024.
As a Special Category Client, SBI is positioned to facilitate seamless bullion transactions, supporting jewellers, bullion dealers, and other stakeholders in importing gold through IIBX and meeting the escalating demand for precious metals across the country. This move aligns with SBI’s commitment to innovation and financial inclusion, leveraging the advanced infrastructure of IIBX to streamline imports and reduce reliance on conventional methods.
Mr. C S Setty, Chairman of State Bank of India said “We are delighted to lead India’s bullion market by joining IIBX as Special Category Client and completing our first gold trade. This collaboration not only reinforces SBI’s role as a pioneer in financial services but also contributes to reshaping bullion imports, making them more cost-effective and compliant with global standards. It’s a moment of national pride, benefiting the entire ecosystem from importers to consumers in the jewellery sector.”
SBI’s participation on IIBX underscores its strategic focus on GIFT City as a global financial hub and supports government initiatives to formalize and modernize the bullion trade. By acting as a key intermediary, SBI aims to drive greater liquidity, competitive pricing, and sustainable growth in India’s bullion and jewellery industry. This may also encourage other nominated banks to join IIBX as Special Category Clients to collectively address the growing demands of this dynamic sector.
