BoB gets nod to operate as Trading-Cum-Clearing Member on IIBX

Gandhinagar: Bank of Baroda (BoB) on Friday said it has received an approval from the International Financial Services Centres Authority (IFSCA) to operate as a Trading-Cum-Clearing Member (TCM) on the India International Bullion Exchange IFSC Ltd (IIBX), at GIFT City.

Launched in July 2022, IIBX is India’s first international bullion exchange. As a TCM, the bank will execute, clear and settle trades, thereby boosting liquidity and efficiency in India’s bullion market, the public sector lender said in a release.

One of the early entrants in GIFT IFSC, Bank of Baroda’s International Banking Unit (IBU) at GIFT City has an extensive presence, undertaking treasury, trade finance and capital markets operations.

The IBU is now positioned to become a strategic hub for bullion trading as well, the bank said in a statement.

Lalit Tyagi, Executive Director of Bank of Baroda, said the bank is committed to supporting the transformation of India’s bullion market into a transparent, efficient and globally competitive platform and to realise India’s vision of becoming a key market maker in global bullion trade.

“With our strong presence at GIFT City and expertise in international banking, we will contribute to building a transparent, technology-driven bullion market that inspires investor confidence and enhances India’s global financial standing,” he said. At 63.97 per cent stake, Bank of Baroda is majorly owned by the Government of India. The bank serves its global customer base of over 180 million through around 65,000 touch points spread across 17 countries on five continents and through its various digital banking platforms.