SBI Becomes the 1st Bank as Trading-cum-Clearing Member (TCM) of IIBX

Current Context: The State Bank of India (SBI) has indeed become the first bank to join the India International Bullion Exchange (IIBX) as a Trading-cum-Clearing Member (TCM).

• This significant milestone was announced on Tuesday, May 14, 2024.
• This development allows SBI’s IFSC Banking Unit (IBU) at the GIFT City in Gujarat to conduct trades on the IIBX platform and settle them on behalf of its clients.
• The Reserve Bank of India (RBI) recently permitted branches of an Indian Bank in GIFT IFSC to act as a trading member ™/trading and clearing member (TCM) of IIBX.
• The entry of India’s largest bank into the field as a TCM is expected to boost trading volumes at IIBX.
• Dinesh Khara, Chairman of SBI, stated that this step marks a change in India’s bullion market, ushering in transparency, efficiency, and accessibility in the bullion trading market.

Question:

Q.1 Which bank became the first to join the India International Bullion Exchange (IIBX) as a Trading-cum-Clearing Member (TCM)?
a. HDFC Bank
b. ICICI Bank
c. Punjab National Bank
d. State Bank of India (SBI)