Gandhinagar: Bank of Baroda has secured approval from the International Financial Services Centres Authority (IFSCA) to operate as a Trading-Cum-Clearing Member (TCM) on the India International Bullion Exchange (IIBX) at GIFT City.
This approval marks a significant step in the Bank’s expansion within GIFT City while contributing to liquidity and efficiency in India’s bullion market.
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Bank of Baroda Expands Bullion Market Presence at GIFT City
As a TCM on IIBX, Bank of Baroda will facilitate trade execution, clearance, and settlement, strengthening its role in shaping India’s bullion ecosystem.
The Bank was one of the early entrants at GIFT IFSC, with its International Banking Unit (IBU) already engaged in treasury, trade finance, and capital markets operations. With the new approval, the IBU will also serve as a strategic hub for bullion trading.
Commitment to Global Bullion Market Transformation
Speaking on the development, Lalit Tyagi, Executive Director at Bank of Baroda, said, “At Bank of Baroda, we are committed to supporting the transformation of India’s bullion market into a transparent, efficient, and globally competitive platform. With our strong GIFT City presence and international banking expertise, we will help build a technology-driven bullion market that enhances investor confidence and India’s financial standing.”
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IIBX: Strengthening Global Role
Launched in July 2022, IIBX is India’s first international bullion exchange. Bank of Baroda’s entry as a TCM reflects its commitment to strengthening India’s position in the global bullion trade while advancing the vision of GIFT City as a world-class financial hub.
