Gandhinagar: Bank of Baroda today announced that it has received 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 Limited (IIBX) at GIFT City, expanding its footprint in the financial hub. As a TCM, the Bank will execute, clear, and settle trades, thereby boosting liquidity and efficiency in India’s bullion market.

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.

Speaking on the occasion, Shri Lalit Tyagi, Executive Director, 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 and realizing 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.”

Launched in July 2022, IIBX is India’s first international bullion exchange. Bank of Baroda’s entry into IIBX reflects its commitment to contributing to India’s emergence as a key player in the global bullion market. DeshGujarat