The State Bank of India (SBI) announced that it has secured the distinction of being the first bank to become a trading-cum-clearing (TCM) Member of India International Bullion Exchange at the GIFT City in Gujarat. 

• This milestone enables SBI IBU Gift City to conduct trades on the IIBX platform and settle them on behalf of its clients, per an official release.
• RBI guidelines permitted branches of an Indian Bank in GIFT IFSC to act as a trading member (TM)/trading and clearing member (TCM) of IIBX.
• The central bank also allowed special category clients (SCC) which are nominated banks in India to import gold through IIBX.
• The entry of India’s largest bank into the field as a TCM is poised to boost trading volumes at IIBX, the release added.