India International Bullion Exchange

  • SBI became the first bank to become a trading cum clearing member of the India International Bullion Exchange.
    • Bullion refers to physical gold and silver of high purity.
  • India International Bullion Exchange is the first international bullion exchange in India.
    • Prime Minister Narendra Modi launched it in the year 2022.
    • Its objective is to ease precious metal trading for jewelers.
    • It is located in GIFT City Gandhinagar, Gujarat.
    • It is regulated by the International Financial Services Center Authority.
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