Bank of Baroda gets approval as Trading-Cum-Clearing Member on IIBX at GIFT City

Bank of Baroda said it had 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 GIFT City. 

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.

Lalit Tyagi, executive director, Bank of Baroda said, “We are committed to support the transformation of India’s bullion market into a transparent, efficient and globally competitive platform and realise 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,” he added.