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Bank of Baroda mentioned it had acquired approval from the International Financial Services Centres Authority (IFSCA) to function as a Trading-Cum-Clearing Member (TCM) on the India International Bullion Exchange IFSC Limited (IIBX), at GIFT City, increasing its footprint in GIFT City.
As a TCM, the financial institution will execute, clear and settle trades, thereby boosting liquidity and effectivity 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 intensive presence, enterprise treasury, commerce finance and capital markets operations. The IBU is now positioned to grow to be a strategic hub for bullion buying and selling as effectively.
Lalit Tyagi, govt director, Bank of Baroda mentioned, “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.
Published – September 26, 2025 10:22 pm IST