CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The State Bank of India (SBI) has announced that it has become the India International Bullion Exchange's (IIBX) first trading and clearing member.
About India International Bullion Exchange (IIBX)
It is India's inaugural International Bullion Exchange. It is headquartered at GIFT City (Gujarat International Finance Tech City) IFSC (International Finance Services Center) in Gandhinagar, Gujarat.
IIBX was designed to serve as a gateway for importing bullion into India as well as a world-class bullion exchange ecosystem that promotes bullion trading, investment in bullion financial products, and vaulting facilities in IFSC.
It will help with transparent price discovery, responsible sourcing and supply chain integrity, quality assurance, and standardization.
The IIBX is overseen by the International Financial Services Centers Authority (IFSCA), a unified authority in charge of developing and regulating financial products, financial services, and financial institutions at IFSC locations.
IIBX offers a diverse range of products and technology at far lower prices than Indian exchanges and worldwide exchanges in Hong Kong, Singapore, Dubai, London, and New York.
About Bullion
Bullion is physical gold and silver of high purity that is typically stored in the form of bars, ingots, or coins.
Bullion is occasionally regarded legal cash and is commonly held as reserves by central banks and institutional investors.
Key Facts About International Financial Services Centers Authority (IFSCA)
It is a statutory body established under the International Financial Services Centres Authority Act, 2019 ("IFSCA Act").
Mandate- To create and regulate financial products, services, and institutions in International Financial Services Centres (IFSCs).
It aspires to establish a strong global connection while focusing on the demands of the Indian economy. It will also function as an international financial platform for the entire region.
Prior to the foundation of IFSCA, the domestic financial regulators, particularly the RBI, SEBI, PFRDA, and IRDAI, regulated IFSC transactions.
GIFT-IFSC is the first IFSC in India.
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