HDFC Bank pioneers gold trade on IIBX.

HDFC Bank recently made history by conducting the first-ever trade in gold by any bank on IIBX under the Special Category Client – Nominated Bank Category, as announced by the India International Bullion Exchange (IIBX) located in GIFT City. The trade took place on February 28 and involved the import of gold through the IIBX ecosystem by HDFC Bank. This milestone trade has opened the door for other nominated banks to follow suit and begin importing bullion through IIBX. Arup Rakshit, Group Head-Treasury HDFC Bank, expressed his satisfaction with being part of this groundbreaking deal on the IIBX platform and highlighted the bank’s support for India’s increased participation in the global bullion market. He also extended thanks to the bank’s valued customer, Malabar Gold and Diamonds Limited, for their participation in the transaction.