Gandhinagar, Sep 26 (PTI) Bank of Baroda on Friday said it has received an 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.

Launched in July 2022, IIBX is India’s first international bullion exchange.

As a TCM, the bank will execute, clear and settle trades, thereby boosting liquidity and efficiency in India’s bullion market, the public sector lender said in a release.

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 tradi

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