In today’s India Edition, Menaka Doshi explores what’s behind the Modi bloc’s likely sweeping victory in Bihar, and Nic Querolo assesses how global banks are warming to GIFT City. https://t.co/NEfF89fC1O ...

Core Insights - State Bank of India (SBI) has executed its inaugural gold trade as a special category client on the India International Bullion Exchange (IFSC) Ltd, marking a significant development in India's bullion import landscape [1][2] - This initiative aims to enhance efficiency, transparency, and accessibility for the bullion industry, particularly benefiting MSME jewellers [1][2] Group 1: Strategic Positioning - As a special category client, SBI is set to facilitate seamless bullion transactions, supporting various stakeholders in the gold import process [2] - The move aligns with SBI's commitment to innovation and financial inclusion, utilizing the advanced infrastructure of IIBX to streamline imports and reduce reliance on traditional methods [3] Group 2: Economic Impact - SBI Chairman C S Setty emphasized that this collaboration will reshape bullion imports, making them more cost-effective and compliant with global standards, benefiting the entire ecosystem from importers to consumers in the jewellery sector [3][4] - SBI's participation on IIBX supports the government's initiatives to formalize and modernize the bullion trade, aligning with the Make in India and GIFT City vision [5] Group 3: Market Dynamics - By acting as a key intermediary, SBI aims to drive greater liquidity, competitive pricing, and sustainable growth in India's bullion and jewellery industry, potentially encouraging other banks to join IIBX as Special Category Clients [6]