HDFC Bank executed the first ever trade in gold by any bank on IIBX under Special Category Client – Nominated Bank Category, the India International Bullion Exchange (IIBX) located in GIFT City recently announced.

This trade conducted on February 28 imported gold through IIBX ecosystem by HDFC Bank and paved the way for other nominated banks to follow and start importing bullion through IIBX, stated an official release. 

Arup Rakshit, Group Head-Treasury HDFC Bank, stated, “We are happy to be a part of the first ever such deal in the IIBX and support efforts for India to play a larger role in the global bullion market. We also thank our valued customer Malabar Gold and Diamonds Limited who participated in the deal.”