Branches of an Indian bank in GIFT-IFSC can act as a ____ of India International Bullion Exchange.

A.Trading and Clearing Member (TCM)

B.Trading Member (TM)

C.Professional Clearing Member only

Solution

In February 2024, RBI has allowed: •Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of India International Bullion Exchange (IIBX), and •Indian banks authorized to import gold/silver to act as Special Category Client1 (SCC) of IIBX The TM/TCM shall execute trades only on behalf of clients (without proprietary trading). It is applicable to the all Scheduled Commercial Banks (other than Regional Rural Banks).