Arup Rakshit, Group Head, Treasury, HDFC Bank said, “This achievement underscores our commitment to leveraging the opportunities offered by GIFT City to deliver innovative and efficient financial solutions.”
| Photo Credit: Reuters

HDFC Bank said it has become the first domestic bank to execute a gold forward deal from GIFT City, Gujarat. 

The deal was executed by HDFC Bank GIFT City IBU in collaboration with Hindustan Platinum Private Limited, a refiner and manufacturer of precious metal products and industrial services.

“Regulators have enabled onshore entities with gold price exposure to hedge their risk through GIFT City. HDFC Bank is committed to be a part of the development of the GIFT City bullion ecosystem. The Bank’s IBU in GIFT City serves as a trading and clearing member on the Indian International Bullion Exchange (IIBX),” the bank said in a statement.

Arup Rakshit, Group Head, Treasury, HDFC Bank said, “This achievement underscores our commitment to leveraging the opportunities offered by GIFT City to deliver innovative and efficient financial solutions.”

“We will endeavour to provide tailored hedging solutions to the gems and jewellery sector, as well as various industrial sectors, to effectively manage their risks,” he said. “HDFC Bank, a nominated agency, is in the process of becoming a special category client on IIBX and is now offering gold and silver forwards from GIFT City,” the bank said.