HDFC become the first to deal from GIFT City
The first domestic bank to execute a gold forward deal HDFC Bank, India’s leading private sector bank, has become the first domestic bank to execute a gold forward deal from GIFT City. The deal was executed by HDFC BANK GIFT City IBU in collaboration with Hindustan Platinum Pvt. Ltd., a global refiner and manufacturer of high purity 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). Speaking on the occasion, Arup Rakshit, Group Head – Treasury, HDFC Bank said, “We are delighted to announce the successful execution of the first gold forward deal from GIFT City. This achievement underscores our commitment to leveraging the opportunities offered...