India's gold market is one of the largest in the world, but it lacks organisation, structure and trust. But that is beginning to change with numerous transformational initiatives underway. A robust bullion banking industry could support and accelerate that shift - inspiring trust, bolstering innovation and driving growth, the World Gold Council noted in a latest update.

The Indian gold spot exchange is expected to launch in the near future, a key moment in the development and formalisation of the domestic gold market. Commercial banks need to be part of that journey, offering a range of bullion banking products and services to customers along the gold value chain and promoting higher value addition. India could develop a thriving bullion banking industry over the coming years to support its overarching economic ambitions, and enable gold to play a role in this journey. Indian commercial banks are ready to embrace bullion as an asset class. India can reap significant benefits, both within its gold market and across the wider economy with a robust bullion banking industry.