IDBI Bank has acquired a 10% stake in India’s Universal Commodity Exchange (UCX), Economic Times reports. The Indian lender paid $2.25 million for the stake in the Indian bourse.
The exchange, which is likely to be launched in September this year, secured an in-principle approval from the commodity futures market regulator. IDBI has become the only bank among the promoters of UCX and therefore all transactions of the exchange will be routed through IDBI.
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