Noida, Apr 17 (APAC Media): The central government has permitted 15 major banks, including State Bank of India (SBI), HDFC Bank and Axis Bank, to import gold and silver over a three-year period from April 1, 2026, to March 31, 2029, according to an official notification reported on Friday.
The decision aims to streamline bullion imports and ensure a stable supply of precious metals in the domestic market, which relies heavily on overseas sourcing to meet demand. The Reserve Bank of India (RBI) has categorised eligible lenders into groups, with some banks allowed to import both yellow metal and silver, while others are restricted to gold only.
RBI-Authorised Banks for Gold & Silver Imports (2026–2029)
| Sr No. | Bank Name | Import Permission |
|---|---|---|
| 1 | Axis Bank Limited | Gold & Silver |
| 2 | Bank of India | Gold & Silver |
| 3 | Deutsche Bank | Gold & Silver |
| 4 | Federal Bank Limited | Gold & Silver |
| 5 | HDFC Bank Limited | Gold & Silver |
| 6 | Industrial and Commercial Bank of China Limited | Gold & Silver |
| 7 | ICICI Bank Limited | Gold & Silver |
| 8 | IndusInd Bank Limited | Gold & Silver |
| 9 | Indian Overseas Bank | Gold & Silver |
| 10 | Kotak Mahindra Bank Limited | Gold & Silver |
| 11 | Karur Vysya Bank Limited | Gold & Silver |
| 12 | Punjab National Bank | Gold & Silver |
| 13 | RBL Bank Limited | Gold & Silver |
| 14 | State Bank of India | Gold & Silver |
| 15 | Yes Bank Limited | Gold & Silver |
| 16 | Union Bank of India | Only Gold |
| 17 | SBER Bank | Only Gold |
The approval comes at a time when India remains one of the world’s largest consumers of gold and the biggest importer of silver. Banks play a critical intermediary role by sourcing bullion from global markets and supplying it to jewellers, manufacturers and traders under the supervision of the Directorate General of Foreign Trade (DGFT) and the RBI.
“In exercise of the powers conferred under Paragraphs 1.03 and 2.04 of the Foreign Trade Policy (FTP), 2023, as amended from time to time, the Director General of Foreign Trade hereby makes the following amendments in Part A and Part B under Appendix 4B of the Handbook of Procedures, 2023,” the DGFT said in its notification.
The move also comes amid volatile global precious metal prices, driven by geopolitical tensions and strong investment demand. In India, high domestic prices have already affected retail demand in certain segments, especially jewellery sales, though investment demand remains steady.
However, market participants note that operational efficiency will still depend on timely regulatory clearances and coordination between banks, customs authorities and government agencies. Any delays in procedural approvals could temporarily affect imports, as seen in previous disruptions.
With the new framework in place, banks are expected to gradually resume structured import planning for gold and silver, strengthening India’s supply chain for one of its most important commodity markets.
Disclaimer:
Gold prices and rates are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.
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