According to a government announcement on Friday, India has allowed 15 leading banks, including the State Bank of India, HDFC Bank, Bank of India, and others, to import gold and silver between April 1, 2026, and March 31, 2029.
The Directorate General of Foreign Trade under the Commerce Ministry has published a new notification on gold and silver imports, allowing a new list of banks to handle bullion imports. On April 17, the Department of Commerce, under the Ministry of Commerce and Industry, issued a notification with amendments in the Foreign Trade Policy (FTP), 2023.
The notification dated April 17 shows the list of banks authorised by the Reserve Bank of India to import both gold and silver with effect from 01.04.2026 and valid up to 31.03.2029.
The new list includes 15 banks approved by the Reserve Bank of India to import both gold and silver:
Axis Bank Limited
Bank of India
Deutsche Bank
Federal Bank Limited
HDFC Bank Limited
Industrial and Commercial Bank of China Limited
ICICI Bank Limited
IndusInd Bank Limited
Indian Overseas Bank
Kotak Mahindra Bank Limited
Karur Vysya Bank Limited
Punjab National Bank
RBL Bank Limited
State Bank of India
Yes Bank Limited
The notification also listed two banks authorised to import only gold:
Union Bank of India
SBER Bank
A recent Reuters report suggested Indian banks have halted gold and silver import orders from overseas suppliers, with tons of the metals stuck at customs. The banks had halted imports as a formal government order was not issued authorising bullion imports.
India, the world’s largest buyer of silver and second-largest consumer of gold, depends on foreign purchases to cover almost all of its demand; a lack of fresh imports could have resulted in shortages. Now, concerns about supply constraints won’t have a significant effect on prices ahead of Akshaya Tritiya, which falls on Sunday, April 19.
