Govt updates list of banks allowed to import gold, silver; new norms valid till 2029 

The government has updated the list of banks authorised to import gold and silver into India, reinforcing regulatory oversight over bullion inflows. The revised list, issued by the Directorate General of Foreign Trade (DGFT), will remain valid from April 1, 2026, to March 31, 2029.

Under the updated framework, several major banks, including State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and Bank of India, have been permitted to import both gold and silver. Other authorised institutions include Deutsche Bank, Federal Bank, IndusInd Bank, Indian Overseas Bank, Punjab National Bank, RBL Bank, Yes Bank, and Industrial and Commercial Bank of China.

In addition, a separate category has been created for banks allowed to import only gold. Currently, Union Bank of India and SBER Bank fall under this segment.

The move is part of the government’s ongoing effort to streamline bullion imports and ensure they are routed through regulated and traceable channels. By restricting imports to authorised banks, authorities aim to improve transparency, monitor inflows more effectively, and curb irregularities in the gold and silver trade.

India is one of the world’s largest consumers of gold and the biggest importer of silver, making bullion imports a critical component of the country’s trade dynamics. Given the significant impact of gold imports on the current account deficit and currency stability, the government closely regulates who can bring bullion into the country.

Typically, such authorisations are reviewed periodically under the Foreign Trade Policy framework. The latest update replaces the earlier list and provides clarity to banks and market participants for the next three years.

Market participants say the notification brings continuity and operational certainty for bullion trade, especially for jewellers, refiners, and institutional buyers who rely on bank-led imports. It also ensures that supply chains remain formalised, reducing reliance on unofficial channels.

Overall, the updated list balances India’s strong demand for precious metals with the need for tighter regulatory control, especially at a time when global commodity prices and import bills remain volatile.