India's Directorate General of Foreign Trade (DGFT) has released an updated list of banks authorized to import gold and silver into the country. This revised framework, designed to streamline bullion trade and reinforce regulatory oversight, will be valid for a three-year period, from April 1, 2026, to March 31, 2029.
The government's decision is part of an ongoing effort to ensure that precious metal imports are routed exclusively through regulated and traceable channels. By limiting imports to designated financial institutions, authorities seek to improve transparency, monitor inflows more effectively, and curb potential irregularities within the gold and silver markets.
Banks Authorized for Both Gold and Silver Imports
Under the new guidelines, several prominent banks have received authorization to import both gold and silver. These include:
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
- Bank of India
- Deutsche Bank
- Federal Bank
- IndusInd Bank
- Indian Overseas Bank
- Punjab National Bank
- RBL Bank
- Yes Bank
- Industrial and Commercial Bank of China
Banks Authorized for Gold Imports Only
A distinct category has been established for banks permitted to import only gold. Currently, two institutions fall under this specific authorization:
- Union Bank of India
- SBER Bank
As one of the world's largest consumers of gold and a major importer of silver, India's bullion imports significantly impact its trade dynamics, current account deficit, and currency stability. The government therefore maintains strict controls over who can bring these precious metals into the country.
Market participants view this notification as providing crucial continuity and operational certainty for the bullion trade. Jewellers, refiners, and institutional buyers, who largely depend on bank-led imports, will benefit from the clarity for the next three years. This measure also helps formalize supply chains, reducing reliance on unofficial or grey market channels. The updated list aims to strike a balance between India's substantial demand for precious metals and the imperative for tighter regulatory control, particularly in an environment of volatile global commodity prices and import bills.