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15 Major Banks Authorized to Import Gold & Silver Until 2029

The Indian government has authorized 15 major banks, including SBI, HDFC Bank, and ICICI Bank, to import gold and silver from April 2026 to March 2029 to streamline the bullion trade through regulated channels. This move aims to enhance transparency, monitor inflows, and curb irregularities in the precious metals market. The notification comes as India's gold imports fell sharply to a 9-month low in March 2026 due to demand softness and supply disruptions. Despite this, Indian gold ETFs extended their inflow streak to an 11th consecutive month, showing sustained investor interest.

Key Points: Govt Allows 15 Banks to Import Gold, Silver Until 2029

  • 15 major banks authorized
  • Imports allowed from 2026-2029
  • Aim to improve transparency and curb irregularities
  • Gold imports hit 9-month low in March 2026
  • Indian gold ETFs see 11th month of inflows
3 min read

Govt allows 15 major banks to import gold, silver up to March 2029

India authorizes 15 major banks, including SBI, HDFC, and ICICI, to import gold and silver from 2026 to 2029 to streamline trade.

"The move is part of the government's ongoing effort to streamline bullion imports and ensure they are routed through regulated and traceable channels."

New Delhi, April 17

The Union Government on Friday allowed 15 major banks, including State Bank of India, HDFC Bank, and ICICI Bank, to import gold and silver from April 1, 2026, to March 31, 2029.

The Union Bank of India and Sberbank have been authorised to import only gold during this period.

The notification has been issued by the Directorate General of Foreign Trade (DGFT).

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.

Banks that have been authorised by the RBI to import both gold and silver include Axis Bank Ltd, Bank of India, Deutsche Bank, Federal Bank Ltd, HDFC Bank Ltd, Industrial and Commercial Bank of China Ltd, ICICI Bank Ltd, IndusInd Bank Ltd, Indian Overseas Bank, Kotak Mahindra Bank Ltd, Karur Vysya Bank Ltd, Punjab National Bank, RBL Bank Ltd, State Bank of India, and Yes Bank Ltd.

India's gold imports fell sharply in March 2026 to a 9-month low of $3.1 bn. In volume terms, imports are estimated to be 20-25 tonnes, well below the 12-month average of 62 tonnes. The decline reflects a combination of demand softness and supply disruptions stemming from flight disruptions out of the Middle East, a key transit hub for bullion flows into India, according to a statement issued by the World Gold Council on Friday.

Gold prices partially recovered in April following the sharp March decline, while import curbs and supply bottlenecks narrowed domestic discounts. Listed jewellers posted strong year-on-year growth in Q1 2026, driven by wedding as well as discretionary spends, higher ticket sizes, and ongoing expansion, the statement said.

Despite significant redemptions and in contrast with the trend of North American and European ETFs, Indian gold ETFs extended their inflow streak to the 11th consecutive month in March 2026, recording net inflows of Rs 22.7bn (US$244mn) as per data from the Association of Mutual Funds of India (AMFI). The investor interest in gold ETFs has been sustained and continues to broaden, albeit at a slower pace, as reflected in the number of accounts or folios of gold ETFs, the statement said.

The purchases of digital gold via the Unified Payments Interface (UPI) remained strong in February, albeit below January's record levels. Total purchases during the month totalled INR 30.3bn, equivalent to an estimated 1.9t in volume terms, the statement added.

- IANS

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Reader Comments

S
Shreya B
Interesting to see Industrial and Commercial Bank of China Ltd in the list. With the current geopolitical tensions, is it wise to have a Chinese bank as a major conduit for our gold imports? We need to be self-reliant in such critical areas.
A
Aman W
As someone in the jewellery business in Surat, streamlining is welcome but the real issue is the high import duty. It's the duty that fuels the grey market. If the government is serious, they need to rationalise taxes alongside these notifications.
P
Priya S
The data on digital gold via UPI is fascinating! ₹30.3 billion in February! Shows how technology is changing even traditional assets like gold. My mother still prefers physical jewellery, but I'm happy buying a few grams digitally every month. 💻💰
D
David E
While the intent to monitor inflows is good, authorizing this until 2029 seems like a very long window. Market conditions can change drastically. Shouldn't there be more frequent reviews to adjust the list of banks or policies?
M
Meera T
Gold ETFs seeing 11 months of inflows is telling. With real estate uncertain and stock market volatile, people are turning to gold as a safe haven. This policy should ensure that this 'safe' investment isn't undermined by irregular supply chains.

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