India Permits 15 Banks to Import Gold and Silver till March 2029; ICICI Bank, HDFC Bank, SBI and Others in the List

The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, has issued a revised list of banks permitted to import gold and silver, as per news reports.  

The notification is effective from April 1, 2026, to March 31, 2029, replacing the earlier authorisation framework under the Foreign Trade Policy (FTP) 2023. 

The update has been made under provisions of the FTP, allowing the government to regulate the entry of precious metals through designated entities. 

15 Banks Cleared for Gold and Silver 

In total, 15 banks have been approved to import both gold and silver. These include State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Bank of India. 

The list also includes Deutsche Bank, Federal Bank, Industrial and Commercial Bank of China, IndusInd Bank, Indian Overseas Bank, Karur Vysya Bank, Punjab National Bank, RBL Bank and Yes Bank.  

These banks are authorised by the Reserve Bank of India to handle bullion imports. 

Separate List for Gold-Only Imports 

A separate category has been created for banks allowed to import only gold. At present, Union Bank of India and SBER Bank fall under this segment. The classification allows differentiated monitoring of bullion inflows. 

Regulatory Intent and Trade Impact 

India is among the largest consumers of gold and the biggest importer of silver globally. Bullion imports form a significant part of the country’s trade bill and influence the current account deficit. 

Routing imports through selected banks allows authorities to monitor volumes, maintain records and reduce unregulated inflows. The system also helps with the transactions remaining within formal financial channels. 

Timing and Operational Clarity 

The notification follows a period during which banks were awaiting fresh authorisation, leading to delays in imports. The revised list provides clarity for banks and downstream users such as jewellers and refiners. 

The update comes ahead of Akshaya Tritiya on April 19, 2026, a period that typically accounts for 15% to 20% of annual gold retail sales in India. 

Read More: 6 Mutual Fund AMCs Hold Over ₹10,000 Crore in Cash Portfolios as of March 2026 Amid Market Volatility! 

Conclusion 

The revised authorisation defines the approved channels for bullion imports over the next 3 years, with an emphasis on traceability and regulatory oversight. 

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