The government has revised the list of banks authorised to import gold and silver into India, tightening oversight of bullion inflows while ensuring smoother trade operations. The updated list, issued by the Directorate General of Foreign Trade (DGFT), will be valid from April 1, 2026, to March 31, 2029, as per official notification.
The move comes at a time when India continues to be one of the world’s largest consumers of gold and a leading importer of silver, making bullion trade a critical component of the country’s external trade framework.
Under the revised framework, several leading banks have been authorised 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.
Other institutions permitted under this category are 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, the government has created a separate category for banks allowed to import only gold. Union Bank of India and SBER Bank have been included in this segment, according to reports.
The updated list is part of the government’s broader effort to streamline bullion imports and ensure they are routed through regulated and traceable channels. By limiting imports to authorised entities, authorities aim to improve transparency and curb irregularities in the gold and silver trade.
Given the significant impact of bullion imports on India’s current account deficit and currency stability, such regulatory measures are crucial. Gold imports, in particular, have a direct bearing on the country’s import bill and foreign exchange reserves.
Market participants believe the updated authorisation list provides operational clarity and continuity for the next three years. Jewellers, refiners, and institutional buyers largely depend on bank-led imports for sourcing precious metals, and a stable framework helps maintain supply chain efficiency.
The revision also replaces the earlier list under the Foreign Trade Policy, ensuring that the regulatory structure remains aligned with evolving market dynamics.
Read more: India’s Currency in Circulation Up 11.9% in FY26; Sharpest Growth Since FY21.
The government’s latest update strikes a balance between facilitating India’s strong demand for gold and silver and maintaining tighter regulatory oversight. As global commodity prices remain volatile, such measures are expected to support a more transparent, formalised, and stable bullion trade ecosystem in the country.
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Published on: Apr 17, 2026, 4:41 PM IST
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