Indian Central Bank Releases List of 15 Authorized Banks for Gold and Silver Imports Through March 2029, Including HDFC, ICICI, Axis, and Yes Bank

Government Authorises New List of Banks to Handle Bullion Imports

The Commerce Ministry has issued a notification on gold and silver imports, authorising a new list of banks to handle bullion imports. This notification came into effect from April 1, 2026, and will remain valid until March 31, 2029.

The notification was issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry. It has been issued in accordance with the powers conferred under paragraph 1.03 & 2.04 of the Foreign Trade Policy (FTP), 2023, as amended from time to time. The Director General of Foreign Trade has made amendments in Part A and B under Appendix 4B of Handbook of Procedure, 2023.

Banks Authorised to Import Gold and Silver

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The new list includes 15 banks approved by the Reserve Bank of India to import both gold and silver. These banks have been cleared to handle bullion imports in accordance with the new notification.

Banks Authorised to Import Only Gold

The notification also listed two banks authorised to import only gold.

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The move comes after a Reuters report suggested delays in bullion imports as banks were awaiting a fresh government authorisation order. This development comes ahead of Akshaya Tritiya, considered the most important non-wedding buying season for Indian markets. This year, the festival will be celebrated on April 19, 2026.

The festive period typically contributes 15% to 20% of annual retail sales, and with prices correcting in recent weeks, it is emerging as an attractive opportunity for buyers, said Aamir Makda, Commodity & Currency Analyst at Choice Broking.

Gold demand in India remained modest this week as elevated domestic prices dampened retail buying ahead of the key Akshaya Tritiya festival weekend, while premiums in China stayed steady. As per a Reuters report, dealers quoted discounts of up to $4 an ounce, while some offered premiums of $14 an ounce over official domestic prices, inclusive of 6% import duty and 3% sales levy, supported by festival-related demand.

This compares with last week's discounts of up to $6 an ounce and premiums of $9 an ounce.