Government permits 15 major banks to import gold and silver till March 2029

April 17, 2026

New Delhi: The central government on Friday permitted 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.

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

The notification in this regard was issued by the Directorate General of Foreign Trade (DGFT).

Initiative to streamline bullion imports
This move is part of the government’s efforts to streamline and make the import of bullion (precious metals) transparent. By ensuring imports through authorized banks, the government aims to increase oversight and curb irregularities.

List of Authorized Banks
The banks authorized by the RBI to import gold and silver include Axis Bank, Bank of India, Deutsche Bank, Federal Bank, HDFC Bank, Industrial and Commercial Bank of China, ICICI Bank, IndusInd Bank, Indian Overseas Bank, Kotak Mahindra Bank, Karur Vysya Bank, Punjab National Bank, RBL Bank, State Bank of India, and Yes Bank.

Gold Imports Decline in March
India’s gold imports fell to a 9-month low of $3.1 billion in March 2026. By volume, they were around 20–25 tonnes, significantly lower than the 12-month average of 62 tonnes.

This decline was due to a decline in demand and supply disruptions caused by flight disruptions from the Middle East, a major transit hub for gold imports into India.—

Investments in ETFs and Digital Gold Continue
Gold prices saw a partial recovery in April after falling in March, while domestic discounts eased due to import controls and supply constraints.

Investments in gold ETFs in India increased for the 11th consecutive month, with net investments of ₹22.7 billion recorded in March 2026.

Digital gold purchases through UPI also remained strong in February, although slightly lower than the record level in January. Total purchases in February stood at ₹30.3 billion, equivalent to approximately 1.9 tonnes.