The Union Government has granted permission to 15 major banks, such as 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 are specifically authorized to import gold during this period. This directive has been issued by the Directorate General of Foreign Trade (DGFT).
This decision is part of the government’s strategy to streamline bullion imports and ensure they pass through regulated and traceable channels. By limiting imports to authorized banks, the aim is to enhance transparency, better monitor inflows, and reduce irregularities in the gold and silver trade.
Among the banks authorized by the RBI to import both gold and silver are 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 witnessed a significant drop in gold imports in March 2026, reaching a 9-month low of $3.1 billion. The volume of imports is estimated to be 20–25 tonnes, well below the 12-month average of 62 tonnes. This decline is attributed to soft demand and supply disruptions caused by flight disruptions from the Middle East, a crucial transit point for bullion flows into India, as per the World Gold Council.
