Govt Releases List Of 15 Banks Authorised To Import Gold, Silver

The government has released a list of 15 banks that will be authorised to import gold and silver. These include major lenders such as State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank, and Kotak Mahindra Bank, among others.

The move comes after reports of delays in clearances to import precious metals. This led to a fall in stock prices of jewellery companies.

The notification, issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, is effective from April 1, 2026, and will remain valid until March 31, 2029.

Union Bank of India and SBER Bank have been permitted to import only gold.

The move comes after delays in issuing the updated list had led to a halt in bullion imports, with several consignments stuck at customs awaiting clearance.

The authorisation will streamline imports and ensure that gold and silver inflows are routed through regulated banking channels. This helps improve transparency and monitoring of bullion trade.

India is one of the largest consumers of gold and the biggest importer of silver globally. It relies heavily on imports to meet domestic demand.

The timing of the notification is significant as it comes ahead of Akshaya Tritiya, one of the most important gold-buying festivals in India, which typically contributes a substantial share to annual jewellery sales.

The updated list is expected to ease supply concerns, bring stability to the market, and allow banks and jewellers to resume normal operations after the disruption.

Earlier in the day, there were reports of banks halting fresh deals as large quantities of precious metals were already stuck at customs, as a formal government order authorising bullion imports had not been issued.

This led to a decline in stock prices of jewellery companies on Friday. The stock of Kalyan Jewellers fell about 6 percent and ended with a loss of 3 percent.