Govt Allows 15 Banks To Import Gold & Silver For 3 Years

after Indian banks paused imports of gold and silver due to the absence of a formal notification authorising bullion import. Nearly 5 tonnes of gold and 8 tonnes of silver consignments already shipped remain stuck at customs without clearance.

The DGFT typically issues this list at the start of each financial year. The previous authorisation, issued in April 2025, expired on March 31, 2026, leaving banks awaiting fresh notification.

Banks that have been authorised by the RBI to import both gold and silver include 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.

Public sector lender Union Bank of India and Sberbank have been authorised to import only
gold during this period.The timing is significant as it prevents disrupting the bullion market at a time when people prepare to celebrate Akshaya Tritiya April 19.

Regarded as one of the most auspicious occasions in the Hindu
calendar, the festival symbolizes prosperity and good fortune, with gold purchases traditionally believed to bring enduring wealth.

Recent price performance of gold further strengthens this sentiment. Over the past year, gold has delivered gains exceeding 60 per cent, marking one of its strongest rallies in recent annual cycles while silver has outpaced gold significantly, surging about 160 percent over the same period.