Centre allows 15 banks to import gold, silver till 2029
What's the story
The central government has authorized 15 major banks, including the State Bank of India (SBI), Axis Bank, HDFC Bank and the Bank of India (BoI), to import gold and silver. The permission is valid from April 1, 2026 to March 31, 2029. Union Bank of India and Sberbank are the only two banks permitted to import gold exclusively during this period.
Authorized banks
Banks approved by RBI for importing gold, silver
The list of banks approved by the Reserve Bank of India (RBI) for importing both gold and silver includes State Bank of India, Axis Bank, Bank of India, Deutsche Bank, Federal Bank, HDFC Bank, Industrial and Commercial Bank of China, ICICI Bank, IndusInd Bank, Indian Overseas Bank (IOB), Kotak Mahindra Bank, Karur Vysya Bank (KVB), Punjab National Bank (PNB), RBL bank and Yes bank.
Market reaction
Shares of jewelry makers fall
This decision comes after a Reuters report highlighted that Indian banks had stopped gold and silver import orders from overseas suppliers due to the lack of a formal government notification approving bullion imports. Shares of jewelry makers such as Kalyan Jewellers and Titan fell up to 6% after the Reuters report. Meanwhile, India's largest PSU trading company MMTC's shares surged by 16%.
Demand decline
India's gold demand in 2025 fell to lowest level
India's gold demand in 2025 fell to 710.9 metric tons, the lowest level in five years, according to the World Gold Council. This is a significant drop that could have implications for both domestic and international markets. Gold and silver stocks from previous months' imports are being depleted with the market now dependent on exchange-traded funds (ETFs) which are witnessing redemptions.