India clears 17 banks to import bullion under 3-year licenses
The Indian government has finally cleared 17 banks to import bullion, with 15 banks allowed to import both gold and silver and Union Bank of India and Sberbank authorized to import only gold, after a delay that had slowed down bullion imports.
This new approval list is valid for three years, from April 1, 2026, to March 31, 2029, much longer than the old one-year permits, giving banks and the market some much-needed stability.
Madhavi Arora from Emkay Global pointed out that the earlier hold-up really impacted gold imports.
Metal imports now restricted, licenses required
Big names like SBI, HDFC Bank, Deutsche Bank, and Indian Overseas Bank can now bring in both metals, while Union Bank of India and Sberbank are limited to just gold.
The move comes after new rules this month made metal imports "restricted," so importers outside Special Economic Zones and Export Oriented Units require a government license.
With gold imports rose to $72 billion in 2025-26, up 24% from 2024-25, and silver $12 billion, this update should help smooth things out for everyone involved.