<p>New Delhi: The Centre on Friday issued a list of 15 banks, including State Bank of India (SBI), HDFC Bank, Axis Bank and foreign lenders Deutsche Bank and Industrial and Commercial Bank of China, which will be authorised to import gold and silver in India.</p><p>As per a notification dated April 17, issued by the Directorate General of Foreign Trade (DGFT), 15 banks have been authorised to import gold and silver in India until March 31, 2029. The order is effective retrospectively from April 1, 2026.</p><p>Two banks — Union Bank of India and SBER Bank — have been authorised to import only gold.</p><p>The banks that have been authorised to import both gold and silver include Axis Bank, Bank of India, Federal Bank Limited, HDFC Bank, ICICI Bank, IndusInd Bank, Indian Overseas Bank, Kotak Mahindra Bank, Karur Vysya Bank, Punjab National Bank, SBI, RBL Bank and Yes Bank.</p><p>The list also includes German lender Deutsche Bank and Chinese government-run Industrial and Commercial Bank of China.</p><p>According to the DGFT notification, these lenders have been authorised by the Reserve Bank of India (RBI) for handling bullion imports.</p>.Gold imports rise by nearly 29% to $69 billion in Apr-Feb 2025-26.<p>India is the second-largest consumer of gold and is heavily dependent on imports to meet bullion demands. India imports over 90% of gold and more than 80% of silver requirements. Switzerland is the largest supplier of gold to India, followed by the UAE and South Africa. </p><p>The DGFT notification came after Reuters reported that banks had put a pause on fresh imports of gold and silver due to confusion in the government’s direction. </p><p>Typically, the DGFT used to issue notification at the beginning of the financial year, authorising banks for gold and silver imports. This year, the delay in notification resulted in confusion among importers.</p><p>The development comes ahead of Akshaya Tritiya, which is considered one of the most-important occasions of gold purchases in India. This year, the festival will be celebrated on April 19.</p><p>Meanwhile, as per data released by the World Gold Council, India's gold demand fell by 11% to 710.9 metric tons in 2025, the lowest in five years. The lower demand was largely due to record surge in prices.</p><p>However, the value of gold import jumped to $71.98 billion in FY2025-26, against $58.01 billion in the previous year, recording an increase of 24%, as per Commerce Ministry data.</p><p>Silver import nearly tripled from $4.83 billion in FY25, to $12.05 billion in FY26. Silver import in FY26 was higher than the previous year in both volume and value terms. </p>
<p>New Delhi: The Centre on Friday issued a list of 15 banks, including State Bank of India (SBI), HDFC Bank, Axis Bank and foreign lenders Deutsche Bank and Industrial and Commercial Bank of China, which will be authorised to import gold and silver in India.</p><p>As per a notification dated April 17, issued by the Directorate General of Foreign Trade (DGFT), 15 banks have been authorised to import gold and silver in India until March 31, 2029. The order is effective retrospectively from April 1, 2026.</p><p>Two banks — Union Bank of India and SBER Bank — have been authorised to import only gold.</p><p>The banks that have been authorised to import both gold and silver include Axis Bank, Bank of India, Federal Bank Limited, HDFC Bank, ICICI Bank, IndusInd Bank, Indian Overseas Bank, Kotak Mahindra Bank, Karur Vysya Bank, Punjab National Bank, SBI, RBL Bank and Yes Bank.</p><p>The list also includes German lender Deutsche Bank and Chinese government-run Industrial and Commercial Bank of China.</p><p>According to the DGFT notification, these lenders have been authorised by the Reserve Bank of India (RBI) for handling bullion imports.</p>.Gold imports rise by nearly 29% to $69 billion in Apr-Feb 2025-26.<p>India is the second-largest consumer of gold and is heavily dependent on imports to meet bullion demands. India imports over 90% of gold and more than 80% of silver requirements. Switzerland is the largest supplier of gold to India, followed by the UAE and South Africa. </p><p>The DGFT notification came after Reuters reported that banks had put a pause on fresh imports of gold and silver due to confusion in the government’s direction. </p><p>Typically, the DGFT used to issue notification at the beginning of the financial year, authorising banks for gold and silver imports. This year, the delay in notification resulted in confusion among importers.</p><p>The development comes ahead of Akshaya Tritiya, which is considered one of the most-important occasions of gold purchases in India. This year, the festival will be celebrated on April 19.</p><p>Meanwhile, as per data released by the World Gold Council, India's gold demand fell by 11% to 710.9 metric tons in 2025, the lowest in five years. The lower demand was largely due to record surge in prices.</p><p>However, the value of gold import jumped to $71.98 billion in FY2025-26, against $58.01 billion in the previous year, recording an increase of 24%, as per Commerce Ministry data.</p><p>Silver import nearly tripled from $4.83 billion in FY25, to $12.05 billion in FY26. Silver import in FY26 was higher than the previous year in both volume and value terms. </p>