New Delhi: The Union Government on Friday allowed 15 major banks, including State Bank of India, HDFC Bank, and ICICI Bank, to import gold and silver from April 1, 2026, to March 31, 2029.
The Union Bank of India and Sberbank have been authorised to import only gold during this period.
The notification has been issued by the Directorate General of Foreign Trade (DGFT).
The move is part of the government’s ongoing effort to streamline bullion imports and ensure they are routed through regulated and traceable channels. By restricting imports to authorised banks, authorities aim to improve transparency, monitor inflows more effectively, and curb irregularities in the gold and silver trade.
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.
India’s gold imports fell sharply in March 2026 to a 9-month low of $3.1 bn. In volume terms, imports are estimated to be 20–25 tonnes, well below the 12-month average of 62 tonnes. The decline reflects a combination of demand softness and supply disruptions stemming from flight disruptions out of the Middle East, a key transit hub for bullion flows into India, according to a statement issued by the World Gold Council on Friday.
Gold prices partially recovered in April following the sharp March decline, while import curbs and supply bottlenecks narrowed domestic discounts. Listed jewellers posted strong year-on-year growth in Q1 2026, driven by wedding as well as discretionary spends, higher ticket sizes, and ongoing expansion, the statement said.
Despite significant redemptions and in contrast with the trend of North American and European ETFs, Indian gold ETFs extended their inflow streak to the 11th consecutive month in March 2026, recording net inflows of Rs 22.7bn (US$244mn) as per data from the Association of Mutual Funds of India (AMFI). The investor interest in gold ETFs has been sustained and continues to broaden, albeit at a slower pace, as reflected in the number of accounts or folios of gold ETFs, the statement said.
The purchases of digital gold via the Unified Payments Interface (UPI) remained strong in February, albeit below January’s record levels. Total purchases during the month totalled INR 30.3bn, equivalent to an estimated 1.9t in volume terms, the statement added.
(IANS)
