Govt Authorizes 15 Banks Including SBI and HDFC to Import Gold and Silver Until March 2029
The DGFT on Friday issued a fresh notification authorizing 15 banks, including State Bank of India (SBI), HDFC Bank, and ICICI Bank, to import gold and silver until March 31, 2029. The directive ends a weeks-long administrative freeze that had left tons of bullion stranded at customs without clearance for the new financial year.
- Republic Business
- 2 min read
The Indian government has moved to clear a bottleneck in the metals market, formally authorizing 15 top-tier banks to resume gold and silver imports. The new directive from the Directorate General of Foreign Trade (DGFT) provides a three-year window for bullion operations. This ensures stability ahead of the peak wedding and festival season.
Three-Year Authorization
The DGFT has granted a multi-year permission valid from April 1, 2026, to March 31, 2029. This long-term mandate allows banks to streamline their procurement strategies without the uncertainty of year-end expiry delays that recently disrupted the market.
Banks authorized to import both gold and silver include:
- Public Sector: State Bank of India (SBI), Bank of India (BOI), Indian Overseas Bank, and Punjab National Bank (PNB).
- Private Sector: HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank, RBL Bank, and Yes Bank.
- Foreign Banks: Industrial and Commercial Bank of China (ICBC) and Deutsche Bank.
Additionally, a separate category has been maintained for banks permitted to import only gold, which currently includes Union Bank of India and SBER Bank.
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Customs Deadlock
The notification arrives just hours after reports confirmed that approximately 5 tons of gold and 8 tons of silver were stuck at Indian ports. Commercial banks had halted fresh orders earlier this month because the previous authorization expired on March 31. RBI-nominated banks could not legally clear consignments without the fresh DGFT order.
The sudden pause in imports had raised concerns over a supply crunch, particularly with the Akshaya Tritiya approaching on April 19.