SBI, HDFC and 13 Other Banks Approved by RBI to Import Gold and Silver

Synopsis: Banks approved to import gold and silver, improving bullion supply, easing trade flows, and creating new income opportunities ahead of the festive demand season.

The Reserve Bank of India has approved 15 banks to import gold and silver, expanding participation in bullion trade. The move is aimed at strengthening supply channels, improving regulatory control, and ensuring smoother import operations ahead of key demand periods like the festive season.

The approval includes both public and private sector banks, enhancing their role in commodity-linked trade. It is expected to support better distribution efficiency, improve market access, and create additional fee-based income opportunities for banks through bullion import and related services.

What happened

The Commerce Ministry has issued a fresh notification on gold and silver imports, authorising a revised list of banks to handle bullion import operations. The directive, issued by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry, aims to streamline import channels and strengthen regulatory oversight.

The notification came into effect from April 1, 2026, and will remain valid until March 31, 2029. It has been issued under the Foreign Trade Policy, 2023, expanding authorised participation in bullion imports while ensuring structured compliance across the import framework.

Authorised Banks for Gold and Silver Imports: The Reserve Bank of India has approved a list of 15 banks to import gold and silver, covering both private and public sector lenders. Private banks include Axis Bank Limited, HDFC Bank Limited, ICICI Bank Limited, IndusInd Bank Limited, Kotak Mahindra Bank Limited, Federal Bank Limited, Karur Vysya Bank Limited, RBL Bank Limited, and Yes Bank.

Public sector and foreign banks on the list include State Bank of India, Bank of India, Punjab National Bank, Indian Overseas Bank, Deutsche Bank, and Industrial and Commercial Bank of China Limited. This broad approval expands participation in bullion imports and strengthens supply channels in the domestic market.

The Reserve Bank of India has authorised Union Bank of India and SBER Bank to import only gold, limiting their participation to bullion imports. This move expands regulated access while maintaining controlled channels for gold sourcing in the domestic market.

Factors behind the approval 

• Festive demand boost: Akshaya Tritiya, a key gold-buying festival contributing 15 percent to 20 percent of annual retail sales, is expected to lift demand. Recent price corrections are making gold purchases more attractive, supporting stronger buying activity during the festive period.
• Improving buying sentiment: Gold demand is seeing improved sentiment as recent price moderation and stable consumption trends encourage buyers. Ahead of the festival season, consumer interest is gradually strengthening, which is likely to support overall retail gold sales in the near term.
• New revenue stream for banks: Banks are expected to benefit from additional income through fees, margins, and commissions linked to gold and silver import transactions. This diversification helps improve non-interest income and strengthens overall profitability streams beyond traditional lending operations.
• Stronger market role for banks: Authorisation to import bullion expands banks’ role in the gold ecosystem, improving client engagement and transaction volumes. It also enhances their presence in trade finance and foreign exchange-linked services, strengthening their overall market positioning.

Conclusion

The approval of State Bank of India, HDFC Bank Limited, and 13 other banks to import gold and silver is a positive structural move for the bullion ecosystem. It improves supply efficiency, supports festive demand, creates new fee-based income streams, and strengthens banks’ role in trade finance and commodity-linked services over the medium term. 

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