India clears 15 banks to import gold and silver until March 2029

India has cleared 15 banks, including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Yes Bank, to import both gold and silver through 31 March 2029, easing a disruption that had briefly held up bullion shipments at customs.

The Reserve Bank of India’s list, dated 6 April, also said Union Bank of India and Sberbank were authorized to import only gold.

The move brings clarity to the bullion trade after a delay in the publication of the government order had forced banks to pause fresh import orders.

Reuters reported on 17 April that more than 5 metric tons of gold and about 8 metric tons of silver had been left waiting for customs clearance as banks awaited the new directive from the Directorate General of Foreign Trade, or DGFT.

Under the RBI list, the banks authorized to import both metals are Axis Bank, Bank of India, Deutsche Bank, Federal Bank, HDFC Bank, Industrial and Commercial Bank of China, ICICI Bank, IndusInd Bank, Indian Overseas Bank, Kotak Mahindra Bank, Karur Vysya Bank, Punjab National Bank, RBL Bank, State Bank of India and Yes Bank.

Union Bank of India and Sberbank are restricted to gold imports. The authorization runs from 1 April 2026 to 31 March 2029.

The DGFT order was watched closely because such notifications are typically issued at the start of each financial year.

Reuters said the delay had led banks to stop placing new overseas orders, raising the risk of supply tightness in a market that depends on imports for nearly all of its bullion demand.

India is the world’s second-largest gold consumer and the biggest silver buyer.

A Mumbai-based bullion dealer told Reuters that banks would now be able to clear pending consignments from customs.

The episode also came at a sensitive time for India’s external account.

Weaker bullion imports could have narrowed the trade deficit and offered some support to the rupee, which has come under pressure this year as higher oil, gas and fertilizer prices lifted the import bill.

The immediate effect of the fresh order is to normalize bullion inflows and clear a backlog that had begun to worry dealers and jewelers, analysts said.