Govt releases list of 15 banks authorised to import gold, silver; SBI, HDFC, ICICI, Axis Bank among lenders approved

The government has released a list of 15 banks authorised to import gold and silver, including major lenders such as State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank, and Kotak Mahindra Bank.

The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, issued the notification effective from April 1, 2026, to March 31, 2029. Union Bank of India and SBER Bank have been permitted to import only gold.

The move comes after delays in clearances disrupted bullion imports, with consignments stuck at customs and jewellery stocks witnessing pressure in the market. Jewellery firms, including Kalyan Jewellers, saw their shares fall amid supply concerns.

The updated authorisation is expected to streamline imports, route bullion trade through regulated banking channels, improve transparency, and stabilise supply for jewellers and traders. India, one of the world’s largest consumers of gold and the biggest importer of silver, depends heavily on imports to meet domestic demand.

The timing is particularly significant as it coincides with preparations for Akshaya Tritiya, one of the most auspicious days in the Hindu calendar for purchasing gold and other valuables.

Akshaya Tritiya is widely regarded as a symbol of prosperity, success, and eternal good fortune. The word “Akshaya” means “never diminishing,” and purchases made on this day—especially gold—are believed to bring lasting wealth and blessings. It is considered so auspicious that many people buy gold even without consulting an astrologer, as it is believed that any investment made on this day continues to grow.

Traditionally, families across India purchase gold jewellery, coins, or digital gold on Akshaya Tritiya as a way of inviting prosperity into their homes. In modern times, this tradition has expanded to include digital gold platforms such as PhonePe, which allow users to buy 24K gold in a secure and convenient way, even in small amounts, and save systematically through SIPs.

The improved availability of gold and silver through authorised banks is expected to ease supply constraints ahead of the festive demand period, support jewellers, and bring stability to the bullion market after recent disruptions.