India belatedly lists banks authorised to import gold and silver
- It allows Union Bank of India and SBER Bank to import only gold
India issued an order on Friday listing banks authorised to import gold and silver, providing relief for banks that were forced to halt imports because the list’s publication was delayed.
Reuters reported earlier on Friday that more than 5 metric tons of gold and around 8 metric tons of silver were stuck without customs clearance pending the order, which is typically issued at the start of each financial year.
The Directorate General of Foreign Trade, part of the Ministry of Commerce and Industry, which issued the order on Friday, did not give any reason for the delay.
Authorised by the Reserve Bank of India, the order permits 15 banks, including the State Bank of India, HDFC Bank, , Bank of India to import both gold and silver from April 1, 2026, to March 31, 2029.
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It also allows Union Bank of India and SBER Bank to import only gold.
None of the banks made any public comment.
A Mumbai-based dealer with a private bank, speaking on condition of anonymity, said banks would now be able to clear consignments from customs.
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