Government Gives Green Signal to 15 Banks for Gold and Silver Imports, Big Move for India’s Bullion Market!:

In a significant move aimed at stabilizing the domestic precious metals market, the Government of India has authorized 15 major banks, including the State Bank of India (SBI), HDFC Bank, and Axis Bank, to import gold and silver for a period of three years. This decision, announced today, April 17, 2026, follows a brief halt in imports that had left tonnes of bullion stranded at customs.

Breaking the Logjam: Why the Permission Matters

For the past few weeks, the Indian bullion market faced a sudden supply crunch. Due to the absence of a formal notification from the Directorate General of Foreign Trade (DGFT) for the new financial year, nearly 5 tonnes of gold and 8 tonnes of silver were stuck at customs. This fresh authorization clears the path for these shipments and ensures a steady supply ahead of major festivals and the wedding season.

The Full List: 15 Banks Authorized for 2026–2029

The DGFT, in consultation with the Reserve Bank of India (RBI), has issued a list of lenders that can import these precious metals until March 31, 2029.

Banks Permitted to Import Both Gold & Silver:

State Bank of India (SBI)

HDFC Bank Limited

ICICI Bank Limited

Axis Bank Limited

Punjab National Bank (PNB)

Bank of India

Kotak Mahindra Bank

IndusInd Bank

Yes Bank

Federal Bank

RBL Bank

Karur Vysya Bank

Indian Overseas Bank

Deutsche Bank

Industrial and Commercial Bank of China (ICBC)

Special Category: Gold-Only Imports Notably, the government has authorized Union Bank of India and Sberbank specifically to import only gold, keeping a close eye on the differentiated monitoring of bullion inflows.

Impact on Gold Prices and the Trade Deficit

India is the world's second-largest consumer of gold, and this policy change is expected to have a direct impact on domestic prices. By routing imports through these designated banks:

Price Stability: A steady supply will likely prevent a sharp spike in premiums in the local market.

Trade Balance: The government’s move to regulate these imports through a 3-year window helps in managing the Current Account Deficit (CAD), especially with rising global oil and fertilizer prices due to the ongoing Iran conflict.

What This Means for Jewellers and Consumers

With the clearance of stuck consignments, local jewellers (like Titan and Kalyan Jewellers) are expected to see a boost in inventory. For consumers, this could mean better availability and more transparent pricing as the "supply-gap" caused by the recent customs delay is bridged.