The central government has taken an important step regarding gold and silver imports. From April 1, 2026, to March 31, 2029, a total of 15 major banks have been allowed to import these precious metals.
These include big names like State Bank of India, HDFC Bank, Axis Bank, and Bank of India.
However, only Union Bank of India and Sberbank have been given special permission to import gold during this period.
Why This Decision Was Taken
Earlier, reports suggested that banks had stopped importing gold and silver due to a lack of government approval. Because of this, many shipments were stuck at customs.
This news had an immediate impact on the stock market. Shares of Kalyan Jewellers fell nearly 6% to ₹415, while Titan Company dropped about 3% to ₹4,330. On the other hand, shares of MMTC jumped almost 16%.
Falling Demand and Global Impact
Experts say that weak demand for gold and silver in India could affect global prices. Lower demand may also help reduce India’s trade deficit and support the rupee, which has been under pressure this year.
According to the World Gold Council, India’s gold demand fell to 710.9 tonnes in 2025 — the lowest level in five years.
At the same time, older gold stocks are running low, and supply is now coming from ETF (Exchange Traded Fund) selling. Rising global tensions, especially involving Iran, are pushing up prices of oil, gas, and fertilizers. This could increase India’s import bill.
To manage this situation and control the trade deficit, the government has decided to regulate gold and silver imports more carefully.
List of Approved Banks
Here are the banks that have received approval:
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
Yes Bank
