India allows 15 banks to import gold and silver until 2029
India has granted permission to 15 major banks to import gold and silver between April 2026 and March 2029, according to a government notification released on Friday.
The move covers leading lenders including the State Bank of India (SBI), HDFC Bank, and Bank of India, among others, expanding their role in the country’s bullion trade, News.Az reports, citing Reuters.
Under the approval, the selected banks will be allowed to import precious metals for a three-year period, running from April 1, 2026, to March 31, 2029.
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The decision is expected to streamline bullion imports, improve supply management, and support demand in one of the world’s largest gold-consuming markets.
Alongside SBI and HDFC Bank, several other major financial institutions have been authorized under the scheme, according to the notification.
The policy gives banks greater flexibility in handling gold and silver imports, a sector traditionally closely regulated due to its impact on foreign exchange flows and domestic pricing.
India is one of the biggest global consumers of gold, with demand driven by jewelry, investment, and cultural factors. Allowing more banks to import bullion is expected to improve availability and stabilize supply chains over the coming years.
By Aysel Mammadzada
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