HDFC Bank, ICICI Bank Among Lenders Allowed To Import Gold, Silver This Fiscal
As per the list, 11 banks have been authorised by the RBI to import gold and silver for 2024-25 with effect from April 1.
The government on Thursday updated the list of banks authorised to import gold and silver during 2024-25.
As per the list, 11 banks, including HDFC Bank and ICICI Bank, have been authorised by the Reserve Bank of India to import gold and silver for 2024-25 with effect from April 1.
The authorisation will be valid up to March 31 next year.
"List of banks authorised to import gold/silver...has been updated," the Directorate General of Foreign Trade said in a public notice.
Three banks—Indian Overseas Bank, Punjab National Bank, and Union Bank of India—have authorised by the RBI to import only gold for 2024-25 with effect from April 1 this year.
Gold imports rose 38.76% to $44 billion during April-February this fiscal.
However, silver imports dipped 11.53% to $4.62 billion during the period.