The Directorate General of Foreign Trade (DGFT) has updated the list of commercial banks authorized to import precious metals into India for the next three financial years. Effective from April 1, 2026, to March 31, 2029, this authorization allows designated financial institutions to facilitate the supply of gold and silver for domestic consumption and export requirements. The move ensures a regulated flow of precious metals through official banking channels, supporting the transparency and stability of India’s bullion market.
Overview of the DGFT Authorization
The recent update comes under the framework of the Foreign Trade Policy (FTP) 2023 and is specifically listed in Appendix 4B of the Handbook of Procedures (2023). Every three years, the DGFT, in consultation with the Reserve Bank of India (RBI), reviews and updates the list of nominated agencies and banks that can handle the import of gold and silver. These banks operate as “Nominated Agencies” and are responsible for supplying these metals to exporters and domestic jewelry manufacturers.
The current list is formalized through Public Notice No. 04/2026-27, issued by the Department of Commerce. This authorization ensures that the import of precious metals remains within the regulatory oversight of the central bank, preventing unauthorized trade and maintaining proper records of bullion movement into the country.
Authorized Banks for Gold and Silver Imports
A total of 15 commercial banks have been granted the authority to import both gold and silver for the 2026 to 2029 period. This diverse list includes major public sector banks, private sector institutions, and international banks operating in India.
| Bank Type | Authorized Banks |
|---|---|
| Public Sector | SBI, Bank of India, Indian Overseas Bank, Punjab National Bank |
| Private Sector | Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, Yes Bank, Federal Bank, Karur Vysya Bank |
| International | Deutsche Bank, Industrial and Commercial Bank of China (ICBC) |
Banks Permitted for Gold Imports Only
Two specific banks have been authorized to import gold exclusively. These institutions are not permitted to import silver under the current public notice.
- Union Bank of India: A major Indian public sector bank headquartered in Mumbai.
- SBER Bank: A Russian state-owned banking and financial services company. Its inclusion facilitates trade ties and bullion requirements specific to gold.
The Role of DGFT and Foreign Trade Policy
The Directorate General of Foreign Trade (DGFT) is an attached office of the Ministry of Commerce and Industry and is headed by the Director General of Foreign Trade. Headquartered in New Delhi, the DGFT is responsible for formulating and implementing the Foreign Trade Policy (FTP) with the main objective of promoting India’s exports.
The Foreign Trade Policy 2023, which replaced the previous policy from 2015, introduced many changes to modernize trade procedures. Under this policy, the Department of Commerce regulates the import of sensitive commodities like gold and silver to manage the country’s Current Account Deficit (CAD) and ensure that the needs of the domestic jewelry industry are met.
Significance of Nominated Agencies in India
Nominated agencies play a vital role in India’s status as one of the largest consumers of gold in the world. By authorizing specific banks to import precious metals, the government can:
- Regulate Bullion Flow: Ensuring that gold and silver enter the country through formal banking channels helps in tracking transactions and preventing money laundering.
- Support Exporters: Banks provide gold and silver to exporters of jewelry under various schemes like the Gold Card Scheme, which offers credit facilities to exporters.
- Maintain Market Stability: By providing a steady supply of bullion to manufacturers, these banks help in maintaining price stability in the domestic market.
- Promote Transparency: Formalizing the list of importers ensures that all trade participants adhere to the guidelines set by the RBI and the Department of Commerce.
Key Takeaways
- The Directorate General of Foreign Trade (DGFT) has updated the list of commercial banks authorized to import precious metals for the period April 2026 to March 2029.
- A total of 15 commercial banks are permitted to import both gold and silver during this three-year period.
- Union Bank of India and the Russian institution SBER Bank are authorized to import gold only.
- The authorization is issued under Appendix 4B of the Handbook of Procedures (2023) of the Foreign Trade Policy.
- These Nominated Agencies facilitate the supply of bullion to the domestic jewelry industry and export-oriented units.
- The DGFT, headquartered in New Delhi, operates as an attached office under the Ministry of Commerce and Industry.
