Govt updates list of banks authorised to import gold, silver during FY25

Govt updates list of banks authorised to import gold, silver during FY25

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 (DGFT) 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 per cent to USD 44 billion during April-February this fiscal.

However, silver imports dipped 11.53 per cent to USD 4.62 billion during the period.