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 $44 billion during April-February this fiscal.
However, silver imports dipped 11.53 per cent to $4.62 billion during the period.