Govt updates list of banks authorised to import gold, silver in 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 $44 billion during April-February this fiscal.

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