Government has updated the list of banks authorised to import gold and silver during 2024-25.
According to the Directorate General of Foreign Trade, the list of banks importing gold and silver has been updated on the official website.
The Reserve Bank of India under the aegis of the Indian Government has released the final and official list of public and private sectors Scheduled Commercial Banks that are permitted to import Gold and Silver in the current financial year.
According to the released list, 11 banks, including HDFC Bank and ICICI Bank, have been authorized by the Reserve Bank of India to import gold and silver for 2024-25 with effect from April 1.
According to the Directorate General of Foreign Trade, the list of banks importing gold and silver has been updated on the official website.
Three banks — Indian Overseas Bank, Punjab National Bank, and Union Bank of India — have been authorized by the RBI to import only gold for 2024-25 with effect from April 1 this year.
Meanwhile, the Gold imports have risen from 38.76 percent to $44 billion during April-February this fiscal. However, silver imports dipped 11.53 percent to $4.62 billion during the period.
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