India Grants 15 Banks Gold Import Licences to 2029

India's government has extended import authorisation for gold and silver to 15 banks, with the window running through March 2029. State Bank of India, HDFC Bank, and Bank of India are among the named institutions, signalling that the authorisation covers both public sector and private lenders. The multi-year licence period provides operational certainty for bullion trade flows and removes the need for banks to seek periodic renewals in the near term. For India's gold market, which ranks among the world's largest by consumption, bank-based import channels are the primary mechanism through which bullion enters the formal supply chain. A defined roster of authorised importers also allows regulators to monitor aggregate inflows and manage current account pressure tied to gold imports, which have historically contributed to rupee volatility. The extended timeline to 2029 gives participating banks scope to structure longer-term supply agreements with overseas refiners and trading houses. Watch whether additional banks are added to the list or whether volumetric caps accompany the authorisation.