By Harsh Ashar August 23, 2023

RBI Authorises 2 new banks for import of Gold and silver

According to the Appendix 4B of the Handbook of Procedures, there were 14 Banks authorised by the Reserve Bank of India which were allowed to Import Gold and Silver both and 2 banks authorised by the Reserve Bank of India which were only allowed to Import Gold. It has now been amended by the DGFT, allowing 15 banks authorised by the Reserve Bank of India to Import Gold and Silver both and only 1 bank authorised by the Reserve Bank of India to Import Gold. This is to be valid until 31^st March, 2024. The list of banks are as follows:

A. LIST OF BANKS WITH ADDRESSES AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT BOTH GOLD AND SILVER

Sr. No.	Bank Name	Status	Sr. No.	Bank Name	Status (For FY 23-24)
1	Bank of India	Not Amended	1	Axis Bank Limited	Amended (Valid till 31.03.24)
2	Bank of Nova Scotia	Not Amended	2	Bank of India	Amended (Valid till 31.03.24)
3	Corporation Bank	Not Amended	3	Federal Bank Limited	Amended (Valid till 31.03.24)
4	The HDFC Bank Ltd	Not Amended	4	HDFC Bank Limited	Amended (Valid till 31.03.24)
5	ICICI Bank Ltd.	Not Amended	5	Industrial and Commercial Bank of China Limited	Amended (Valid till 31.03.24)
6	Indian Overseas Bank	Not Amended	6	ICICI Bank Limited	Amended (Valid till 31.03.24)
7	Induslnd Bank Ltd.	Not Amended	7	IndusInd Bank Limited	Amended (Valid till 31.03.24)
8	Kotak Mahindra Bank Ltd.	Not Amended	8	Indian Overseas Bank	Amended (Valid till 31.03.24)
9	Punjab National Bank	Not Amended	9	Kotak Mahindra Bank Limited	Amended (Valid till 31.03.24)
10	State Bank of India	Not Amended	10	Karur Vysya Bank Limited	Amended (Valid till 31.03.24)
11	Union Bank of India	Not Amended	11	Punjab National Bank	Amended (Valid till 31.03.24)
12	Yes Bank Limited	Not Amended	12	RBL Bank Limited	Amended (Valid till 31.03.24)
13	RBL Bank	Not Amended	13	State Bank of India	Amended (Valid till 31.03.24)
14	Industrial and Commercial Bank of	Not Amended	14	Union Bank of India	Amended (Valid till 31.03.24)
			15	Yes Bank Limited	Amended (Valid till 31.03.24)

B. LIST OF BANKS WITH ADDRESSES AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT ONLY GOLD

Sr. No.	Bank Name	Status	Sr. No.	Bank Name	Status (For FY 23-24)
1	Bank of Baroda	Not Amended	1	Bank of Baroda	Amended (Valid till 31.03.24)
2	The Federal Bank Ltd.	Not Amended