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The Commerce Ministry has expanded the list of banks authorised to import gold in the current financial year by including Russia’s Sber Bank, according to a public notice issued by the Directorate General of Foreign Trade (DGFT).
The amendment to Appendix 4B of the Handbook of Procedures, 2023, adds Sber Bank to the list of Reserve Bank of India-authorised banks permitted to import gold for FY2025-26. The authorisation for Sber Bank is valid from June 25, 2025, until March 31, 2026, and is restricted to imports meant for domestic consumption only.
Until now, only two Indian lenders—Indian Overseas Bank and Union Bank of India—were allowed to import gold during the ongoing financial year. The inclusion of Sber Bank marks the first expansion of the authorised list in FY26.
The DGFT said the change has been made under the powers conferred by the Foreign Trade Policy, 2023, as amended from time to time. The revised list will remain effective for the financial year ending March 31, 2026.
Gold imports into India are tightly regulated, with permissions granted selectively to manage foreign exchange outflows and the trade deficit. Banks authorised to import bullion play a key role in supplying gold to domestic jewellers and other users through regulated channels.
Market participants said the move could help diversify import channels and improve supply flexibility, particularly during periods of strong domestic demand, while maintaining regulatory oversight.
The amendment to Appendix 4B of the Handbook of Procedures, 2023, adds Sber Bank to the list of Reserve Bank of India-authorised banks permitted to import gold for FY2025-26. The authorisation for Sber Bank is valid from June 25, 2025, until March 31, 2026, and is restricted to imports meant for domestic consumption only.
Until now, only two Indian lenders—Indian Overseas Bank and Union Bank of India—were allowed to import gold during the ongoing financial year. The inclusion of Sber Bank marks the first expansion of the authorised list in FY26.
The DGFT said the change has been made under the powers conferred by the Foreign Trade Policy, 2023, as amended from time to time. The revised list will remain effective for the financial year ending March 31, 2026.
Gold imports into India are tightly regulated, with permissions granted selectively to manage foreign exchange outflows and the trade deficit. Banks authorised to import bullion play a key role in supplying gold to domestic jewellers and other users through regulated channels.
Market participants said the move could help diversify import channels and improve supply flexibility, particularly during periods of strong domestic demand, while maintaining regulatory oversight.
