Axis Bank, South Indian Bank and Karur Vysya Bank dropped from RBI’s list of bullion importers

0
423

The Reserve Bank of India removed three banks from its list of bullion importers in the country, with Axis Bank, Karur Vysya Bank, and South Indian Bank facing the axe. The list consists names of banks which have been given permission to import silver and gold during FY 2018-19.

Axis-Bank
Axis Bank was one of the three banks who were excluded from the new list of bullion importers.

The new list has 16 banks, with each of these banks authorised to import bullion to India till 31 March 2019.

No reason was given as to why Axis Bank, one of the leading private banks was excluded from the list.

While the number of banks permitted to import gold and silver into India stood at 35 in 2012, this number has been cut by more than half.

Banks which have the permission to import bullion into the country offer services which include gold loans, sale of gold/silver to their customers, etc.

The top names among the banks authorised by RBI include HDFC Bank, ICICI Bank, State Bank of India, and Yes Bank.

Serial Number Bank Name Import authorisation validity
1 State Bank of India 31 March 2019
2 Bank of India 31 March 2019
3 Bank of Baroda 31 March 2019
4 Corporation Bank 31 March 2019
5 Bank of Nova Scotia 31 March 2019
6 Federal Bank 31 March 2019
7 ICICI Bank 31 March 2019
8 HDFC Bank 31 March 2019
9 IndusInd Bank 31 March 2019
10 Indian Overseas Bank 31 March 2019
11 Punjab National Bank 31 March 2019
12 Kotak Mahindra Bank 31 March 2019
13 Yes Bank 31 March 2019
14 Union Bank of India 31 March 2019
15 Industrial and Commercial Bank of China 31 March 2019
16 RBL Bank 31 March 2019

 

Experts estimate the gold demand in India to be around 800 tonnes, a majority of which is likely to be imported. A total of 727 tonnes of gold was consumed in India last year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here