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.
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.