RBI permits 7 more banks to import gold and silver

Seven Indian banks recently received the Reserve Bank of India nod to import gold and silver, reports suggest. The banks are – Karur Vysya Bank, Punjab and Sind Bank, South Indian Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State bank of Mysore, and State Bank of Travancore.

Already, 23 banks hold the RBI permission to import gold and silver into the country, and the recent approval beings the count to 30, reports say.

As gold is a regulated sector in India, the country’s federal government allows state-run and private banks are permitted to trade in gold on wholesale and retail level.