In the olden days, banks were allowed only to deal with money. They were not allowed to deal with gold and silver. Nowadays this is not the case since the market of gold and silver is very good and is producing more gain for investors, sellers, and consumers. So, both the public sectors and private sector banks are showing interest in importing gold and silver.
The Reserve Bank of India allows the banks to import gold and silver. They hold complete control over the banks. Recently, the reserve bank allowed four more banks to import gold and silver. The headquarters of Allahabad bank in Kolkata,
West Bengal is authorized to import gold and silver. The Anna Salai branch of Indian overseas bank is authorized to import gold and silver. In Mangalore, near pandeshwar the corporation bank authorized to import gold and silver.
The Canara bank’s branch in Bangalore, State bank of India banks branch in Mumbai and Union bank’s branch in Nariman point are also authorized to import gold and silver.
Some of the private banks are also allowed to import gold and silver. The Kotak Mahindra Bank, ICICI Bank, Dena Bank, HDFC Bank, and Syndicate Bank are some of the authorized private banks.
Banks Authorized to Import Gold or Silver
|Allahabad Bank||Head Office, 2 N.S. Road Kolkata – 700001||West Bengal||033-22319144||033-22107425|
|Bank of Nova Scotia||82 “C” Wing, Mittal Tower, 8th Floor, Nariman Point, Mumbai – 400 021||Maharashtra||(91-22) 22836765||(91-22) 6655 1056|
|Bank of India||Star House, C – 5, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051||Maharashtra||022-66684444|
|Canara Bank||Head Office, M & CRM Wing, No.112, Head Office, Bangalore||Karnataka||080 – 22239295|
|Corporation Bank||Corporate Office, Mangladevi Temple Road, Pandeshwar, Mangalore 575 001||Karnataka||91 – 824 – 2426416 ||91 -824 -2440964|
|Dena Bank||Dena Corporate Centre, C-10, G-Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051||Maharashtra||(022) 26545758|
|HDFC Bank Ltd.||Ramon House, 169, Backbay Reclamation, H T Parekh Marg, Churchgate, Mumbai – 400 020||Maharashtra||91 (22) 66316000||91 (22) 22048834|
|ICICI Bank Ltd.||9th Floor, South Towers, ICICI Towers, Bandra Kurla Complex Bandra (E), Mumbai||Maharashtra||91-022-653 7914|
|Indian Overseas Bank||Head Office, Central Office 762, Anna Salai, P.B.No.3765 Chennai-600 002||Tamil Nadu||044-28519445|
|IndusInd Bank Ltd.||701/801 Solitaire Corporate Park, 167, Guru Hargovindji Marg, Andheri – (E), Mumbai – 400 093||Maharashtra||022 6641 2200||022 6641 2224|
|Oriental Bank of Commerce||Harsha Bhawan, E- Block, Connaught Place, New Delhi – 110001||Delhi||91-11-23417121||91-11-23310013|
|Punjab National Bank||Street 7, Bhikaji Cama Place, New Delhi 110066||Delhi||91-11-26102303|
|State Bank of India||Corporate Centre, Madame Cama Road, Mumbai – 400 021||Maharashtra|
|Union Bank of India||239 Vidhan Bhavan Marg, Central Office, Nariman Point, Mumbai -21||Maharashtra||(022) 22892000|
|Axis Bank Limited||131, Maker Tower – F, Cuffe Parade, Colaba, Mumbai – 400 005.||Maharashtra||(022) 6707 4407||(022) 2218 6944|
|Indian Bank||PB No.1384, 66, Rajaji Salai, Chennai 600 001||Tamil Nadu||044-25233231||044-25231278|
|Kotak Mahindra Bank Ltd.||Bakhtawar, II nd Floor, 229, Nariman Point, Mumbai 400021||Maharashtra|
|Syndicate Bank||Head Office, Post Box No.1, Manipal 576 104, Udupi||Karnataka||0820 2571181||0820-2570266|
|Federal Bank Ltd.||Federal Towers, Aluva – 683 101||Kerala||91-484-2623620||91-484-2622672|