The Reserve Bank of India (RBI) has allowed 7 more banks to import gold and silver, data on its website showed.
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, are the new banks that have been given permission.
With this, the total number of banks that can ship precious metals in the country has risen to 30.
Gold is one of the regulated sectors in India and the government allows state-run and private banks to trade in bullion at the wholesale and retail level. Jewellers also sell coins and bars through retail outlets.