The Ministry of Finance has added Russia’s largest lender, Sberbank, to the list of banks permitted to import gold into the country.
According to the notification, Sberbank has been included in the list of banks authorised to import only gold for the period from June 25, 2025 to March 31, 2026. The authorisation is part of the government’s regulated framework governing the import of precious metals into India.
Apart from Sberbank, two Indian lenders — Indian Overseas Bank and Union Bank of India — are also included in the list of banks authorised to import gold during the financial year 2025–26.
As per the guidelines issued by the Reserve Bank of India (RBI), a total of 16 banks have been authorised to import gold for the specified period.
Sberbank, which holds a full banking licence to operate in India, plays a significant role in facilitating India–Russia trade payments. The bank currently handles a substantial share of bilateral transactions between the two countries and is also exploring opportunities to channel the rupee surplus of its investors into Indian government securities.
Notification Details
Notification No. 06/2026-Customs
Date: 12/03/2026
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