RBI ALLOWS 5 PRIVATE BANKS TO IMPORT GOLD

TOP 5 BANKS ALLOW TO IMPORT GOLD

The Reserve Bank of India has allowed five domestic private banks to import gold.Sector officials said this could be a significant step towards easing of tough  curbs o the metal imposed last year to cut the country trade deficit.

The central bank allowed imports by  HDFC Bank,Axis Bank, Kotak Mahindra Bank,IndusInd Bank,YES Bank ,officials at the respective banks told Reuters.Two sector sources confirmed the names of the banks.

The Government had enforced an 80/20 rule in July, making it mandatory to export a fifth of all gold imports.Under that ,only six banks and three state run trading agencies that had facilitated export of gold or jewelry in three years were allowed to import. 

The six banks were mostly state run lenders . The central bank has permitted banks though they had not facilitated any exports of metal or jewelry in three years.

RBI ALLOWS 5 PRIVATE BANKS TO IMPORT GOLD List-

1. HDFC Bank

2.Axis Bank

3.Kotak Mahindra Bank

4.IndusInd Bank

5.YES Bank