The Reserve Bank of India (RBI) has allowed five more banks to import gold to ease the restrictions that have been imposed on the precious yellow metal last year.
The RBI has permitted gold imports by Axis Bank, HDFC Bank, IndusInd Bank, Kotak Mahindra Bank, and Yes Bank.
The 80:20 rule that was imposed on gold last year states that 20% of all gold imports in India have to be re-exported. Under this rule, only (more…)