RBI drops Axis Bank, South Indian Bank from list of bullion importers

However, the reason remains unclear

Axis-Bank Axis Bank | File

The Reserve Bank of India (RBI) late on Monday dropped Axis Bank from a list of banks it has cleared to import gold and silver in the current financial year that began April 1. Two other small banks Karur Vysya and South Indian Bank, were also dropped from the RBI list.

It was unclear why Axis, one of India’s leading importers of bullion, did not feature in the list that was released late on Monday.

Axis Bank and the Reserve Bank of India were not immediately reachable for comment.

Bank of Baroda, HDFC Bank and Bank of Nova Scotia were among the 16 banks allowed to import bullion.