CBIC Updates Authorized Bank List

“Indirect Tax I Indirect Tax Litigation I Customs & FTP I Central Licensing I Arbitration I Advisory”

Dated: 29.04.2025

CBIC Updates Authorized Bank List

The Ministry of Finance, Department of Revenue, has issued Notification No. 24/2025-Customs dated April 28, 2025, introducing important amendments to the existing Notification No. 50/2017-Customs.

Key Highlights of the Notification:

1. Amendment Objective:

This amendment revises the lists of authorized banks related to Serial No. 359A of the Table annexed to Notification No. 50/2017-Customs.
The update is aimed at maintaining accuracy and reflecting the latest changes in authorized banking entities for the specific customs procedures covered under the notification.

2. Updated Bank Lists:

List 34A (Effective from 1st April 2025 to 31st March 2026):

Axis Bank Limited
Bank of India
Federal Bank Limited
HDFC Bank Limited
Industrial and Commercial Bank of China Limited
ICICI Bank Limited
IndusInd Bank Limited
Kotak Mahindra Bank Limited
Karur Vysya Bank Limited
Punjab National Bank
RBL Bank Limited
State Bank of India
Yes Bank Limited

List 34B (Effective from 1st April 2025 to 31st March 2026):

Indian Overseas Bank
Union Bank of India

3. Effective Period:

The new lists are valid from 1st April 2025 to 31st March 2026.

Context:

These lists are crucial as they identify banks eligible for specific customs-related transactions and procedures.
Updating the lists ensures alignment with regulatory standards and operational capabilities of the banking institutions.

Legal Basis:

The amendments have been made under the powers conferred by Section 25(1) of the Customs Act, 1962 and Section 3(12) of the Customs Tariff Act, 1975.

Conclusion:

This notification reflects the government’s continuous effort to streamline and update customs procedures, ensuring that only authorized and capable banking partners are enlisted for critical customs operations.

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Source: CBIC, Ministry of Finance, Govt. of India

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