The Reserve Bank of India (RBI) has allowed four more banks, including Yes Bank

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and Bank of Maharashtra , to import precious metals, further spurring competition in the world's biggest importer of bullion.

City Union Bank and ING Vysya Bank have also been included in the list, bringing to 35 the number of banks allowed to import bullion, data on the website of Reserve Bank of India showed.

Gold is a regulated sector in India and the government allows state-run and private banks to trade in bullion at the wholesale and retail level.

Some listed jewellery makers such as Rajesh Exports , Titan Industries and Gitanjali Gems are also allowed to import precious metals.

Jewellers sell coins and bars through retail outlets.