RBI Accelerates Repatriation of Gold Reserves; 64 Tons Brought Back in H1 FY25

The Reserve Bank of India (RBI) has accelerated the repatriation of its gold holdings from overseas, bringing back nearly 64 tons of gold in the first six months of the financial year beginning April 2025. This move has significantly increased the share of gold reserves held domestically.

Over 65% of Gold Now Held in India

According to the RBI’s half-yearly report on foreign exchange reserves, India’s central bank now holds more than 65% of its gold reserves within the country, almost double the share from four years ago.

As of September-end 2025, the RBI’s total gold holdings stood at 880 tons, out of which 576 tons are stored domestically—the highest ever. By comparison, gold held locally accounted for just 38% of the total reserves in September 2022.

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Gold’s Share in Total Reserves Rises

In value terms, gold accounted for 13.92% of India’s total foreign exchange reserves at the end of September, up from 11.70% in March. The RBI typically keeps part of its gold overseas, primarily at the Bank of England and the Bank for International Settlements (BIS).

The recent repatriation reflects a shift toward keeping a greater portion of the country’s bullion within domestic vaults.

RBI’s Steady Gold Repatriation Trend

Over the last four years, the RBI has brought back nearly 280 tons of gold from foreign locations. While the central bank did not specify reasons for the latest repatriation, the move comes amid global concerns over the security of foreign-held reserves, especially after the freezing of Russia’s gold and foreign exchange assets by Western nations in 2022.

The RBI’s approach indicates a continued effort to diversify and safeguard India’s reserve assets.

Finance Minister on RBI’s Gold Strategy

Finance Minister Nirmala Sitharaman recently commented that the central bank was taking a “very considered decision” regarding its gold reserve management strategy and diversification efforts.

The RBI’s report did not detail any plans but emphasized the growing importance of domestic storage in India’s reserve composition.

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