India’s Gold Comes Home: RBI Moves More Reserves from Global Vaults

The Reserve Bank of India (RBI) has continued its steady repatriation of gold from foreign vaults, bringing over 64 tonnes of the precious metal back to India between March 2025 and September 2025. This follows the return of more than 200 tonnes last year, marking an ongoing effort to strengthen control over the nation’s reserves and enhance financial resilience.

RBI’s Expanding Gold Reserves

As of September 2025, the RBI’s gold reserve stood at 880 metric tonnes, according to its Half Yearly Report on Management of Foreign Exchange Reserves. This marks an increase from 854.73 metric tonnes recorded in September 2024. 

Of this total, 575.8 tonnes are now held in India, while 290.37 tonnes remain stored abroad with the Bank of England (BoE) and the Bank for International Settlements (BIS). The central bank also maintains 13.99 tonnes in the form of gold deposits.

Since March 2023, the RBI has brought home 274 tonnes of gold. This gradual repatriation reflects a structured approach to diversify and secure India’s reserve assets. The share of gold in the country’s total foreign exchange reserves has risen from 11.70 percent in March 2025 to 13.92 percent in September 2025.

Why Is the RBI Bringing Gold Back?

The repatriation effort appears to be influenced by a mix of strategic and financial considerations. In a world shaped by geopolitical tensions, such as the conflict in Ukraine and global economic sanctions, countries have increasingly sought to maintain greater control over their reserve assets. For India, bringing gold back home ensures direct custody and reinforces confidence in its financial stability.

There is also a cost factor. The RBI pays storage fees to the BoE and BIS for holding gold overseas. By keeping a larger share within the country, these costs can be reduced. Additionally, holding gold domestically allows for easier access and management, particularly in times of uncertainty.

How the Gold Returns Home?

The process of gold repatriation is handled with high levels of coordination and security. The decision is taken by the RBI’s Central Board and the foreign reserves management team, in consultation with the Ministry of Finance. The movement of gold involves physically transferring the metal from BoE and BIS vaults to India’s secure storage facilities, including those in Mumbai and Nagpur.

Given the sensitive nature of the operation, the logistics are managed in secrecy. The RBI partners with global logistics firms, insurance companies, and Indian security agencies to ensure safe transportation. The gold is packed, weighed, sealed, and transported via chartered or special aircraft in multiple consignments. On arrival, it undergoes verification before being stored securely in the RBI’s vaults.

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The Bigger Picture

The RBI’s gold management strategy is not new. Central banks worldwide have been net buyers of gold since 2010, viewing it as a stable store of value amid shifting economic conditions. India, which purchased 200 tonnes of gold from the International Monetary Fund (IMF) in 2009, has steadily increased its holdings over the years.

As of now, India’s foreign currency assets stand at around $579.18 billion (approximately ₹51.09 lakh crore), alongside its growing gold reserves. The continuing repatriation reflects an approach focused on risk diversification and financial prudence, ensuring that the nation’s assets remain secure and accessible in an unpredictable global environment.

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