BT Explainer: How much gold does RBI have, and how much has been brought back to India since 2023?

In an era of rising geopolitical uncertainty and shifting global financial dynamics, gold is once again taking center stage. For India, the custodian of this strategy is the Reserve Bank of India (RBI), which has been steadily increasing its gold reserves – and more importantly, bringing a significant portion of that gold back home.

A growing gold stockpile

As of the end of March 2026, the RBI’s total gold holdings stood at 680 metric tonnes (MT). This marks a notable rise from 575.8 MT in September 2025, reflecting an addition of 104.2 MT in just six months. While central banks routinely adjust reserves, the pace and scale of this increase stand out.

But this isn’t just about buying more gold. It’s also about where that gold is stored.

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The big move: Bringing gold back to India

Since 2023, the RBI has repatriated approximately 274 to 280 metric tonnes of gold to India. This is a substantial shift in reserve management strategy.

A closer look at the timeline shows:

• Around 64 MT was brought back in mid-2025
• Nearly 100 MT was repatriated from the UK, particularly from the Bank of England
• Additional transfers continued into late 2025 and early 2026, contributing to the latest jump in domestic holdings

This movement is reflected in the sharp decline in gold held abroad. Gold stored overseas – mainly with institutions such as the Bank for International Settlements – fell from 290.4 MT to 197.7 MT. That’s a drop of nearly 93 MT, indicating a clear and deliberate shift toward domestic custody.

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Why is RBI doing this?

The answer lies in a mix of strategy and caution.

Globally, central banks are rethinking how and where they hold their reserves. Gold, unlike foreign currency assets, carries no counterparty risk – it doesn’t depend on another country’s financial system. By bringing gold back to domestic vaults, the RBI reduces exposure to external risks, including sanctions, financial disruptions, or geopolitical tensions.

This trend isn’t unique to India. Several countries have begun repatriating gold to strengthen financial sovereignty and reduce dependence on foreign custodians.

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Gold’s rising importance in India’s reserves

Another striking trend is gold’s growing share in India’s foreign exchange reserves. In value terms, gold’s share rose from 13.9% to 16.7% over the period covered in the report. This increase reflects both higher global gold prices and the RBI’s continued accumulation.

The bigger picture

Put simply, India is not just stockpiling gold – it is repositioning it. By increasing reserves and relocating them closer to home, the RBI is reinforcing a long-term strategy aimed at stability and security.

At a time when global financial systems face periodic shocks, gold offers a form of insurance. And by holding more of it within the country, the RBI is ensuring that this insurance is firmly within reach.