RBI gold repatriation: 77% held in India by 2026

What changed in March 2026

The Reserve Bank of India (RBI) increased the share of gold stored domestically to nearly 77% of total holdings by end-March 2026, according to its reported data. Total gold holdings were 880.52 metric tonnes (mt) at the end of March. Of this, about 680 mt was held in India, while 197.67 mt remained in custody with the Bank of England and the Bank for International Settlements (BIS). The RBI also held 2.8 mt in the form of gold deposits. The shift stands out because it compresses a large relocation into a short period, rather than a gradual rebalancing.

The six-month jump: 104.23 mt brought home

RBI’s domestic gold holdings rose sharply over the six months to March 2026. At end-September 2025, domestic holdings were 575.8 mt, rising to about 680 mt by end-March 2026. That implies an addition of 104.2 to 104.23 mt in just six months. Over the same period, the gold kept overseas fell in tandem. Gold stored abroad declined from about 290 mt at end-September 2025 to about 197.6 to 197.7 mt at end-March 2026. The speed and scale suggest the RBI prioritised physical control over a larger part of its bullion stock.

Where the gold was held: India vs overseas vaults

The RBI’s reported custody split shows a clear rotation away from foreign vaults. Overseas storage is mainly described as custody with the Bank of England and the BIS. By March 2026, the overseas component was below 200 mt, compared with around 290 mt six months earlier. Gold deposits form a small third category and were reported at 2.8 mt by end-March 2026. In September 2025, the deposits line item was reported at about 13.99 to 14 mt, alongside 575.8 mt domestic and about 290.3 to 290.37 mt abroad.

Repatriation since 2023: about 274 to 280 mt

The RBI’s push to bring bullion back to India began in earlier phases. Since March 2023, the RBI repatriated roughly 274 to 280 mt of gold to India, based on the figures cited. The timeline described includes around 64 mt brought back in mid-2025. It also includes nearly 100 mt repatriated from the UK, particularly from the Bank of England. Transfers continued into late 2025 and early 2026, culminating in the latest increase in domestic holdings.

What the RBI data shows over time

RBI data points indicate the shift accelerated after starting from a lower domestic base. In March 2023, 301.1 mt of gold, or 37% of total gold reserves, was held domestically. By September 2025, the RBI had repatriated 65.4% of its gold reserves, before reaching nearly 77% by end-March 2026. Separately, figures cited for March 31, 2025 show total gold holdings of 879 mt, with 512 mt in India and 348.6 mt abroad. These checkpoints show the domestic share rising through multiple reporting periods.

Why central banks are reducing overseas custody risk

The acceleration in repatriation is linked in the reported context to heightened concerns about sovereign assets held abroad. The move gained urgency after the Russia-Ukraine war and the Taliban’s takeover of Afghanistan, when G7 countries seized the foreign currency reserves of Russia and Afghanistan. The article frames this as a trigger for greater scrutiny of where reserves are stored and how easily they can be accessed during geopolitical stress. Repatriating gold is one way to reduce reliance on foreign custodians for a part of the reserve portfolio.

Reserve context: gold value and overall forex reserves

The gold relocation is part of a broader reserve management picture that includes foreign currency assets and other instruments. As of October 2025, India’s foreign exchange reserves were reported at USD 702.28 billion. The composition cited includes foreign currency assets of USD 570.411 billion, gold reserves of USD 108.546 billion, and Special Drawing Rights of USD 18.722 billion. Separately, gold accounts for 13.9% of India’s foreign reserves as of September 2025, and the share was said to have risen from 11.70% in March 2025 to 13.92% in September 2025.

Key figures at a glance

Market and policy relevance

For investors tracking India’s macro stability, the story is less about adding to total gold and more about changing custody and access. The reported numbers show that the RBI did not materially change total gold holdings between September 2025 and March 2026, but significantly altered where it is stored. Moving metal from overseas vaults to domestic custody can reduce custody-related risks highlighted by recent geopolitical episodes, though the operational trade-offs are not quantified in the data. The RBI’s data was released in its Half-Yearly Report on Management of Foreign Exchange Reserves: October 2025–March 2026, anchoring the timeline to an official publication.

Conclusion

By end-March 2026, the RBI had moved about 104.23 mt of gold into India in six months, taking domestic custody to about 680 mt and reducing overseas holdings to about 197.67 mt. The reported context ties this acceleration to a post-2022 reassessment of overseas custody risks. The next key reference point for investors will be subsequent RBI reserve-management updates that show whether the domestic share continues to rise or stabilises around current levels.