The Reserve Bank of India (RBI) has brought back 64 tonnes of gold from abroad to India between March and September 2025. This step was taken due to declining trust in foreign vaults following the Russia-Ukraine war and the Afghanistan crisis. The RBI now holds a total of 880.8 tonnes of gold, of which 575.8 tonnes are securely stored in India.
Operation Gold: Amidst global tensions and financial uncertainty, the Reserve Bank of India (RBI) has taken a significant step to secure its assets. Between March and September 2025, the RBI repatriated 64 tonnes of its gold held abroad to India. Questions had been raised about the security of gold stored in foreign banks following the Russia-Ukraine war and the Taliban's takeover of Afghanistan. As of September 2025, the RBI holds a total of 880.8 tonnes of gold, of which 575.8 tonnes are now securely stored in India's vaults.
Why the Decision to Repatriate Gold from Abroad
The RBI's decision was not sudden. In recent years, several instances have emerged that raised questions about the reliability of foreign vaults. The Russia-Ukraine war is the biggest example of this. During this war, the G-7 countries of America and Europe froze billions of dollars of Russia's foreign exchange reserves. Similarly, after the Taliban's takeover of Afghanistan, the US blocked billions of dollars belonging to its central bank.
Following these events, many countries worldwide realized that if political disagreements or diplomatic disputes arose with another country, their deposited assets could be at risk. There is now a fear that money or gold held in foreign banks could be used as a political weapon. For this reason, India decided that it would be safer to keep its valuable asset — gold — within its own country.
How RBI's 'Operation Gold' Unfolded
The Reserve Bank initiated a well-planned process starting March 2023. During this period, the bank gradually began bringing gold held abroad back to India. Approximately 64 tonnes of gold have arrived in India just between March and September 2025. Even before this, the RBI had repatriated gold from foreign banks in several phases.
Over the past year and a half, the RBI has successfully brought a total of 274 tonnes of gold from abroad to India. This gold was previously stored in the vaults of the Bank of England in England and the Bank for International Settlements in Switzerland. This gold is now securely stored in Indian vaults.
How Much Gold is in India's Vaults
According to the latest figures, as of the end of September 2025, the Reserve Bank of India holds a total of 880.8 tonnes of gold. Of this, approximately 575.8 tonnes of gold are now securely stored in India's own vaults. Meanwhile, 290.3 tonnes of gold are still held by the Bank of England and the Bank for International Settlements. Additionally, around 14 tonnes of gold are held in the form of gold deposits.
If compared with the figures from March 31, 2025, the RBI then held 879 tonnes of gold. Of that, 512 tonnes were in India, and 348.6 tonnes were abroad. This means that 64 tonnes of gold were brought to India from abroad within six months, and foreign holdings were reduced.
Why Trust in Foreign Countries Decreased
The policies of Western countries have often indicated that economic sanctions have become a common weapon in cases of political disagreement. The US and Europe have previously imposed such sanctions on several countries, including freezing assets. This is why many emerging economies, such as China, Turkey, and India, are now bringing their gold back to their own countries.
Furthermore, while gold stored in foreign vaults may have been considered safe, a country does not have direct control over it. Access to it could become difficult in the event of an international crisis or banking decision. India wants to avoid these risks, which has accelerated the process of gold's 'homecoming'.
India's Position Now Stronger
Gold is not only a symbol of economic security but also an indicator of a country's financial strength. This move by the RBI has strengthened both India's economic independence and security. It also sends a message that India is now both self-reliant and cautious regarding its assets.
