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RBI's US Treasury bill holdings drop as gold reserves swell
India's central bank is switching things up with its foreign reserves—cutting back on US Treasury bills (USTs) and buying more gold.
As of June 2025, the RBI trimmed its UST stash by $14.5 billion over the past year, but India still sits comfortably among the top 20 global UST holders.
Shift toward gold
The RBI boosted its gold reserves by 39.22 metric tons this year, reaching nearly 880 metric tons in total.
Experts say this move follows a worldwide trend: countries want to rely less on the US dollar, especially with ongoing geopolitical tensions.
As economist Madan Sabnavis points out, India's strategy fits right in with how other nations—like China—are diversifying their investments to better manage financial risks.