The size of the RBI’s balance sheet has increased by 8.20 per cent in 2024-25 on the back of a rise in gold reserves and investments made by the central bank in domestic and foreign currency assets. In absolute numbers, the balance sheet increased from ₹70,47,703.21 crore as on March 31, 2024, to ₹76,25,421.93 crore as on March 31, 2025.

“Increase on assets side was due to rise in gold, domestic investments and foreign investments by 52.09 per cent, 14.32 per cent and 1.70 per cent, respectively,” RBI said in its annual report.

“On the liabilities side, expansion was due to increase in notes issued, revaluation accounts, and other liabilities by 6.03 per cent, 17.32 per cent and 23.31 per cent, respectively,” the report said.

RBI’s gold reserve as of March 31, 2025, stood at 879.58 tonnes, of which around 367.60 tonnes were held abroad. The precious metal reserve as of March 31, 2024, was 822.10 tonnes. With gold prices on the rise during FY25 amid geopolitical and trade uncertainties, this significantly swelled the asset book of the RBI.

Foreign currency assets, which includes deposits with other central banks, with Bank for International Settlements, with overseas commercial banks, investments in foreign treasury bills and securities and special drawing rights acquired from the government of India, increased from ₹48.02 lakh crore as of March 31, 2024 to ₹48.83 lakh crore, as of March 31, 2025.

The RBI’s holding of domestic securities increased from ₹13,63 lakh crore as on March 31, 2024 to ₹15.58 lakh crore as on March 31, 2025, mainly on account of liquidity management operations.

Currency trends

The value and volume of banknotes in circulation increased 6 per cent and 5.6 per cent, respectively, during 2024-25, signifying the continued importance of currency as a payment channel.

In absolute numbers, total bank notes in circulation were 15.5 lakh pieces as of March 31, 2025 compared with 14.68 lakh pieces as of March 31, 2024. The ₹500 notes constituted 40.9 per cent of notes in circulation. Total value of bank notes in circulation stood at ₹36.86 lakh crore against ₹34.77 lakh crore in the previous year. The value and volume of coins increased 9.6 per cent and 3.6 per cent, respectively.

Digital payments

India’s payment and settlement systems, which include RTGS, NEFT, IMPS, UPI, and card payments, recorded a growth of 34.8 per cent in terms of transaction volume during 2024-25.

However, it was lower than 44 per cent seen in 2023-24. This is because of a decline in debit card payments, even as UPI payments have seen a sharp increase.