Kerala-based Muthoot Finance continues to hold the largest gold reserves among Indian NBFCs, with 209 tonnes of gold.
Gold reserves held by India’s leading Non-Banking Financial Companies (NBFCs) have surpassed the holdings of several major central banks across the world, according to financial year 2025-26 data.
The combined gold reserves of Kerala-based Muthoot Finance and Manappuram Finance, along with Mumbai-based IIFL Finance, have reached 334 tonnes.
This is higher than the gold reserves held by the central banks of countries such as the United Kingdom, Singapore and Brazil. The period also recorded the biggest annual increase in gold holdings by these companies in the last three years.
According to World Gold Council data, the combined reserves of these three Indian private financial firms have gained global attention for exceeding the reserves of several developed nations.
Gold reserves comparison
| Country/Institution | Gold Reserves (Tonnes) |
| Three NBFCs combined | 334 |
| Bank of England (UK) | 310 |
| Singapore Central Bank | 194 |
| Brazil Central Bank | 172 |
A company-wise analysis shows significant variations in both reserve size and annual growth.
Muthoot Finance leads
Kerala-based Muthoot Finance continues to hold the largest gold reserves among Indian NBFCs, with 209 tonnes of gold. However, the company recorded a decline of 7 tonnes compared to the previous year.
IIFL Finance records biggest jump
Mumbai-based IIFL Finance posted the highest annual growth, with its gold reserves increasing by 19 tonnes to reach 60 tonnes.
Manappuram Finance expands reserves
Kerala-based Manappuram Finance increased its gold reserves by 7 tonnes, taking its total holdings to 63 tonnes.
The total gold reserves held by these three companies are also substantial when compared to India’s annual gold imports.
Their combined reserves are equivalent to nearly 46 per cent of India’s total annual gold imports.
According to Department of Commerce data, India imported 721 tonnes of gold during the 2025-26 financial year, marking a 5 per cent decline compared to the previous year.
Even as the country’s overall gold imports witnessed a slight decline, the rise in gold reserves held by leading gold loan companies reflects growing public reliance on gold-backed loans and the rapid expansion of the sector.
Published: 28 May 2026, 11:21 am IST
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