How India Is Turning Silver Into Money. In a move that has stunned global markets and delighted advocates of hard assets, India has quietly detonated a monetary bombshell: the Reserve Bank of India (RBI) is bringing silver back into the financial system. Beginning April 1, 2026, Indian banks will be authorized to accept silver as loan collateral. It’s the first modern recognition of silver as a monetary asset since the metal was gradually sidelined from global finance a century ago. But this is no symbolic gesture-it’s a calculated strategy that connects household wealth, national reserves, and geopolitical realignment under one.