Should India have a silver monetisation scheme?

With rising industrial demand for silver, should India think about a #Silver Monetization Scheme?
We already have a #Gold Monetization Scheme (#GMS), introduced to mobilise idle gold held by households, reduce imports, and lower capital outflows.
In theory, it made a lot of sense. In practice, it struggled!

Why Gold Monetization failed to scale:
- Never truly launched pan-India, Limited to select cities and branches
- Cumbersome process involving multiple visits
- Low awareness and high friction
As a result, participation largely came from bulk holders like temples, while retail households stayed away.

Why silver could be different
- Silver today isn’t just a precious metal; it’s a critical industrial input (electronics, solar, EVs).
- India also has a high import dependence, much of it on China.

Unlike gold:
- People are less #emotionally attached to silver
- A large quantity sits idle; utensils, coins, gifts, broken jewellery!
Households may be more open to monetising it if the incentives are right

A well-designed Silver Monetization Scheme could:
- Bring idle silver back into the #SupplyChain
- Reduce #import pressure

What would make such a scheme work (unlike GMS)?
- Wide rollout across cities and bank branches
- Simple, digital-first onboarding
- Mobile silver purity assessment centres
- Transparent pricing and tenure options
- At the very least, interest comparable to a savings account
- Assured payout of silver value at maturity, with no #CapitalGains

#Indians have hoarded silver for generations. If even a fraction of it moves from lockers to productive use, it could meaningfully support the economy.

What do you think, would the Government launch a Scheme like this?
Reserve Bank of India (RBI)