Mumbai: The Reserve Bank of India (RBI) on Tuesday said sovereign gold bonds have attracted investment worth Rs6,030 crore so far.

The government launched the scheme in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings, used for purchase of gold, into financial savings. So far, the bonds have been issued in nine tranches.

“The Reserve Bank of India, in consultation with the government of India, has issued nine tranches of sovereign gold bonds for a total value of Rs6,030 crore till date," the central bank said in a statement.

The investment was Rs5,400 crore in eight tranches. The applications for the latest tranche were accepted from 10-14 July 2017 and bonds were issued on 28 July. Investors in these bonds have the option of holding them in physical or dematerialized form.