(Amount in Rupees crore)

Variations

Outstand-

Item

ing as on

1998-99 P

1997-98 P

April- June

March 31,

1999-2000 P

1998-99 P

1999 P

Absolute

Per cent

Absolute

Per cent

Absolute

Per cent

Absolute

Per cent

1

2

3

4

5

6

7

8

9

10

I.

Broad Money (M₃) (1+2+3) $

9,72,204

1,50,873

18.4

1,25,320

18.0

38,553

4.0

33,610

4.1

1.

Currency with the Public

1,69,382

23,804

16.4

13,492

10.2

15,760

9.3

12,538

8.6

2.

Aggregate Deposits

with Banks (a+b)

7,99,001

1,26,788

18.9

1,11,481

19.9

21,492

2.7

20,270

3.0

a)

Demand Deposits

1,35,111

16,386

13.8

13,391

12.7

- 10,237

- 7.6

- 5,637

- 4.7

b)

Time Deposits $

6,63,890

1,10,402

19.9

98,091

21.5

31,729

4.8

25,907

4.7

3.

'Other' Deposits

with the RBI

3,821

281

7.9

347

10.9

1,302

34.1

802

22.6

II.

Narrow Money (M₁)

[I.1+I.2(a)+I.3]

3,08,315

40,471

15.1

27,229

11.3

6,824

2.2

7,703

2.9

III.

Sources of Money Stock (M₃)

(1+2+3+4-5)

1.

Net Bank Credit to

Government (A+B)

3,87,151

56,554

17.1

41,977

14.5

24,953

6.4

30,062

9.1

A.

Net RBI credit to

Government (a+b)

1,52,539

17,379

12.9

10,979

8.8

3,429

2.2

15,182

11.2

a) Net RBI credit to

Central Government

1,45,416

11,800

8.8

12,914

10.7

8,205

5.6

15,162

11.3

b) Net RBI credit to State

Governments

7,123

5,579

361.5

- 1,936

- 55.6

- 4,776

-67.0

20

1.3

B.

Other banks' credit to

Government

2,34,612

39,175

20.0

30,998

18.9

21,524

9.2

14,880

7.6

2.

Bank Credit to Commercial

Sector (a+b)

4,90,363

57,054

13.2

57,002

15.1

- 1,088

- 0.2

- 4,439

- 1.0

a)

RBI's credit to commercial

sector

12,226

4,040

49.4

1,938

31.0

- 2,894

- 23.7

254

3.1

b)

Other banks' credit to

commercial sector

4,78,138

53,013

12.5

55,064

14.9

1,806

0.4

- 4,692

- 1.1

3.

Net Foreign Exchange Assets

of Banking Sector (a+b)

1,64,363

26,269

19.0

32,598

30.9

5,583

3.4

3,825

2.8

a)

RBI's net foreign exchange

assets

1,37,954

22,063

19.0

21,073

22.2

5,583

4.0

- 336

- 0.3

b)

Other banks' net foreign

exchange assets

26,409

4,205

18.9

11,525

107.9

0

0.0

4,160

18.7

4.

Government's Currency

Liabilities to the Public

3,846

494

14.7

434

14.9

0

0.0

130

3.9

5.

Banking Sector's Net

Non-Monetary Liabilities

other than Time Deposits (a+b)

73,519

- 10,502

- 12.5

6,692

8.7

- 9,105

- 12.4

- 4,032

- 4.8

a)

Net non-monetary liabilities

of RBI

60,455

17,173

39.7

8,099

23.0

2,595

4.3

10,671

24.7

b)

Net non-monetary liabilities

of other banks (residual)

13,064

- 27,675

- 67.9

- 1,407

- 3.3

- 11,700

- 89.6

- 14,703

- 36.1

Memo Items : Select Monetary Ratios

1.

M₃ Multiplier

3.75

2.

Bank Reserves to Aggregate

Deposits Ratio (%)

10.8

3.

Currency to Aggregate

Deposits Ratio (%)

21.2

P

Provisional.

$

Includes Resurgent India Bonds worth Rs.17,945 crore since August 28, 1998.

Note :

1.

Monetary aggregates as on end-March are based on data pertaining to end-March in respect of the Reserve Bank and the last reporting Friday in respect of scheduled commercial banks.

2.

Monetary data have been revised in line with the new accounting standards and consistent with the methodology suggested by the Working Group on Money Supply : Analytics and Methodology of Compilation (June 1998). The revision is in respect of pension and provident funds with commercial banks which are classified as other demand and time liabilities and includes those banks which have reported such changes so far.