APPENDIX TABLE 17 : VARIATIONS IN MONEY STOCK

(Amount in Rupees crore)

Outstanding as on March 31, 2006

Variations

Item

Financial Year

April-June

2004-05

2005-06

2005-06

2006-07

Absolute

Per cent

Absolute

Per cent

Absolute

Per cent

Absolute

Per cent

1

2

3

4

5

6

7

8

9

10

2729535

245773

12.3

396868

17.0

27,448

1.2

58060

2.1

Broad Money (M3)

(C.1+C.2+C.3 = S.1+S.2+S.3+S.4-S.5)

(242260)

(12.1)

Components

C.1.

Currency with the Public

413143

40892

13.0

58272

16.4

20492

5.8

25795

6.2

C.2.

Aggregate Deposits with Banks (a+b)

2309514

203522

12.1

338037

17.1

8819

0.4

33115

1.4

a)

Demand Deposits

405224

26528

10.3

83861

26.1

-21953

-6.8

-41704

-10.3

b)

Time Deposits

1904290

176994

12.4

254176

15.4

30772

1.9

74818

3.9

(173481)

(12.2)

C.3.

‘Other’ Deposits with the RBI

6879

1359

26.5

560

8.9

-1862

-29.5

-849

-12.3

Sources

S.1.

Net Bank Credit to

769093

13863

1.9

20386

2.7

17398

2.3

20090

2.6

Government (A+B)

(1670)

(0.2)

A.

Net RBI Credit to Government (a+b)

8136

-62882

35799

18963

53

a.

Net RBI Credit to

Central Government

5160

-60177

33374

19556

3071

b.

Net RBI Credit to

State Governments

2977

-2705

2425

-593

-3018

B.

Other Banks’ Credit to

Government

760956

76745

11.0

-15413

-2.0

-1565

-0.2

20037

2.6

S.2.

Bank Credit to Commercial Sector

1690961

264098

26.0

359703

27.2

10235

0.8

21879

1.3

(a+b)

(231216)

(22.8)

a)

RBI’s Credit to

Commercial Sector

1387

-672

-32.6

-3

-0.2

0

0.0

0

0.0

b)

Other banks’ Credit to

Commercial Sector

1689574

264770

26.1

359706

27.0

10235

0.8

21879

1.3

S.3.

Net Foreign Exchange Assets

of Banking Sector (a+b)

726194

122669

23.3

78291

12.1

-12026

-1.9

71845

9.9

a)

RBI’s Net Foreign

Exchange Assets

672983

128377

26.5

61545

10.1

-13243

-2.2

71845

10.7

b)

Other Banks’ net Foreign

Exchange Assets

53211

-5709

-13.5

16746

45.9

1217

3.3

0

0.0

S.4.

Government’s Currency

Liabilities to the Public

8754

152

2.1

1306

17.5

384

5.2

64

0.7

S.5.

Banking Sector’s Net

Non-Monetary Liabilities (a+b)

465466

155008

54.0

62817

15.6

-11456

-2.8

55818

12.0

a)

Net Non-Monetary

Liabilities of RBI

123990

12191

11.3

776

0.6

-14395

-11.7

53612

43.2

b)

Net Non-Monetary Liabilities

of Other Banks (residual)

341476

142817

79.5

62041

22.2

2939

1.1

2206

0.6

Memo : Select Monetary Ratios

1.

Multiplier

4.8

M

3

2.

Bank Reserves to Aggregate

Deposits Ratio

6.6

3.

Currency to Aggregate Deposits Ratio

17.9

4.

825245

68779

11.9

142692

20.9

-3324

-0.5

-16758

-2.0

Narrow Money (M1)[C.1+C.2(a)+C.3]

Note :
1. Data are provisional.
2. Data reflect redemption of India Millenniun Deposits (IMDs) on December 29, 2005.
3. Figures in parentheses exclude the impact of conversion of a non-banking entity into a banking entity on October 11, 2004.
4. Variation during 2005-06 is worked out from April 1, 2005, whereas variations during 2004-05 and 2006-07 are worked out from March 31, 2004
and March 31, 2006, respecitively.