1.2. CONCEPTS AND DEFINITIONS

Various monetary and liquidity aggregates are
compiled in India and their definitions are setout Table 1.

Table 1.1: Measures of Monetary and

Liquidity Aggregates

Reserve Money

=

Currency in circulation +

Bankers’ deposits with the RBI

+ ‘Other’ deposits with the RBI

=

Net RBI credit to the

Government + RBI credit to the

commercial sector + RBI’s

claims on banks + RBI’s net

foreign assets + Government’s

currency liabilities to the public

– RBI’s net non-monetary

liabilities

=

Currency with the public +

M1

Demand deposits with the

banking system + ‘Other’

deposits with the RBI.

=

+ Savings deposits of post

M2

M1

office savings banks

=

M3

M1+ Time deposits with the

banking system

=

Net bank credit to the

Government + Bank credit to

the commercial sector + Net

foreign exchange assets of the

banking sector + Government’s

currency liabilities to the public

– Net non-monetary liabilities

of the banking sector

=

+ All deposits with post

M4

M3

office savings banks (excluding

National Savings Certificates).

=

Currency with the public +

NM

1

Demand deposits with the

banking system + ‘Other’

deposits with the RBI.

=

+ Short-term time deposits

NM

2

NM1

of residents (including and up

to the contractual maturity of

one year).

=

+ Long-term time deposits

NM

3

NM2

of residents + Call/Term

funding from financial

institutions.

Manual on Financial and Banking Statistics

=

+ All deposits with the

L1

NM3

post office savings banks

(excluding National Savings

Certificates).

=

+Term deposits with term

L2

L1

lending institutions and

refinancing institutions (FIs) +

Term borrowing by FIs +

Certificates of deposit issued by

FIs.

=

+ Public deposits of non-

L3

L2

banking financial companies.

Net bank credit

=

Net RBI credit to the

to the

Government (i.e., Net RBI

Government

Credit to the Centre + Net RBI

Credit to State Governments) +

Other banks’ credit to the

Government

Bank credit to

=

RBI credit to the commercial

the commercial

sector + Other banks’ credit to

sector

the commercial sector

Net foreign

=

RBI’s net foreign assets +

assets of the

Other banks’ foreign assets

banking sector

Net non-

=

RBI’s net non-monetary

monetary

liabilities + Net non-monetary

liabilities of the

liabilities of other banks.

banking sector

Table 1.2: Money Stock Measures: Evolution of Methodology of Compilation

First Working Group(FWG) (1961)

Second Working Group(SWG) (1977)

Working Group on Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

Components (C)

C.I. Currency with the

C.I. Currency with the

C.I. Currency with the

Public (C.I.1+C.I.2-C.I.3-

Public (C.I.1+C.I.2-C.I.3-

Public (C.I.1+C.I.2-C.I.3)

C.I.4-C.I.5)

C.I.4)

C.I.1 Notes in circulation

C.I.1 Notes in circulation

C.I.1 Notes in circulation

C.I.2 Circulation of Rupee

C.I.2 Circulation of

C.I.2 Circulation of

Comprise rupee coins and

coins and small coins i.e.,

Rupee coins and small

Rupee coins and small

small coins. Ten-rupee

Government’s currency

coins i.e., Government’s

coins i.e., Government’s

coins issued since

liabilities to the Public

currency liabilities to the

currency liabilities to the

October 1969, two rupee-

Public

Public

coins issued since

November 1982 and five

rupee coins issued since

November 1985 are

included under rupee

coins. Net of return of

Indian notes from

Pakistan.

C.I.3 Currency returned

C.I.3 Currency returned

by Pakistan

by Pakistan

C.I.4 Cash in hand with

C.I.4 Cash in hand with

C.I.3 Cash in hand with

The FWG considered only

banks i.e., commercial

the banking system i.e.,

the banking system

commercial and state co-

banks and state co-

commercial banks, state

operative banks while the

operative banks

co-operative banks,

SWG extended the

central co-operative

coverage to central co-

banks and primary co-

operative banks and

operative banks

primary co-operative

banks consisting of urban

co-operative banks and

salary earners’ societies.

C.I.5 Balance of the

Since August 1967,

Central and State

balances held at

Governments held at

treasures have not been

treasuries

included in the measure

in view of their meagre

amounts.

C.II. Aggregate Deposits

C.II. Aggregate Deposits

C.II. Aggregate Deposits

With the inclusion of

with Banks (C.II.1+C.II.2)

with the Banking System

held by Residents with

central and urban co-

(C.II.1+C.II.2)

the Banking System

operative banks, the SWG

(CII.1+C.II.2-C.II.2.2.1-

treated inter-bank

C.II.2.3.1)

deposits with the banking

system as part of net

non-monetary liabilities

[i.e., other items (net) as

defined by the Working

Group on Money Supply

First Working Group(FWG) (1961)

Second Working Group(SWG) (1977)

Working Group on Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

(WGMS): Analytics and

Methodology Compilation.

The WGMS recommended

that aggregate deposits

should be on residency

basis, thereby excluding

repatriable foreign

currency fixed deposits

held by non-residents,

e.g., FCNR(B) deposits,

from money supply.

C.II.1 Demand Deposits

C.II.1 Demand Deposits

C.II.1 Demand Deposits

with banks (including

with the banking system.

with the banking system.

inter-bank demand

deposits with state co-

operative banks)

C.II.2 Time Deposits with

C.II.2 Time Deposits with

C.II.2 Time Deposits held

The WGMS recommended

banks (including inter-

the banking system.

by Residents with the

a break-up of time

bank time deposits with

banking system.

deposits into CDs and

state co-operative banks)

(CII.2.1+C.II.2.2+

other time deposits on

C.II.2.3)

the basis of maturity

structure partitioned at

C.II.2.1 Certificates of

one year.

Deposit (CDs)

C.II.2.2 Short-term1
time

deposits

Currency Repatriable

Deposits held by Non-

deposits

C.II.2.3.1 Foreign

Currency Repatriable

Deposits held by Non-

Residents

C.II.3 Savings Accounts

C.II.3.1 Time Liabilities

portion of Savings

Accounts

C.III. ‘Other’ deposits

C.III. ‘Other’ deposits with

with the RBI (C.III.1-

the RBI (C.III.1-C.III.2-

C.III.1 Other Deposits

C.III.1 Other Deposits

C.III.1 Other Deposits

with the RBI

with the RBI

with the RBI

First Working Group
(FWG) (1961)

Second Working Group
(SWG) (1977)

Working Group on Money
Supply (WGMS) (1998)

REMARKS

1

2

3

4

C.III.2 IMF Deposits with

C.III.2 IMF Deposits with

C.III.2 IMF Deposits with

RBI in Account No.1 *

RBI in Account No.1 *

RBI in Account No.1 *

C.III.3 RBI Employees’

C.III.3 RBI Employees’

Balances under Reserve

Pension/ Provident/Co-

Pension/ Provident/Co-

Bank Employees’

operative Guarantee

operative Guarantee

Pension/Provident and

Funds

Funds

Co-operative Guarantee

Funds have been

excluded from money

supply since January

1964.

C.III.4 Compulsory

C.III.4 Compulsory

Balances under

Deposits with RBI

Deposits with RBI

Additional Emoluments

(Compulsory Deposits)

Act 1974 and the

Compulsory Deposit

Scheme (Income Tax

Payers) Act were excluded

from money supply

effective August 16, 1974

and December 13, 1974,

respectively.

C.III.5 Profits of the RBI

C.III.5 Profits of the RBI

held temporarily under

held temporarily under

other deposits and

other deposits and

subscriptions to state

subscriptions to state

governments’ loans

governments’ loans

pending allotment

pending allotment

C.IV. Post Office Total

C.IV. Post Office Total

Post Office Deposits were

Deposits

Deposits

included in the monetary

aggregates by the SWG.

C.IV.1 Post Office

C.IV.1 Post Office

The WGMS recommended

Savings Deposits

Savings Deposits

that these should be part

of liquidity aggregates.

C.V. Call/Term Money

Borrowings represent

Borrowings by Scheduled

money at call and short

Commercial Banks from

notice obtained from

non-bank sources

outside the banking

(excluding PDs)

system, but exclude

refinance from RBI and

financial institutions.

C.IV. Money Supply with

C.V. Narrow Money

C.VI. Narrow Money

There is a break in the

the Public

M1 series following the

(M1)(=C.I+C.II.1+C.III)

(M1)(=C.I+C.II.1+C.III)

(=C.I+C.II.1+C.III)

reclassification of

demand and time

First Working Group
(FWG) (1961)

Second Working Group (SWG) (1977)

Working Group on Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

components of savings

accounts vide
circular

DBOD.No.Ref.BC.127/C-

96(Ret)-77 dated October

15, 1977.

(=C.V.+C.IV.1)

(=C.VI +

C.VI. M2

C.VII. M2

C.II.2.1 + C.II.2.2-

C.II.2.2.1+ C.II.3.1)

C.V. Aggregate Monetary

Data on aggregate

C.VII. Broad Money (M3)

C.VIII. Broad Money (M3)

Resources (=C.IV+C.II.2)

(=C.V + C.II.2)

(=C.VII + C.II.2.3-

monetary resources

C.II.2.3.1 + C.V)

proposed by the FWG

were first published in

the Bank’s Annual Report

1964-65 and in the

Report on Currency and

Finance 1967-68.

(=C.IV+C.VII.)

C.VIII. M4

(=C.IV+C.VIII)

C.IX. L1

C.X. Term Deposits of

Includes IDBI, ICICI,

Financial Institutions

IFCI, IIBI, EXIM Bank,

(FIs)

TFCI, NABARD, SIDBI

and NHB

C.XI. Certificates of

Deposit issued by FIs.

C.XII. Term Borrrowings

by FIs.

(=C.IX +C.X+

C.XIII. L2

C.XI +C.XII)

C.XIV. Public Deposits

Includes NBFCs having

by Non-Banking

public deposits of Rs. 20

Financial Companies

crore or above

(NBFCs)

(=C.XIII +

C.XV. L3

C.XIV)

SOURCES (S)

S.I Net Bank Credit to

S.I Net Bank Credit to

S.I Net Bank Credit to

Government Sector

Government Sector

Government (S.I.1+S.I.2)

(S.I.1+S.I.2)

(S.I.1+S.I.2)

S.I.1 Net RBI Credit to

S.I.1 Net RBI Credit to

S.I.1 Net RBI Credit to

Government Sector

Government Sector

Government

(S.I.1.1 + S.I.1.2 + S.I.1.3+

(S.I.1.1+S.I.1.2)

(S.I.1.1+S.I.1.2)

S.I.1.4 + S.I.1.5-

S.I.1.6+S.I.1.7-S.I.1.8)

S.I.1.1 Net RBI Credit to

S.I.1.1 Net RBI Credit to

the Central Government

Central Government

(S.I.1.1.1 + S.I.1.1.2 +

(S.I.1.1.1+S.I.1.1..2 +

First Working Group(FWG) (1961)

Second Working Group(SWG) (1977)

Working Group on Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

S.I.1.1.3 + S.I.1.1.4 +

S.I.1.1.3 + S.I.1.1.4 +

S.I.1.1.5 - S.I.1.1.6)

S.I.1.1.5-S.I.1.1.6)

S.I.1.1 Loans and

S.I.1.1.1 Loans and

S.I.1.1.1 Loans and

Advances to the Central

Advances to the Central

Advances to the Central

Government

Government

Government

S.I.1.2 Bills Purchased

S.I.1.1.2 Bills Purchased

S.I.1.1.2 Bills Purchased

and Discounted

and Discounted

and Discounted

S.I.1.3 Investments in

S.I.1.1.3 Investments in

S.I.1.1.3 Investments in

Treasury Bills

Treasury Bills

short-term1 Central

Government securities

S.I.1.4 Investments in

S.I.1.1.4 Investments in

S.I.1.1.4 Investments in

Government of India

Central Government

long-term2 Central

Securities

Securities

Government Securities

S.I.1.5 Rupee coins held

S.I.1.1.5 Rupee coins

S.I.1.1.5 Rupee coins

by the RBI

held by the RBI

held by the RBI

S.I.1.6 Deposits of the

S.I.1.1.6 Deposits of the

S.I.1.1.6 Deposits of the

Central Government with

Central Government with

Central Government with

the RBI

the RBI

the RBI

S.I.1.2 Net RBI credit to

S.I.1.2 Net RBI credit to

the State Government

the State Government

(S.I.1.2.1-S.1.2.2)

(S.I.1.2.1-S.I.1.2.2)

S.I.1.7 Loans and

S.I.1.2.1 Loans and

S.I.1.2.1 Loans and

Advances to State

Advances to State

Advances to State

Governments

Governments

Governments

S.I.1.8 Deposits of State

S.I.1.2.2 Deposits of

S.I.1.2.2 Deposits of

Governments

State Governments

State Governments

S.I.2 Other Banks’ credit

S.I.2 Other Banks’ credit

S.I.2 Credit to

to Government (S.I.2.1 +

to Government

Government by the

S.I.2.2)

(=S.I.2.1)

Banking System (S.I.2.1

+ S.I.2.2)

S.I.2.1 Other Banks’

S.I.2.1 Other Banks’

S.I.2.1 Investments in

Treasury Bills are to be

investments in

investments in

short-term Government

valued at carrying cost.

Government securities

Government securities

securities by the

Banking System

S.I.2.2 Investments in

long-term2 Government

securities by the

Banking System

S.I.2.2 Government’s

Government’s currency

Currency Liabilities to the

liabilities to the Public

Public adjusted for

were carved out as an

balances in treasuries

independent source of

money stock in October

1962.

S.II. Total Bank Credit to

S.II. Total Bank Credit to

S.II. Bank Credit to

The nomenclature

Private Sector

Commercial Sector

Commercial Sector

“private sector” was

(S.II.1+S.II.2)

(S.II.1+S.II.2)

(S.II.1+S.II.2)

changed into “commercial

First Working Group(FWG) (1961)

Second Working Group(SWG) (1977)

Working Group on Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

sector” in 1970, as bank

credit included credit

given to commercial/

manufacturing

enterprises in the public

sector too.

S.II.1 RBI Credit to

S.II.1 RBI Credit to

S.II.1 RBI Credit to

Private Sector

Commercial Sector

Commercial Sector

(S.II.1.1+S.II.1.2)

(S.II.1.1+S.II.1.2+S.II.1.3)

(S.II.1.1+S.II.1.2+S.II.1.3)

S.II.1.1 RBI’s investments

S.II.1.1 RBI’s

S.II.1.1 RBI’s

in shares/bonds of

investments in shares/

investments in shares/

financial institutions,

bonds of financial

bonds of financial

ordinary debentures of co-

institutions, ordinary

institutions, ordinary

operative sectors, Central

debentures of co-

debentures of co-

Land Mortgage Bank

operative sectors, CLMB

operative sectors, CLMB

(CLMB) debentures etc.

debentures etc.

debentures etc.

S.II.1.2 Loans to financial

S.II.1.2 Loans to

S.II.1.2 Loans to

On the establishment of

institutions

financial institutions

financial institutions

National Bank for

Agriculture and Rural

Development (NABARD)

on July 12, 1982, certain

assets and liabilities of

the RBI were transferred

to NABARD, necessitating

some reclassification of

aggregates on the sources

side of money stock since

that date. The WGMS

recommended the

reclassification of the

RBI’s refinance to

NABARD as credit to

commercial sector rather

than as claims on banks

as had been the practice

hitherto.

S.II.1.3 Internal Bills

S.II.1.3 Internal Bills

With the introduction of

(under Bills

(under Bills

the Bills Rediscounting

Rediscounting Scheme)

Rediscounting Scheme)

Scheme, the commercial

banks started discounting

the internal bills with the

RBI which have been

included in the RBI credit

to commercial sector

since June 1971.

S.II.2 Other Banks’ net

S.II.2 Other Banks’

S.II.2 Credit to the

credit to Private Sector

credit to Commercial

Commercial Sector by

(S.II.2.1 + S.II.2.2-S.II.2.3

Sector (S.II.2.1 +

the Banking System

-S.II.2.4-S.II.2.5)

S.II.2.2)

(S.II.2.1 + S.II.2.2+

S.II.2.3 + S.II.2.4)

S.II.2.1 Bank Credit

S.II.2.1 Bank Credit

S.II.2.1 Bank Credit

Includes loans, cash

credit and overdrafts and

internal and foreign bills

purchased and

First Working Group(FWG) (1961)

Second Working Group(SWG) (1977)

Working Group on Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

discounted of SCBs,

RRBs.

S.II.2.2 Other

S.II.2.2 Other

S.II.2.2 Investments in

Investments

Investments

other Approved

Securities

S.II.2.3 Other

Include investments in

Investments

securities which are not

approved for maintenance

of statutory liquidity ratio

(SLR) such as

Commercial Papers, units

of UTI and mutual funds

and shares/debentures/

bonds of the public and

private non-bank sector.

S.II.2.3. Net inter-bank

As data for central and

Liabilities

primary co-operative

banks were not included

in money supply, the

FWG had adjusted bank

credit for net inter-bank

liabilities. These were,

however, treated as part

of net non-monetary

liabilities by the SWG on

extension of full coverage

to the co-operative sector.

The FWG had adjusted

S.II.2.4 Loans from

financial institutions

bank credit against loans

from select financial

institutions which

received refinance from

the RBI which had

already been reckoned in

the RBI credit to the

commercial sector. The

SWG did away with this

adjustment as it was

argued that these FIs had

substantial access to

sources of funds other

than those from the RBI.

S.II.2.4 Net lending to

Banks’ net lendings to

Primary Dealers

PDs, net of their call

borrowings from PDs, are

part of net inter-bank

assets under the present

reporting format.

However, as the banking

sector in money supply

excludes PDs, this item

was included as part of

credit from the banking

system by the WGMS.

First Working Group(FWG) (1961)

Second Working Group(SWG) (1977)

Working Group on Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

S.II.2.5 Time deposits

This adjustment was

held by Banks (including

considered necessary

inter-bank time deposits

since the FWG was

held by state co-operative

concerned with M1. The

banks)

presentation of data on

bank credit to

commercial sector on net

basis was changed into

gross basis in May 1974,

as (i) time deposits are

used not only for

financing bank credit to

commercial sector but

also for lending to the

Government and (ii) these

are not owned by

commercial enterprises

who largely borrow from

banks.

S.III Net Foreign

S.III Net Foreign

S.III Net Foreign

Exchange Assets of the

Exchange Assets of the

Exchange Assets of the

Banking Sector

Banking Sector

Banking Sector

(S.III.1+S.III.2)

(S.III.1+S.III.2)

(S.III.1+S.III.2)

S.III.1 Net Foreign

S.III.1 Net Foreign

S.III.1 Net Foreign

Exchange Assets of the

Exchange Assets of the

Exchange Assets of the

RBI (S.III.1.1 + S.III.1.2 +

RBI (S.III.1.1 + S.III.1.2 +

RBI (S.III.1.1 + S.III.1.2-

S.III.1.3-S.III.1.4-S.III.1.5)

S.III.1.3-S.III.1.4-

S.III.1.3+S.III.1.4)

S.III.1.5)

S.III.1.1 Gold Coin and

S.III.1.1 Gold Coin and

S.III.1.1 Gold Coin and

Inclusive of valuation of

Bullion

Bullion

Bullion

Gold following its

revaluation close to

international market

price effective October 17,

1990. Such revaluation

has a corresponding

effect on Reserve Bank’s

net non-monetary

liabilities (capital

account)

S.III.1.2 Foreign

Since July 1996, foreign

Currency Assets of the

currency assets are being

RBI(S.III.1.2.1+S.III.1.2.2)

valued at the exchange

rate prevailing at the end

of every week. Such

revaluation has a

corresponding effect on

Reserve Bank’s net non-

monetary liabilities

(capital account).

S.III.1.2 Foreign

Certain foreign securities

S.III.1.2 Foreign

Securities

S.III.1.2 Foreign

Securities

Securities

e.g., IBRD shares,

Commonwealth bonds

etc. which were part of

RBI’s claims on

First Working Group FWG) (1961)

Second Working Group(SWG) (1977)

Working Group on Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

Government were

reclassified as part of its

foreign assets by the

SWG.

S.III.1.3 Balances held

S.III.1.3 Balances held

S.III.1.2.2 Balances held

abroad

abroad

abroad

S.III.1.4 IMF A/c No.1

S.III.1.4 IMF A/c No.1

S.III.1.3 IMF A/c No.1

S.III.1.5 Special Currency

S.III.1.5 Quota

S.III.1.4 Quota

withdrawn from Gulf

subscription in rupees.

subscription in rupees.

States held under Other

deposits of the RBI if any.

S.III.2 Net Foreign

S.III.2 Net Foreign

S.III.2 Net Foreign

Exchange Assets of

Exchange Assets of

Currency Assets of

Banking System

Banking System

Banking System(S.III.2.1-

(Authorised Dealers’

S.III.2.2-S.III.2.3)

Balances)

S.III.2.1 Foreign

Includes balances held

Currency Assets of the

abroad (i.e., the cash

Banking System

component of nostro

accounts, etc.) and

investments in eligible

foreign securities and

bonds.

S.III.2.2. Overseas

Borrowings of the

Banking System

S.III.2.3 Non-Resident

Repatriable Foreign

Currency Fixed Deposits

with the Banking System

(C.II.2.2.1+C.II.2.3.1)

S.IV. Government’s

S.IV. Government’s

Net of Indian currency

Currency Liabilities to

Currency Liabilities to

returned by Pakistan

the Public

the Public

awaiting adjustment.

S.IV. Net non-monetary

S.V. Net non-monetary

S.V. Capital Account of

The WGMS has

Liabilities of the Banking

Liabilities of the Banking

the Banking Sector

bifurcated the non-

Sector (S.IV.1+S.IV.2)

Sector (S.V.1+S.V.2)

(S.V.1+S.VI.2)

monetary liabilities of the

banking sector into the

capital account and other

items (net).

S.IV.1 Net non-monetary

S.V.1 Net non-monetary

S.V.1 Capital Account of

Liabilities of the RBI

Liabilities of the RBI

the RBI (S.V.1.1 +

(S.IV.1.1 + S.IV.1.2 +

(S.V.1.1 + S.V.1.2 +

S.V.1.2 + S.V.1.3 +

S.IV.1.3 + S.IV.1.4 +

S.V.1.3 + S.V.1.4 +

S.V.1.4 + S.V.1.5 +

S.IV.1.5 - S.IV.1.6 +

S.V.1.5 + S.V.1.6 +

S.V.1.6)

S.IV.1.7)

S.V.1.7 + S.V.1.8 -

S.V.1.9)

S.IV.1.1 Paid-up Capital

S.V.1.1 Paid-up Capital

S.V.1.1 Paid-up Capital

S.IV.1.2 Reserves

S.V.1.2 Reserves

S.V.1.2 Reserves

First Working
Group(FWG) (1961)

Second Working Group(SWG) (1977)

Working Group on
Money Supply (WGMS) (1998)

REMARKS

1

2

3

4

S.IV.1.3 Contributions to

S.V.1.3 Contributions to

S.V.1.3 Contingency

National Funds

National Funds

Reserves

S.IV.1.4 Bills Payable

S.V.1.4 RBI Employees’

S.V.1.4 Exchange

Pensions/ Provident/

Fluctuation Reserve /

Guarantee Funds

Currency and Gold

Revaluation Account

S.IV.1.5 Other Liabilities

S.V.1.5 Compulsory

S.V.1.5 Exchange

Deposits with the RBI

Equalisation Account

S.IV.1.6 Other Assets net

S.V.1.6 Bills Payable

S.V.1.6 Contributions to

of Gold in Banking

National Funds

Department

S.IV.1.7 Indian currency

S.V.1.7 Other Libabilities

returned by Pakistan

awaiting adjustment

S.V.1.8 IMF Quota

Subscription and other

payments in rupees

included in IMF A/c No.1

S.V.1.9 Other Assets net

of Gold in Banking

department

S.V.2 Capital Account of

the Banking System

(S.V.2.1+S.V.2.2)S.V.2.1

Paid-up Capital S.V.2.2

Reserves

S.IV.2 Non-identifiable

S.V.2 Net non-monetary

S.VI. Other items (net) of

net non-monetary

liabilities of the Banking

the Banking Sector

liabilities of other Banks

System (residual)

(S.VI.1 + S.VI.2)

(residual)

S.VI.1 Other items (net)

of the RBI (S.VI.1.1 +

S.VI.1.2 + S.VI.1.3+

S.VI.1.4 - S.VI.1.5-

S.VI.1.6 - S.VI.1.7+

S.VI.1.8- S.VI.1.9)

S.VI.1.1 RBI Employees’

Pensions/ Provdent/

Guarantee Funds

S.VI.1.2 Compulsory

Deposits with the

RBIS.VI.1.3 Bills Payable

S.VI.1.4 Other Liabilities

Excludes contingency

reserve, exchange

fluctuation reserve and

exchange equalization

account which now form

part of capital account

and are, therefore,

adjusted.

First Working Group
(FWG) (1961)

Second Working Group
(SWG) (1977)

Working Group on Money
Supply (WGMS) (1998)

REMARKS

1

2

3

4

S.VI.1.5 Contingency

ReservesS.VI.1.6

Exchange Fluctuation

Reserve / Currency and

Gold Revaluation

Account

S.VI. 1.7 Exchange

Equalisation Account

S.VI.1.8 IMF Quota

Subscription and other

payments in rupees

included in IMF A/c No.1

S.VI.1.9 Other Assets net

of Gold in Banking

department

S.VI.2 Other items (net)

of the Banking System

(residual)

1. Of contractual maturity of one year or less.
2. Of contractual maturity of above one year.
Source:
Report of the Working Group on Money Supply: Analytics and Methodology of Compilation (Chairman:
Dr. Y.V. Reddy) (1998), Reserve Bank of India.