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IV. Monetary and liquidity Conditions

Reflecting the calibrated monetary exit, the magnitude of the surplus liquidity in the system moderated gradually. In June 2010, however, there was a severe tightness in liquidity caused by the increase in Government's surplus balances with the Reserve Bank due to sharply higher mobilisation under 3G and BWA spectrum auctions. The liquidity situation was effectively managed by the Reserve Bank, which helped avoid spillover to overall term structure of the interest rate. During the first quarter of 2010-11, credit growth to the private sector picked up further reflecting strong recovery as also payments towards 3G and BWA spectrum. Broad money growth, however, was lower due to slowdown in the growth of deposits.

IV.1 The Reserve Bank has been normalising the monetary policy instruments, i.e., the policy rates and the cash reserve ratio (CRR), since the fourth quarter of 2009-10, through a process of calibrated exit from the accommodative monetary policy stance that it had adopted in response to the global crisis. The CRR hikes effected since February 2010 helped in reducing the excess liquidity in the system. The comfortable liquidity situation turned into a deficit fairly rapidly by end-May 2010 due to an increase in currency with the public and build-up of government cash balances.

IV.2 Non-food credit growth of scheduled commercial banks (SCBs) showed acceleration and by the first quarter of 2010-11 crossed the indicative growth trajectory of 20.0 per cent for the year, as set out in the Monetary Policy Statement for 2010-11. Besides strong economic activity, credit raised by telecom companies to pay for the 3G and broadband wireless access (BWA) spectrum contributed to the high rate of credit growth observed during the quarter. Money supply (M3) growth, however, was below the indicative trajectory of 17.0 per cent, set out in April 2010. The deceleration was largely on account of the slowdown in the growth rate of aggregate deposits with banks (Table IV.1).

Table IV.1: Monetary Indicators

(Amount in Rupees crore)

Item

Outst anding as on July 2, 2010

Variation (year-on-year)

2009-10

2010-11

Amount

Per cent

Amount

Per cent

1

2

3

4

5

6

I.

Reserve Money*
(Reserve Money adjusted for CRR changes)

11,73,831

-6,963

-0.7

2,28,880

24.2

   

(15.9)

 

(18.5)

II.

Broad Money (M3)

57,82,141

8,56,523

20.6

7,69,448

15.3

III.

Aggregate Deposits of SCBs

46,32,703

7,26,938

22.0

6,01,737

14.9

IV.

Non-food Credit of SCBs

33,47,939

3,83,015

16.3

6,10,046

22.3

*: Data pertain to July 16, 2010.
Note: Data are provisional.

Liquidity Management

IV.3 The liquidity conditions changed significantly during the first quarter of 2010-11. The gradual moderation in the volume of surplus liquidity in the system since February 2010 reflected the calibrated normalisation of the monetary policy by the Reserve Bank. Accordingly, the liquidity adjustment facility (LAF) remained in the absorption mode, though the reverse repo volumes declined gradually (Chart IV.1). From end-May 2010, there was a sudden and sharp tightening of liquidity, which was reflected in the reversal of LAF to injection mode. The liquidity tightness was caused by the large increase in government’s cash balances with the Reserve Bank, reflecting proceeds from 3G/BWA spectrum auctions, besides the first instalment of advance tax payments.

IV.4 In terms of specific aspects of the evolution of liquidity conditions, the scale of surplus liquidity in the system increased initially at the commencement of the financial year 2010-11 on account of higher government expenditure. The average daily absorption under the LAF increased to Rs.57,150 crore in April 2010 from Rs.37,640 crore in March 2010. With the recovery of the economy firmly in place, the Reserve Bank moved in a calibrated manner in the direction of normalising its policy instruments. To anchor inflation and to prevent further build up of inflationary pressure, the Reserve Bank increased the repo and reverse repo rates as well as the CRR by 25 basis points each in April 2010 in the Annual Monetary Policy for 2010-11 (Table IV.2). The surplus liquidity in the domestic market gradually declined thereafter. The Reserve Bank auctioned cash management bills in May 2010 (which matured in mid-June 2010) to meet the temporary cash flow mismatches of the government. The liquidity conditions, however, changed to injection mode from May 31, 2010 due to sharp increase in government balances with the Reserve Bank, on account of higher than anticipated mobilisation under 3G/BWA spectrum auctions.

1

Table IV.2: Movements in Key Policy Rates in India

(Per cent)

Effective since

Reverse Repo Rate

Repo Rate

Cash Reserve  Ratio

1

2

3

4

April 26, 2008

6.00

7.75

7.75 (+0.25)

May 10, 2008

6.00

7.75

8.00 (+0.25)

May 24, 2008

6.00

7.75

8.25 (+0.25)

June 12, 2008

6.00

8.00 (+0.25)

8.25

June 25, 2008

6.00

8.50 (+0.50)

8.25

July 5, 2008

6.00

8.50

8.50 (+0.25)

July 19, 2008

6.00

8.50

8.75 (+0.25)

July 30, 2008

6.00

9.00 (+0.50)

8.75

August 30, 2008

6.00

9.00

9.00 (+0.25)

October 11, 2008

6.00

9.00

6.50 (–2.50)

October 20, 2008

6.00

8.00 (–1.00)

6.50

October 25, 2008

6.00

8.00

6.00 (–0.50)

November 3, 2008

6.00

7.50 (–0.50)

6.00

November 8, 2008

6.00

7.50

5.50 (–0.50)

December 8, 2008

5.00 (-1.00)

6.50 (–1.00)

5.50

January 5, 2009

4.00 (-1.00)

5.50 (–1.00)

5.50

January 17, 2009

4.00

5.50

5.00 (–0.50)

March 4, 2009

3.50 (-0.50)

5.00 (-0.50)

5.00

April 21, 2009

3.25 (-0.25)

4.75 (-0.25)

5.00

February 13, 2010

3.25

4.75

5.50 (+0.50)

February 27, 2010

3.25

4.75

5.75 (+0.25)

March 19, 2010

3.50 (+0.25)

5.00(+0.25)

5.75

April 20, 2010

3.75 (+0.25)

5.25 (+0.25)

5.75

April 24, 2010

3.75

5.25

6.00 (+0.25)

July 2, 2010

4.0 (+0.25)

5.50 (+0.25)

6.00

Note : 1. Reverse repo indicates absorption of liquidity and repo indicates injection of liquidity.
2. Figures in parentheses indicate change in policy rates in per cent.

IV.5 In anticipation of temporary tightening of liquidity conditions, the Reserve Bank introduced measures allowing SCBs to avail additional liquidity support under the LAF to the extent of up to 0.5 per cent of their NDTL and also access to second LAF on a daily basis for the period May 28-July 2, 2010. The average daily injection under the LAF during June 2010 was around Rs.47,000 crore in contrast to the average daily absorption of around Rs.33,000 crore in May 2010. Consequently, the call rate moved up significantly, resulting in an effective tightening at the short end of the yield curve. The call rate, however, remained around the ceiling of the LAF corridor set by the repo rate.

IV.6 Overall, increase in currency with the public and centre’s surplus balances with the Reserve Bank, both representing withdrawal of liquidity from the system, were the key drivers of autonomous liquidity in Q1 of 2010-11 (Table IV.3). Due to the increase in CRR, there was an additional withdrawal of liquidity, over and above the autonomous impact. The liquidity situation was managed primarily through LAF by injecting liquidity through repo operations (Table IV.4).

IV.7 Excess SLR investments of SCBs amounted to Rs.1,87,705 crore, as on July 2, 2010, compared with Rs.2,85,491 crore a year ago. Adjusted for LAF collateral securities on an outstanding basis, given the repo mode of the LAF, SCBs’ maintenance of SLR was 29.6 per cent of NDTL, an excess of 4.6 percentage points over the prescribed SLR (Chart IV.2). The banking system has used a part of the excess SLR securities to access liquidity from the Reserve Bank through repo, and the large availability of excess SLR securities should help in avoiding spillover of tight temporary liquidity conditions to the term structure of the interest rate. Debt buy-back conducted in June 2010 and cancellation of Treasury Bill auctions in June and July 2010, also helped to an extent in alleviating the liquidity pressure.

IV.8 On July 2, 2010, the repo and reverse repo rates were further raised by 25 basis points each to 5.5 per cent and 4.0 per cent, respectively, on account of developments on the inflation front, given that the upside bias to growth projection that was highlighted in the Annual Monetary Policy had materialised. The liquidity management measures, introduced earlier on an ad hoc basis were also extended up to July 16, 2010. It was clarified that the temporary measures to ease the liquidity pressures were consistent with the overall calibrated monetary exit, which aimed at containing inflation and anchoring inflation expectations without hurting growth. On an assessment of the prevailing overall liquidity conditions and with a view to providing flexibility to SCBs and primary dealers in their liquidity management, the Reserve Bank further extended the second LAF on a daily basis till July 30, 2010. The deficit liquidity conditions have continued in July 2010 so far, and the average daily injection of liquidity during the first three weeks of the month was around Rs.53,000 crore.

Table IV.3 : Reserve Bank’s Liquidity Management Operations

(Rupees crore)

Item

2009-10

2010-11

Q1

Q2

Q3

Q4

Q1

1

2

3

4

5

6

A. Drivers of Liquidity (1+2+3+4)

-45,110

-44,514

-66,785

55,055

-1,05,206

1. RBI’s net purchase from authorised dealers

-15,874

2,523

436

910

816

2. Currency with the public

-18,690

-9,020

-43,224

-31,650

-58,385

3.a. Centre’s surplus balances with RBI

3,382

-67,938

-22,663

85,257

-58,249

3.b. WMA and OD

0

0

0

0

0

4. Others (residual)

-13,928

29,921

-1,334

538

10,612

B. Management of Liquidity (4+5+6+7)

-21,674

62,376

89,870

1,618

67,255

4. Liquidity impact of LAF

-1,30,020

25,390

86,330

18,795

75,785

5. Liquidity impact of OMO* (net)

43,159

32,869

3,540

2,787

1,550

6. Liquidity impact of MSS

65,187

4,117

0

16,036

2,420

7. First round impact of CRR change

0

0

0

-36,000

-12,500

C. Bank Reserves # (A+B)

-66,784

17,863

23,085

56,673

-37,951

(+) : Injection of liquidity into the banking system.
(-): Absorption of liquidity from the banking system.
* : Includes oil bonds but excludes purchases of government securities on behalf of State Governments.
# : Includes vault cash with banks and adjusted for first round liquidity impact due to CRR change.
Note:
Data pertain to March 31 for Q4 and last Friday for all other quarters.


Table IV.4: Liquidity Position

(Rupees crore)

Outstanding as on Last Friday

LAF

MSS

Centre’s Surplus@

1

2

3

4

2009

 

 

 

April

1,08,430

70,216

-40,412

May

1,10,685

39,890

-6,114

June

1,31,505

22,890

12,837

July

1,39,690

21,063

26,440

August

1,53,795

18,773

45,127

September

1,06,115

18,773

80,775

October

84,450

18,773

69,391

November

94,070

18,773

58,460

December

19,785

18,773

1,03,438

2010

     

January

88,290

7,737

54,111

February

47,430

7,737

33,834

March*

990

2,737

18,182

April

35,720

2,737

-28,868

May

6,215

317

-7,531

June

-74,795

317

76,431

@ : Excludes minimum cash balances with the Reserve Bank in case of surplus.
* : Data pertain to March 31.
Note : 1. Negative sign in column 2 indicates injection of liquidity through LAF.
2. The second LAF was conducted only on reporting Fridays since May 8, 2009. Since May 28, 2010, the second LAF is being conducted on a daily basis.


2

Reserve Money

IV.9 In 2009-10, the acceleration in the growth rate of reserve money was primarily on account of increase in bankers’ deposits with the Reserve Bank on the components side of reserve money, due to cumulative increase in CRR by 75 basis points during the year. On the sources side, the increase in Reserve Bank’s credit to the centre was a major factor, which reflected the liquidity management operations of the Reserve Bank (i.e., MSS unwinding and de-sequestering, open market purchases and LAF operations) to facilitate smooth completion of the large government borrowing programme for 2009-10, while ensuring adequate financing for productive activities and containing inflationary pressures.

IV.10 During the first quarter of 2010-11, the main component of increase in reserve money was currency in circulation (Table IV.5). The higher growth in currency was mainly on account of the increase in demand associated with the strong rebound in economic activities as well as the spurt in inflation. On the sources side, the increase in reserve money was led by increase in Reserve Bank’s credit to the centre, primarily reflecting the repo operations in the market1 , and unwinding of balances under the MSS. This was partially offset by the increase in government’s cash balances with the Reserve Bank. The net foreign exchange assets of the Reserve Bank also increased during the quarter.

Table IV.5 : Reserve Money - Variations

(Rupees crore)

Item

2009-10

2010-11

Q1

Q2

Q3

Q4

Q1

1

2

3

4

5

6

Reserve Money

-38,926

16,216

51,816

1,38,583

15,685

Components (1+2+3)

         

1. Currency in Circulation

29,692

1,081

45,442

32,181

64,785

2. Bankers’ Deposits with RBI

-72,664

20,680

5,456

1,07,552

-49,042

3. Other Deposits with RBI

4,046

-5,545

918

-1,150

-59

Sources (1+2+3+4-5)

         

1. RBI’s Net Credit to Government

-11,145

-14,953

51,428

1,24,676

15,796

of which to Centre

-11,497

-14,968

51,597

1,24,688

15,807

2. RBI’s Credit to Banks and Commercial Sector

-9,623

-3,747

-5,926

-2,384

851

3. Net Foreign Assets of RBI

-16,750

50,120

-15,108

-66,428

14,613

4. Government’s Currency Liabilities to the Public

254

302

309

351

238

5. Net Non-Monetary Liabilities of RBI

1,662

15,506

-21,113

-82,369

15,814

Memo:

         

LAF - Repo (+) / Reverse Repo (-)

-1,32,800

28,170

67,765

37,360

39,375

Net Open Market Sales *

-42,001

-31,591

-1,894

17

-8

Centre’s Surplus

-13,156

77,713

17,519

-80,112

37,405

MSS Balances

-65,187

-4,117

0

-16,036

-2,420

*: Excludes Treasury Bills.
Note : 1. The sum of the memo items will not add up to the net Reserve Bank credit to the Centre as LAF and OMO transactions are at face value and also due to margin adjustment for LAF operations.
2. Data based on March 31 for Q4 and last reporting Friday for all other quarters.
3. Data are provisional.
4. Centre’s surplus includes Government’s investment balance and cash balance with the Reserve Bank.

IV.11 Since bankers’ deposits with the Reserve Bank, a key determinant of reserve money on the components side, change in response to variations in CRR effected by the Reserve Bank as a part of its monetary policy actions, it is useful to analyse the behaviour of base money adjusted for the CRR changes. The adjusted reserve money increased by 18.5 per cent (y-o-y) as on July 16, 2010, reflecting the impact of increase in currency in circulation (on the components side) and Reserve Bank credit to the government (on the sources side) (Chart IV.3).

Money Supply

IV.12 The deceleration in the growth of M3 continued up to mid-June 2010 (Chart IV.4 a). This was on account of the deceleration of its major component, i.e., aggregate deposits (Table IV.6 and Chart IV.4 b). The moderation in the growth of time deposits was particularly sharp, which was partly a response to the low deposit rates, given high inflation. During the fortnight ended July 2, 2010, aggregate deposits registered a fortnightly increase of about Rs.1,15,000 crore; it is likely that the increased off-take of credit has begun to be reflected in deposit growth. There has been an increased inflow into small savings schemes since August 2009 as returns on investments in small savings have been higher than on time deposits with banks since the beginning of 2009-10 (Chart IV.5). Total incremental inflows into small savings are, however, a small fraction of monthly increases in time deposits, notwithstanding the deceleration in the growth of time deposits.

2

4

IV.13 As regards sources of M3, the increase in money supply during the quarter came mainly from banking system’s credit to the commercial sector. There has been sustained acceleration in growth of non-food credit extended by SCBs since the last quarter of 2009-10 (Chart IV.6 a). Telecom operators raised credit to pay for the 3G/ BWA spectrums, which partly contributed to the stronger growth in credit. With tepid deposit mobilisation (barring the fortnight ending on July 2, 2010), the incremental non-food credit deposit ratio of SCBs moved up to over 100 per cent (Chart IV.6 b). On outstanding basis though, the non-food credit to deposit ratio was 72.3 per cent on July 2, 2010.

Table IV.6: Monetary Aggregates - Variations

(Rupees crore)

Item

2009-10

2010-11

Q1

Q2

Q3

Q4

Q1

1

2

3

4

5

6

M3 (1+2+3 = 4+5+6+7-8)

1,63,787

1,61,970

1,24,777

3,54,416

77,314

Components

         

1 Currency with the Public

24,913

2,797

45,086

29,787

64,381

2 Aggregate Deposits with Banks

1,34,829

1,64,717

78,773

3,25,778

12,992

2.1 Demand Deposits with Banks

-40,911

66,320

-26,343

1,34,985

-88,146

2.2 Time Deposits with Banks

1,75,739

98,397

1,05,116

1,90,793

1,01,138

3 ‘Other’ Deposits with RBI

4,046

-5,545

918

-1,150

-59

Sources

         

4 Net Bank Credit to Government

1,20,816

71,703

35,598

1,61,646

41,051

4.1 RBI’s Net Credit to Government

-11,145

-14,953

51,428

1,24,676

15,796

4.2 Other Banks’ Credit to Government

1,31,961

86,656

-15,830

36,970

25,255

5 Bank Credit to the Commercial Sector

-7,232

1,07,136

68,093

3,09,890

65,642

6 Net Foreign Assets of Banking Sector

-37,923

47,908

-20,701

-59,998

14,613

7 Government’s Currency Liabilities to the Public

254

302

309

351

238

8 Net Non-Monetary Liabilities of the Banking Sector

-87,872

65,079

-41,478

57,472

44,231

Note: Data are provisional.


4

IV.14 Given the deceleration in deposits and acceleration in the growth of non-food credit, there has been a deceleration in banks’ investment in government securities since November 2009, which is the time when growth in non-food credit turned around (Chart IV.7).

IV.15 The revival in credit demand was reflected in the lending figures for all bank groups, with foreign banks and private sector banks in particular, showing significant improvement in their y-o-y credit growth compared to last year (Table IV.7). Credit growth from the public sector banks continued to be the highest and also most stable.

5

7

IV.16 Disaggregated data on sectoral deployment of gross bank credit show improvement in credit growth (y-o-y) to industry, though the flow is yet not broadbased (Table IV.8). Industry absorbed 57.9 per cent of incremental non-food credit (y-o-y) in May 2010 as compared with 47.4 per cent in the corresponding month of the previous year. This expansion was led by infrastructure, textiles, food processing, paper and paper products, petroleum, coal products and nuclear fuels, chemicals and chemical products, and vehicles, vehicle parts and transport equipments. The share of incremental non-food credit to micro and small enterprises (industry as well as services), however, declined to 11.9 per cent in May 2010 as compared with 16.0 per cent in May 2009. Within services sector, credit to real estate decelerated sharply, reflecting definitional change to the concept of “lending to real estate sector” effected in September 2009.

IV.17 Banking system accounted for roughly 65 per cent of the total flow of financing to the commercial sector during the first quarter of 2010-11, even as the flow from non-bank sources also increased significantly over the corresponding period of the previous year. Besides bank credit, issuance of IPOs, credit from housing finance companies, external commercial borrowings and ADRs/GDRs were the other important sources of finance for the commercial sector (Table IV.9).

Table IV.7: Credit Flow from Scheduled Commercial Banks

(Amount in Rupees crore)

Item

Outstanding as on July 2, 2010

Variation (Y-on-Y)

As on July 3, 2009

As on July 2, 2010

Amount

Per cent

Amount

Per cent

1

2

3

4

5

6

1. Public Sector Banks

25,26,007

3,71,522

22.0

4,62,443

22.4

2. Foreign Banks

1,79,111

-12,257

-7.2

20,307

12.8

3. Private Banks

6,17,033

18,716

3.8

1,10,019

21.7

4. All Scheduled Commercial Banks*

34,02,390

3,89,967

16.2

6,06,823

21.7

*: including Regional Rural Banks.
Note:
Data are provisional.


Table IV.8 : Deployment of Gross Bank Credit by Major Sectors

(Amount in Rupees crore)

Sector

Outstanding as on May 21, 2010

Variation (year-on-year)

May 22, 2009

May 21, 2010

Amount

Per cent

Amount

Per cent

1

2

3

4

5

6

Non-Food Gross Bank Credit (1 to 4)

 30,21,481

3,83,512

17.6

4,63,235

18.1

1. Agriculture and Allied Activities

3,99,494

 65,345

24.7

69,362

21.0

2. Industry

13,08,721

1,81,932

21.2

2,68,274

25.8

3. Personal Loans

5,89,003

 24,489

4.6

36,032

6.5

Housing

 3,05,325

15,095

5.7

26,870

9.6

Advances against Fixed Deposits

47,032

 3,718

8.8

1,093

2.4

Credit Card Outstanding

19,579

 382

1.4

-7,398

-27.4

Education

 36,961

 7,342

34.4

8,267

28.8

Consumer Durables

8,138

- 1,651

-17.1

140

1.8

4. Services

7,24,263

1,11,746

21.4

89,568

14.1

Transport Operators

 52,170

 8,721

24.7

8,202

18.7

Professional Services

49,549

 9,537

29.9

8,070

19.5

Trade

 1,60,985

 19,852

16.2

18,695

13.1

Real Estate Loans

 95,659

 33,499

54.9

1,115

1.2

Non-Banking Financial Companies

1,11,037

 22,529

31.3

16,534

17.5

Memo

         

Priority Sector

10,65,619

1,46,173

19.1

1,52,429

16.7

Small Enterprises

3,72,867

61,551

24.0

55,129

17.4

Industry

13,08,721

1,81,932

21.2

2,68,274

25.8

Food Processing

67,938

2,903

5.7

14,543

27.2

Textiles

1,20,643

7,790

8.3

18,937

18.6

Paper and Paper Products

19,536

1,936

14.0

3,774

23.9

Petroleum, Coal Products and Nuclear Fuels

63,080

3,552

7.5

12,240

24.1

Chemicals and Chemical Products

79,864

5,250

8.0

9,216

13.0

Rubber, Plastic and their Products

16,570

2,284

20.6

3,169

23.7

Iron and Steel

1,29,169

23,522

29.8

26,814

26.2

Other Metal and Metal Products

35,470

5,406

21.5

4,951

16.2

Engineering

73,821

12,709

24.2

8,561

13.1

Vehicles, Vehicle Parts and Transport Equipments

37,544

2,958

9.9

4,570

13.9

Gems and Jewellery

31,651

3,016

12.1

3,809

13.7

Construction

43,876

11,671

44.7

6,123

16.2

Infrastructure

3,96,544

71,384

35.1

1,21,829

44.3

Note: 1. Data are provisional and relate to select banks.
2. The deceleration in credit to real estate reflects largely the definitional change to the concept of lending to real estate sector effected in September 2009.

IV.18 Reflecting the strong growth momentum and sharp acceleration in investment demand, credit to the private sector recovered significantly. Flow of resources from non-banks also increased to meet the financing needs of the private sector. Broad money growth remained below the trajectory envisaged by the Monetary Policy Statement for 2010-11, largely due to the deceleration in the growth of aggregate deposits up to mid-June 2010. There has been a turnaround in the growth of both broad money and deposits, which though coincided with a period of pick-up in credit to telecom companies and the switchover to the base rate. The tightness in liquidity conditions would ease, but the calibrated normalisation of monetary policy may not lead to return of the persistent easy liquidity conditions that prevailed last year. Banks, therefore, have to step-up mobilisation of deposits to meet the demand for credit from both the private sector and the government.

Table IV.9: Flow of Financial Resources to the Commercial Sector

(Rupees crore)

Item

April-March

April-June

2008-09

2009-10

2009-10

2010-11

1

2

3

4

5

A. Adjusted Non-food Bank Credit

4,21,091

4,80,258

2,529

1,62,373

i) Non-food Credit

4,11,824

4,66,960

8,555

1,51,640$

of which petroleum and fertiliser credit

31,159

8,491

-18,796

-8,274#

ii) Non-SLR Investment by SCBs

9,267

13,298

-6,026

10,733$

B. Flow from Non-banks (B1+B2)

4,61,702

5,97,263

58,946

87,837

B1. Domestic Sources

2,79,908

3,81,431

38,659

54,091

1. Public issues by non-financial entities

14,205

31,956

236

5,187

2. Gross private placements by non-financial entities

77,856

1,41,964

N.A.

N.A.

3. Net issuance of CPs subscribed to by non-banks

4,936

25,835

27,134

29,178 *

4. Net credit by housing finance companies

25,876

24,226

-892

4,028 #

5. Total gross accommodation by the four RBI regulated AIFIs -NABARD, NHB, SIDBI & EXIM Bank

31,408

33,871

-4,339

-3,097 #

6. Systemically important non-deposit taking NBFCs (net of bank credit)

42,277

60,663

8,004

14,859 #

7. LIC’s gross investment in corporate debt, infrastructure and social sector

83,350

62,916

8,517

3,936 #

B2. Foreign Sources

1,81,794

2,15,832

20,287

33,746

1. External Commercial Borrowings / FCCBs

31,350

14,356

-1,805

9,091

2. ADR/GDR Issues excluding banks and financial institutions

4,788

15,124

215

4,832

3. Short-term credit from abroad

-12,972

35,170

N.A.

N.A.

4. FDI to India

1,58,628

1,51,182

21,877

19,823 #

C. Total Flow of Resources (A+B)

8,82,793

10,77,521

61,475

2,50,210

Memo Item :

       

Net resource mobilisation by Mutual Funds through Debt (non-Gilt) Schemes

-32,168

96,578

80,149

8,335

$: Up to July 2, 2010. #: April-May, 2010. *: Up to June 15, 2010. N. A.: Not Available.


1 The Reserve Bank’s credit to the Centre is affected by LAF operations, OMO, MSS balances and Government’s cash surplus with the Reserve Bank. Increase in repo/OMO purchases and decline in reverse repo/MSS balances/Government’s surplus balances with Reserve Bank lead to increase in net Reserve Bank credit to the Centre, and vice versa.

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