(Amount in rupees crore)

Item

Outstanding

Variations

as on

April-June

March 31,

2002-03

2001-02

2003-04

2002-03

2003

   Absolute

   Per cent

   Absolute

   Per cent

   Absolute

   Per cent

   Absolute

   Per cent

1

2

3

4

5

6

7

8

9

10

Broad Money (M₃)

17,25,222

2,26,868

15.1

1,85,135

14.1

80,736

4.7

1,11,121

7.4

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

(16,95,551)

  (1,97,196)

(13.2)

(71,416)

(4.8)

Components

C.1.

Currency with the Public

2,70,983

30,188

12.5

31,244

14.9

16,895

6.2

14,490

6.0

C.2.

Aggregate Deposits with Banks (a+b)

14,50,997

1,96,286

15.6

1,54,670

14.1

62,921

4.3

96,242

7.7

(14,21,326)

(1,66,615)

(13.3)

(56,537)

(4.5)

a)

Demand Deposits

1,98,602

19,403

10.8

12,929

7.8

9,498

4.8

3,594

2.0

b)

Time Deposits

12,52,396

1,76,884

16.4

1,41,741

15.2

53,423

4.3

92,648

8.6

(12,22,725)

(1,47,213)

(13.7)

(52,943)

(4.9)

C.3.

‘Other’ Deposits with the RBI

3,242

393

13.8

-780

-21.5

921

28.4

389

13.6

4,72,827

49,984

11.8

43,393

11.4

27,314

5.8

18,473

4.4

Narrow Money (M₁)(C.1+C.2(a)+C.3)

Sources

S.1.

Net Bank Credit to

6,78,059

88,494

15.0

77,610

15.2

35,001

5.2

45,290

7.7

Government (A+B)

A.

Net RBI Credit to

1,20,679

-31,499

-20.7

-1,699

-1.1

-4,451

-3.7

-4,212

-2.8

Government (a+b)

a. Net RBI Credit to

1,12,985

-28,399

-20.1

-5,150

-3.5

434

0.4

1,455

1.0

Central Government

b. Net RBI Credit to

7,695

-3,100

-28.7

3,451

47.0

-4,885

-63.5

-5,668

-52.5

State Governments

B.

Other Banks’ Credit to

5,57,379

1,19,993

27.4

79,308

22.1

39,452

7.1

49,503

11.3

Government

S.2.

Bank Credit to

9,06,612

1,46,965

19.3

80,429

11.8

7,880

0.9

56,100

7.4

Commercial Sector (a+b)

a)

RBI’s Credit to

3,048

-2,880

-48.6

-7,358

-55.4

-73

-2.4

-3,010

-50.8

Commercial Sector

b)

Other Banks’ Credit to

9,03,564

1,49,845

19.9

87,786

13.2

7,953

0.9

59,110

7.8

Commercial Sector

S.3.

Net Foreign Exchange Assets of

3,93,715

82,680

26.6

61,215

24.5

22,710

5.8

23,406

7.5

Banking Sector (a+b)

a)

RBI’s Net Foreign

3,58,244

94,275

35.7

66,794

33.9

22,710

6.3

19,279

7.3

Exchange Assets

b)

Other Banks’ Net

35,471

-11,595

-24.6

-5,579

-10.6

0

0.0

4,127

8.8

Foreign Exchange Assets

S.4.

Government’s Currency

7,071

705

11.1

1,013

18.9

1

0.0

168

2.6

Liabilities to the Public

S.5.

Banking Sector’s Net

2,60,234

91,976

54.7

35,131

26.4

-15,143

-5.8

13,844

8.2

Non-Monetary Liabilities (a+b)

a)

Net Non-Monetary

1,27,141

25,922

25.6

21,875

27.6

-419

-0.3

17,548

17.3

Liabilities of RBI

b)

Net Non-Monetary Liabilities

1,33,093

66,055

98.5

13,257

24.6

-14,724

-11.1

-3,704

-5.5

of Other Banks (residual)

Memo Items : Select Monetary Ratios

1.

M₃ Multiplier

4.7

2.

Bankers’ Reserves to Aggregate

6.5

Deposits Ratio

3.

Currency to Aggregate Deposits Ratio

18.7

Note :
1. Data provisional.
2. Time deposits and broad money include Resurgent India Bonds worth Rs. 17,945 crore since August 28, 1998 and India Millenniun Deposits worth Rs.25,662 crore since November 17, 2000.
3. 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.
4. Figures in brackets exclude the impact of mergers since May 3, 2002.