January 10, 2004

1. Reserve Bank of India - Liabilities and Assets
(Rs.crore)
	2003	2004		Variation
Item	Jan. 3	Dec. 26	Jan. 2#	Week		Year
1	2	3	4	5		6
Loans and advances
Central Government	—	—	—	—		—
State Governments	6,560	6,786	5,876	–910		–684
(1) Includes foreign securities, balances held abroad and investments in foreign shares/bonds. (2) Effective October 17, 1990, gold is valued close to international market price. (3) Excludes investments in foreign shares and bonds and in Government of India rupee securities.

 

2. Foreign Exchange Reserves
			Variation over
Item	As on Jan. 2, 2004		Week			End-March 2003		End-December 2003		Year
	Rs.Crore	US$ Mn.	Rs.Crore		US$ Mn.	Rs.Crore	US$ Mn.	Rs.Crore	US$ Mn.	Rs.Crore	US$ Mn.
1	2	3	4		5	6	7	8	9	10	11
Total Reserves	4,65,496	1,02,103	6,860		1,513	1,07,216	26,675	1,026	268	1,25,743	31,351
of which :
(a)Foreign Currency Assets	4,46,258	97,885	6,185		1,336*	1,04,782	25,995	1,026	268	1,23,080	30,584
(b)Gold	19,225	4,215		675	177	2,440	681	-	-	2,683	771
(c) SDRs	13	3		––	—	–6	–1	-	-	–20	–4
Memo Item : RTP**	5,998	1,316		44	10	2,808	644	-4	-	2,826	655
* : Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies (such as Euro, Sterling, Yen) held in reserves. For details, please refer to the Current Statistics section of the RBI Bulletin. ** : Foreign exchange reserves do not include India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF). RTP may change, from time to time, due to India's transactions under the Financial Transaction Plan with the IMF as well as changes in SDR exchange ratesvis-a-vis rupee and US dollar.

3. Scheduled Commercial Banks - Business in India
(Rs. crore)
			Outstanding	Variation over
Item			as on 2003	Fortnight	Financial year so far		Year-on-year
			Dec. 26#		2002-2003	2003-2004	2002	2003
1			2	3	4	5	6	7
Liabilities to Others
	Aggregate deposits @		14,19,788	9,844	1,57,172	1,38,935	1,89,770	1,59,256
				(0.7)	(14.2)	(10.8)	(17.7)	(12.6)
					[14.8]	[12.7]	[18.5]	[14.6]
	Demand		1,93,352	3,046	11,836	23,063	16,248	28,468
	Time @		12,26,436	6,797	1,45,336	1,15,872	1,73,521	1,30,788
Bank Credit			7,80,572	10,204	1,02,521	51,357	1,32,571	88,328
				(1.3)	(17.4)	(7.0)	(23.7)	(12.8)
	Food Credit		36,352	845	–2,031	–13,127	–330	–15,595
	Non-food credit		7,44,220	9,359	1,04,553	64,484	1,32,900	1,03,923
@ : Includes Rs.25,662 crore on account of proceeds from India Millennium Deposits (IMDs), since November 17, 2000. Data also reflect redemption of Resurgent India Bonds (RIBs) of Rs.22,693 crore, since October 1, 2003. Figures in italics are percentage variations net of RIBs and IMDs as the case may be.

5. Accommodation Provided by Scheduled Commercial Banks to Commercial Sector in the form of Bank Credit and Investments in Shares/Debentures/Bonds/Commercial Paper etc.
(Rs. crore)
			2003 - 2004			2002 - 2003
			Outstanding		Variations	Outstanding		Variations
Item			as on 2003		(3) - (2)	as on 2002		(6) - (5)
			Mar. 21	Dec. 26		Mar. 22	Dec. 27
1			2	3	4	5	6	7
4. Total (1B + 2 + 3)			7,72,695	8,34,058	61,363	6,17,650	7,31,285	1,13,635
@ : Upto December 12, 2003. @@ : Upto November 30, 2003. + : Upto December 13, 2002. ++ : Upto November 30, 2002. Notes : 1. Data on investments are based on Statutory Section 42(2) Returns. 2. Figures in brackets are percentage variations. 3. Includes the impact of mergers since May 3, 2002.

7. Money Stock : Components and Sources
(Rs. crore)
		Outstanding		Variation over
		as on				Financial year so far				Year-on-year
		2003		Fortnight		2002-2003		2003-2004		2002		2003
	Item	Mar. 31#	Dec. 26#	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
1		2	3	4	5	6	7	8	9	10	11	12	13
M3		17,25,222	18,99,069	8,222	0.4	1,84,588	12.3	1,73,847	10.1	2,32,437	16.0	2,16,127	12.8
		[16,95,551]				[1,51,868]	[10.1]			[1,99,717]	[13.8]
Components (i+ii+iii+iv)
(i)	Currency with the Public	2,70,983	3,01,001	–2,253	–0.7	20,344	8.4	30,018	11.1	31,268	13.6	39,863	15.3
(ii)	Demand deposits with banks	1,98,602	2,20,961	3,117	1.4	10,688	6.0	22,359	11.3	17,635	10.2	31,074	16.4
(iii)	Time deposits with banks @	12,52,396	13,72,726	7,119	0.5	1,53,788	14.3	1,20,331	9.6	1,83,436	17.5	1,43,427	11.7
		[12,22,725]				[1,21,068]	[11.3]			[1,50,716]	[14.4]
(iv)	"Other" deposits with Reserve Bank	3,242	4,381	240	5.8	–232	–8.1	1,139	35.1	99	3.9	1,764	67.4
Sources (i+ii+iii+iv-v)
(i)	Net Bank credit to Government (a+b)	6,78,059	7,15,838	–7,704	–1.1	50,326	8.5	37,779	5.6	67,541	11.8	75,947	11.9
	(a) Reserve Bank	1,20,679	50,576	–8,858	–14.9	–41,418	–27.2	–70,103	–58.1	–37,224	–25.2	–60,184	–54.3
	(b) Other Banks	5,57,379	6,65,262	1,154	0.2	91,744	21.0	1,07,883	19.4	1,04,765	24.7	1,36,131	25.7
(ii)	Bank credit to commercial sector (a+b)	9,06,612	9,62,179	11,359	1.2	1,00,752	13.3	55,567	6.1	1,31,668	18.1	1,01,780	11.8
	(a) Reserve Bank	3,048	2,080	–10	–0.5	–2,965	–50.0	–968	–31.8	–7,866	–72.6	–883	–29.8
	(b) Other Banks	9,03,564	9,60,099	11,370	1.2	1,03,718	13.8	56,536	6.3	1,39,534	19.4	1,02,663	12.0
@ : Includes Rs.25,662 crore on account of proceeds from India Millennium Deposits (IMDs), since November 17, 2000. Data also reflect redemption of Resurgent India Bonds (RIBs) of Rs.22,693 crore, since October 1, 2003. Figures in [ ] exclude the impact of mergers since May 3, 2002.

P.V.Sadanandan
Manager

Press Release :2003-2004/816