III.1 : Variations in Money Stock - ربی - Reserve Bank of India
III.1 : Variations in Money Stock
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(Amount in Rupees crore) |
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Variations |
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Outstand- |
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Item |
ing as on |
1998-99 P |
1997-98 P |
April- June |
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March 31, |
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1999-2000 P |
1998-99 P |
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1999 P |
Absolute |
Per cent |
Absolute |
Per cent |
Absolute |
Per cent |
Absolute |
Per cent |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
I. |
Broad Money (M3) (1+2+3) $ |
9,72,204 |
1,50,873 |
18.4 |
1,25,320 |
18.0 |
38,553 |
4.0 |
33,610 |
4.1 |
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1. |
Currency with the Public |
1,69,382 |
23,804 |
16.4 |
13,492 |
10.2 |
15,760 |
9.3 |
12,538 |
8.6 |
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2. |
Aggregate Deposits |
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with Banks (a+b) |
7,99,001 |
1,26,788 |
18.9 |
1,11,481 |
19.9 |
21,492 |
2.7 |
20,270 |
3.0 |
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a) |
Demand Deposits |
1,35,111 |
16,386 |
13.8 |
13,391 |
12.7 |
- 10,237 |
- 7.6 |
- 5,637 |
- 4.7 |
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b) |
Time Deposits $ |
6,63,890 |
1,10,402 |
19.9 |
98,091 |
21.5 |
31,729 |
4.8 |
25,907 |
4.7 |
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3. |
'Other' Deposits |
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with the RBI |
3,821 |
281 |
7.9 |
347 |
10.9 |
1,302 |
34.1 |
802 |
22.6 |
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II. |
Narrow Money (M1) |
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[I.1+I.2(a)+I.3] |
3,08,315 |
40,471 |
15.1 |
27,229 |
11.3 |
6,824 |
2.2 |
7,703 |
2.9 |
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III. |
Sources of Money Stock (M3) |
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(1+2+3+4-5) |
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1. |
Net Bank Credit to |
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Government (A+B) |
3,87,151 |
56,554 |
17.1 |
41,977 |
14.5 |
24,953 |
6.4 |
30,062 |
9.1 |
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A. |
Net RBI credit to |
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Government (a+b) |
1,52,539 |
17,379 |
12.9 |
10,979 |
8.8 |
3,429 |
2.2 |
15,182 |
11.2 |
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a) Net RBI credit to |
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Central Government |
1,45,416 |
11,800 |
8.8 |
12,914 |
10.7 |
8,205 |
5.6 |
15,162 |
11.3 |
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b) Net RBI credit to State |
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Governments |
7,123 |
5,579 |
361.5 |
- 1,936 |
- 55.6 |
- 4,776 |
-67.0 |
20 |
1.3 |
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B. |
Other banks' credit to |
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Government |
2,34,612 |
39,175 |
20.0 |
30,998 |
18.9 |
21,524 |
9.2 |
14,880 |
7.6 |
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2. |
Bank Credit to Commercial |
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Sector (a+b) |
4,90,363 |
57,054 |
13.2 |
57,002 |
15.1 |
- 1,088 |
- 0.2 |
- 4,439 |
- 1.0 |
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a) |
RBI's credit to commercial |
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sector |
12,226 |
4,040 |
49.4 |
1,938 |
31.0 |
- 2,894 |
- 23.7 |
254 |
3.1 |
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b) |
Other banks' credit to |
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commercial sector |
4,78,138 |
53,013 |
12.5 |
55,064 |
14.9 |
1,806 |
0.4 |
- 4,692 |
- 1.1 |
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3. |
Net Foreign Exchange Assets |
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of Banking Sector (a+b) |
1,64,363 |
26,269 |
19.0 |
32,598 |
30.9 |
5,583 |
3.4 |
3,825 |
2.8 |
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a) |
RBI's net foreign exchange |
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assets |
1,37,954 |
22,063 |
19.0 |
21,073 |
22.2 |
5,583 |
4.0 |
- 336 |
- 0.3 |
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b) |
Other banks' net foreign |
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exchange assets |
26,409 |
4,205 |
18.9 |
11,525 |
107.9 |
0 |
0.0 |
4,160 |
18.7 |
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4. |
Government's Currency |
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Liabilities to the Public |
3,846 |
494 |
14.7 |
434 |
14.9 |
0 |
0.0 |
130 |
3.9 |
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5. |
Banking Sector's Net |
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Non-Monetary Liabilities |
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other than Time Deposits (a+b) |
73,519 |
- 10,502 |
- 12.5 |
6,692 |
8.7 |
- 9,105 |
- 12.4 |
- 4,032 |
- 4.8 |
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a) |
Net non-monetary liabilities |
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of RBI |
60,455 |
17,173 |
39.7 |
8,099 |
23.0 |
2,595 |
4.3 |
10,671 |
24.7 |
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b) |
Net non-monetary liabilities |
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of other banks (residual) |
13,064 |
- 27,675 |
- 67.9 |
- 1,407 |
- 3.3 |
- 11,700 |
- 89.6 |
- 14,703 |
- 36.1 |
Memo Items : Select Monetary Ratios |
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1. |
M3 Multiplier |
3.75 |
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2. |
Bank Reserves to Aggregate |
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Deposits Ratio (%) |
10.8 |
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3. |
Currency to Aggregate |
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Deposits Ratio (%) |
21.2 |
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P |
Provisional. |
$ |
Includes Resurgent India Bonds worth Rs.17,945 crore since August 28, 1998. |
Note : |
1. |
Monetary aggregates as on end-March are based on data pertaining to end-March in respect of the Reserve Bank and the last reporting Friday in respect of scheduled commercial banks. |
2. |
Monetary data have been 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. |