7. Money Stock : Components and Sources - RBI

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7. Money Stock : Components and Sources

Date: December 05, 1998

														(Rs. crore)

		Outstanding			Variation over
		as on
	*Item*						Financial year so far
		1998			Fortnight		1997-98				1998-99			Year
		Mar. 31#	Nov. 6#		Amount	%	Amount		%		Amount		%	Amount	%

	1	2	3		4	5	6		7		8		9	10	11

M₃		8,25,389	9,15,943		869	0.1	72,068		10.3		90,554		11.0	1,42,027	18.4
Components (i+ii+iii+iv)
(i)	Currency with the Public	1,45,182	1,59,116		-349	0.2	15,761		11.9		13,934		9.6	11,267	7.6
(ii)	Demand deposits with
	banks	1,18,435	1,16,056		387	0.3	-4,286		-4.1		-2,380		-2.0	15,008	14.9
(iii)	Time deposits with banks	5,58,167	6,37,313	@	939	0.1	58,883		12.8		79,146		14.2	1,17,197	22.5
(iv)	"Other" deposits with
	Reserve Bank	3,604	3,458		-108		1,709				-146		1,445
Sources (i+ii+iii+iv-v)
(i)	Net bank credit to
	Government (a+b)	3,30,619	3,77,621		6,840	1.8	31,278		10.8		47,002		14.2	57,723	18.0
	(a) Reserve Bank	1,35,160	1,51,195		2,325		-2,088				16,035			29,101
	(b) Other Banks	1,95,460	2,26,426		4,515		33,366				30,967			28,621

(ii)	Bank credit to commercial
	sector (a+b)	4,32,190	4,47,004		8	-	12,175		3.2		14,814		3.4	58,522	15.1
	(a) Reserve Bank	8,186	8,249		21		1,615				64			387
	(b) Other Banks	4,24,004	4,38,755		-13		10,560				14,750			58,134

(iii)	Net foreign exchange assets
	of banking sector	1,26,569	1,35,757		-285	-0.2	14,783		14.0		9,187		7.3	15,478	12.9
(iv)	Government's currency
	liabilities to the public	3,120	3,522		-		257				402			347
(v)	Banking sector's net non-
	monetary liabilities
	other than time deposits	67,110	47,961		5,694		-13,575				-19,149			-9,958
	of which : Net non-monetary
	liabilities of R.B.I.	43,219	57,091		-349		584				13,873			21,323

@ :	Includes Rs. 17,945 crore on account of proceeds from Resurgent India Bonds (RIBs). Excluding these proceeds, the year-on-year M3 growth rate in column 11 would work out to be 16.0 per cent.

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