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Document - 7. Sources of Money Stock (M<sub>3</sub>) () or PDF - 7. Sources of Money Stock (M<sub>3</sub>) ()
7. Sources of Money Stock (M3)
Date : Sep 25, 2026
(₹ Crore)
Sources Outstanding as on March 31/last reporting Fortnights of the month/reporting Fortnights
2025-26 2025 2026
Jul. 25 Jun. 30 Jul. 15 Jul. 31
1 2 3 4 5
1. Net Bank Credit to Government 9369275 8541317 9337375 9345605 9359609
1.1 RBI’s net credit to Government (1.1.1–1.1.2) 2079086 1502150 1923070 1881214 1872698
1.1.1 Claims on Government 2291566 1810116 2316226 2316154 2308503
1.1.1.1 Central Government 2259059 1786091 2297296 2298434 2291403
1.1.1.2 State Governments 32507 24026 18930 17720 17100
1.1.2 Government deposits with RBI 212480 307966 393155 434940 435805
1.1.2.1 Central Government 212436 307924 393112 434897 435761
1.1.2.2 State Governments 43 43 43 43 43
1.2 Other Banks’ Credit to Government 7290189 7039167 7414305 7464391 7486911
2. Bank Credit to Commercial Sector 22226641 19300981 22787011 22584808 22933724
2.1 RBI’s credit to commercial sector 28247 12383 19161 12202 15097
2.2 Other banks’ credit to commercial sector 22198394 19288597 22767850 22572607 22918627
2.2.1 Bank credit by commercial banks 21359948 18501377 21930398 21734674 22078403
2.2.2 Bank credit by co-operative banks 816115 767165 815328 815635 817147
2.2.3 Investments by commercial and co-operative banks in other securities 22330 20056 22123 22298 23077
3. Net Foreign Exchange Assets of Banking Sector (3.1 + 3.2) 7126272 6465942 6867703 7068194 7282303
3.1 RBI’s net foreign exchange assets (3.1.1 - 3.1.2) 6360229 5869680 6135282 6293168 6414276
3.1.1 Gross foreign assets 6360218 5869677 6135295 6293164 6414277
3.1.2 Foreign liabilities -12 -3 13 -4 1
3.2 Other banks’ net foreign exchange assets 766043 596262 732421 775026 868027
4. Government’s Currency Liabilities to the Public 40818 38057 41670 41840 42037
5. Banking Sector’s Net Non-monetary Liabilities 7309880 6206423 7140440 7397916 7339860
5.1 Net non-monetary liabilities of RBI 3065199 2235868 2733197 2855383 2828295
5.2 Net non-monetary liabilities of other banks (residual) 4244681 3970555 4407243 4542533 4511565
M3(1+2+3+4–5) 31453126 28139873 31893320 31642531 32277813
Note: 3.1: Include foreign currency denominated bonds issued by IIFC (UK).

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