(Amount in Rupees crore)

Variations

Item

Outstanding

as on

April-June

March 31,

2004

2003-04

2002-03

2004-05

2003-04

Absolute

Percent

Absolute

Percent

Absolute

Percent

Absolute

Percent

1

2

3

4

5

6

7

8

9

10

20,03,102

2,85,143

16.6

2,19,605

14.7

73,913

3.7

88,939

5.2

^{Broad Money (M}3⁾

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

(1,89,934)

(12.7)

Components

C.1.

Currency with the Public

3,15,493

43,912

16.2

30,787

12.8

13,545

4.3

15,354

5.7

C.2.

Aggregate Deposits with Banks (a+b)

16,82,491

2,39,355

16.6

1,88,425

15.0

61,831

3.7

73,519

5.1

(1,58,754)

(12.7)

a)

Demand Deposits

2,56,039

57,282

28.8

19,558

10.9

-11,421

-4.5

11,353

5.7

b)

Time Deposits

14,26,451

1,82,073

14.6

1,68,867

15.7

73,252

5.1

62,166

5.0

(1,39,196)

(12.9)

C.3.

‘Other’ Deposits with the RBI

5,119

1,877

57.9

393

13.8

-1,463

-28.6

65

2.0

5,76,651

1,03,070

21.8

50,738

12.0

661

0.1

26,773

5.7

^{Narrow Money (M}1^{)[C.1+C.2(a)+C.3]}

Sources

S.1.

Net Bank Credit to

Government (A+B)

7,45,499

68,976

10.2

86,958

14.7

9,349

1.3

36,894

5.5

A.

Net RBI Credit to

Government (a+b)

44,907

-75,772

-62.8

-31,499

-20.7

-34,143

-76.0

-4,451

-3.7

a. Net RBI Credit to

Central Government

36,920

-76,065

-67.3

-28,399

-20.1

-30,029

-81.3

434

0.4

b. Net RBI Credit to

State Governments

7,988

293

3.8

-3,100

-28.7

-4,114

-51.5

-4,885

-63.5

B.

Other Banks’ Credit to

Government

7,00,591

1,44,748

26.0

1,18,457

27.1

43,492

6.2

41,345

7.4

S.2.

Bank Credit to

Commercial Sector (a+b)

10,17,902

1,18,922

13.2

1,39,334

18.3

40,595

4.0

11,327

1.3

a)

RBI’s Credit to

Commercial Sector

2,061

-987

-32.4

-2,880

-48.6

-172

-8.3

-73

-2.4

b)

Other Banks’ Credit to

Commercial Sector

10,15,841

1,19,908

13.4

1,42,214

18.9

40,767

4.0

11,400

1.3

S.3.

Net Foreign Exchange Assets of

Banking Sector (a+b)

5,26,586

1,32,872

33.7

82,680

26.6

57,525

10.9

23,876

6.1

a)

RBI’s Net Foreign

Exchange Assets

4,84,413

1,26,169

35.2

94,275

35.7

57,525

11.9

22,710

6.3

b)

Other Banks’ Net

Foreign Exchange Assets

42,173

6,702

18.9

-11,595

-24.6

0

0.0

1,166

3.3

S.4.

Government’s Currency

Liabilities to the Public

7,296

225

3.2

705

11.1

17

0.2

84

1.2

S.5.

Banking Sector’s Net

Non-Monetary Liabilities (a+b)

2,94,181

35,851

13.9

90,072

53.5

33,572

11.4

-16,758

-6.5

a)

Net Non-Monetary

Liabilities of RBI

1,07,585

-19,557

-15.4

25,922

25.6

27,245

25.3

437

0.3

b)

Net Non-Monetary Liabilities

of Other Banks (residual)

1,86,596

55,408

42.2

64,150

95.7

6,327

3.4

-17,195

-13.1

Memo Items : Select Monetary Ratios

1.

Multiplier

4.6

^M3

2.

Bank Reserves to Aggregate

Deposits Ratio

6.9

3.

Currency to Aggregate Deposits Ratio

18.8

Note : 1.Data are provisional.

2.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).

3.Time deposits and broad money include India Millennium Deposits (IMDs) worth Rs.25,662 crore
since November 17, 2000 and the impact of redemption of Resurgent India Bonds (RIBs) of Rs. 22,693 crore since October 1, 2003.

4.Figures in parentheses exclude the impact of mergers since May 3, 2002.