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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 : May 22, 2026
(₹ Crore)
Sources Outstanding as on March 31/last reporting Fortnights of the month/reporting Fortnights
2024-25 2025 2026
Mar. 21 Feb. 28 Mar. 15 Mar. 31
1 2 3 4 5
1. Net Bank Credit to Government 8510825 8183590 9190938 9193522 9328637
1.1 RBI’s net credit to Government (1.1.1–1.1.2) 1508105 1180870 1913185 1948536 2038448
1.1.1 Claims on Government 1591591 1528323 2144130 2274853 2288799
1.1.1.1 Central Government 1558903 1509131 2134344 2253441 2268875
1.1.1.2 State Governments 32688 19192 9787 21412 19925
1.1.2 Government deposits with RBI 83485 347453 230945 326317 250351
1.1.2.1 Central Government 83443 347411 230901 326274 250308
1.1.2.2 State Governments 42 42 43 43 43
1.2 Other Banks’ Credit to Government 7002720 7002720 7277752 7244986 7290189
2. Bank Credit to Commercial Sector 19068129 19065706 21585702 21607251 22226648
2.1 RBI’s credit to commercial sector 38246 35823 11593 11105 28254
2.2 Other banks’ credit to commercial sector 19029883 19029883 21574109 21596146 22198394
2.2.1 Bank credit by commercial banks 18243972 18243972 20751207 20769880 21359948
2.2.2 Bank credit by co-operative banks 766659 766659 799148 802239 816115
2.2.3 Investments by commercial and co-operative banks in other securities 19252 19252 23753 24028 22330
3. Net Foreign Exchange Assets of Banking Sector (3.1 + 3.2) 6148527 6098084 7140338 7071681 7109715
3.1 RBI’s net foreign exchange assets (3.1.1 - 3.1.2) 5550947 5500504 6439901 6371244 6343672
3.1.1 Gross foreign assets 5550956 5500509 6439901 6371242 6343660
3.1.2 Foreign liabilities 9 5 0 -2 -12
3.2 Other banks’ net foreign exchange assets 597580 597580 700437 700437 766043
4. Government’s Currency Liabilities to the Public 36632 36306 40537 40688 40815
5. Banking Sector’s Net Non-monetary Liabilities 6477524 6109884 7659171 7719684 7239908
5.1 Net non-monetary liabilities of RBI 2147427 2159098 3122568 3112994 3059856
5.2 Net non-monetary liabilities of other banks (residual) 4330098 3950786 4536604 4606689 4180052
M3 (1+2+3+4–5) 27286589 27273801 30298344 30193459 31465906
Note: 3.1: Include foreign currency denominated bonds issued by IIFC (UK).

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