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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 : Oct 23, 2026
(₹ Crore)
Sources Outstanding as on March 31/last reporting Fortnights of the month/reporting Fortnights
2025-26 2025 2026
Aug. 22 Jul. 31 Aug. 15 Aug. 31
1 2 3 4 5
1. Net Bank Credit to Government 9369275 8585943 9359609 9400634 9483883
1.1 RBI’s net credit to Government (1.1.1–1.1.2) 2079086 1511706 1872698 1880759 1889267
1.1.1 Claims on Government 2291566 1795840 2308503 2313635 2285156
1.1.1.1 Central Government 2259059 1768377 2291403 2299409 2279411
1.1.1.2 State Governments 32507 27463 17100 14225 5744
1.1.2 Government deposits with RBI 212480 284134 435805 432875 395888
1.1.2.1 Central Government 212436 284091 435761 432832 395845
1.1.2.2 State Governments 43 43 43 43 43
1.2 Other Banks’ Credit to Government 7290189 7074237 7486911 7519875 7594616
2. Bank Credit to Commercial Sector 22226641 19449509 22933724 22860557 23240104
2.1 RBI’s credit to commercial sector 28247 13069 15097 12028 8459
2.2 Other banks’ credit to commercial sector 22198394 19436439 22918627 22848529 23231646
2.2.1 Bank credit by commercial banks 21359948 18646842 22078403 22007764 22387152
2.2.2 Bank credit by co-operative banks 816115 769722 817147 816063 819220
2.2.3 Investments by commercial and co-operative banks in other securities 22330 19876 23077 24703 25273
3. Net Foreign Exchange Assets of Banking Sector (3.1 + 3.2) 7126272 6467254 7282303 7450590 8069477
3.1 RBI’s net foreign exchange assets (3.1.1 - 3.1.2) 6360229 5870992 6414276 6642593 6955616
3.1.1 Gross foreign assets 6360218 5870987 6414277 6642592 6955615
3.1.2 Foreign liabilities -12 -5 1 -1 -1
3.2 Other banks’ net foreign exchange assets 766043 596262 868027 807997 1113861
4. Government’s Currency Liabilities to the Public 40818 38057 42037 42208 42387
5. Banking Sector’s Net Non-monetary Liabilities 7309880 6232383 7339860 7459486 7614162
5.1 Net non-monetary liabilities of RBI 3065199 2288911 2828295 2931853 2947397
5.2 Net non-monetary liabilities of other banks (residual) 4244681 3943472 4511565 4527633 4666765
M3(1+2+3+4–5) 31453126 28308381 32277813 32294503 33221690
Note: 3.1: Include foreign currency denominated bonds issued by IIFC (UK).

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