Publications

How to Use This Handbook

The Weekly Statistical Supplement (WSS) presents high-frequency macroeconomic, monetary, banking and financial market indicators in a structured tabular format. The tables included in the WSS are generated by the Reserve Bank’s Centralised Information Management System (CIMS).

The datasets underlying the WSS are compiled from statutory returns submitted by regulated entities, the Reserve Bank's operational systems, market infrastructure institutions, government accounts, and other official reporting systems.

Availability of Long Time Series Data

While the WSS provides summary tables for the recent reference periods, the extended historical time series datasets underlying these tables are available through the Database on Indian Economy (DBIE; https://data.rbi.org.in). The DBIE allows users to access subject-wise datasets and download data in reusable formats.

Frequency of Data Updates

The tables in the WSS follow defined update frequencies, depending on the nature of the underlying data:

• Daily (e.g., cash balances, liquidity operations)

• Weekly (e.g., RBI balance sheet indicators)

• Fortnightly (e.g., monetary aggregates and banking indicators)

• Monthly (e.g., price indices)

• Annual updates and March-end reference positions, where applicable. Some weekly tables also show cumulative financial-year-to-date variations.

Each table reflects the reference period applicable to the dataset. Several summary tables may present indicators of different frequencies together for comparative reference.

Data Consistency and Publication

The Reserve Bank follows established statistical standards and internal validation procedures to ensure accuracy, consistency and coherence across datasets published in the WSS and on DBIE.

Structure of Table Descriptions

Each table description in this Handbook follows a standard structure to ensure clarity. The Coverage section outlines the dataset's scope and the economic indicators included. Data Presentation Features detail the frequency, measurement units, and key aspects of data presentation. The Notes section offers additional information on compilation methods, methodological considerations, institutional arrangements, or definitional clarifications to help ensure the data are understood correctly.

Data Compilation Framework

Data presented in the RBI WSS are generated from the Reserve Bank’s Data Warehouse through the Centralised Information Management System (CIMS), based on statutory returns, administrative data and information received from source agencies. Data are compiled from statutory returns (e.g., Form A, Form B), operational systems (e-Kuber, CCIL), and administrative reporting from Authorised Dealers and other regulated entities. Compilation follows internationally accepted statistical standards and reporting conventions, wherever applicable.

Disclaimer

While all efforts are made to ensure accuracy and consistency, data are subject to reporting constraints, revisions, and definitional changes over time. Users are solely responsible for the interpretations, analyses, and conclusions drawn from the data. The Reserve Bank of India is not responsible and shall not be liable for any loss, damage, or consequences arising from the use of the data or reliance placed on this Handbook.

Concepts, Definitions and Statistical Framework

This section outlines the key statistical concepts, classification principles and compilation frameworks used across the tables in this Handbook. Detailed methodological notes, where required, are provided in the respective table descriptions.

1 General Statistical Conventions

1.1 Reference Period

Data are presented as end-of-period values (e.g., reporting fortnight positions i.e. 15th and month-end, month-end or quarter-end), period averages (e.g., financial year averages), or cumulative financial year totals, as applicable. Annual data for certain indicators may represent averages of monthly observations rather than end-of-period values.

1.2 Variations and Growth Rates

Data may be presented as absolute variations or percentage changes over the previous reporting period, the financial year to date, or the corresponding period of the previous year, depending on the nature of the indicator. Growth rates, where presented, generally represent year-on-year changes unless otherwise specified.

1.3 Provisional and Final Data

Data may be provisional at the time of first release and are revised subsequently in accordance with the revision policy of the respective source agency.

1.4 Financial Year

The financial year in India runs from April to March.

1.5 Stock and Flow Data

Stock data refer to the position at a point in time (e.g., month-end or quarter-end). Flow data refer to transactions recorded over a period (e.g., cumulative financial year or quarterly flows). Most monetary and banking indicators represent stock positions, whereas indicators relating to trade, financial transactions and fiscal operations generally represent flow variables.

1.6 Base Year in Index Numbers

Many macroeconomic indicators, such as the Consumer Price Index (CPI), Wholesale Price Index (WPI), and Index of Industrial Production (IIP), are compiled as index numbers based on a specified base year. The base year serves as the benchmark period against which changes are measured, and index values indicate relative movements compared to the base year (set equal to 100).

1.7 Units and Rounding Conventions

Data are generally presented in ₹ crore, percentages, or index numbers (base = 100), as applicable. Minor differences in totals may arise due to rounding.

2 Reserve Bank of India Balance Sheet Framework

The balance sheet of the Reserve Bank of India reflects its functions as the monetary authority, issuer of currency, banker to the Government and banker to the banking system. The accounts of the Reserve Bank are broadly classified into:

• Issue Department

• Banking Department

The Issue Department relates primarily to currency issuance operations, while the Banking Department accounts for central banking functions including banker to Government, banker to banks and monetary operations.

2.1 Notes Issued

Notes issued represent the currency liability of the Reserve Bank of India and comprise:

• Notes in circulation

• Notes held in Banking Department

2.1.1 Notes in Circulation

Notes in circulation represent currency notes held outside the Reserve Bank by the public, banks and treasuries. These include notes issued by the Government of India prior to the establishment of the RBI, as well as those issued by the RBI thereafter. Notes in circulation exclude notes held in the Banking Department of the Reserve Bank.

2.2 Deposits with RBI

Deposits constitute an important liability category of the Reserve Bank and include balances maintained by:

• Central Government

• State Governments

• Scheduled Commercial Banks

• Co-operative Banks

• Other banks and institutions

2.2.1 Deposits of Scheduled Commercial Banks

Scheduled Commercial Banks maintain balances with the Reserve Bank mainly for:

• Cash Reserve Ratio (CRR) requirements

• Settlement and clearing operations

• Liquidity management purposes

These balances form an important component of reserve money.

2.3 ‘Other’ Deposits with RBI

‘Other’ deposits with RBI include balances relating to:

• Indian and international financial institutions

• Foreign central banks

• Outstanding amounts under reverse repo

• Standing Deposit Facility (SDF)

• Employee funds and miscellaneous accounts

2.4 Foreign Currency Assets

Foreign Currency Assets represent foreign exchange assets maintained by the Reserve Bank as part of India’s foreign exchange reserves. Their composition, valuation and sources of variation are explained under the Foreign Exchange Reserve Framework.

2.5 Gold Holdings

Gold holdings form part of the Reserve Bank’s foreign exchange reserves. Their role and valuation methodology are explained under the Foreign Exchange Reserve Framework.

2.6 Rupee Securities

Rupee securities mainly comprise:

• Central government securities

• State government securities and oil bonds

• Treasury Bills

These securities are held as part of monetary operations, liquidity management and currency backing arrangements.

2.7 Loans and Advances

The Reserve Bank extends loans and advances to:

• Central Government

• State Governments

• Banks

• Financial institutions

• Primary dealers

2.7.1 Loans to banks mainly arise from liquidity operations such as:

• Repo operations

• Marginal Standing Facility (MSF)

• Refinance facilities

2.8 Other liabilities

Other liabilities include

• Internal reserves and provisions

• Revaluation accounts

• Contingency Fund

• Asset Development Fund

• Currency and Gold Revaluation Accounts (CGRA)

This category largely includes reserves, provisions, revaluation balances and other miscellaneous liabilities. Relevant items are considered while deriving the Reserve Bank’s net non-monetary liabilities.

2.9 Revaluation Accounts

Revaluation accounts capture unrealised gains or losses arising from:

• Exchange rate movements

• Currency and Gold price changes

• Valuation changes in foreign currency assets and rupee securities

These balances fluctuate with movements in exchange rates, gold prices and financial market conditions.

2.10 Net Non-Monetary Liabilities

Net non-monetary liabilities represent liabilities that do not directly contribute to money supply expansion and broadly include:

• Capital

• Reserves

• Provisions

• Revaluation balances

These are important counterparts in monetary analysis and reserve money compilation.

3 Monetary and Banking Aggregates

The Reserve Bank of India compiles monetary and banking aggregates to assess monetary conditions, banking activity and liquidity conditions in the economy. For the purposes of this Handbook, the discussion covers monetary aggregates and the principal liabilities and assets of the banking system.

3.1 Monetary Aggregates

3.1.1 Reserve Money (M0)

Reserve Money, also known as Base Money or High-Powered Money, represents the monetary base of the economy and broadly comprises the monetary liabilities of the Reserve Bank of India.

Reserve money changes with movements in net RBI credit to the Government, RBI credit to banks and the commercial sector, the RBI's net foreign exchange assets, and the Government’s currency liabilities to the public, after adjusting for the RBI’s net non-monetary liabilities.

3.1.2 Narrow Money (M1)

M1 represents the narrowest measure of money supply and includes highly liquid monetary assets available for immediate spending.

It comprises:

• Currency with the public

• Demand deposits with the banking system

• Other deposits with the RBI

Mathematically:

M1=Currency with the Public + Demand Deposits with Banks + Other Deposits with RBI

M1 mainly captures transaction balances and reflects the immediately spendable money available in the economy.

3.1.3 Broad Money (M3)

M3 is the most widely used measure of money supply in India for monetary policy analysis. It includes both transaction balances and savings held in banks.

M3 consists of:

• Currency with the public

• Demand deposits with banks

• Time deposits with banks

• Other deposits with the RBI

Mathematically:

M3=Currency with the Public + Demand Deposits with Banks + Time Deposits with Banks + Other Deposits with RBI

M3 is compiled using the balance sheet approach based on the combined balance sheets of the RBI and the banking sector. It is an important indicator of the broad money stock and overall monetary conditions in the economy.

3.2 Banking System Liabilities

The liabilities of the banking system broadly represent the sources of funds mobilised by banks and include deposits, borrowings and other liabilities.

3.2.1 Demand Deposits

Demand deposits are deposits withdrawable on demand and include:

• Current deposits

• Demand liability portion of savings deposits

• Margins held against letters of credit and guarantees

• Certain overdue deposits

Demand deposits of the public with the banking system form part of narrow money (M1) and are highly liquid in nature; inter-bank deposits are excluded.

3.2.2 Time Deposits

Time deposits are deposits repayable otherwise than on demand and include:

• Fixed deposits

• Recurring deposits

• Cash certificates

• Time liability portion of savings deposits

Time deposits constitute the major component of broad money (M3).

3.2.3 Inter-bank Liabilities

Inter-bank liabilities represent liabilities of banks towards other banks and include:

• Inter-bank deposits

• Borrowings in call/notice money market

• Other inter-bank obligations

These liabilities are adjusted while computing Net Demand and Time Liabilities (NDTL).

3.2.4 Other Demand and Time Liabilities (ODTL)

ODTL include:

• Interest accrued on deposits

• Bills payable

• Relevant credit balances in suspense accounts

• Relevant credit balances in branch adjustment balances

• Other miscellaneous liabilities

ODTL form part of NDTL for CRR and SLR computation purposes.

3.3 Banking System Assets

The assets of the banking system broadly represent the deployment of funds by banks and include:

• Cash balances

• Investments

• Bank credit

• Inter-bank assets

3.3.1 Cash in Hand and Balances with RBI

Cash in Hand: Cash in hand refers to notes and coins held by banks to meet customer withdrawal and transaction requirements.

Balances with RBI: Balances with RBI represent balances maintained by banks in their current accounts with the Reserve Bank and include balances maintained for:

• CRR requirements

• Settlement purposes

• Liquidity management

3.3.2 Bank Credit

Bank credit refers to credit extended by banks to various sectors of the economy and is an important indicator of banking activity and monetary expansion.

3.3.2.1 Food Credit

Food credit relates mainly to advances extended for procurement, storage and distribution of food grains by agencies such as:

• Food Corporation of India

• State procurement agencies

• Co-operative agencies

3.3.2.2 Non-food Credit

Non-food credit represents credit extended to all sectors other than food procurement operations and includes:

• Agriculture

• Industry

• Services

• Retail /personal loans

3.3.2.3 Cash Credit

Cash credit is a revolving working capital facility extended against security of stocks and receivables. Borrowers are permitted to draw funds within sanctioned limits.

3.3.2.4 Overdrafts

Overdrafts represent withdrawal facilities allowed beyond account balances and include both secured and unsecured overdraft arrangements.

3.4 Bills Purchased and Discounted

Bills purchased and discounted include:

• Inland bills

• Foreign bills

These represent bills purchased or discounted by banks before maturity.

3.4.1 Inland Bills

Inland bills comprise bills drawn and payable within India.

3.4.2 Foreign Bills

Foreign bills comprise import and export bills denominated in foreign currencies.

3.5 Investments

Banks maintain investments primarily in:

• Government securities

• Treasury Bills

• Other approved securities

• Non-SLR investments

Investments form an important component of banks’ liquidity management and statutory requirements.

4 Reserve Requirements and Liquidity Ratios

4.1 Net Demand and Time Liabilities (NDTL)

NDTL represent the aggregate demand and time liabilities of banks after adjusting for specified inter-bank liabilities. NDTL form the base for computation of:

• Cash Reserve Ratio (CRR)

• Statutory Liquidity Ratio (SLR)

4.1.1 Cash Reserve Ratio (CRR)

CRR represents the proportion of NDTL required to be maintained by banks as cash balances with the Reserve Bank of India.

4.1.2 Statutory Liquidity Ratio (SLR)

Statutory Liquidity Ratio represents the proportion of NDTL required to be maintained in specified liquid assets such as:

• Government securities

• Cash

• Gold

SLR acts as a prudential and liquidity management requirement.

5 Monetary Policy and Liquidity Management

5.1 Liquidity Adjustment Facility (LAF)

The Liquidity Adjustment Facility refers to the framework through which the Reserve Bank manages short-term liquidity conditions in the banking system. The liquidity management framework includes repo, reverse repo, variable-rate repo, variable-rate reverse repo, the Marginal Standing Facility and the Standing Deposit Facility.

5.1.1 Reverse Repo Operations

Reverse repo operations involve absorption of surplus liquidity by the Reserve Bank from the banking system.

5.1.2 Open Market Operations (OMO)

Open Market Operations involve outright purchase or sale of government securities by the Reserve Bank for durable liquidity management. OMO purchases inject liquidity, while OMO sales absorb liquidity from the banking system.

6 Foreign Exchange Reserve Framework

Foreign Exchange Reserves represent external reserve assets held by the Reserve Bank of India for meeting balance of payments requirements, maintaining confidence in the external sector, managing exchange rate volatility and supporting orderly conditions in the foreign exchange market.

India's foreign exchange reserves comprise:

• Foreign Currency Assets (FCA)

• Gold Holdings

• Special Drawing Rights (SDRs)

• Reserve Position in the International Monetary Fund (IMF)

Foreign exchange reserves are maintained and managed by the Reserve Bank in accordance with the objectives of safety, liquidity and return.

6.1 Foreign Currency Assets (FCA)

Foreign Currency Assets constitute the largest component of India's foreign exchange reserves. These assets are held in major international reserve currencies and primarily comprise:

• Foreign government securities

• Treasury Bills

• Deposits with foreign central banks

• Deposits with international institutions

• Deposits with commercial banks abroad

The value of Foreign Currency Assets changes due to:

• Purchases and sales of foreign exchange by the Reserve Bank

• Interest earnings on reserve assets

• Exchange rate movements among reserve currencies

• Changes in market prices of underlying securities

FCA are expressed in both US dollar terms and Indian rupee terms for dissemination purposes.

6.2 Special Drawing Rights (SDR)

Special Drawing Rights (SDRs) are international reserve assets created and allocated by the International Monetary Fund (IMF) to its member countries. SDRs supplement the official reserve assets of member countries and provide an additional source of international liquidity.

The value of an SDR is determined based on a basket of major international currencies. SDR holdings form part of India's foreign exchange reserves and may be exchanged for freely usable currencies through arrangements facilitated by the IMF.

Changes in SDR holdings may arise from IMF allocations, transactions with the IMF and valuation adjustments.

6.3 Reserve Position in the IMF

The Reserve Position represents India's reserve asset position in the International Monetary Fund. It broadly reflects the portion of India's IMF quota that is readily available for withdrawal from the IMF without conditionality.

This constitutes a liquid external asset and forms part of India's official foreign exchange reserves. Changes in the Reserve Position occur due to IMF transactions, quota adjustments and IMF lending operations involving member countries.

6.4 Gold as a Reserve Asset

Gold is an important component of India's foreign exchange reserves and serves as a store of value and a hedge against financial market uncertainties. The Reserve Bank maintains gold holdings as part of its reserve management strategy to enhance diversification and reduce concentration risks associated with foreign currency assets.

Gold, including gold deposits, is revalued daily at ninety (90) per cent of the London Bullion Market Association (LBMA) gold price in US dollars, converted into rupees at the prevailing Rupee-US dollar market exchange rate. Consequently, changes in the value of gold reserves may occur due to both transactions and fluctuations in global gold prices.

6.5 Valuation Changes in Foreign Exchange Reserves

Movements in foreign exchange reserves may arise from both transactions and valuation effects.

Transaction-related changes occur due to:

• Foreign exchange market interventions by the Reserve Bank

• Government and external sector transactions

• Investment income earned on reserve assets

• IMF-related transactions

Valuation-related changes occur due to:

• Changes in exchange rates among reserve currencies

• Changes in international gold prices

• Changes in market prices of reserve securities

As reserves are held in multiple currencies and asset classes, reported changes in reserve levels may not necessarily reflect actual foreign exchange purchases or sales by the Reserve Bank.

6.6 Reserve Adequacy and Import Cover

Reserve adequacy refers to the sufficiency of foreign exchange reserves to meet a country's external payment obligations and absorb external shocks.

Foreign exchange reserves provide protection against:

• Balance of payments pressures

• External financing disruptions

• Exchange rate volatility

• Sudden capital outflows

One commonly used indicator of reserve adequacy is Import Cover, which measures the number of months of imports that can be financed using available foreign exchange reserves.

Higher reserve adequacy generally strengthens external sector resilience and enhances confidence among international investors and market participants. Reserve adequacy is assessed using multiple indicators, including import cover, short-term external debt obligations and other measures recommended by international institutions such as the IMF.

7 Government Securities and Public Debt Framework

7.1 Treasury Bills

Treasury Bills (T-Bills) are short-term debt instruments issued by the Government of India to meet its short-term financing requirements. Treasury Bills are issued at a discount and redeemed at face value upon maturity, with the difference representing the investor’s return.

The Government of India currently issues Treasury Bills in three standard maturities:

• 91-day Treasury Bills

• 182-day Treasury Bills

• 364-day Treasury Bills

7.2 Cash Management Bills (CMBs)

Cash Management Bills are short-term government securities issued to address temporary mismatches in the Government's cash flows. Unlike regular Treasury Bills, Cash Management Bills are issued on an ad hoc basis whenever required.

Cash Management Bills are generally issued for maturities shorter than 91 days and are issued at a discount and redeemed at face value.

7.3 Central Government Securities (G-Secs)

Central government securities (G-Secs) are medium to long-term (original maturity of one year or more) debt instruments issued by the Government of India to finance its fiscal requirements. These securities carry a specified maturity date and pay half-yearly interest (coupon) to investors.

G-Secs constitute the largest component of Government market borrowings and are issued across a range of maturities to facilitate efficient debt management and development of the government securities market.

7.4 State Government Securities (SGSs)

State government Securities (SGSs) are dated securities issued by State Governments to finance their budgetary requirements.

SGSs are issued through auctions conducted by the Reserve Bank of India on behalf of State Governments. SGSs carry specified maturities and generally provide for half-yearly interest payments.

7.5 Gross Market Borrowings

In WSS Table 14, gross market borrowings represent the total amount raised by the Central Government and State Governments through dated securities during the financial year. Treasury Bills and Cash Management Bills are excluded.

7.6 Net Market Borrowings

Net Market Borrowings represent the resources raised by the Government from the market after adjusting for repayments of maturing debt obligations during a financial year.

Net Market Borrowings are calculated as:

Net Market Borrowings = Gross Market Borrowings − Debt Repayments (Redemptions)

Early buybacks of securities maturing in the same financial year are also treated as redemptions.

7.7 Government Securities Auctions

Government securities are issued through auctions conducted by the Reserve Bank of India on behalf of the Central and State Governments.

8 Financial Market Framework

8.1 Money Market

The money market is a segment of the financial market where short-term funds and financial instruments with maturities of up to one year are traded. The money market facilitates efficient allocation of short-term liquidity among market participants and plays an important role in monetary policy transmission and liquidity management.

The Indian money market comprises various instruments and market segments, including call money, notice money, term money, Treasury Bills, certificates of deposit, commercial paper and repurchase agreements (repos). The Reserve Bank of India actively monitors and regulates the money market to ensure orderly market conditions and financial stability.

8.2 Secured and Unsecured Money Market Instruments

Money market instruments may be classified as secured or unsecured depending on whether collateral is provided. Secured instruments are backed by eligible securities pledged as collateral and include:

• Repo transactions

• Triparty Repo (TREP)

• Repo in Corporate Bonds

Unsecured instruments do not involve collateral and rely on the creditworthiness of the borrower. These include:

• Call Money

• Notice Money

• Term Money

• Commercial Paper

Secured instruments generally carry lower risk and therefore lower interest rates than comparable unsecured instruments.

8.3 Call Money Market

The Call Money Market is the market for overnight borrowing and lending of funds among eligible participants. Call money transactions have a maturity of one day and are primarily used by banks and financial institutions to manage short-term liquidity mismatches.

The interest rate prevailing in the call money market is an important indicator of liquidity conditions in the banking system and closely reflects the stance of monetary policy.

8.4 Notice and Term Money Market

Notice Money refers to unsecured borrowing and lending transactions with maturities ranging from more than one day up to fourteen days.

Term Money refers to unsecured borrowing and lending transactions with maturities exceeding fourteen days and up to one year.

These markets provide participants with greater flexibility in managing short-term funding requirements and liquidity positions over varying time horizons.

8.5 Certificates of Deposit

Certificates of Deposit are negotiable money market instruments issued by banks and eligible financial institutions for short-term fund mobilisation.

8.6 Commercial Paper

Commercial Paper is an unsecured money market instrument issued by eligible entities under the applicable RBI directions, including companies, NBFCs, All-India Financial Institutions and other permitted entities.

8.7 Triparty Repo (TREP)

Triparty Repo (TREP) is a collateralised money market instrument in which borrowing and lending transactions are facilitated through a third-party intermediary that manages collateral, settlement and risk management functions.

The Clearing Corporation of India Limited (CCIL) acts as the triparty agent for TREP transactions in India. TREP enhances market efficiency, reduces counterparty risk and provides a secure avenue for short-term liquidity management.

8.8 Market Repo

Market repo is a collateralised funding transaction structured as the sale of eligible securities together with an agreement to repurchase them at a specified future date and price.

Market repos contribute significantly to liquidity distribution within the financial system and support the functioning of the government securities market.

8.9 Repo in Corporate Bonds

Repo in Corporate Bonds refers to collateralised borrowing and lending transactions where eligible corporate bonds are used as collateral.

This market facilitates liquidity in the corporate bond market by enabling holders of corporate bonds to obtain short-term funding without selling the underlying securities. The development of this segment contributes to improved market depth and efficiency in the corporate debt market.

9 Monetary Transmission and Liquidity Framework

9.1 Monetary Policy Corridor

The Monetary Policy Corridor is the interest rate framework through which the Reserve Bank of India transmits monetary policy signals to financial markets and the broader economy. The Standing Deposit Facility (SDF) rate forms the floor of the policy corridor, the policy repo rate is its midpoint, and the Marginal Standing Facility (MSF) rate forms its ceiling.

The corridor provides an operating framework for managing short-term interest rates and guiding market rates in alignment with the monetary policy stance. Changes in the policy corridor influence money market rates, bank funding costs, lending rates, investment decisions and ultimately economic activity and inflation.

9.2 Repo Rate

The Repo Rate is the rate at which the Reserve Bank of India provides overnight liquidity to eligible financial institutions against the collateral of Government securities under the Liquidity Adjustment Facility (LAF).

The Repo Rate serves as the principal monetary policy rate of the Reserve Bank and acts as the primary signal of the monetary policy stance. Changes in the Repo Rate influence short-term market interest rates, bank lending and deposit rates, credit conditions and aggregate demand in the economy.

9.3 Standing Deposit Facility (SDF)

The Standing Deposit Facility (SDF) is the facility through which the Reserve Bank absorbs surplus liquidity from eligible participants without requiring collateral.

The SDF rate constitutes the lower bound of the monetary policy corridor. It enables the Reserve Bank to absorb excess liquidity from the banking system and establish a floor for short-term money market interest rates.

9.4 Marginal Standing Facility (MSF)

The Marginal Standing Facility (MSF) is a facility under which scheduled commercial banks may borrow overnight funds from the Reserve Bank against eligible government securities during periods of liquidity stress. The MSF rate constitutes the upper bound of the monetary policy corridor and acts as a ceiling for short-term money market interest rates. The facility provides a safety valve against unexpected liquidity shortages in the banking system.

9.5 Weighted Average Call Rate (WACR)

The Weighted Average Call Rate (WACR) is the weighted average interest rate of overnight unsecured borrowing and lending transactions in the call money market.

The WACR serves as the operating target of monetary policy and is a key indicator of liquidity conditions in the financial system. The Reserve Bank conducts liquidity management operations with the objective of keeping the WACR closely aligned with the policy Repo Rate.

9.6 System Liquidity

System Liquidity refers to the overall availability of funds within the banking system. It reflects the aggregate balance between liquidity supplied to and absorbed from the financial system.

Liquidity conditions are influenced by several factors, including:

• Reserve Bank liquidity operations

• Government cash balances

• Currency in circulation

• Capital flows

• Foreign exchange market interventions

• Seasonal demand for liquidity

System liquidity is closely monitored by the Reserve Bank to ensure the smooth functioning of financial markets and effective transmission of monetary policy.

9.7 Liquidity Deficit and Liquidity Surplus Conditions

A liquidity deficit arises when the banking system's demand for funds exceeds the available liquidity. Under deficit conditions, banks rely on borrowing from the Reserve Bank or the money market to meet their funding requirements.

A liquidity surplus arises when the banking system holds excess funds beyond its immediate requirements. Under surplus conditions, banks place funds with the Reserve Bank through liquidity absorption facilities or lend in money markets.

The Reserve Bank actively manages both deficit and surplus conditions through liquidity operations to maintain orderly money market conditions and align short-term interest rates with the monetary policy stance.

10 Money Supply and Reserve Money Accounting Framework

10.1 Net Foreign Assets (NFA)

Net Foreign Assets (NFA) represent the net claims of the banking system on non-residents. They are obtained by subtracting foreign liabilities from foreign assets.

For the Reserve Bank of India, NFA broadly comprise foreign currency assets, gold holdings, Special Drawing Rights (SDRs), and Reserve Position in the International Monetary Fund (IMF), net of foreign liabilities. For the banking system as a whole, NFA include the foreign assets and liabilities of both the Reserve Bank and commercial banks.

Changes in NFA arise from:

• Balance of payments transactions

• Capital flows

• Foreign exchange market interventions

• Valuation changes in reserve assets

NFA constitute an important source of monetary expansion and influence both reserve money and broad money.

10.2 Net Domestic Assets (NDA)

Net Domestic Assets (NDA) represent the domestic counterpart of money creation within the economy. NDA comprises the banking system's claims on the Government, the commercial sector, and other domestic sectors, net of non-monetary liabilities.

Major components of NDA include:

• Net credit to Government

• Credit to banks and financial institutions

• Credit to the commercial sector

• Net non-monetary liabilities

Changes in NDA reflect domestic monetary operations, credit expansion and fiscal financing activities. Together, NFA and NDA constitute the principal counterparts of monetary aggregates.

10.3 Sources of Reserve Money

The principal sources of Reserve Money are:

• Net Foreign Assets of the Reserve Bank

• Net RBI Credit to Government

• RBI Credit to Banks

• RBI Credit to the Commercial Sector

• Government Currency Liabilities to the Public

These sources are offset by Net Non-Monetary Liabilities of the Reserve Bank. An increase in the Reserve Bank's assets generally leads to an expansion of reserve money, while increases in non-monetary liabilities reduce reserve money creation.

10.4 Sources of Broad Money

The principal sources of Broad Money include:

• Net Foreign Assets of the Banking System

• Bank Credit to Government

• Bank Credit to the Commercial Sector

These sources are adjusted for:

• Net non-monetary liabilities of the banking system

• Other balancing items

Growth in bank lending and accumulation of foreign assets are important drivers of broad money expansion.

10.5 Money Multiplier

The Money Multiplier measures the extent to which the banking system converts Reserve Money into Broad Money through deposit creation. The Money Multiplier is defined as:

Money Multiplier = Broad Money (M3) ÷ Reserve Money (M0)

The size of the multiplier depends upon factors such as:

• Cash holdings of the public

• Cash Reserve Ratio (CRR)

• Banks' excess reserves

• Deposit mobilisation by banks

10.6 Balance Sheet Approach to Monetary Statistics

Monetary statistics in India are compiled using the balance sheet approach, which links monetary aggregates to the assets and liabilities of the Reserve Bank and the banking system. Under this framework monetary liabilities constitute money supply and asset-side items represent the counterparts or sources of money creation. The balance sheet approach provides a comprehensive framework for analysing:

• Reserve Money

• Broad Money

• Banking system liquidity

• Credit expansion

• Monetary transmission

11 Price Statistics Framework

11.1 Consumer Price Index (CPI)

The Consumer Price Index (CPI) measures changes over time in the retail prices of a representative basket of goods and services consumed by households. It is the principal measure of consumer inflation in India and serves as the nominal anchor for the Reserve Bank of India's monetary policy framework.

The CPI is compiled and released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI). Separate indices are compiled for:

Rural areas
Urban areas
Combined (All-India)

The CPI basket includes food and beverages, housing, clothing and footwear, fuel and light, health, education, transport and communication, and other services consumed by households.

11.2 Wholesale Price Index (WPI)

The Wholesale Price Index (WPI) measures changes in the prices of goods traded in bulk at the wholesale level before reaching final consumers. It is compiled and released by the Office of the Economic Adviser, Ministry of Commerce and Industry. The WPI broadly comprises:

• Primary Articles

• Fuel and Power

• Manufactured Products

Unlike the CPI, the WPI does not include services and primarily reflects price movements at earlier stages of the production and distribution process. WPI is widely used for analysing producer prices, input cost pressures and inflation trends in the industrial sector.

11.3 Headline Inflation

Headline Inflation refers to the overall rate of inflation measured using the complete Consumer Price Index (CPI) basket. It captures changes in the prices of all goods and services included in the index, including food and fuel items. Under India's flexible inflation targeting framework, monetary policy decisions are guided primarily by headline CPI inflation.

11.4 Inflation Measurement

Inflation is generally measured as the percentage change in a price index over a specified period, most commonly on a year-on-year basis. A comprehensive assessment of inflation typically involves examining CPI, WPI, food inflation, fuel inflation and core inflation together to understand the underlying drivers of price movements in the economy.

12 Statistical Accounting Relationships

Statistical accounting relationships provide a framework for understanding the interlinkages among monetary aggregates, banking sector variables and balance sheet positions. These identities ensure consistency in the compilation of monetary and banking statistics.

12.1 Banking System Balance Sheet Identity

The balance sheet of the banking system reflects the accounting relationship between assets and liabilities. The fundamental balance sheet identity is:

Total Assets = Total Liabilities + Capital Funds

For the consolidated banking system, assets broadly comprise:

• Bank credit

• Investments

• Cash balances

• Inter-bank assets

• Foreign assets

Liabilities broadly comprise:

• Demand deposits

• Time deposits

• Borrowings

• Other liabilities

This accounting identity forms the basis for the compilation of monetary and banking statistics.

12.2 Cash-Deposit Ratio

The Cash-Deposit Ratio measures the proportion of aggregate deposits held by banks as cash in hand and balances with the Reserve Bank. It is calculated as:

Cash-Deposit Ratio = (Cash in Hand and Balances with RBI ÷ Aggregate Deposits) × 100

12.3 Credit-Deposit Ratio

The Credit-Deposit Ratio measures the proportion of deposits deployed as bank credit. It is calculated as:

Credit-Deposit Ratio = (Bank Credit ÷ Aggregate Deposits) × 100

The ratio provides an indication of the extent to which mobilised deposits are utilised for lending activities. A higher ratio generally indicates greater credit deployment, while a lower ratio may indicate relatively higher investment in securities or liquidity holdings.

12.4 Incremental Credit-Deposit Ratio

The Incremental Credit-Deposit Ratio measures the proportion of incremental deposits utilised for incremental credit expansion during a specified period. It is calculated as:

Incremental Credit-Deposit Ratio = (Change in Bank Credit ÷ Change in Aggregate Deposits) × 100

The ratio is useful for assessing the utilisation of newly mobilised deposits and provides insight into evolving credit and liquidity conditions within the banking system.

12.5 Investment-Deposit Ratio

The Investment-Deposit Ratio measures the proportion of deposits invested by banks in securities and other approved investments. It is calculated as:

Investment-Deposit Ratio = (Investments ÷ Deposits) × 100

The ratio provides information on the allocation of bank resources between lending and investment activities and is influenced by liquidity conditions, regulatory requirements and market conditions.

12.6 Incremental Investment-Deposit Ratio

The Incremental Investment-Deposit Ratio measures the proportion of incremental deposits deployed in investments during a specified period. It is calculated as:

Incremental Investment-Deposit Ratio = (Change in Investments ÷ Change in Aggregate Deposits) × 100

2. Coverage

Covers the weekly balance sheet position of the Reserve Bank of India, presenting major liability components such as notes issued, deposits and other liabilities, and major asset components including foreign currency assets, gold, rupee securities, loans and advances, investments and other assets.

3. Data Presentation Features

Data are presented as weekly outstanding balances as on specified dates in ₹ crore.

4. Notes

1. Any difference between the totals and the constituent items is due to rounding. Certain items may not be applicable during specific periods and are indicated accordingly.

2. Selected liability and asset items in this table form the basis for compilation of Reserve Money presented in Table 7 (Reserve Money: Components and Sources).

2. Coverage

Covers India’s foreign exchange reserves comprising Foreign Currency Assets (FCA), gold holdings, Special Drawing Rights (SDRs) and Reserve Position in the IMF maintained by the Reserve Bank of India.

3. Data Presentation Features

Data are presented as the outstanding reserves position as on the reference date, in both ₹ crore and US$ million, along with variations over the previous week, the end-March position, and the corresponding period of the previous year, to facilitate analysis of reserve movements and valuation changes.

4. Notes

1. Any difference between totals and constituent items is due to rounding. Foreign Currency Assets exclude SDR holdings of the Reserve Bank, investment in IIFC (UK) bonds, amounts lent under SAARC and ACU currency swap arrangements, and RBI’s contribution towards Nexus Global Payments.

2. Foreign Currency Assets and gold shown in this table are related to the corresponding asset categories in Table 1. However, the Foreign Currency Assets figures may differ because Table 2 applies the exclusions specified in its footnote.

2. Coverage

The table presents the daily actual cash balances maintained with the Reserve Bank by Scheduled Commercial Banks, excluding Regional Rural Banks, during the reporting fortnight. It also presents these balances as a percentage of the average daily CRR requirement for that fortnight.

3. Data Presentation Features

Data are presented as daily outstanding cash balances maintained with RBI in ₹ crore, along with cash balances expressed as a percentage of the average daily CRR requirement for the reporting fortnight, facilitating assessment of reserve maintenance by banks.

4. Notes

1. The table reflects the average daily CRR requirement for the relevant fortnight.

2. Data pertain only to Scheduled Commercial Banks and exclude Regional Rural Banks.

2. Coverage

Covers major liabilities and assets of Scheduled Commercial Banks in India, including deposits, borrowings, investments, bank credit, balances with the Reserve Bank and the banking system, and the broad classification of bank credit into food and non-food credit and by type of credit facility.

3. Data Presentation Features

Data are presented as outstanding amounts in ₹ crore, along with variations over the fortnight, the financial year so far, and the corresponding period of the previous year. Growth rates for key banking aggregates, such as deposits, investments, and bank credit, are also provided to facilitate the assessment of banking sector trends.

4. Notes

1. The data include the impact of the merger of a non-bank with a bank, effective July 1, 2023. As per the Banking Laws (Amendment) Act, 2025, the definition of fortnight has been revised from alternate Fridays to the 15th and last calendar day of a month, with effect from December 15, 2025.

2. Deposits, bank credit and investments reported in this table constitute important inputs for compilation of Money Stock (Table 6).

3. Balances with RBI are related to data presented in Tables 1 and 3.

2. Coverage

Covers key banking and monetary ratios, policy rates, money market rates, government securities yields, deposit and lending rates, and foreign exchange reference rates and forward premia relevant to monetary policy transmission and financial market conditions in India.

3. Data Presentation Features

Data are presented as percentages and rates for different reference periods, including fortnight-end and week-end positions. The table provides comparative information across reporting dates for banking ratios, policy corridor rates, deposit and lending rates, treasury bill yields, 10-Year G-Sec Par Yield (FBIL) and foreign exchange market indicators.

4. Notes

1. FBIL has taken over computation and dissemination of reference rates for USD/INR and exchange rates of major currencies from RBI with effect from July 10, 2018. Forward premia data are sourced from FBIL with effect from October 13, 2023.

2. Data include the impact of merger of a non-bank with a bank with effect from July 1, 2023. As per the Banking Laws (Amendment) Act, 2025, the definition of fortnight has been revised from alternate Fridays to 15th and last calendar day of a month with effect from December 15, 2025.

3. In certain cases, both numerator and denominator may be negative while calculating incremental ratios.

4. Several ratios presented in this table are derived using banking aggregates reported in Table 4.

2. Coverage

Covers broad money (M3) and its major components and sources, including currency with the public, demand deposits, time deposits, ‘Other’ Deposits with Reserve Bank, net bank credit to Government, bank credit to commercial sector, net foreign exchange assets of the banking sector, Government’s currency liabilities to the public, and net non-monetary liabilities of the banking sector. The table provides information relevant for assessing money supply, liquidity conditions and monetary expansion in the economy.

3. Data Presentation Features

Data are presented in ₹ crore and compiled for fortnight-end positions.

4. Notes

1. Data include the impact of the merger of a non-bank with a bank, with effect from July 14, 2023.

2. The monetary aggregates in this table are compiled from the consolidated balance-sheet information of the Reserve Bank and the banking sector. Tables 1 and 4 present related components, but differences may arise because of variations in institutional coverage and compilation methodology.

3. Reserve Money presented in Table 7 forms the monetary base underlying money supply expansion.

2. Coverage

Covers Reserve Money and its major components and sources, including currency in circulation, bankers’ deposits with RBI, ‘Other’ deposits with RBI, net RBI credit to Government, RBI credit to banks and commercial sector, net foreign exchange assets of RBI, Government’s currency liabilities to the public, and net non-monetary liabilities of RBI.

3. Data Presentation Features

Data are presented in ₹ crore and compiled for fortnight-end (15th and month-end) positions. Variations are presented over the previous fortnight, the financial year to date, and the corresponding period of the previous year, in both absolute and percentage terms, facilitating analysis of reserve money growth and liquidity conditions.

4. Notes

1. Components and sources of Reserve Money are derived primarily from the Reserve Bank balance sheet presented in Table 1.

2. Reserve Money constitutes the monetary base and is analytically related to Money Stock (Table 6), although the two aggregates are compiled separately.

2. Coverage

The table provides information on the RBI's daily liquidity injections and absorptions undertaken to manage systemic liquidity conditions.

3. Data Presentation Features

Data are presented as daily liquidity injection and absorption amounts in ₹ crore under various liquidity management instruments. The table also presents the net liquidity injection (+) or absorption (–) position resulting from combined RBI liquidity operations as of the reporting date.

4. Notes

1. Liquidity operations influence short-term money market conditions and are reflected in movements in money market rates presented in Table 5.

2. Liquidity injections and absorptions may also affect balances maintained by banks with RBI (Table 3).

2. Coverage

Covers major price indices relating to consumer prices and wholesale prices in India, including Consumer Price Index (CPI) for rural, urban and combined sectors, Consumer Price Index for Industrial Workers (CPI-IW), and Wholesale Price Index (WPI), along with major sub-components such as primary articles, fuel and power, and manufactured products.

3. Data Presentation Features

Data are presented as index numbers based on the respective base year specified by the source agency. The table provides current-month index levels along with percentage variations over the previous month, March, and on a year-on-year basis.

4. Notes

Base year and compilation methodology for each index are as prescribed by the respective source agencies. In the current WSS, the base years are 2024 for CPI, 2016 for CPI-IW and 2022-23 for WPI. The applicable base year may change following revision by the respective source agency. Data are subject to revision by the respective source agencies.

2. Coverage

Covers Certificates of Deposit (CDs) issued by scheduled commercial banks and select financial institutions, including outstanding amount, fresh issuances during the reporting fortnight and the corresponding range of interest rates.

3. Data Presentation Features

Amounts are presented in ₹ crore and interest rates in per cent.

2. Coverage

Covers the outstanding amount of Commercial Paper, the amount issued during the reporting fortnight, and the corresponding range of interest rates.

3. Data Presentation Features

Amounts are presented in ₹ crore and interest rates in per cent.

2. Coverage

Covers average daily turnover in major money market segments, including Call Money, Notice/Term Money, Triparty Repo, Market Repo and Repo in Corporate Bonds.

3. Data Presentation Features

Amounts are presented in ₹ crore.

4. Notes

1. Turnover in money market segments is closely associated with liquidity conditions reflected in Table 8 and short-term interest rates presented in Table 5.

2. Coverage

Covers outstanding Treasury Bills of the Government of India across different maturity segments, including 91-day, 182-day, 364-day Treasury Bills and Cash Management Bills (CMBs).

3. Data Presentation Features

Data are presented as outstanding amounts in ₹ crore for various Treasury Bill categories and major holding sectors as on Friday.

4. Notes

The holder categories shown represent major holders and do not constitute an exhaustive classification of all holders.

2. Coverage

Covers market borrowings of the Government of India and State Governments through issuance of dated securities, including gross amount raised and net amount raised during the financial year up to the reporting date.

3. Data Presentation Features

Data are presented at face value in ₹ crore. Gross and net amounts raised are shown cumulatively for the financial year up to the reporting date, together with the corresponding period of the previous year and the previous financial year’s total.