Annual Report

(Amount in Rupees crore)

Outstand-

Variations

ing as on March 31,

1999-2000

1998-99

First Quarter

Item

2000

2000-01

1999-2000#

Absolute

Per cent

Absolute

Per cent

Absolute

Per cent

Absolute

Per cent

1

2

3

4

5

6

7

8

9

10

I.

Broad Money (M₃) (1+2+3)

11,17,202

1,36,182

13.9

1,59,688

19.4

52,061

4.7

33,719

3.4

1.

Currency with the Public

1,88,705

19,761

11.7

23,366

16.1

8,922

4.7

13,523

8.0

2.

Aggregate Deposits with

Banks (a+b)

9,25,387

1,17,108

14.5

1,36,068

20.2

41,749

4.5

18,862

2.3

a)

Demand Deposits

1,48,806

12,418

9.1

17,663

14.9

-80

-0.1

-10,205

-7.5

b)

Time Deposits $

7,76,581

1,04,689

15.6

1,18,404

21.4

41,829

5.4

29,067

4.3

3.

'Other' Deposits with the RBI

3,109

-687

-18.1

255

7.2

1,389

44.7

1,334

35.2

II.

Narrow Money (M₁)

[I.1+I.2(a)+I.3]

3,40,620

31,492

10.2

41,284

15.4

10,232

3.0

4,652

1.5

III.

Sources of Money Stock (M₃)

(1+2+3+4-5)

1.

Net Bank Credit to

Government (A+B)

4,41,754

55,077

14.2

56,080

17.0

28,912

6.5

28,390

7.3

A.

Net RBI credit to

Government (a+b)

1,48,264

-4,275

-2.8

17,379

12.9

8,323

5.6

5,240

3.4

a.

Net RBI credit to

Central Government

1,39,829

-5,587

-3.8

11,800

8.8

14,412

10.3

11,279

7.8

b.

Net RBI credit to State

Governments

8,435

1,312

18.4

5,579

361.5

-6,089

-72.2

-6,039

-84.8

B.

Other banks' credit to

Government

2,93,490

59,352

25.3

38,701

19.8

20,589

7.0

23,150

9.9

2.

Bank Credit to Commercial

Sector (a+b)

5,78,538

82,548

16.6

62,680

14.5

20,068

3.5

2,666

0.5

a)

RBI's credit to commercial

sector

15,270

3,044

24.9

4,040

49.4

-3,199

-20.9

-1,240

-10.1

b)

Other banks' credit to

commercial sector

5,63,268

79,504

16.4

58,640

13.8

23,267

4.1

3,906

0.8

3.

Net Foreign Exchange Assets

of Banking Sector (a+b)

2,05,648

27,794

15.6

39,758

28.8

-1,824

-0.9

6,145

3.5

a)

RBI's net foreign exchange

assets

1,65,880

27,927

20.2

22,063

19.0

-1,824

-1.1

5,215

3.8

b)

Other banks' net foreign

exchange assets

39,768

-132

-0.3

17,695

79.7

0

0.0

930

2.3

4.

Government's Currency

Liabilities to the Public

4,262

416

10.8

494

14.7

7

0.2

174

4.5

5.

Banking Sector's Net

Non-monetary Liabilities

other than Time Deposits (a+b)

1,13,000

29,653

35.6

-676

-0.8

-4,898

-4.3

3,657

4.4

a)

Net non-monetary liabilities

of the RBI

70,147

9,666

16.0

17,199

39.7

7,674

10.9

4,772

7.9

b)

Net non-monetary liabilities

of other banks (residual)

42,852

19,987

87.4

-17,874

-43.9

-12,572

-29.3

-1,115

-4.9

Memo Items : Select Monetary Ratios

1.

M₃ Multiplier

3.99

2.

Bank Reserves to Aggregate

Deposits Ratio (%)

9.6

3.

Currency to Aggregate Deposits

Ratio (%)

20.4

Data are provisional.

$ Includes Resurgent India Bonds worth Rs. 17,945 crore since August 28, 1998.

# Pertains to July 2, 1999.

Note:

1.

Monetary aggregates as on end-March are based on data pertaining to end-March in respect of the Reserve Bank and the last reporting friday of March in respect of scheduled commercial banks.

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). The revision is in respect of pension and provident funds with commercial banks which are classified as other demand and time liabilities and includes those banks which have reported such changes so far.