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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 : Mar 23, 2026
(₹ Crore)
Sources Outstanding as on March 31/last reporting Fortnights of the month/reporting Fortnights
2024-25 2025 2026
Jan. 24 Dec. 31 Jan. 15 Jan. 31
  1 2 3 4 5
1. Net Bank Credit to Government 8510825 7988402 8750686 8835589 8944038
1.1 RBI’s net credit to Government (1.1.1–1.1.2) 1508105 1047893 1545561 1707315 1806724
1.1.1 Claims on Government 1591591 1309316 1898852 1967878 2078313
1.1.1.1 Central Government 1558903 1288822 1882558 1948355 2063818
1.1.1.2 State Governments 32688 20495 16294 19523 14495
1.1.2 Government deposits with RBI 83485 261423 353291 260563 271588
1.1.2.1 Central Government 83443 261381 353248 260519 271545
1.1.2.2 State Governments 42 42 42 43 43
1.2 Other Banks’ Credit to Government 7002720 6940509 7205125 7128274 7137313
2. Bank Credit to Commercial Sector 19068129 18672006 21144789 20960535 21312579
2.1 RBI’s credit to commercial sector 38246 22760 20322 16954 17876
2.2 Other banks’ credit to commercial sector 19029883 18649246 21124468 20943581 21294703
2.2.1 Bank credit by commercial banks 18243972 17868479 20320788 20134090 20475237
2.2.2 Bank credit by co-operative banks 766659 761677 782433 788384 794464
2.2.3 Investments by commercial and co-operative banks in other securities 19252 19091 21247 21107 25003
3. Net Foreign Exchange Assets of Banking Sector (3.1 + 3.2) 6148527 5748880 6698861 6762523 7056518
3.1 RBI’s net foreign exchange assets (3.1.1 - 3.1.2) 5550947 5272023 5998424 6062086 6356081
3.1.1 Gross foreign assets 5550956 5272019 5998425 6062085 6356068
3.1.2 Foreign liabilities 9 -4 0 -1 -14
3.2 Other banks’ net foreign exchange assets 597580 476857 700437 700437 700437
4. Government’s Currency Liabilities to the Public 36632 35683 39895 40058 40222
5. Banking Sector’s Net Non-monetary Liabilities 6477524 5751972 6835688 7096019 7449818
5.1 Net non-monetary liabilities of RBI 2147427 1986997 2769495 2839420 3097683
5.2 Net non-monetary liabilities of other banks (residual) 4330098 3764975 4066193 4256599 4352134
M3(1+2+3+4–5) 27286589 26692999 29798544 29502685 29903539
Note: 3.1: Include foreign currency denominated bonds issued by IIFC (UK).

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