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Document - 7. Sources of Money Stock (M<sub>3</sub>) (<font color="red">Revised</font>) () or PDF - 7. Sources of Money Stock (M<sub>3</sub>) (<font color="red">Revised</font>) ()
7. Sources of Money Stock (M3) (Revised)
Date : Jul 22, 2026
(₹ Crore)
Sources Outstanding as on March 31/last reporting Fortnights of the month/reporting Fortnights
2025-26 2025 2026
May 30 Apr. 30 May 15 May 31
1 2 3 4 5
1. Net Bank Credit to Government 9369275 8493151 9488213 9549273 9299369
1.1 RBI’s net credit to Government (1.1.1–1.1.2) 2079086 1479315 2233395 2249358 1933637
1.1.1 Claims on Government 2291566 1839456 2279835 2290146 2277725
1.1.1.1 Central Government 2259059 1811974 2264982 2263832 2263789
1.1.1.2 State Governments 32507 27482 14853 26314 13935
1.1.2 Government deposits with RBI 212480 360141 46440 40789 344088
1.1.2.1 Central Government 212436 360099 46397 40745 344045
1.1.2.2 State Governments 43 42 43 43 43
1.2 Other Banks’ Credit to Government 7290189 7013836 7254819 7299915 7365732
2. Bank Credit to Commercial Sector 22226641 19089019 22058492 22030292 22364603
2.1 RBI’s credit to commercial sector 28247 14393 13912 11255 15146
2.2 Other banks’ credit to commercial sector 22198394 19074626 22044580 22019037 22349458
2.2.1 Bank credit by commercial banks 21359948 18287377 21210698 21186890 21515402
2.2.2 Bank credit by co-operative banks 816115 768000 810278 808769 811106
2.2.3 Investments by commercial and co-operative banks in other securities 22330 19249 23605 23378 22949
3. Net Foreign Exchange Assets of Banking Sector (3.1 + 3.2) 7126272 6350876 7094465 7166671 7131682
3.1 RBI’s net foreign exchange assets (3.1.1 - 3.1.2) 6360229 5753296 6360121 6412265 6324987
3.1.1 Gross foreign assets 6360218 5753292 6360102 6412244 6324991
3.1.2 Foreign liabilities -12 -4 -19 -21 4
3.2 Other banks’ net foreign exchange assets 766043 597580 734344 754406 806695
4. Government’s Currency Liabilities to the Public 40818 37291 41059 41190 41332
5. Banking Sector’s Net Non-monetary Liabilities 7309880 5980400 7518252 7764250 7474936
5.1 Net non-monetary liabilities of RBI 3065199 2099222 3153261 3244637 2889624
5.2 Net non-monetary liabilities of other banks (residual) 4244681 3881177 4364992 4519613 4585313
M3(1+2+3+4–5) 31453126 27989937 31163977 31023176 31362050
Note: 3.1: Include foreign currency denominated bonds issued by IIFC (UK).

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