The Economic Survey of India, 1997

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Sources of Change in Money Stock (M3)(Variations during1)
[TABLE 3.1]

 

    Financial Year Annual Financial Year Annual
   

1995-96

1995-96

1996-97

1995-96

1996-97

1995-96

1995-96

1996-97

1995-96

1996-97

   

Mar.31to
Mar.31

Mar.31to
Jan.19

Mar.31to
Jan.17

Jan.20to
Jan.19

Jan.19to
Jan.17

Mar.31to
Mar.31

Mar.31to
Jan.19

Mar.31to
Jan.17

Jan.20to
Jan.19

Jan.19to
Jan.17

   

(Rs. crore)

(Per cent)

I.

M1 (Money supply with the public)

22106

8163

11507

25571

25450

11.5

4.2

5.4

14.6

12.7

II.

M3 (Aggregate monetaryresources)

70409

43647

63697

76756

90459

13.2

8.2

10.6

15.4

15.7

i)

Currency with the public

17480

15870

13084

18886

14694

17.4

15.8

11.1

19.3

12.6

ii)

Demand deposits with banks

4669

-10649

-2507

3545

12811

5.3

-12.1

-2.7

4.8

16.5

iii)

Time deposits with banks

48304

35485

52190

51185

65009

14.2

10.5

13.5

15.8

17.4

iv)

Other deposits with RBI

-43

2942

930

3140

-2055

-1.3

86.9

27.8

98.6

-32.5

1

Net bank credit to Government (A+B)

34991

28230

29464

35062

36225

15.7

12.7

11.4

16.3

14.5

A)

RBI’s net credit to Government (i+ii)2

19871

14961

3986

21121

8896

19.6

14.7

3.3

22.2

7.6

i)

Central Government3

19855

17091

5608

21106

8372

20.1

17.3

4.7

22.2

7.2

ii)

State Governments

16

-2130

-1622

15

524

0.6

-83

-62.8

3.6

120.5

B)

Other banks’ credit to Government

15120

13269

25478

13940

27329

12.5

11

18.7

11.6

20.4

2

Bank credit to commercial sector (A+B)

48179

33964

17974

54413

32189

16.5

11.6

5.3

20

9.9

A)

RBI’s credit to commercial sector4

262

-93

-568

-72

-213

4

-1.4

-8.3

-1.1

-3.3

B)

Other banks’ credit to commercial sector

47917

34057

18542

54485

32402

16.7

11.9

5.6

20.5

10.1

3

Net foreign exchange assets of the banking sector5

-628

-458

11481

5345

11311

-0.8

-0.6

14.9

7.4

14.6

4

Government’s currency liabilities to the public

7

58

461

271

410

0.3

2.4

19.3

12.5

16.8

5

Banking Sector’s net non-monetary liabilities other than time deposits

12139

18146

-4317

18335

-10324

19

28.4

-5.7

28.8

-12.6

  1. Data for RBI relate to March 31 after closure of Government Accounts. Variations in respect of scheduled commercial banks are based on data for last reporting Friday of March. The data for 1995-96 are not strictly comparable with those of 1994-95, as M3 data for 1994-95 include scheduled commercial banks’ data for 27 fortnights while for data for 1995-96 include 26 fortnights. All figures are provisional.

  2. Includes special securities.

  3. Includes Rs.751.64 crore (equivalent of SDR 211.95 million) incurred on account of Reserve Asset subscription to the IMF towards the quota increase.

  4. Excludes, since the establishment of NABARD on July 12, 1982, its refinance to banks.

  5. Inclusive of appreciation in the value of gold following its revaluation close to international market price effective October 17, 1990. Such appreciation has a corresponding effect on RBI’s net non-monetary liabilities.

 

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The Economic Survey Of India, 1997

Document released by the Ministry of Finance, Government of India, on 25th February, 1997.
Made available on the Web on the same day, by MediaWeb India, on
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