The data for Nov. 11 2016 shows that M3 declined by Rs 38320 Crore in the fortnight.
- Currency declines by Rs 1.75 lakh crore. This is swapped by
- rise in Time Deposits (Rs 1.06 lakh crore) and
- partly by demand deposits (Rs 25990 Cr)
|M3 (in Rs billion)||123767.7||-383.2|
|1 Components (1.1.+1.2+1.3+1.4)|
|1.1 Currency with the Public||15262.3||-1,751.50|
|1.2 Demand Deposits with Banks||10771.7||259.9|
|1.3 Time Deposits with Banks||97530.8||1065.1|
|1.4 ‘Other’ Deposits with Reserve Bank||202.9||43.3|
|2 Sources (2.1+2.2+2.3+2.4-2.5)|
|2.1 Net Bank Credit to Government||37358.2||-1.7|
|2.1.1 Reserve Bank||6467.8||-4.8|
|2.1.2 Other Banks||30890.4||3.1|
|2.2 Bank Credit to Commercial Sector||79013.6||-601.1|
|2.2.1 Reserve Bank||79.8||6.1|
|2.2.2 Other Banks||78933.8||-607.2|
|2.3 Net Foreign Exchange Assets of Banking Sector||26064.8||71.8|
|2.4 Government’s Currency Liabilities to the Public||232.7||–|
|2.5 Banking Sector’s Net Non-Monetary Liabilities||18901.6||-147.8|
|2.5.1 Net Non-Monetary Liabilities of RBI||9193.5||107.2|
- We see decline in Commercial Banks credit to commercial sector (Rs 60720 Cr)
- Decline in Net Non-Monetary Liabilities in Banks but rise in RBI.
- There is a marginal rise in Forex Assets as well.
The changes in Liabilities of RBI and Components of Money Supply will be watched with lot of interest in coming days..