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7. Sources of Money Stock (M3)
Date : May 21, 2025
(₹ Crore)
Sources Outstanding as on March 31/last reporting Fridays of the month/reporting Fridays
2023-24 2024 2025
Mar. 22 Feb. 21 Mar. 07 Mar. 21
1 2 3 4 5
1 Net Bank Credit to Government 7512016 7313197 8099668 8267354 8135829
1 Net Bank Credit to Government (Including Merger) (7603571) (7404752) (8150550) (8318035) (8183590)
1.1 RBI’s net credit to Government (1.1.1–1.1.2) 1193213 994394 1193390 1274550 1180870
1.1.1 Claims on Government 1370428 1374532 1421675 1440241 1528323
1.1.1.1 Central Government 1363828 1361281 1399564 1400557 1509131
1.1.1.2 State Governments 6600 13251 22112 39684 19192
1.1.2 Government deposits with RBI 177215 380138 228285 165692 347453
1.1.2.1 Central Government 177172 380096 228243 165649 347411
1.1.2.2 State Governments 42 42 42 42 42
1.2 Other Banks’ Credit to Government 6318803 6318803 6906278 6992805 6954959
1.2 Other Banks Credit to Government (Including Merger) (6410358) (6410358) (6957160) (7043485) (7002720)
2 Bank Credit to Commercial Sector 16672145 16669610 18368384 18508695 18644339
2 Bank Credit to Commercial Sector (Including Merger) (17202832) (17200297) (18801586) (18935425) (19065706)
2.1 RBI’s credit to commercial sector 14406 11871 28593 26944 35823
2.2 Other banks’ credit to commercial sector 16657739 16657739 18339790 18481752 18608516
2.2 Other banks credit to commercial sector (Including Merger) (17188426) (17188426) (18772993) (18908482) (19029883)
2.2.1 Bank credit by commercial banks 15901477 15901477 17556777 17698683 17822605
2.2.1 Bank credit by commercial banks (Including Merger) (16432164) (16432164) (17989979) (18125413) (18243972)
2.2.2 Bank credit by co-operative banks 738194 738194 764165 764273 766659
2.2.3 Investments by commercial and co-operative banks in other securities 18068 18068 18849 18796 19252
2.2.3 Investments by commercial and co-operative banks in other securities (Including Merger) (18068) (18068) (18849) (18796) (19252)
3 Net Foreign Exchange Assets of Banking Sector (3.1 + 3.2) 5567504 5533042 5873487 5998916 5977361
3.1 RBIs net foreign exchange assets (3.1.1 - 3.1.2) 5241083 5206621 5396630 5522059 5500504
3.1.1 Gross foreign assets 5241083 5206621 5396628 5522050 5500509
3.1.2 Foreign liabilities 0 0 -2 -10 5
3.2 Other banks’ net foreign exchange assets 326421 326421 476857 476857 476857
4 Government’s Currency Liabilities to the Public 33432 33198 36017 36306 36306
5 Banking Sector’s Net Non-monetary Liabilities 4953478 4718531 5525477 5704016 5579480
5 Banking Sectors Net Non-monetary Liabilities (Including Merger) (5467477) (5232530) (5947698) (6120834) (5989161)
5.1 Net non-monetary liabilities of RBI 1790134 1774933 2108450 2178275 2159098
5.2 Net non-monetary liabilities of other banks (residual) 3163344 2943598 3417026 3525741 3420382
5.2 Net non-monetary liabilities of other banks (residual) (Including Merger) (3677343) (3457597) (3839248) (3942559) (3830063)
M₃(1+2+3+4–5) 24831618 24830516 26852080 27107256 27214355
M3 (1+2+3+4-5) (Including Merger) (24939860) (24938759) (26913942) (27167848) (27273801)
Note: Figures in parentheses include the impact of merger of a non-bank with bank.
3.1: Include foreign currency denominated bonds issued by IIFC (UK).

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