TABLE 43 : COMPONENTS OF MONEY STOCK

(Rup
Year

1
1953-54
1954-55
1955-56
1956-57
1957-58
1958-59
1959-60
1960-61
1961-62
1962-63
1963-64
1964-65
1965-66
1966-67
1967-68
1968-69
1969-70
1970-71
1971-72
1972-73
1973-74
1974-75
1975-76
1976-77
1977-78
1978-79
1979-80
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96

Currency in Cash with

Circulation Banks
2
1330
1417
1614
1668
1720
1846
2001
2154
2256
2439
2670
2841
3112
3289
3468
3794
4160
4557
5006
5680
6595
6701
7053
8288
9152
10835
12382
14307
15411
17639
20643
23875
26524
29913
35122
40119
48286
55282
63738
71326
85396
104681
122569

3
41
40
43
45
46
54
70
56
54
60
64
72
78
90
92
112
165
186
205
242
274
354
348
415
521
604
728
881
937
980
1040
1203
1465
1531
1563
1790
1986
2234
2640
3053
3095
4000
4311

Currency
'Other'
Bankers'
Demand
Time
with the
Deposits
Deposits
Deposits Deposits
Public (2-3) with the RBI with the RBI
4
1289
1377
1571
1623
1674
1792
1931
2098
2202
2379
2606
2769
3034
3199
3376
3682
3995
4371
4801
5438
6321
6347
6705
7873
8631
10231
11654
13426
14474
16659
19603
22672
25059
28382
33559
38329
46300
53048
61098
68273
82301
100681
118258

6
12
7
9
8
16
15
17
13
23
30
32
22
17
41
56
81
58
60
80
58
53
75
77
121
70
166
391
411
168
186
291
595
289
309
397
694
598
674
885
1313
2525
3383
3344

7
42
48
53
58
68
68
93
71
73
77
79
99
104
134
137
194
173
205
296
295
625
828
678
1389
1719
3081
3800
4734
5419
5285
8060
10746
11352
14586
17970
22145
28707
31823
34882
38140
50751
61218
68544

527
571
637
711
723
719
772
757
824
908
1115
1289
1478
1711
1918
2016
2483
2943
3442
4204
4826
5553
6543
8030
5687
6895
7955
9587
10295
11690
13504
16648
18747
22825
24599
27763
34162
39170
52423
54480
65952
88193
93233

8
372
424
466
527
750
950
1163
1095
1198
1243
1285
1418
1605
1867
2110
2527
3103
3646
4370
5313
6424
7574
9155
11757
18518
22820
27226
32350
37815
44649
53127
63018
75299
90116
105720
126707
149890
172936
202643
239950
280306
335338
384356

1996-97
137217
5130
132087
3194
59574
105334
455397
1997-98
151056
5477
145579
3541
71806
118725
553488
1998-99
175846
6902
168944
3736
79703
136388
671892
1999-00
197061
7979
189082
3034
80460
149681
782378
2000-01
218205
8654
209550
3630
81477
166270
933771
2001-02
250974
10179
240794
2850
84147
179199 1075512
2002-03
282473
10892
271581
3242
83346
198757 1244379
2003-04
327028
12057
314971
5119
104365
258626 1426960
2004-05
368661
12347
356314
6478
113996
286998 1595887
2005-06
429578
17454
412124
6869
135511
407423 1893104
2006-07
504099
21244
482854
7496
197295
477604 2342113
2007-08
590801
22390
568410
9054
328447
578372 2862046
2008-09
691153
25703
665450
5570
291275
588688 3535105
2009-10
799549
31516
768033
3839
352299
722739 4105151
Note : 1. Data for 2009-10 are provisional.
2. Excluding the impact of merger on May 3, 2002, data on time deposits and broad money for the year 2002-03 works out t
1214708 crore and Rupees 1688289 crore, respectively.
3. Excluding the impact of conversion of a non-banking entity into a banking entity on October 11, 2004, data on time depos
broad money for the year 2004-05 works out to Rupees 1592374 crore and Rupees 2242164 crore, respectively.
Also see Notes on Tables

K
(Rupees crore)
Reserve Narrow Broad
Money Money Money
(2+5+6) (4+5+7) (8+10)
9
1385
1472
1676
1734
1804
1929
2111
2239
2352
2546
2781
2962
3233
3464
3662
4069
4390
4822
5382
6033
7273
7604
7808
9798
10941
14082
16573
19452
20998
23110
28994
35216
38165
44808
53489
62958
77591
87779
99505
110779
138672
169283
194457

10
1828
1955
2217
2342
2413
2526
2720
2869
3049
3317
3752
4080
4529
4951
5350
5779
6536
7374
8323
9700
11200
11975
13325
16024
14388
17292
20000
23424
24937
28535
33398
39915
44095
51516
58555
66786
81060
92892
114406
124066
150778
192257
214835

11
2200
2379
2683
2869
3164
3476
3883
3964
4247
4560
5037
5498
6134
6817
7460
8306
9639
11020
12693
15013
17624
19549
22480
27781
32906
40112
47226
55774
62752
73184
86525
102933
119394
141632
164275
193493
230950
265828
317049
364016
431084
527596
599191

199985 240615 696012

226402 267844 821332
259286 309068 980960
280555 341796 1124174
303311 379450 1313220
337970 422843 1498355
369061 473581 1717960
436512 578716 2005676
489135 649790 2245677
571958 826415 2719519
708890 967955 3310068
928302 1155837 4017883
987998 1259707 4794812
1155686 1494611 5599762

y for the year 2002-03 works out to Rupees

ber 11, 2004, data on time deposits and

164 crore, respectively.

TABLE 43 : COMPONENTS OF MONEY STOCK

(Rup
Year

1
1953-54
1954-55
1955-56
1956-57
1957-58
1958-59
1959-60
1960-61
1961-62
1962-63
1963-64
1964-65
1965-66
1966-67
1967-68
1968-69
1969-70
1970-71
1971-72
1972-73
1973-74
1974-75
1975-76
1976-77
1977-78
1978-79
1979-80
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96

Currency in Cash with

Circulation Banks
2
1330
1417
1614
1668
1720
1846
2001
2154
2256
2439
2670
2841
3112
3289
3468
3794
4160
4557
5006
5680
6595
6701
7053
8288
9152
10835
12382
14307
15411
17639
20643
23875
26524
29913
35122
40119
48286
55282
63738
71326
85396
104681
122569

3
41
40
43
45
46
54
70
56
54
60
64
72
78
90
92
112
165
186
205
242
274
354
348
415
521
604
728
881
937
980
1040
1203
1465
1531
1563
1790
1986
2234
2640
3053
3095
4000
4311

Currency
'Other'
Bankers'
Demand
Time
with the
Deposits
Deposits
Deposits Deposits
Public (2-3) with the RBI with the RBI
4
1289
1377
1571
1623
1674
1792
1931
2098
2202
2379
2606
2769
3034
3199
3376
3682
3995
4371
4801
5438
6321
6347
6705
7873
8631
10231
11654
13426
14474
16659
19603
22672
25059
28382
33559
38329
46300
53048
61098
68273
82301
100681
118258

6
12
7
9
8
16
15
17
13
23
30
32
22
17
41
56
81
58
60
80
58
53
75
77
121
70
166
391
411
168
186
291
595
289
309
397
694
598
674
885
1313
2525
3383
3344

7
42
48
53
58
68
68
93
71
73
77
79
99
104
134
137
194
173
205
296
295
625
828
678
1389
1719
3081
3800
4734
5419
5285
8060
10746
11352
14586
17970
22145
28707
31823
34882
38140
50751
61218
68544

527
571
637
711
723
719
772
757
824
908
1115
1289
1478
1711
1918
2016
2483
2943
3442
4204
4826
5553
6543
8030
5687
6895
7955
9587
10295
11690
13504
16648
18747
22825
24599
27763
34162
39170
52423
54480
65952
88193
93233

8
372
424
466
527
750
950
1163
1095
1198
1243
1285
1418
1605
1867
2110
2527
3103
3646
4370
5313
6424
7574
9155
11757
18518
22820
27226
32350
37815
44649
53127
63018
75299
90116
105720
126707
149890
172936
202643
239950
280306
335338
384356

1996-97
137217
5130
132087
3194
59574
105334
455397
1997-98
151056
5477
145579
3541
71806
118725
553488
1998-99
175846
6902
168944
3736
79703
136388
671892
1999-00
197061
7979
189082
3034
80460
149681
782378
2000-01
218205
8654
209550
3630
81477
166270
933771
2001-02
250974
10179
240794
2850
84147
179199 1075512
2002-03
282473
10892
271581
3242
83346
198757 1244379
2003-04
327028
12057
314971
5119
104365
258626 1426960
2004-05
368661
12347
356314
6478
113996
286998 1595887
2005-06
429578
17454
412124
6869
135511
407423 1893104
2006-07
504099
21244
482854
7496
197295
477604 2342113
2007-08
590801
22390
568410
9054
328447
578372 2862046
2008-09
691153
25703
665450
5570
291275
588688 3535105
2009-10
799549
31516
768033
3839
352299
722739 4105151
Note : 1. Data for 2009-10 are provisional.
2. Excluding the impact of merger on May 3, 2002, data on time deposits and broad money for the year 2002-03 works out t
1214708 crore and Rupees 1688289 crore, respectively.
3. Excluding the impact of conversion of a non-banking entity into a banking entity on October 11, 2004, data on time depos
broad money for the year 2004-05 works out to Rupees 1592374 crore and Rupees 2242164 crore, respectively.
Also see Notes on Tables

K
(Rupees crore)
Reserve Narrow Broad
GDP at
Money Money Money
Market
(2+5+6) (4+5+7) (8+10)
Prices
M0
1385
1472
1676
1734
1804
1929
2111
2239
2352
2546
2781
2962
3233
3464
3662
4069
4390
4822
5382
6033
7273
7604
7808
9798
10941
14082
16573
19452
20998
23110
28994
35216
38165
44808
53489
62958
77591
87779
99505
110779
138672
169283
194457

M1
1828
1955
2217
2342
2413
2526
2720
2869
3049
3317
3752
4080
4529
4951
5350
5779
6536
7374
8323
9700
11200
11975
13325
16024
14388
17292
20000
23424
24937
28535
33398
39915
44095
51516
58555
66786
81060
92892
114406
124066
150778
192257
214835

M3
2200
2379
2683
2869
3164
3476
3883
3964
4247
4560
5037
5498
6134
6817
7460
8306
9639
11020
12693
15013
17624
19549
22480
27781
32906
40112
47226
55774
62752
73184
86525
102933
119394
141632
164275
193493
230950
265828
317049
364016
431084
527596
599191

GDP
11452
10834
11030
13140
13536
15086
15895
17407
18445
19826
22774
26563
28016
31711
37133
39324
43298
46249
49523
54591
66428
78426
84221
90751
102796
111371
122155
145370
170805
191059
222485
249268
281330
314816
357861
424531
487684
569624
654729
752591
865805
1015764
1191813

Money
Velocity
Multiplier of Income
M3 / M0 GDP / M0
1.59
8.27
1.62
7.36
1.60
6.58
1.65
7.58
1.75
7.50
1.80
7.82
1.84
7.53
1.77
7.77
1.81
7.84
1.79
7.79
1.81
8.19
1.86
8.97
1.90
8.67
1.97
9.15
2.04
10.14
2.04
9.66
2.20
9.86
2.29
9.59
2.36
9.20
2.49
9.05
2.42
9.13
2.57
10.31
2.88
10.79
2.84
9.26
3.01
9.40
2.85
7.91
2.85
7.37
2.87
7.47
2.99
8.13
3.17
8.27
2.98
7.67
2.92
7.08
3.13
7.37
3.16
7.03
3.07
6.69
3.07
6.74
2.98
6.29
3.03
6.49
3.19
6.58
3.29
6.79
3.11
6.24
3.12
6.00
3.08
6.13

199985 240615 696012

226402 267844 821332
259286 309068 980960
280555 341796 1124174
303311 379450 1313220
337970 422843 1498355
369061 473581 1717960
436512 578716 2005676
489135 649790 2245677
571958 826415 2719519
708890 967955 3310068
928302 1155837 4017883
987998 1259707 4794812
1155686 1494611 5599762

y for the year 2002-03 works out to Rupees

ber 11, 2004, data on time deposits and

164 crore, respectively.

1378617
1527158
1751199
1952036
2102314
2278952
2454561
2754620
3239224
3706473
4283979
4947857
5574448
6231172

3.48
3.63
3.78
4.01
4.33
4.43
4.65
4.59
4.59
4.75
4.67
4.33
4.85
4.85

6.89
6.75
6.75
6.96
6.93
6.74
6.65
6.31
6.62
6.48
6.04
5.33
5.64
5.39

TABLE 43 : COMPONENTS OF MONEY STOCK

(Rupees crore)
Year
Reserve Narrow Broad
GDP at
Money Money Money
Market
(2+5+6) (4+5+7) (8+10)
Prices
1
1953-54
1954-55
1955-56
1956-57
1957-58
1958-59
1959-60
1960-61
1961-62
1962-63
1963-64
1964-65
1965-66
1966-67
1967-68
1968-69
1969-70
1970-71
1971-72
1972-73
1973-74
1974-75
1975-76
1976-77
1977-78
1978-79
1979-80
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96

M0
1385
1472
1676
1734
1804
1929
2111
2239
2352
2546
2781
2962
3233
3464
3662
4069
4390
4822
5382
6033
7273
7604
7808
9798
10941
14082
16573
19452
20998
23110
28994
35216
38165
44808
53489
62958
77591
87779
99505
110779
138672
169283
194457

M1
1828
1955
2217
2342
2413
2526
2720
2869
3049
3317
3752
4080
4529
4951
5350
5779
6536
7374
8323
9700
11200
11975
13325
16024
14388
17292
20000
23424
24937
28535
33398
39915
44095
51516
58555
66786
81060
92892
114406
124066
150778
192257
214835

M3
2200
2379
2683
2869
3164
3476
3883
3964
4247
4560
5037
5498
6134
6817
7460
8306
9639
11020
12693
15013
17624
19549
22480
27781
32906
40112
47226
55774
62752
73184
86525
102933
119394
141632
164275
193493
230950
265828
317049
364016
431084
527596
599191

GDP
11452
10834
11030
13140
13536
15086
15895
17407
18445
19826
22774
26563
28016
31711
37133
39324
43298
46249
49523
54591
66428
78426
84221
90751
102796
111371
122155
145370
170805
191059
222485
249268
281330
314816
357861
424531
487684
569624
654729
752591
865805
1015764
1191813

Money
Velocity
Multiplier of Income
M3 / M0 GDP / M0
1.59
8.27
1.62
7.36
1.60
6.58
1.65
7.58
1.75
7.50
1.80
7.82
1.84
7.53
1.77
7.77
1.81
7.84
1.79
7.79
1.81
8.19
1.86
8.97
1.90
8.67
1.97
9.15
2.04
10.14
2.04
9.66
2.20
9.86
2.29
9.59
2.36
9.20
2.49
9.05
2.42
9.13
2.57
10.31
2.88
10.79
2.84
9.26
3.01
9.40
2.85
7.91
2.85
7.37
2.87
7.47
2.99
8.13
3.17
8.27
2.98
7.67
2.92
7.08
3.13
7.37
3.16
7.03
3.07
6.69
3.07
6.74
2.98
6.29
3.03
6.49
3.19
6.58
3.29
6.79
3.11
6.24
3.12
6.00
3.08
6.13

Average
Growth in M0 Growth in M0

6.28%
13.86%
3.46%
4.04%
6.93%
9.43%
6.06%
5.05%
8.25%
9.23%
6.51%
9.15%
7.15%
5.72%
11.11%
7.89%
9.84%
11.61%
12.10%
20.55%
4.55%
2.68%
25.49%
11.67%
28.71%
17.69%
17.37%
7.95%
10.06%
25.46%
21.46%
8.37%
17.41%
19.37%
17.70%
23.24%
13.13%
13.36%
11.33%
25.18%
22.07%
14.87%

7.33%

7.61%

14.49%

16.84%

1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10

199985 240615 696012

226402 267844 821332
259286 309068 980960
280555 341796 1124174
303311 379450 1313220
337970 422843 1498355
369061 473581 1717960
436512 578716 2005676
489135 649790 2245677
571958 826415 2719519
708890 967955 3310068
928302 1155837 4017883
987998 1259707 4794812
1155686 1494611 5599762

1378617
1527158
1751199
1952036
2102314
2278952
2454561
2754620
3239224
3706473
4283979
4947857
5574448
6231172

3.48
3.63
3.78
4.01
4.33
4.43
4.65
4.59
4.59
4.75
4.67
4.33
4.85
4.85

6.89
6.75
6.75
6.96
6.93
6.74
6.65
6.31
6.62
6.48
6.04
5.33
5.64
5.39

2.84%
13.21%
14.52%
8.20%
8.11%
11.43%
9.20%
18.28%
12.06%
16.93%
23.94%
30.95%
6.43%
16.97%

13.87%

15.43%

Average
Average
Growth in
Growth in M3 Growth in M3 Growth in GDP GDP

8.14%
12.78%
6.93%
10.28%
9.86%
11.71%
2.09%
7.14%
7.37%
10.46%
9.15%
11.57%
11.13%
9.43%
11.34%
16.05%
14.33%
15.18%
18.28%
17.39%
10.92%
14.99%
23.58%
18.45%
21.90%
17.74%
18.10%
12.51%
16.62%
18.23%
18.96%
15.99%
18.63%
15.99%
17.79%
19.36%
15.10%
19.27%
14.81%
18.42%
22.39%
13.57%

9.95%

9.57%

17.28%

17.22%

-5.40%
1.81%
19.13%
3.01%
11.45%
5.36%
9.51%
5.96%
7.49%
14.87%
16.64%
5.47%
13.19%
17.10%
5.90%
10.11%
6.82%
7.08%
10.23%
21.68%
18.06%
7.39%
7.75%
13.27%
8.34%
9.68%
19.00%
17.50%
11.86%
16.45%
12.04%
12.86%
11.90%
13.67%
18.63%
14.88%
16.80%
14.94%
14.95%
15.04%
17.32%
17.33%

5.89%

10.62%

11.03%

14.88%

16.16%
18.01%
19.44%
14.60%
16.82%
14.10%
14.66%
16.75%
11.97%
21.10%
21.72%
21.38%
19.34%
16.79%

17.18%

17.46%

15.67%
10.77%
14.67%
11.47%
7.70%
8.40%
7.71%
12.22%
17.59%
14.42%
15.58%
15.50%
12.66%
11.78%

14.90%

12.36%

Money Supply M0 Variation

1400000

1200000

Amount (in Crores)

1000000

800000

600000

400000

200000

0
1956-57
1962-63
1968-69
1974-75
1980-81
1986-87
1992-93
1998-99
2004-05
1953-54
1959-60
1965-66
1971-72
1977-78
1983-84
1989-90
1995-96
2001-02
2007-08
Year

Narrow Money Supply M1 Variation

1600000

1400000

1200000

Amount (in Crores)

1000000

800000

600000

400000

200000

0
1956-57
1962-63
1968-69
1974-75
1980-81
1986-87
1992-93
1998-99
2004-05
1953-54
1959-60
1965-66
1971-72
1977-78
1983-84
1989-90
1995-96
2001-02
2007-08
Year

Broad Money Supply M3 Variation

6000000

5000000

Amount (in Crores)

4000000

3000000

2000000

1000000

0
1956-57
1962-63
1968-69
1974-75
1980-81
1986-87
1992-93
1998-99
2004-05
1953-54
1959-60
1965-66
1971-72
1977-78
1983-84
1989-90
1995-96
2001-02
2007-08
Year

GDP Variation
7000000

6000000

Amount (in Crores)

5000000

4000000

3000000

2000000

1000000

0
1956-57
1962-63
1968-69
1974-75
1980-81
1986-87
1992-93
1998-99
2004-05
1953-54
1959-60
1965-66
1971-72
1977-78
1983-84
1989-90
1995-96
2001-02
2007-08
Year

Money Multiplier Variation

6.00

5.00

Money Multiplier

4.00

3.00

2.00

1.00

0.00
1956-57
1962-63
1968-69
1974-75
1980-81
1986-87
1992-93
1998-99
2004-05
1953-54
1959-60
1965-66
1971-72
1977-78
1983-84
1989-90
1995-96
2001-02
2007-08
Year

Velocity of Income Variation

12.00

10.00

Velocity

8.00

6.00

4.00

2.00

0.00
1956-57
1962-63
1968-69
1974-75
1980-81
1986-87
1992-93
1998-99
2004-05
1953-54
1959-60
1965-66
1971-72
1977-78
1983-84
1989-90
1995-96
2001-02
2007-08
Year