India's reserve money up 10 pct to Rs 15.65 tn

Written by PTI | Mumbai | Updated: Oct 17 2013, 23:19pm hrs
Reserve MoneyReserve money up 10% to Rs 15.65 trillion
The Reserve Bank of India (RBI) today said the reserve money for the week ended October 11 stood at Rs 15.65 trillion (lakh crore), posting a year-on-year growth of 10 per cent.

Reserve money for the week ended October 4 stood at Rs 15.415 trillion.

Reserve money refers to the portion of commercial banks' reserves that are maintained with the RBI plus the total currency in circulation. It is also refereed to as base money and high-powered money, among other names.

RBI also released the M3 data, which is a broad measure of money supply, which for the fortnight ended October 4 stood at Rs 89.75 trillion, a jump of 13.2 per cent year-on-year basis. In the previous fortnight ended September 20, M3 was at Rs 87.95 trillion.

The RBI releases data on reserve money on a weekly basis while money supply data is released every fortnight.

In the current fiscal so far, M3 rose by Rs 5.93 trillion, a growth of 7.1 per cent, while the reserve money increased by Rs 500.8 billion (Rs 50,080 crore), up 3.3 per cent. The RBI had projected M3 growth of 13 per cent year-on-year.