VOLUME LXII NUMBER 7 July 2008
EDITORIAL COMMITTEE
G.S. Bhati
Amal Kanti Ray
Balwant Singh
R.K. Pattnaik
M.D. Patra
EDITOR
Rekha Misra
The Reserve Bank of India Bulletin is issued monthly by the Department of Economic Analysis and Policy,Reserve Bank of India, under the direction of the Editorial Committee.The Central Board of the Bank is not responsible for interpretations and opinions expressed. In the case of signed articles, the responsibility is that of the author.
Reserve Bank of India 2008
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Speeches
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1109
1117
1127
1137
Articles
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1163
1175
1211
1229
1241
1247
Other Items
1259
1261
1265
Current Statistics
Publications
RBI Websites
Fiscal Policy and Economic Reforms
Agriculture: Emerging Issues and Possible Approaches
The Virtues and Vices of Talking about Monetary Policy: Some Comments
Inclusive Financial System for the AgedUsha Thorat
Ensuring Dignity for Indian Customer: Task Ahead for Indian BanksUsha Thorat
India's Balance of Payments Developments during Fourth Quarter of 2007-08 (i.e., January-March 2008)and April-March 2007-08
India's External Debt as at the end of March 2008
International Banking Statistics of India - September 2007
Quick Estimates of National Income, 2006-07 and Revised Estimates of National Income, 2007-08: A Review
Industrial Production in India: 2007-08
Indian Investment Abroad in Joint Ventures and Wholly Owned Subsidiaries: 2007-08 (April-March)
India's Foreign Trade: 2008-09 (April)
by Y. V. Reddy
by Y. V. Reddy
by Y. V. Reddy
by
by
Press Releases
Regulatory and Other Measures
Foreign Exchange Developments
Contents
July 2008
SpeechesFiscal Policy and Economic Reforms
Agriculture: Emerging Issues and Possible Approaches
The Virtues and Vices of Talking about Monetary Policy: Some Comments
Inclusive Financial System for the AgedUsha Thorat
Ensuring Dignity for Indian Customer: Task Ahead for Indian BanksUsha Thorat
by Y. V. Reddy
by Y. V. Reddy
by Y. V. Reddy
by
by
July 2008
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Y. V. Reddy
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July 2008 1093
I am honoured by my friend, Prof.Govinda Rao's, kind invitation to me tovisit the National Institute of PublicFinance and Policy (NIPFP). I had theopportunity of working very closely withthe NIPFP on several occasions. Apartfrom my personal affinity to the NIPFP,there is a close relationship between theReserve Bank of India and the NIPFP,from an institutional point of view also.For instance, Prof. Govinda Rao is aMember of the Southern Local Board ofthe Reserve Bank.
Initially, I thought of speaking onfiscal policy and economic reforms froma central banker's perspective. I realisedlater that while I have been working as acentral banker over the last one decade,I had worked for most parts of the threedecades prior to that in the Ministry ofFinance, in the Government of India aswell as in the Government of AndhraPradesh. So it was a difficult choice forme as to whether I should give a fiscalview of the monetary policy or amonetary view of the fiscal policy. I haveworked for a short period in the WorldBank, which gives a global governments'view and also in the IMF, which gives aglobal monetary authority's view. As a via-media, I have opted to give apractitioner's perspective of fiscal policy,and economic reforms.
India's Fiscal Situation: A BriefPrelude
Broadly, during the first 30 years ofindependence, between 1950 and 1980,the fiscal deficits of both the Central andthe State Governments were notexcessive. This was a period of revenue
Fiscal Policy andEconomic Reforms *
Y. V. Reddy
* Address by Dr. Y.V. Reddy, Governor, Reserve Bank of India at theNational Institute of Public Finance and Policy (NIPFP) on May 26,2008. (edited transcript)
This address is dedicated to Mr. S.L.N. Simha, at whose instance thetranscript has been edited for publication. Mr. Simha, the de facto
author of Volume One of the History of Reserve Bank of India (1935-1951), and a highly respected central banker takes lively interest intheory and practice of central banking even at the age of ninety. TheReserve Bank owes a lot to distinguished employees like him for itscurrent status as a respected public institution in India.
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surplus in general. However, automaticmonetisation of Government deficit bythe Reserve Bank which started as anexception during the mid 1950s, becamea regular practice thereafter.Simultaneously, there was also a distinctshift in the management of the financialsector with the nationalisation of majorcommercial banks in 1969 and 1980.These two developments had asignificant bearing on the relationshipbetween the monetary authority (RBI)and the fiscal authority (Government).
There was a significant deteriorationin the fiscal situation in the 1980s,accompanied by large and automaticmonetisation of government deficits. Theprocess involved issue of ad-hoc Treasurybills at rates initially on par with 91- dayTreasury Bills. Since July 1974, the ad-hoc
Treasury bills were offered at off-marketdiscount rate of 4.6 per cent which wasless than half of the prevailing marketrates. There were two immediateconsequences. One, when largegovernment deficits were monetised,there was excess liquidity in the system,which prompted the monetary authoritiesto increase the cash reserve ratio (CRR)for banks at regular intervals with a viewto mop up the excess liquidity. Two, tofacilitate the Central Government toborrow comfortably, the monetaryauthority, which is also the debt managerfor the Government, periodicallyincreased the statutory liquidity ratio (SLR)to be maintained by banks. This processwent on to an extent that CRR and SLR,together, pre-empted more than 50 percent of banking sector liabilities, for aperiod. In other words, more than 50 per
cent of the resources of the banking
sector were pre-empted to primarily
finance the budget deficits of the
Governments. Further, the deposit and
lending rates of banks were, for most
part, administered. This situation
impacted the health of the banking
system and the consequential
adjustments during the banking sector
reform process were, naturally, somewhat
complex.
The large fiscal deficit and its
monetisation had some spill-over effect
on the external sector, which reflected in
the widening current account deficit in
the late 1980s and early 1990s. Triggered
by the balance of payments crisis in the
early 1990s, when our foreign currency
assets depleted rapidly to the extent that
it could barely finance just two weeks of
imports, we started the reform process
in 1991-92. A credible macroeconomic
structural and stabilisation programme
encompassing trade, industry, foreign
investment, exchange rate, public finance
and financial sector was put in place,
which created an environment that was
conducive for the expansion of trade and
investment. Simultaneously, several
reform measures towards the
marketisation of government borrowings
were initiated.
At the instance of Dr. Rangarajan,
one of my illustrious predecessors as
Governor, the Reserve Bank entered into
the first agreement with the Government
in 1994 to place a limit on automatic
monetisation. The First Supplemental
Agreement between the Reserve Bank
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and the Government of India was signed
in 1994 setting out a system of limits for
creation of ad hoc treasury bills duringthe three-year period ending 1996-97.Then in 1997, soon after I moved to the
Reserve Bank, the second agreement withthe Government was signed, where Mr.Montek Singh Ahluwalia represented the
Government. In pursuance of this SecondSupplemental Agreement between theReserve Bank and the Government of
India on March 6, 1997, the ad hoc
Treasury Bills were completely phased outfrom April 1997, replaced by a scheme of
Ways and Means Advances, subject tolimits. In order to smoothen thetransition, the Government of India was
allowed to incur also an overdraft, butat an interest rate higher than the rateapplicable for Ways and Means Advances
(WMA). With effect from April 1, 1999these overdrafts were allowed only for amaximum of ten working days. These
features placed the Central Governmenton par with the State Governmentswhich were brought under an 'Overdraft
Regulation Scheme' since 1985.Furthermore, it was agreed that theReserve Bank would trigger fresh
floatation of Government securitieswhenever 75 per cent of the WMA limitwas reached. It was also agreed that the
Government's surplus cash balances withthe Reserve Bank, beyond an agreedlevel, would be invested by it in
Government securities. While thetransition to a full-fledged WMA andoverdraft mechanism was gradual, non-
disruptive and consensual, the successfulimplementation of this mechanismmade it possible to incorporate some of
these practices into a law - the Fiscal
Responsibility and Budget Management
Act (FRBM Act). It is noteworthy that this
law also practically prohibited the Reserve
Bank from participating in primary issues
of all Government securities.
As a result of the concerted efforts to
restore fiscal balance through tax
reforms, expenditure management,
institutional reforms and financial sector
reforms in the first half of the 1990s, there
was significant reduction in the
magnitude of fiscal deficit and the
proportion of debt relative to GDP during
the period 1991 to 1997. However, during
the period 1997 to 2003, there was a
reversal in the trend of fiscal
consolidation, and the cumulative impact
of industrial slowdown, fifth pay
commission award, and a lower than
expected revenue buoyancy culminated
in fiscal deterioration. This deterioration
in the Indian fiscal position happened
at an inopportune time when there was
fiscal improvement the world over and
India was trying to globalise. It is
important to remember that India's fiscal
situation has been significantly divergent
from the global fiscal situation and
continues to be so even now. I think,
this is the background we have to keep
in view whenever we discuss the pace
and the content of economic reforms in
India. The coming into force of the FRBM
Act, 2003 on July 5, 2004, which
established a framework for a rule based
fiscal consolidation, should be viewed in
this background.
In the period subsequent to 2003, the
Central Government's fiscal position has
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been improving, though there are severalunderlying fiscal pressures that are notentirely evident in the numbers, as willbe explained later. The States' fiscalpositions have also improvedsignificantly during this period and theirrevenue deficits are close to beingvirtually eliminated. However, as in thecase of the Centre, there are someunderlying pressures that are notreflected in the fiscal numbers of theStates.
Despite considerable improvement inthe fiscal scenario, both at the Centre andin the States, India's combined fiscaldeficit (Centre and State), as a percentageof GDP, still continues to be one of thehighest in the world. Prof. Rao wouldalso be able to explain to you separatelyin detail that India's public debt,including the external debt, as apercentage of GDP, is one of the highestin the world. In this context, the U.K.based weekly the Economist (datedNovember 17, 2007 - Pages 75-77) rankedIndia, along with Turkey and Hungary,as the riskiest economies among selectleading emerging market economies. TheEconomist based its conclusion onstandard parameters such as currentaccount balance, budget balance,inflation and growth in bank lending,for assessing the degree of risk. Onecannot disagree with the relevance ofthese parameters in assessing risks. Yetit is noteworthy that most of these riskyelements were present in the Indianeconomy for several years, almost allthrough the reform period, and yet theeconomy exhibited macro-stability andimpressive growth even while
withstanding some significant domesticand global shocks. In view of thisevidence, we need to explore the reasons
for such risks not de-stabilising oureconomy so far; and the measures thatare needed, in future, for insulating the
economy from such de-stabilisingeffects, to the extent feasible. I think itis important that this big picture be
reckoned while we analyse the pace andintent of reforms, despite someagreement on the destination as well as
direction of economic reforms.
Role of the Reserve Bank inFiscal Reforms
Now, let me briefly explain the role
of the Reserve Bank in fiscal reforms. Asa central bank, we are generally sensitiveto the fiscal situation. It is not true that
the Reserve Bank was not aware of theimplications of what was happening onthe fiscal front during the first three
decades (1950 to 1980). Given theinstitutional arrangement, the ReserveBank's primary objective is to maintain
monetary stability. It was clear that thefiscal situation was something that wasdecided and determined by the
sovereign. Once the fiscal situation wasdecided and determined by thesovereign, it was the central bank's
responsibility to ensure that monetarystability was maintained and theGovernment's borrowing programme was
managed with minimum disruptions, interms of stability. Some argue thataccommodating the fiscal pressure
through monetary action is like, whatsome people call, a soft-budgetconstraint.
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Let me revert to the reform processand how we got rid of the remnants ofautomatic monetisation of the previousyears. The stock of ad hoc Treasury bills,when we put an end to issue of such bills,was over Rs. 1,00,000 crore. This stockwas in fact public debt in perpetuity, heldby the Reserve Bank, bearing a discountrate of 4.6 per cent though the marketrates were far higher. In coordinationwith the Government, it was agreed thatthese papers will be converted into datedmarketable securities at market relatedrates, in phases, depending on themarket conditions warranting openmarket operations by the Reserve Bank.Thus, the stock of the ad hoc treasury billshas been wiped-out. This is an evidenceof the varieties of ways in which theReserve Bank conceives and implementsthe process of reforms, in a non-disruptible fashion, in coordination withthe Government.
Let me share a story related to theFRBM Act with you. One day, GovernorJalan said that the Finance Minister ismaking an announcement onintroduction of Fiscal Responsibility Bill(which was the then proposednomenclature). Governor Jalan said thathe had discussed with the Minister andthat they had decided that I will be namedthe Chairman of a Committee that woulddraft the Fiscal Responsibility Bill. Isubmitted that the Government officialsshould be working on the legislationrelating to fiscal issues and that theReserve Bank should not be involved, asthe ownership of the Fiscal ResponsibilityBill should be with the Government.Governor Jalan did not relent and said
"No, it has been decided that you do it".So finally, we arrived at a compromise. Amain formal Committee was set up in2000 with the then Secretary, EconomicAffairs, Dr. E.A.S. Sarma as the Chairmanand Dr. Ashok Lahiri as one of themembers; and a working groupcomprising of the Reserve Bank officialswas set-up under my Chairmanship toprovide technical assistance to the mainCommittee on several aspects fordrafting the Fiscal Responsibility Bill. TheReserve Bank Working Group wasactively involved in the Sarma Committeeto draft the Fiscal Responsibility Bill. Mr.Prem Chand of the IMF, at our invitation,spent some time advising us on theinternational best practices in this regard.At this stage, we advised theGovernment that without incorporatingtransparent Budget management rulesand medium term fiscal framework, theobjective of fiscal responsibility wouldnot be achieved. Therefore, the name ofthe Bill was changed to "FiscalResponsibility and Budget ManagementBill" incorporating additional features. Inshort, I am illustrating that the ReserveBank has been actively collaborating withthe Government, whenever sought, butwith appropriate propriety.
Our experience shows that the FRBMAct has a positive effect of focusingattention on fiscal issues. At the sametime, it may, sometimes, unintentionallylead to increased recourse to expandingoff-budget fiscal liabilities. Such apractice is not entirely uncommon inmany countries, but the magnitudesinvolved and the persistence in resortingto off-budget liabilities in India are
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noteworthy. The issue is not merely one
of transparency in fiscal operations or a
de facto larger borrowing programme of
the Government than admitted, but one
with significant implications for the
Government debt market and monetary
management.
Past experience clearly suggests that
recourse to such off-budget items is not
ad hoc or one-time only. The repeated
recourse to issue of Government bonds
has been exercised not only for fuel, food
and fertilizers for financing subsidies, but
also for financing deferred liabilities in
regard to bank loan waivers and
contribution to the capital of public
sector banks. Hence, unless there is a
noticeable change in global prices or a
change in policy towards recurrent
subsidies and deferred liabilities,
continuation of such special bonds may
not be ruled out. The significant quasi-
fiscal transactions to finance recurrent
revenue expenditures through de facto
borrowings pose challenges in managing
the links between fiscal, external and
monetary management.
The Reserve Bank has rendered advice
on FRBM to the State Governments also.
A forum has been provided by the Reserve
Bank, which brings together the Finance
Secretaries of State Governments, for
exchange of ideas and sorting out the
issues. The bi-annual conference of State
Finance Secretaries hosted by the Reserve
Bank, initiated in 1996, is also attended
by the Secretaries in the Ministry of
Finance, Government of India,
representatives from the Planning
Commission, the Comptroller and
Auditor General of Accounts (CAG) andthe Controller General of Accounts (CGA).The deliberations in these bi-annualconferences have proved very useful inidentifying the common issues anddeveloping best practices in regard toState Government finances. A number ofimportant initiatives relating to ways andmeans advances, approach to marketborrowing programme, investment ofsurpluses, ceilings on State Governmentguarantees, model scheme for state levelfiscal legislations, apart from changes inthe content and format for reportingbudget related documents to ensuretransparency, etc. have emanated andtaken shape as a result of interactions inthese meetings. The Reserve Bank has,through this forum, also helped the StateGovernments prepare the state levelFRBM legislations.
Incidentally, the first research andpolicy paper on pension funds in Indiawas prepared by Dr. Urjit Patel, who usedto work with us. In those days, it was sohard to get any data that we had to tapour informal links in the various officesin Delhi, including some of my oldcolleagues, to give him some access torelevant information. Dr. Urjit Patel dida very good job and then he publishedan article in the Economic & PoliticalWeekly. Thus, the public policy onpensions was, in a sense, triggered by thework done by a consultant in the ReserveBank, at our request. The Reserve Bankalso worked on a Report on Pensions forState Government employees. This isanother evidence of the collaborationbetween the Reserve Bank and theGovernments and often our views are
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accepted. Now, let me come to the fiscand monetary management issues.
Fisc and Monetary Management
Let me clarify the general approachof the Reserve Bank in its relations withthe Government on matters relating tomonetary management. As illustrated inthe case of preparation of the FiscalResponsibility and Budget ManagementBill, coordination between theGovernment and the Reserve Bank isessential for structural reforms, especiallywhen legal and institutional changes areinvolved. In regard to operational issuesrelating to monetary policy, there is someelement of freedom but, in view of thefiscal dominance in the economy, theoverriding approach has beenharmonisation of monetary policy withfiscal policy for ensuring stability. Withinthis framework, through mutualcooperation, several reform measureshave been undertaken by theGovernment and the Reserve Bank and Iwill provide a few illustrations.
First, the Statutory Liquidity Ratio(SLR) has been gradually reduced to thethen statutory minimum of 25 per cent,effective October 21, 1997. Also, the CRRhas been reduced gradually, dependingon the liquidity conditions, as a first step,with the objective of ultimately reducingit to the statutory minimum of three percent. In the meantime, the ReserveBank's commitment to the removal of thestatutory prescriptions of minimumreserve and liquidity requirements wasdemonstrated by its proposal to theGovernment for legislative amendmentsto remove the minima. These legislations
have since been passed. Now, there is nominimum statutory stipulation for SLRand CRR.
The challenge now is to reduce theCRR and the SLR stipulations, as we go
along. The reduction in CRR will becontingent upon liquidity conditions andthe need for using it as an instrument of
sterilisation along with otherinstruments. The reduction in SLR willprimarily be governed by the fiscal
situation of the Government. The issueis not one of desirable destination butone of negotiating the path in an optimal
way. The Reserve Bank has two optionsfor proceeding in this regard. Either weaccept the fiscal situation and wait for itto improve, to effect any further
reductions in SLR or reduce prescriptionsgradually consistent with fiscal situationand market development. So that is the
type of choices we are facing at thisjuncture and the Reserve Bank prefers toassess the fiscal situation and proceed
with the reductions in a cautious manner.
Second, an issue that has come to the
fore in the recent period pertains to highervolatility in Government's cash balancesmaintained with the Reserve Bank, which
impacts the liquidity conditions in thefinancial markets. Volatility inGovernment's cash balances is not unique
to the Indian situation and is an issueeven in other countries, but in oursituation, it has become increasingly
prominent now. It so happens that, attimes, Government's cash balances andthe external situation move in different
directions and they create very little netimpact on liquidity from the perspective
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of overall monetary management.However, there are occasions when theymove in the same direction, in which case
the volatility in the liquidity conditions ismuch higher. This is one major currentissue in monetary management which
could be linked to cash management inthe Government. The link becomes criticalfor maintaining orderly liquidity
conditions in the money market andeffectively using short term overnightinterest rates for monetary operations.
Third, the magnitude of the combinedfiscal deficit of the Centre and the Statesis close to half of the households'
financial savings, which is the largestcomponent of domestic savings. If fiftyper cent of households' financial savings
are taken away by the Governmentsector, it has vital implications forensuring stability in the financial markets
because the demand for funds from thenon-Government productive sectors ofthe economy has to be met
simultaneously.
Fourth, India is still a bank-dominated system and about 70 per cent
of our banks (in terms of business) areowned by the Government. Thus, wecould have a situation when the objective
of monetary policy and the objective ofbroader public policy dealings withbanking converge, in which case the
monetary policy could be very effective.Sometimes, it could happen that theobjective of monetary policy and the
objective of broader public policy maynot converge, in which case monetarypolicy may not be that effective. In other
words, the effectiveness of the monetary
policy depends not only on the actions
of the monetary authority, but also on
other public policy postures. This
certainly complicates monetary
management. Of course, the issue of
conflict of interest in public sector
banking and Government ownership is
yet another issue. The issue of conflict
of interest in private sector banks arises
when the owner of the bank borrows
from his own bank. The single largest
source of borrowing for the Government
being the Government-owned banks
themselves, this conflict is rather
apparent.
Fifth, one of the factors imparting
rigidity to the interest rate structure in
India is the administered interest rates,
particularly on small savings
instruments. In this context,
administered interest rates fixed by the
Government on a number of small saving
schemes and provident funds are of
special relevance as they have generally
offered a rate different from those on
corresponding instruments available in
the market, in some cases along with tax
incentives. The administered interest
rates significantly impact the level and
allocation of savings. On the lending side
also, there are some administrative
prescriptions for banks. Depending on
how it is calculated, on both the savings
and the lending sides, the administered
structure of interest rate would apply to
about 25 to 40 per cent. In this context,
it is pertinent to note that the monetary
policy mainly operates through interest
rates and interest rate signals, and
constraints posed by administered
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interest rates have to be duly recognisedwhile dealing with issues relating tomonetary policy transmissionmechanisms.
Sixth, theoretically it is wellrecognised that monetary policy isgenerally a more effective counter-cyclicalpolicy instrument than fiscal policybecause interest rate changes can bemade and reversed quickly. However,monetary policy adjustments may takelonger than fiscal policy adjustments toaffect aggregate demand. It is alsorecognised that fiscal policy contributesto broader-based stabilisation throughthe impact of taxes and Governmentspending on income-sensitive (inaddition to interest-sensitive)components of aggregate demand. Whenmonetary policy is thus constrained inresponding to output variations, fiscalpolicy should normally take a morecentral role. Thus, effective co-ordinationbetween the fiscal policy and monetarypolicy is important. At a more aggregatelevel, in the context of our capacity torespond to global developments, if wehave a counter-cyclical policy approach,not only the monetary policy but also thefiscal policy should be counter-cyclical.If the fiscal policy continues to be uni-directional, as we have in our case, withpersisting deficits, then the fiscal policyis not in a position to produce areasonable counter-cyclical impact. Inthese circumstances, the monetary policyhas a challenge in designing andimplementing appropriate counter-cyclical policies, that has the addedburden of off-setting the impact of thefiscal policy. Well, despite these
challenges, the Reserve Bank hasmanaged the situation reasonably welland we have the confidence that wewould be able to continue to manage.However, it is important to recognisethat, at times, unorthodox policies haveassured the stability of the Indianfinancial system despite fiscal stress,which is a desirable outcome rather thanachieving ritualistic compliance with pre-set rules.
By and large, these are someillustrations of the links that existbetween fiscal and monetarymanagement. We are continuouslyrefining the monetary policy frameworkand the conduct of the monetary policy,taking into account the progress in fiscalconsolidation. The reform of themonetary policy framework and theconduct of monetary policy have torecognise the fiscal, and the relatedinstitutional as well as policy constraints.That is the limited point I want to maketo those who are impatient with thecurrent monetary managementframework.
Now let me go to fisc and the financialmarket.
Fisc and Financial Markets
First, the foremost link between thefisc and financial markets is through theGovernment securities market. As hasalready been explained in detail, theCentral Government's borrowingprogramme was significantly monetisedin earlier days. It may be of interest toall of you to know that since a large partof the borrowing programme has to becompleted in the first half of the fiscal
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year, in view of seasonality of demandfor credit on private account, the monthlyaverage gross market borrowings by theCentre is around three-quarters of a percent of GDP in recent years. Despite thishigh level of Government borrowingprogramme, the Reserve Bank, as debtmanager, has been able to successfullycomplete the market borrowingprogramme, over the years, whilepursuing its interest rate objectiveswithout jeopardising external balance, bytaking recourse to several initiatives interms of institution, instruments,incentives and strategies.
Second, an important issue thatremains is that we cannot claim that thereis a genuine market for Governmentsecurities in India, when we have astatutory liquidity ratio prescription of 25per cent. The question is that can wereally proceed on the assumption thatthere is a genuine Government securitiesmarket, and hence reinforce moremarketisation by rapidly reducing SLR ordo we ensure a viable market borrowingprogramme and reduce SLR in tandem?Here again the Reserve Bank has to assessthe sensitivity of the fisc to interest rateburden, in case SLR is reduced rapidly?The importance of SLR status for bondsissued by Government has come to thefore recently when oil bonds issued byGovernment of India turned out to beilliquid despite carrying a higher yield of25 basis points over SLR-eligible bondsof similar maturity. The reform of debtmarkets in India, as we go along, shouldrecognise these realities.
Third, in the case of StateGovernments, when we tried to
marketise the individual State'sborrowing programme, many of theStates were not comfortable. They werenot sure whether they would be able toget subscriptions for their bonds unlessthe Reserve Bank manages the borrowingprogramme of all the States in acoordinated fashion with uniform termsand conditions for all States. Knowingthat banks cannot be compelled tosubscribe to the programme, the ReserveBank provides the investors a a higheryield for States' paper over the Centre'spaper of comparable maturity.Subsequently, we encouraged someStates to go through auction route on astand-alone basis. Now it has becomepossible for the Reserve Bank to conductthe borrowing programme of each Statewithout serious disruption in themarkets, through the auction route. As aresult, some States have also begun totake initiatives to improve their fiscalprofile and discharge their liabilitiespromptly to banks, and, consequently,gain comparatively favourable treatmentin the debt market. It took about six toseven years for the Reserve Bank to equipthe State Governments and the marketsto get used to this kind of discipline. Thiswas perhaps possible because the ReserveBank commands the trust of StateGovernments as an apolitical and aprofessional public institution.
Fourth, another aspect worthexploring is the fiscal implications offailure of financial institutions andmarkets. The Reserve Bank, as the centralbank of the country, is also responsiblefor ensuring financial stability. Broadly,one can say that when a country's fiscal
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position is strong, its capacity to take on
the risks arising from the failure of
financial institutions is higher. On the
other hand, with a weak fiscal situation,
the capacity to take care of a financial or
banking crisis is rather limited. More
important, whenever pockets of
vulnerability arise in the financial sector,
the headroom available in the fiscal
position to provide succour to financial
entities needs to be assessed. In this
context, one important source of
strength as well as vulnerability remains
the publicly owned financial institutions,
which may have fiscal implications. They
contribute heavily as a source of tax
revenue. Another source of linkage is
the cross subsidies and we have to
identify the areas of maximum cross
subsidies in public sector entities. The
sources of indirect subsidies through and
by financial intermediaries are also
important. A reading of the several
Budget speeches of the Finance Ministers
in recent years would show the extent
to which activities of public sector
financial intermediaries operate as
instruments of fiscal policy though these
entities are competing in the market with
private sector on all fronts. These public
policy oriented operations of the public
enterprises at the instance of fisc
seriously limit the efficient price
discovery, depth and vibrancy in
different segments of the financial
markets. Thus, it is evident that while
analysing the link between the fiscal and
the public sector, perhaps, one should not
confine to public sector borrowing
requirements only.
Fifth, as regards further reforms in the
financial markets, it is very clear that the
development of insurance and pension
sectors are very important especially for
the Government debt market and the
corporate debt market. However, there
are some challenges in this regard. The
tax treatment of investment in debt and
equity is quite asymmetrical in India with
a favourable tilt towards investment in
equity. There are limited incentives for
encouraging contractual savings. Hence,
some of the areas that have to be looked
at, as we move forward, relate not only
to the demand side which advocates
development of financial markets, but
also to the supply side through policies
that promote contractual savings,
especially through pension and life
insurance funds.
Now let me move to the fisc and the
external sector.
Fisc and the External Sector
In the context of the external sector,
there are certain issues from the
perspective of fiscal policy that are of
contextual relevance.
The first issue pertains to the
opening-up of Government debt market
to non-residents through, what we may
call foreign currency sovereign debt. In
fact, about a decade ago, several
arguments were put forward in favour of
issuing foreign currency sovereign debt
when the Government's intention to take
recourse to sovereign borrowings in the
international markets was formally
announced by the Hon'ble Finance
Minister. Several academics argued in
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favour of the proposal since they felt thatit may be more economical for theGovernment to raise funds abroad.However, such borrowings may entailforeign currency exposure and hence theforeign currency risk, which was not builtinto the analysis of benefits. Another lineof argument that was put forward infavour of foreign currency sovereignborrowings was that the Government'sborrowing abroad would help develop abenchmark for the private sector foreigncurrency debt. However, now weightagefor sovereign risk is assigned to a privatesector debt even without the sovereignbenchmark, after taking into account thesovereign risks. Moreover, the issue isthat there are always political andeconomic temptations, as happened inmany other countries, to raise foreigncurrency sovereign debt, when creditmarket sentiment is favourable probablywithout factoring-in the likely situationthat may prevail when the sentimentturns unfavourable.
The Reserve Bank worked along withthe Government when this issue cameup and came to the conclusion that, atthat point of time, it might not have beendesirable to issue foreign currencysovereign bonds. One of the argumentsagainst approaching the internationalmarkets for sovereign bonds was thepersistence of a large revenue deficit ofthe Government. Thus, in the abovecontext, the point to be considered is that,given the magnitude of the public debtas a percentage of GDP and themagnitude of fiscal deficit, whether publicpolicy would have the samemanoeuvrability for maintaining stability
if the debt is denominated in foreign
currency and held by the non-residents.
In the above backdrop, it may be
concluded that, given the fiscal situation,
the health of financial institutions, and
the stage of development of financial
markets, the scope for non-resident
participation in the Government
securities market particularly foreign
currency denominated bonds may be
expanded only gradually. However, the
pace of opening up of foreign currency
sovereign debt for non-residents would
be dependent upon the pace of progress
on the fiscal, institutional, and market
fronts.
Second, another key issue basically
from the practitioner's perspective is the
fiscal cost of market stabilisation scheme
(MSS). Perhaps I should explain the
background and story, since this is an
academic forum. Around the end of 2003,
when I joined as Governor, we looked at
the macroeconomic parameters and we
anticipated large capital inflows. During
the late 2003 to early January 2004, two
Groups were constituted in the Reserve
Bank, one was on the issue of sterilisation
and the other was for review of liquidity
adjustment facility (LAF) which was in
operation since 2001 as part of the
monetary policy operating framework.
The draft reports of these two Technical
Groups and their deliberations were
placed in the public domain on the
Reserve Bank website and were intensely
debated. Anticipating enhanced capital
inflows in future and the possible
volatility in liquidity, while MSS was
introduced as a new instrument of
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sterilisation, the focus of LAF was shiftedby the Reserve Bank to management ofthe day to day liquidity fluctuations.
The related issues that surfaced werethat if there is accumulation of foreignexchange due to market interventions,whether to sterilise or not to sterilise andfinally if we decide to sterilise, how muchto sterilise and who should bear thesterilisation cost. One view was that,similar to the practice in some othercountries, the central banks may takedecisions not only on intervention butalso on sterilisation and accordingly thecentral bank may issue its own bonds.As a prudential requirement, the ReserveBank is prohibited from such bondissuances. As a result, the MSS wasintroduced whereby sterilisation wasthrough issuance of Governmentsecurities.
Simultaneously, given the largerpublic policy implications of the exchangerate in the Indian context, it wasdeliberated whether it was desirable forthe central bank alone to take a view onthe extent of sterilisation. Afterconsiderable debate between and withinthe Government and the Reserve Bank,it was agreed in march 2004, that the limitMSS would be prescribed by theGovernment from time to time in thelight of proposals from the Reserve Bank.This implies that by prescribing the limitsfor the MSS, the Government wasrecognising the fiscal cost that it wasready to bear in the context of externalsector management.
Third, the related issue was whetherthe fiscal cost of sterilisation should be
borne by the central bank or by theGovernment. We were unique in
showing it as a part of the Government's
Budget unlike the practice followed in
some other countries. It would be
pertinent to mention that the practice of
taking quasi fiscal cost on the central
bank balance sheet has led to erosion of
capital base of many central banks.
Although these central banks operate
autonomously, the consequences were
erosion of capital and subsequent
recourse to the Government for infusion
of capital. Thus, in the Indian context,
the major fiscal cost attributable to
sterilisation in the context of external
sector management is clearly shown in
the Government's Budget, through the
mechanism of MSS, which adds to fiscal
transparency. Incidentally, the
desirability of MSS was discussed afresh
with the Government after June 2004,
when a new Cabinet was sworn in and
they reconfirmed the MSS arrangement
as a desirable one.
Fourth, contextually, there have been
some studies by the IMF and the ICRIER
on the quasi fiscal cost of sterilisation in
India. Technically, it is possible to look
at total accounting returns. However, to
assume that whenever central bank
accumulates reserves it has an adverse
impact on the balance sheet, may,
however, not turn out to be universally
right. For instance, till the last year,
China's domestic interest rates were
lower than the return on foreign currency
assets. In that case, the carrying cost of
reserves was negative for the Chinese
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central bank, resulting in a quasi fiscal
benefit.
Fifth, a related issue in this regard isvaluation of forex reserves on a marked-to-market basis on the balance sheet of
the Reserve Bank. An appreciation of thereserve currency translates into losses.But in some senses one can argue that
such loss is notional. Again, every centralbank has different ways of accounting.Most of the central banks and, definitely,
the Reserve Bank, adopt a conservativeaccounting practice so that unrealisedgains are not shown. The issue here is
how one calculates the cost of holdingreserves or even "excess" reserves. Sincethis is essentially an opportunity cost, the
only way that it can be calculatedreasonably is in terms of interest rateson local currency assets vis-à-vis those for
foreign currency assets. But interestingly,the question that arises is how to accountfor the macroeconomic benefits. Many
central banks, with or without theconcurrence of the Government, areadding to the reserves or are holding on
to the reserves even though they incur aquasi fiscal cost. This clearly suggests thatthere must be some benefits of such a
widely adopted practice and if so, whatare these benefits? My submission is thatthese benefits unfortunately are not
quantifiable. But just because they are notquantifiable, I do not think it isappropriate to ignore them. The list of
benefits can be summarised as follows.One, it enhances the confidence in theeconomy, particularly of the emerging
market economies and results in a bettersovereign rating. This, in turn, translates
into finer spreads at which both publicand private sector can raise money. Two,
it enhances the capacity to absorb
shocks. The shocks can be of two types:
the real sector shocks in terms of oil
shocks, food grain shock or both of them
and the financial shocks in terms of the
financial flows. On both, the real sector
and the financial sector, there is scope
for smoothening volatility when there are
adequate reserves. Apart from these, one
arguably fundamental issue is whether
some excess volatility can be moderated
in order to avoid the destabilising effects
on growth and employment. Therefore,
we have to recognise not only the costs -
the cost of holding reserves may be
negative or positive - which are
quantifiable but also the benefits which
are not quantifiable. These have public
policy implications as there is a fiscal
policy element, namely the quasi-fiscal
cost of reserves.
Sixth, there is another link between
fiscal policy and reserves. If one reads the
rating agencies' sovereign rating, one may
find a mention of how forex reserves are
perceived to provide a cushion against
fiscal conditions. In some sense,
therefore, even if there is a fiscal cost of
carrying reserves, they also give a benefit
to the fisc and this is recognised by
analysts. Maintaining orderly conditions
in forex markets can be viewed, in some
senses, as a public good and if the
provision of such a public good to market
participants involved addition to or
depletion of forex reserves, incurring of
the attendant fiscal costs, if any, of
holding reserves may be justifiable.
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Let me now come to the concluding
section on the Reserve Bank's approach
to fiscal policy.
Reserve Bank's Perspectives onFiscal Policy
The Reserve Bank's approach to fiscal
reforms is that while we agree on the
need to eliminate the revenue deficit,
and agree on a nominal limit for fiscal
deficit, what is even more important is
the mode of financing the fiscal deficit
and the use that the resources so raised
are put to. In addition, we focus on fiscal
empowerment which was clearly
articulated around 2000 in the Annual
Report of the Board of Directors of the
Reserve Bank. Exclusive focus on fiscal
deficit may tend to reduce the role of the
Government, and consequently, it will
not be in a position to aid the process of
growth, in particular, inclusive growth.
Re-prioritisation of expenditure may be
achieved through reduction or
elimination of subsidies and deployment
of resources thus released to the more
needy sectors. Higher level of resources
may also be available through reduction
in tax exemption.
So the whole idea is that, in an
economy like ours which requires
structural transformation and
investment in social and financialinfrastructure, we should strive for an
appropriate level of fiscal activity
particularly because public goods have to
be provided and that would enable us to
maintain fiscal discipline and macro-
stability rather than aim for a mechanical
reduction in fiscal and revenue deficits
at a lower level of fiscal activity.
In the light of financial turbulence
across the world in the recent period, the
relevance of the fisc in the management
of the macro economy has become even
more important. When we have not seen
such financial turbulence in our country,
it is important to remember that when
all else fails, it is only the fiscal that has
to take the hit and come to the rescue.
I would like to read out a sentence
from one of the rating agencies and then
make my comment, to conclude. It says,
"India's monetary management is
conservative and prudent, together with
its low external debt position and relative
ease in local currency funding, this helps
alleviate its fiscal weakness." The
important point here is if the Reserve
Bank's policy is helping to alleviate fiscal
weakness, how can it be conservative?
It perhaps needs to be described as
'appropriate'.
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It is an honour and privilege for me
to be with you on this memorable
occasion. This is a convocation address,
no doubt, but it is also an occasion to
dedicate my address to the memory of
Acharya N.G. Ranga garu. His views on
political economy and agriculture have
acquired great relevance and special
significance in today's turbulent world
of high food prices and focus on farmers'
well-being. You, my young friends, will
have a critical role in resolving the
emerging issues relating to agriculture,
both in India and globally.
Acharya N.G. Ranga, who was
educated in prestigious institutions in the
United Kingdom and was a Professor of
Economics at Pachaiyappa's College in
Madras University, entered the Guinness
Book of World Records as a
Parliamentarian with fifty years of service
in legislative bodies. He was a leading
freedom fighter of national stature and
a great propounder, of international
stature, of the importance of peasantry
and agricultural labour. His beliefs led him
to found the Bharat Krishikar Lok Party
and the Swatantra Party along with
Rajaji, which frowned upon the permit-
licence Raj. The economic reforms in
India since 1991 have served us well and
these have, in many ways, followed one
of Professor Ranga's suggestions namely
'liberalisation'. However, only recently
we have commenced realising the
significance of peasantry and rural labour
that he had recognised decades ago. We
now realise how critical the situation in
regard to agriculture, in particular food
prices, is to all sections of the people, all
Agriculture: EmergingIssues and PossibleApproaches*
Y.V. Reddy
* 40th Convocation Address of the Acharya N.G. Ranga AgriculturalUniversity, Hyderabad by Dr. Y.V. Reddy, Governor, Reserve Bank ofIndia, on June 5, 2008
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over the world. In fact, it is uppermostin the current agenda of central banksaround the world in the context of price
stability and inflation expectations. Ibelieve that the distinguished faculty andthe knowledgeable students of this
university would appreciate thecontemporary relevance of ProfessorRanga's ideas and they will commit to
play a historic role in resolving the issuesthat confront us today.
At the outset, my hearty
congratulations are due to the GraduatingClass of 2008, who would be receivingtheir hard earned degrees and awards. I
also compliment the staff members whohave received awards and the entirefaculty for their efforts in imparting high
quality education and inculcating goodvalues to shape the personalities of ouryoung generation. It is the endeavour of
the students and the staff, I understand,that helped this agricultural university inwinning the ICAR's Best Agricultural
Institute Award two times in quicksuccession and also the ICAR BestPerformance Award of Students in the
ICAR All India Competitive Examinationstwice in the last few years.
Dear new graduates, the Reserve Bank
has an important stake in the subjectsthat you have been trained in. Our mainobjectives relate to maintaining price
stability and aid the process of generatingoutput and employment. Agriculturalprices are really critical for the household
budgets of about a billion people in ourcountry. About sixty per cent of our workforce in India is dependent upon
agriculture and related activities. Though
most policy issues in this regard fall withinthe domain of governments anduniversities like yours, the Reserve Bank
has to monitor the developments and aidpublic policy through the financial system- especially in terms of price stability,
financial stability, financial inclusion andcredit delivery. In this background, whilethere are many issues in agriculture, I will
confine to a few. I will briefly explorethe serious problem of food that isconfronting the world today. This is
followed by a narration of the Indiansituation. In particular the Reserve Bank'sapproach to agriculture is described.
Food Prices as a Global Issue
In recent months, there has been aphenomenal increase in food prices
globally. To illustrate, while the globalfood price index rose on average by 10.5per cent in calendar year 2006 and by 15.2
per cent in 2007, it has increased by asubstantial 40.8 per cent in the first fourmonths of 2008 compared to the
corresponding period of the previousyear. According to the Food andAgriculture Organisation (FAO), 37
countries in the world are presentlyfacing food crisis, 31 of which are in Africaand Asia. Last week (end of May) the
World Bank unveiled a US$ 1.2 billionfast track funding facility to help combatthe impact of rising food prices on the
poor. World leaders are currently (June3-5 in Rome) meeting for a High-LevelConference on World Food Security
hosted by FAO. The summit comes at atime when food prices have registered anincrease of 55 per cent, in the last twelve
months. The agenda for the summit
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includes measures relating toaugmenting crop production, trade, aid,diversion to bio fuels and increasing
investment in agriculture science andtechnology. The overall purpose of theHigh-Level Conference is to address food
security issues in the face of soaring foodprices and the new challenges of climatechange and energy security. The
objective of the Conference is to assistcountries and the internationalcommunity in devising sustainable
solutions to the food crisis by identifyingthe policies, strategies and programmesrequired to safeguard world food security
in the immediate, short and longer term.
Undoubtedly, the current global foodsituation is very serious and hence, we
need to understand the reasons for suchdramatic increase in food prices in a shortperiod.
First, it is said that rapid growth ofChina and India is lifting standards of
living of millions of people every yearthus putting enormous pressure onglobal demand. It is also argued that the
food basket has changed and iscontributing to higher demand.However, a closer scrutiny would reveal
that enhanced demand cannot explain asudden spurt in prices in one year sincethese two economies have been growing
at elevated and accelerating levels forover a decade, if not over two decades.Further, China has been a net wheat
exporter and its per capita meatconsumption had reached westernstandards by 2005. India is an exporter
or an importer at the margin, except inregard to vegetable edible oils where it
has been a consistent net importer inrecent years, and also to a small extentin regard to pulses.
Second, the drought conditions,possibly induced by climate change, in
some countries like Australia andUkraine, may provide some explanationfor price increases. It is also likely that
dwindling stock levels observed inseveral countries could have exacerbatedthe scarcity conditions. Further,
administrative measures in somecountries to restrict or discourage exportsof food products might have stabilised
prices in those countries but could haveenhanced the prices in some othercountries. However, these reasons do notfully explain the widespread global
increases in prices of all the commoditiesat the same time.
Third, it is argued that increases inenergy costs are resulting in cost pushinflation but contribution of energy costs
to overall costs in agriculture may notexplain the huge increase in food-prices.
Fourth, related to the current elevated
energy prices, there has been diversionof corn and edible oils to bio-fuels, whichare significantly influenced by policy
mandates. Very clearly this diversion tobio-fuel is a policy induced new realitywhich coincided with price escalation in
precisely those products and hence, isnoteworthy.
Fifth, the financialisation of
commodity trade and currentextraordinary conditions in globalfinancial markets could have influenced
the spurt in prices. The recent reductions
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in interest rates in the U.S. and the
injection of liquidity have resulted in
investors seeking new avenues such as
commodity markets, in view of the
turbulence in financial markets and the
low returns in treasuries. The relatively
easy liquidity and low interest rates, by
themselves, make holding of inventories
attractive and thus induce greater
volatility to commodity markets. The
weakening of the U.S. dollar is also
advanced as a reason for the recent
volatility in commodity markets,
including food items. It is evident that
this phenomenon is also now coinciding
with the across-the-board rise in food
prices.
In brief, while there are demand and
supply side pressures on food items, there
is considerable merit in the arguments
that recent extraordinary increases in
food prices are closely linked to the public
policy responses to high energy costs in
advanced economies, and the turbulence
in financial markets and financial
institutions. It is said that the impact of
such policy induced diversion of food to
bio-fuels is significant at this juncture
and reflects a preference to fill the fuel
tanks of automobiles rather than fill the
empty stomachs of people. Similarly, it
is sometimes held that the weight
accorded to financial stability in public
policy may now be at the expense of
stability in real sector - especially of
sensitive commodities like food. At the
same time, there is a general consensus
that public policies in regard to food in
many economies around the world have
not provided adequate incentives to
farmers to increase the supply of food andother agricultural products to comfortablymatch the growing demand over the
medium term.
As regards prospects for the nearfuture, there are severe imponderables,
especially relating to the path of futureprices of oil; progress in restoration ofnormalcy in financial markets, especially
currency markets; and the extent of slowdown in the U.S. economy and itsconsequential impact on the world
economy as a whole. Further, publicpolicies in regard to food, especiallydiversion to bio-fuel; cross border
trading; subsidies; and replenishment oruse of buffer stocks; would impact theevolution of prices globally. However, the
redeeming feature is that supplyresponse in regard to food grains ispossible in a year or two. As per FAO
estimates, wheat output is set to achievea new record in 2008, though against thebackdrop of deeply depleted stocks.
Global production of rice in 2008 isexpected to be marginally better than theprevious year and hence, some depletion
of stocks held may be expected. Globaloutput of edible oil is anticipated to fallby about three per cent in the current year,
and according to FAO, oil seeds andedible oil prices are expected to remainfirm.
What is the medium term to long termoutlook for food prices at the global level?According to the Agricultural Outlook
from OECD and FAO, while agriculturalcommodity prices should ease from theirrecent record peaks, they are expected to
average well above their mean level of
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the past decade. Two days ago (June 3rd)
U.N. Secretary-General said, in a speech
at the High-Level Conference on World
Food Security hosted by FAO that world
food output needs to rise by 50 per cent
by 2030 to meet rising demand.
The implications of such a scenario
in global farm outputs and prices for us
should be very clear. With rapid economic
growth in our country, the food-
consumption will rise in an
unprecedented fashion since we are over
a billion people. The food basket will also
change. We have to augment food
supplies within the country since
marginal requirements or even a
perception of shortfalls in domestic
supply in our economy can have
significant influence on world prices. As
we have over half of the work force
depending on agriculture, and as we
have scope for increasing productivity in
agriculture, there is no reason why we
cannot ensure food security for our
country, at a minimum. Indeed, India can
become the 'Annapoorna' for the world
and I feel that Andhra Pradesh can
become the 'Annapoorna' for India.
In this regard, I can do no better than
quote Dr. M.S. Swaminathan, one of our
esteemed agricultural scientists, "India
has the technological and economic
capability to demonstrate how farming
system can be adjusted to different
weather patterns. It is hoped that at the
Rome Conference, Indian representatives
will serve as a bright affirming flame in
the midst of the sea of despair we see
around us".
Indian Situation
Let us now focus on the Indian
situation. At the outset, it must be
recognised that increase in food prices
in India in recent months has been only
a fraction of that observed in many other
countries. In particular, the global prices
of wheat and rice had almost doubled
between January and April 2008, while
in India the increase has been far less
than one tenth of that. In a sense, this
vindicates the long-standing public policy
of emphasis on a degree of food security
in our country, especially due to the
vulnerability of large segments of the
population. Yet, the prices of food articles
spurted in India also in 2006 and 2007.
The average annual increase in the
Wholesale Price Index (WPI) of food
articles was around 7.0 per cent during
that period. While increase in the food
prices was led by wheat (13.0 per cent)
during 2006, rice (6.0 per cent) and edible
oil (13.1 per cent) also joined in the price
rise in 2007. However, food prices have
exhibited some moderation during 2008.
The Wholesale Price Index of food articles
during 2008-09 (up to May 17, 2008) has
increased by around 2.5 per cent as
compared with the corresponding period
(3.1 per cent) in the previous year.
Of greater interest may be the current
outlook for individual commodities,
which appears positive for wheat, with
significant improvement in procurement.
In regard to rice production which
stagnated since mid-90s, some
turnaround is observed since 2005-06.
The prices of edible oil increased sharply
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in 2006-07 and spiked during 2007-08.However, some moderation has beenobserved during the current financialyear so far. Due to stagnant levels ofproduction in pulses the demand-supplygap is met through imports, but domesticprices saw a spurt before seeing a declineduring the last one year. Prospects forsugar, of which India is amongst thelargest producers, appear bright for thecurrent year, since production has risensubstantially since 2005-06.
Overall, some abatement of globalprices, indication of better domesticsupplies and addition to our bufferstocks, along with the series of measuresalready taken by the Government, on thesupply side, are expected to yield resultsin the months to come. Over the mediumterm, however, the National FoodSecurity Mission launched about twoyears ago should yield positive results.
Reserve Bank's Approach toAgriculture
The Reserve Bank's major objectivesare to maintain price stability andmaintain growth momentum, especiallyemployment generation. In thisendeavour, agriculture plays a critical rolesince agricultural commodities have arelatively significant weight in priceindices in our country and also inanchoring inflation expectations. Interms of employment also agriculturedominates, accounting for about sixty percent of the total, while in terms of GDPits share is less than a third of that.However, the policy space available toReserve Bank is basically confined tomanaging aggregate demand through
appropriate stance in regard to growthin money supply, interest and exchangerates and, to some extent, flow of creditthrough banks. Yet, in view of thecriticality of agriculture, the Reserve Bankarticulates its approaches to agriculturethrough the Annual Reports. Let mesummarise briefly, the analysis and theviews as expressed by the Directors of theReserve Bank in their Annual Reportsduring the recent past - say last five years.
(a) Since the mid-1990s, the growthof the agricultural sector has not onlybeen low, but also volatile. The cropyields have shown an unstable trend inrecent years. An area of growing concernhas been the continued incidence oflocalised droughts even in good monsoonyears. In recent years, the foodconsumption basket is getting diversifiedtowards value added food products suchas meat, poultry, fish, vegetables andfruits. It is important for production torespond to these shifts in consumption.
(b) The share of agriculture in the totalgross capital formation (GCF) in realterms has been declining in recent yearsmainly on account of steady erosion inthe share of public investment. Theinadequacy of private investment infulfilling the capital requirements ofagriculture has raised concerns about thestate of the rural infrastructure, whichcould turn into a binding constraint ongrowth.
(c) Several initiatives have been takenin recent years to improve the agriculturalcredit delivery mechanism. However,some bottlenecks continue to affect theflow of credit to agriculture. To attain a
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higher growth in agriculture, the major
areas requiring attention in the financial
sector are, inter alia, spread of insuranceagainst crop losses and facilities formeeting the needs of the rural economy.
Newer forms of credit assessment andrisk management systems may also haveto be put in place, besides upgrading
skills, and ushering in changes inattitudes and mind-sets. Informationtechnology has to be used to facilitate
transformation in various processes ofrural credit.
(d) Efficient and well developedagricultural markets are necessary toenable farmers to deal with inherentrisks associated with the perishability of
their produce, to get remunerative prices,and to secure smooth access to inputsupplies. Towards these objectives, the
agricultural marketing system in thecountry needs to be integrated andstrengthened. Given the several risks that
farmers face, such as future price andmonsoon conditions, there is a need toput in place appropiate risk mitigation
policies. Accordingly, a comprehensivepublic policy on risk management inagriculture could promote a more
efficient and commercialised agriculturethat could also provide relief to thedistressed farmers. Rural infrastructure,
which includes agriculture research andextension, transport, electricity, andstorage structures, not only enhances the
productivity of physical resources, butalso helps in supply chain managementand value addition in agriculture.
(e) Greater focus needs to be placed
on agricultural research in the coming
years as the success so far has been
restricted to select crops. Efforts to
modernise and strengthen the
agricultural research system, including
the agricultural universities, need to be
intensified. The Green Revolution has
been the cornerstone of India's
agricultural development, transforming
the country from one of food deficiency
to self-sufficiency. The time is now ripe
for a second Green Revolution which will
lay emphasis on diversifying the
agricultural sector further in order to
capture new market opportunities.
As regards flow of credit, in which the
Reserve Bank has a role primarily as the
regulator of banking system, it has been
the Reserve Bank's endeavour to enhance
credit flow to agriculture by removing the
bottlenecks in credit delivery. The
Reserve Bank, on its part, is intensifying
efforts in revitalising the rural
cooperative credit system, strengthening
regional rural banks, providing incentives
to commercial banks for investments in
rural economy and ensuring an adequate
and timely delivery of credit at a
reasonable price. The programme for
financial inclusion initiated by the
Reserve Bank in collaboration with
banks and several State Governments, by
adopting modern technology, is being
intensified and expanded.
Andhra Pradesh
Before concluding this section on
India and the Reserve Bank, let me
hasten to add that Andhra Pradesh has
shown a visionary leadership by putting
irrigation and agriculture at the top of
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agenda for public policy. Andhra Pradesh
has anticipated the emerging criticality
of agriculture and designed a policy that
is now being followed by many other
States in India. The Reserve Bank has
been having the privilege of very close
cooperation and coordination with the
Government of Andhra Pradesh.
Conclusion
Let me conclude by reiterating that
globally demand for agricultural products
will be very high for the next two to three
decades. India will play a dominant role
in contributing to both global demand
and global supply. Agriculture will be
increasingly more diversified and not
confined to food crops. Scientific
agriculture is and will be the key for thefuture. The path ahead is far fromsmooth, and traversing this path requiresconstant efforts, vigilance anddedication. I am sure that the knowledgegained from your education will help youin moving forward in your endeavoursin life, with determination andconfidence.
My dear young graduates inagriculture and horticulture, you have abright - a very bright - future since India,indeed, the world beckons you. Make thebest of it by working hard andpurposefully and at the same time beinghappy. Remember, the ultimate goal isyour happiness and the final judge ofhow you achieve it is your ownconscience.
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I am honoured by the invitation fromthe Bank for International Settlementsto be a discussant, for a Paper1 by the
eminent and respected scholar, ProfessorAlan Blinder. It is virtually impossible toadd value to the comprehensive and
incisive analysis of the subject in thePaper, which is on a subject of greatrelevance to central bankers. My
comments will be basically to supplementor elaborate some ideas in the Paper,from a practitioner's point of view. To
begin with, there will be selectcomments on each of the sections of thePaper keeping in view the Indian
perspectives. The second part willhighlight select issues, which appear tobe especially relevant to monetary policy
communication in emerging marketeconomies (EMEs). The concluding partwill pose some issues, which deserve
debate in the search for what ProfessorBlinder calls "optimal" central bankcommunications policies.
Indian Perspectives
Reasons for Communication
There has been significant progress
in India in enhancing communicationand removing the mystique surroundingmonetary policy. While in the pre-reform
period, before the 1990s, thecommunication was relatively easy in acontrolled environment, it has become
a greater challenge in a market orientedenvironment particularly in the contextof global financial market integration.
The stake holders have become larger andwider and the monetary policy by itself
The Virtues and Vices ofTalking about MonetaryPolicy: Some Comments *
Y.V. Reddy
* Remarks by Dr. Y.V. Reddy, Governor, Reserve Bank of India at the 7thBIS Annual Conference at Luzern, Switzerland on June 26, 2008.
1 Talking About Monetary Policy: The Virtues (and Vices?) of CentralBank Communication, Prof. Alan S. Blinder, May 8, 2008.
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in terms of operating framework andinstruments has assumed increasingcomplexity. There is a clear recognitionof the importance of market expectationsin the conduct of monetary policy, partlyinfluenced by academic work and partlyby the demonstration effect of evolvingpractices among central banks. Perhaps,there are also other reasons for thedemand for such enhancedcommunications in India; for example,increasingly greater transparency isdemanded, as part of public policy, inalmost all spheres of governance of thepublic sector, which includes the centralbank. The media - we have six businessdailies in English, apart from fourbusiness channels on television - exertspressure, seeking information on manyissues. In a way, there is both a supplyside and a demand side to thecommunications by the Reserve Bank ofIndia on monetary policy aspects, in thecontext of evolving market expectations.
On the need for communications, wehave no doubt that it enhances theeffectiveness of monetary policy in aliberalised market envir onment. In fact,the experience in India shows that theneed to communicate, by itself, compelsfar more rigorous thinking and analyses,as it is said that the best of learning comesfrom a compulsion to teach. Thecompulsions to communicate catalyse theprocesses to improve the quality ofdecision making and by providing ahelpful feedback.
Democratic accountability, as areason for better communication, is veryvalid for India also. But, improvementsin communication have been taking place
in the recent years without any formalrecognition of the extent of the ReserveBank's independence. My personalfeeling is that improved communicationin regard to the thinking and the actionsof the Reserve Bank has enhanced the defacto central bank independence while,de jure, there has been no noticeablemovement in according greaterindependence.
Accountability to Parliament, thesupreme body of elected representatives,is very important in the context of thefunctioning of a central bank in ademocracy. In India, the Reserve Bank isaccountable to the Parliament throughthe Ministry of Finance and thus itscommunication to the Parliament isthrough the Ministry. Whenever theviews between the central bank and theMinistry converge, there should be nocomplexities. The Reserve Bank is alsosummoned to give evidence beforeParliamentary Committees, most oftenalong with the officials of the Ministryof Finance. There are some occasionswhen the hearings of the committees arerestricted to the Reserve Bank, generallywhen the Governor is called in. However,we are sworn to secrecy from makingpublic our submissions to theParliamentary Committees, whereas theCommittee may make use of the materialsupplied by us, as considered appropriate.In a sense, the Reserve Bank's views, assubmitted to the ParliamentaryCommittees, are not available in theirentirety in the public domain.
It is quite possible that there arecommunications or signals, if notdirections, from the Ministry of Finance
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often on issues relating to monetarypolicy or banking, a sectorpredominantly Government owned. If
these are consistent with those of thecentral bank, they reinforce the centralbank policies, but if these are divergent,
it poses a dilemma for central bankcommunication and to that extent acentral bank may be constrained in
freely articulating its policies.
These are some noteworthy features
of communication in the context ofdemocratic accountability to theParliament in India.
Limits to Communication
Based on my personal experience, itis possible to mention some limitations
to making communication more effectivein India. Most often, in any givencontext, the preferences of market
participants may be different but notnecessarily opposed to the public policypreferences. While transparency and
communication in such circumstanceshelped in a re-ordering of the preferences,a surprise element in the decisions and
timing of the communication was moreeffective when the public policypreferences and the market preferences
were in virtually opposite directions. Inthe latter case, the communication of thereasoning for the actions, either
concurrently or ex post, was found to bedesirable.
Communication is not Pre-commitment
Pre-commitment is generally usefulon many occasions as part of monetary
policy communication. I have two
observations based on our experience inthis regard. First, in highly uncertainconditions, a conscious view needs to be
taken on the virtues of pre-commitment.Second, even when there is a pre-commitment and some reversal was
needed at some stage due to unforeseencircumstances, a detailed and timelyexplanation for deviating from the
assurance helps clarifying the situation.Further, degrees of pre-commitment mayvary from a 'vague but indicative' to 'a
definitive time-table', and our choice hasvaried depending on the circumstances.
What to Communicate
On what to communicate, ProfessorBlinder refers to four different aspects of
monetary policy; namely, overallobjectives and strategy, motives behinda particular decision, the economic
outlook and future monetary policydecisions. Most difficulties in puttingthese into practice arise in regard to the
future monetary policy decisions. Oureffort in this regard has been to explainthe stance of the monetary policy that
would govern the future, which is donecurrently at quarterly intervals. Theemphasis of this communication is on
presenting information and analyses,that allows the market participants todraw their own inferences, but the
Reserve Bank desists from giving anyexplicit forward guidance.
The Reserve Bank is not only
responsible for monetary policy but alsofor banking regulation, and formanagement of the external sector and
the Government debt. Further, thecontent of communications relates not
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only to policy changes but also to thepath of structural reforms, including legalreforms. In our periodical
communications we have adopted aformat of presenting the monetary policyand developmental and regulatory
policies in two distinct sections in ourannual and mid-term reviews; while thefirst quarter and the third quarter
communications are confined tomonetary policy. Cross-references are nodoubt, inevitable. These are in addition
to various other forms of communication- regular or ad hoc, and formal orinformal.
Central bank communication isgenerally perceived as synonymous withpronouncements on monetary policy. In
fact, a central bank's dilemma is morepronounced with regard tocommunication of supervisory issues. On
supervisory matters, the central bankcommunicates to the common personand does not confine necessarily to a
specialised audience like financialmarkets or financial institutions. Thesemarket players with knowledge and skills
can absorb such communication in theright spirit though they may have specificbusiness interests. What the general
public desires to know may at times beat a variance from what the marketplayers would like to be disclosed. The
dilemmas of a supervisor, especially in acountry like India are even morecomplex on account of the level of
financial education.
Strategies and content ofcommunication may have to be different
for meeting the challenges to financial
stability as compared to maintainingprice-stability. In India, several measures,monetary as well as administrative, were
undertaken to meet the threats tofinancial stability while complementaryor parallel recourse was taken to
communications. Some illustrations are:a speech in Goa in August 1997 to "talkdown the rupee"; reassuring statements
on market developments in the contextof Asian crisis combined with a packageof measures, in tranches in 1997 and
1998; pre-emptive measures in mid-1998in the context of crisis in Russia;reassuring statements issued in the
context of border conflict in 1999; acombination of liquidity injection andreassuring statements along withmeasures in the context of the 9/11; and
in 2005, to explain the impact of theredemption of the India MillenniumDeposits, to the extent of US dollar seven
billion, on the foreign exchange markets.There could also be occasions where thecentral bank may not react to certain
instances, for example when somesanctions were imposed on India. But,these decisions are taken thoughtfully
and consciously after duly taking intoaccount the need and market sensitivity.In brief, we take recourse to open market
operations, open mouth operations, andopen only eyes and ears operations inregard to threats to financial stability.
How to Communicate
The public-face of the Reserve Bank
in regard to formal communications isthe Governor, but the Deputy Governorwho deals with the subject also interacts
more actively, more frequently and in
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greater depth with the media. These arein addition to the legal reportingrequirements and several otherdocuments that are placed in publicdomain at periodical intervals. In theabsence of a formally constitutedMonetary Policy Committee, thisarrangement works well in terms ofcommunicating with coherence, clarityand credibility.
On the impact of the Reserve Bank'scommunication on financial markets, themost notable contribution has been ingenerating a better understanding,debates and sensitivities among themarket participants and analysts, of theissues involved in money, finance andmacro-stability. This process has beencritical for India partly because the legacyof a planned economy required un-learning as well as re-learning and partlybecause the financial sector reformprocess as well as the context has beensomewhat more unique to India than inmany other EMEs.
Predictability
On the predictability of the monetarypolicy decision in India, I am not awareof any research work on the subject. Letme therefore take recourse to anecdotalevidence. Since 2004, the Reserve Bankhas been withdrawing monetaryaccommodation, strengtheningprudential requirements andemphasising risks to price as well asfinancial stability. Most marketparticipants seemed to haveconditioned, at least until recently, theirexpectations of monetary policyresponse on what they considered to be
the standard practice in advancedeconomies. As a result, for some time inthe past, the Reserve Bank acquired anunwarranted reputation of alwayssurprising the markets, prompting me toquip at one stage that "the financialmarkets always surprise me with theirexpectations from the Reserve Bank".
As regards the forms of central bankcommunications, our experience is thatformal, structured and periodicstatements are normally valuedsignificantly, but there is a markedlyheightened interest in speeches andcomments in times of unexpected globalor domestic developments.
India is not an inflation-targetingcountry. The democratic pressures haveproved to be a disciplining force so far,and its record over five decades isreasonable relative to most developingcountries. Further, the two groups ofcommodities that carry a large weight inthe consumption basket, namely foodand fuel, are subject to supply shocks,making it difficult to identify a "core" thatcould be meaningfully targeted. Yet, thereare suggestions, mainly from theacademia, for inflation targeting but thereis little or no support for it in politicaleconomy.
There is a reference in the Paper topaying some attention to communicationwith the general public. In India, werecognise that communication is notneutral to the target audience. TheReserve Bank communicates with varioustypes of audiences - researchers, analysts,academicians, media persons, entitiesregulated by the central bank, other
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central bankers, rating agencies,international or multi-lateral bodies, andplayers in the financial markets. The
Reserve Bank also endeavours tocommunicate with other specialaudiences, such as, urban and rural
women and men, senior citizens, defencepersonnel and even school children. Letme illustrate with a communication
initiative that the Reserve Bank hasundertaken two years ago. TheOmbudsman Scheme for banks was
revised recently and hence, the objectivewas to inform the widest section of ourpopulation. A Press Release might not
have fully served the purpose. So, adecision was taken to issue anadvertisement in print media - for whichthe content was indeed common but the
languages differed. It was interesting tonote that while the 15 leading Hindinewspapers with a larger circulation at
8.1 million and a far larger readership at87.0 million helped us reach an audiencethat was almost five times larger than
what we could have reached if we hadadvertised in leading English newspaperswhich are 17 and have a combined
circulation of 6.3 million and readershipof 17.9 million. In fact, in India, 54leading non-English newspapers have a
circulation of 21.4 million and areadership of 197.2 million. Given thisexperience of ours, we made the Reserve
Bank website available apart from inEnglish and Hindi, which are officiallanguages of the Union Government, in
11 other national languages spoken by alarge section of the population. Further,the RBI last year launched a Financial
Literacy Project to educate the common
person who is generally not financiallyliterate. The project aims at impartinginformation and knowledge about
banking, finance, and central banking tothe common person in her or his ownlanguage. The material published under
this project is, therefore, also madeavailable in 11 major Indian languagesapart from English and Hindi through a
multi-lingual website.
These illustrations fully endorse whatProfessor Blinder has said in his Paper
"In the end, central banks derive theirdemocratic legitimacy and hence theircherished independence from the
consent of the general public"
Select Issues Relevant to EMEs
Let me attempt a few generalisations
on the subject, keeping in view the EMEperspectives.
First, it is not very clear whether the
empirical research on the subject referredin Professor Blinder's paper hasadequately covered EMEs. For example,
BRIC countries (Brazil, Russia, India andChina), South Africa, Indonesia, SaudiArabia, etc., are emerging as significant
players in the global economy. Are theirexperiences different from thoseresearched so far?
Second, the Government happens tobe a significant player in many EMEs,
especially in the financial sector. In thecircumstances, should communicationwith financial markets, which should
admittedly be two-way for optimalresults, exclude communication by/ withthe Government? Naturally
communication by/with the Government,
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by its very nature, will have a differential
and, at times, overlapping impact. But
how does it affect the independence of
the central bank and its policy
effectiveness? This dimension poses a
challenge for communication policy.
Third, the education function of
central bank communication, that
Professor Blinder referred to, may be
more important in EMEs. In fact, such a
function may enlarge the role of a central
bank in the EMEs, when it carries
credibility. In this regard, let me quote
from an undelivered speech of a
distinguished central banker2 on the
subject.
"Communication is not just about
transparency. It is also about education,
guidance and steering things in the right
direction. In this, the central bank can
be an honest broker between the
Government and the public and even the
parliament."
In fact, a central bank can influence
changes in public policy that are relevant
to monetary and financial policies. For
example, at the cost of modesty, let me
quote Mr. Tarapore, a respected central
banker.
"… when the definitive history of
India's policy on gold is written up, the
speech by Dr. Y. V. Reddy, Deputy
Governor, Reserve Bank of India, at the
World Gold Council Conference on 28
November 1996 will stand out as a
watershed as it is perhaps the only speech
by a senior Indian official which squarelytakes on issues on gold policy and it willbe appropriately recorded as a forerunner
of major policy change".3
Fourth, relative to many otherinstitutions in the public sector, central
banks in many EMEs happen to haveprofessional skills, experience andobjective and independent thinking
which can be drawn upon by theGovernment, especially during theprocess of reform, in particular reforms
in the financial sector. Structural changesinvolving institutional and legal changesin EMEs may need active inputs from the
respective central banks. How do theory,practice and expectation of a transparentand independent central bank reconcile
with these practical compulsions?
Fifth, the issue of financial stabilityis of great significance and enormous
complexity for central bankers in theEMEs. These economies varyconsiderably with regard to their fiscal,
current account, openness to externalsector, and dependence on oil-earningsor oil-imports. Yet, the analysts in the
financial markets often treat them as agroup, presumably because the EMEs areperceived to be high-risk and high-reward
destinations for financial capital. Thatcharacteristic makes them morevulnerable to volatility in capital flows,
sometimes for reasons other thaneconomic fundamentals in the countryconcerned. As the title implies, the EMEs
are emerging from one state to another,
namely, from less market orientation to2 Dr. I G Patel's address to the SAARC Governor's meeting onCommunication in Central Banks, which was scheduled for December2004, but was cancelled due to tsunami.
3 Excerpts from Mr. Tarapore's address at the Gold Banking Seminarof the World Gold Council, New Delhi, August 2, 1997.
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greater market orientation, and are thus,
in a state of transition. Consequently, the
central banks in the EMEs, in their
pursuit of financial stability, have
additional challenges. First, to manage
the transition in their own economies,
which has socio-economic as well as
political dimensions; second, to keep a
watch on the sentiments affecting foreign
capital flows - which could change for
reasons other than domestic.
The challenges for communication
policy are considerably more complex for
the central banks in the EMEs for some
other reasons. More generally the style
and content of communication in EMEs
has to evolve over time consistent with
progress in financial sophistication.
Further, in a globalised world, the
communications by a central bank in
advanced economies have a great impact
on financial markets in EMEs.
Communications, including scope for
pre-commitment in policy, may have to
factor-in these complexities.
Some Issues for Debate
Before concluding, I should admit that
Professor Blinder's Paper has provoked
some thoughts that warrant further
debate and I will mention them briefly.
First, communication is a two-way
process and it is all about sharing of
information. Market functionaries and
agents have an equal role in enhancing
their disclosure of data and information.
But, studies seem to focus on one-sided
communication from the policy makers.
How far non-transparent and asymmetric
markets could adversely affect the policy
effectiveness of central banks? The recentsub-prime turmoil is a clear case in point.This may be worth examining.
Second, while discussingindependence of central banks how dowe capture the de facto elements asdistinct from the de jure elements? Whileit is true that the distinction is specific tothe overall governance in public sectorin each country, there may be anexplanation for divergences between thetwo that may either reinforce orundermine the credibility ofcommunication. Further, there may bedifferent degrees of independence thatare being exercised in practice and itmight be interesting to try andunderstand how these could be capturedin future studies.
Third, the exercise of independencehas generally been discussed in thecontext of price stability. The issuebecomes more complex when threats tofinancial stability are faced, since crisismanagement, as distinct fromprevention, requires coordination or atleast consultation with the Government,both in terms of actions andcommunication. This is particularlyrelevant if quasi-fiscal costs are involved.The more complex issue of managing theconflicts between price and financialstability goals on some rare occasionswarranting consultation or coordinationwith the Government, is another issue.
Fourth, how much of the recentempirical evidence is adequate to givecredit to effectiveness of monetary policyby central banks relative to say,
globalisation of trade in goods and
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services? At this stage, I must share with
you one concern about the credibility
bonus earned by an effectivecommunication policy that I had
expressed in 2006.
"Is it possible that such "hands on"and "very successful" communication by
many central banks with regard tomaintaining financial stability haveresulted in under-pricing of risks by the
private sector, or in a distinct loweringof aversion to financial risks? Is itpossible that this credibility bonus is
partly responsible for the upwardpressure on the housing and equity pricesbecoming a global phenomenon?" 4
Fifth, is it possible to envisageintermediate arrangements between anindividualistic and a mandated Monetary
Policy Committee? We may have anexample of such an intermediatearrangement in India. We have an
Advisory Committee on Monetary Policy,consisting of Members drawn from non-executive independent Members of the
Reserve Bank Board and outside experts,to aid the decision making process. Thisarrangement enables participation
without diluting the coherence,credibility and the flexibility - especiallyin regard to communication.
Professor Blinder, in a paper on 12th
December 2005,5 referred to four
prototypical central bank decision
making systems namely : individual
central bank governor (e.g. Reserve Bank
of New Zealand); autocratically-collegial
MPC (e.g. Federal Reserve System);
genuinely-collegial MPC (e.g. European
System of Central Banks); and
individualistic MPC (e.g. Bank of
England). Perhaps India would be a fifth
prototype placed somewhere in the
middle of the above four, in terms of
proximity to the classic decision maker
of economic theory. It could be called
individual central bank governor -
voluntarily collegial (Reserve Bank of
India).
Finally, in the debate on
accountability and independence, it may
be useful to be clear as to whom the
central bank is primarily accountable to.
If a central bank does not enjoy
independence, the question of its direct
accountability will not arise. Broadly
speaking however, do central banks tend
to focus of late, more on accountability
to financial markets, by design or by
necessity, rather than say to the
Government, or the real sector, or the
public at large?
5 Monetary Policy by Committee: Why and How, Alan S Blinder,December 12, 2005.
4 Keynote address at the Regional Seminar on Central BankCommunications sponsored by the International Monetary Fund,held at Mumbai on January 23, 2006.
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Changing Contours of IndianPopulation
India, the seventh largest country in
size, continues to occupy the second
largest populated country after China.
The aged population in India (i.e., over
60 years) that stood at 84.7 million (7.5
per cent) in 2005 is expected to rise to
141 million (10.2 per cent) by 2020 and
thereafter reach 194 million (13 per cent)
in 2030. Even though income levels are
going up and poverty declining, it can
be reasonably expected that a significant
number among the aged population
would be in the low income category. The
aged population requires additional
attention both from the society and from
the Government. More funds need to be
allocated for pension, health and other
social benefits of the aged people, while
declining savings of the aged population
could pose a threat in meeting such
additional expenditure.
India is one of the highest savers
among the emerging market economies.
Gross Domestic Saving, as percentage of
GDP at current market prices, increased
from 23.5 per cent in 2001-02 to 34.8 per
cent in 2006-07. Household savings rose
from 22.1 per cent in 2001-02 to 23.8 per
cent in 2006-07. Financial savings
however constituted only 47.5 per cent
of total household savings in 2006-07
Preserving the Value of Savings
Till as late as 10 years ago, we had a
fairly long period of high inflation and
interest rates; many persons planned
their savings for old age, assuming that
Inclusive Financial Systemfor the Aged*
Usha Thorat
* Speech delivered by Smt. Usha Thorat, Deputy Governor, ReserveBank of India at the 8th Annual IEEF Retirement Policy Conclavejointly hosted by Invest India Economic Foundation (IEEF) and thePFRDA at New Delhi on April 30, 2008.
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these rates would continue for long. The
drop in rates after 1998 led to decline in
returns for the retired who were
dependent on interest income.
Employers providing defined benefit
schemes found that the extent of
unfunded portion of the liability was
increasing. Not all persons realised that
they needed to save at rates higher than
the inflation rate; inflation could erode
the value of their savings and that health
care and typical old age expenses could
eat into their capital. The Reserve Bank's
goal of inflation of around 3 per cent in
the medium term, as articulated in its
monetary policy statements, is thus
critical not only for maintaining self
accelerating growth and greater
integration with global economy, but also
to ensure that the value of savings for
the old age is preserved. The best that
The Reserve Bank can do for ensuring a
sustainable pension system is to accord
high priority to price stability, which is
precisely what it is doing.
Financial Protection Awarenessand Financial Literacy
Recent surveys such as those
conduced by NCAER1 in conjunction with
Max Life show that higher rate of
household savings at macro level can be
explained in terms of increasing concerns
for social security, high cost of education,
health and meeting other social
commitments. Saving for old age is not
found to be a dominant factor. At the
same time an overwhelming 96 per cent
of households feel that they cannot
survive for more than one year on their
current savings in case they lose their
major source of household income; yet
54 per cent households feel that they are
financially secure. Financially-at-risk
urban Indians appear to be even more
optimistic than their rural counterparts.
This clearly indicates that Indians do not
take a long-term view of their financial
security. There is therefore, a pressing
need for financial literacy for better
understanding of financial risks. At the
global level, Olivia Mitchell2, Wharton
Professor of Insurance and Risk
Management, and Chaired Professor at
Singapore Management University is also
of the same view: "Global ageing makes
for a much riskier world, inasmuch as
people tend to retire too young, save and
diversify too little, and outlive their
assets." Her research shows that many
workers are underestimating retirement
challenges, including the risk of outliving
their assets, the future cost of healthcare
and the erosive power of inflation in
retirement and she too, therefore, stresses
the importance of financial literacy.
Another compelling reason for
financial literacy is the fact that most
employers have moved or are moving
away from defined benefit schemes to
defined contribution schemes, which
require employees to be able to better
estimate their old age needs and plan
accordingly, starting sufficiently early.
Such schemes also allow workers to take
1 'How India Earns, Spends and Saves' Results from the Max New YorkLife-NCAER India Financial Protection Survey, Rajesh Shukla.
2 'Managing Retirement Risk in an Ageing World: The Global Picture'- an article from the Singapore Management University's websitehttp://knowledge.smu.edu.sg/index.cfm?fa=viewfeature&id=1074.
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their savings with them when they change
jobs. In this new environment, where
individuals have greater responsibility for
determining their own retirement
income, factors such as general financial
knowledge, an understanding of the
retirement saving process become critical
to achieving one's retirement objectives.
A survey showed that only 18 per cent of
the people surveyed answered correctly
the question as to how much $200 would
grow to, at the end of two years, at 10
per cent per annum interest! The
importance of starting early is illustrated
in a case where two persons of same age
save Rs 5000 per month at 9 per cent per
annum interest. One starts early at the
age of 25 and the other at 35. At 60, the
former has Rs 1.23 crore while the latter
ends up with only Rs 53 lakh!
Greater efforts by employers can
assist workers in their retirement
planning and enable them to achieve
their retirement objectives. We, in the
Reserve Bank, offer an excellent
retirement planning program for
employees; only, it is offered towards the
end of one's career rather than an earlier
period when time value of money makes
all the difference.
Financial Literacy Alone is notEnough
While focus on financial literacy could
lead to informed and responsible
consumers, it cannot by itself ensure
consumer protection. There has to be
"responsible" selling of products;
especially to vulnerable sections of
society including, among others, senior
citizens and low income groups. In
particular, banks selling insurance,
capital market and pension products
have to be sensitive to the fact that the
essence of financial services is trust. A
bank accepts deposits on trust and
assures a return. A bank customer
relationship is fiduciary and not based
on transaction - it is a long standing
relationship and there is every need for
banks to act with responsibility. As a
recent Penn study3 on financial literacy
put it, "Nothing is inherently wrong with
consumers or the modern, complex, and
ever-changing financial services
marketplace, but the interaction
between the two creates welfare-
impairing outcomes. Potential general
approaches to improve that interaction
include enhancing the resources with
which consumers approach the market,
changing the financial decision
environment, or bringing seller
incentives in line with consumer
incentives." Various approaches
suggested include providing affordable
expert advice, akin to pro bono legal
services, having true transparency
requiring simplified products where
benefits and costs are clearly understood
and rules of thumb can be applied,
having retirement savings rules with
default rules that place consumers into
higher welfare enhancing rates of
retirement savings; aligning incentives
of sellers of consumer financial products
to bring them into closer alignment with
consumers' best interests. According to
3 Against Financial Literacy Education, Lauren E. Willis (2008),University of Pennsylvania Law School.
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the study, regulatory interventions must
navigate the heterogeneity of consumer
knowledge, skills, and behavioural traits,
taking care not to hinder marketplace
changes that would enhance consumer
welfare.
Financial Inclusion andFinancial Protection
As you are aware the Reserve Bank
and the Government of India (GOI) have
been pushing for greater financial
inclusion. This implies, first of all,
providing an accessible and safe place to
the people at large for putting their
savings which can be withdrawn in case
of emergency. What the Reserve Bank is
trying, is to see that the un-banked
population gets access to bank accounts.
Such bank accounts are also critical to
ensure a safe and reliable payments
system for old age pensions. Pension
payment for below poverty line (BPL)
families and unorganised sector targeted
at nearly 300 million workers, can be paid
through bank accounts thereby not only
saving the cost of making the payments,
but also minimising leakages and pre-
empting payments in the names of
persons who do not actually exist. Bio
metric smart cards /mobile technology
and use of business correspondents as
agents by banks have made "no frills"
banking accounts accessible to low
income families. A very successful
example of using such accounts for old
age pension payments can be seen in the
State of Andhra Pradesh, where a pilot
project carried out in the Warangal
district is being up-scaled to cover all
districts. Building up savings in such
accounts and provision of small
overdrafts facilitates creation of track
record and gives confidence to the saver
that emergency needs will be met. the
Reserve Bank now treats such overdrafts
upto Rs.25,000/- against no frills accounts
and credit provided under GCC at rural
and semi urban branches as priority sector
under indirect credit to agriculture.
Further, the Reserve Bank has allowed
banks to use ex-servicemen, retired bank
and government employees to be
business correspondents to provide
doorstep banking to the customers in
remote areas that are far from a bank
branch. These measures, viz., use of
intermediaries and IT solutions have now
made it possible to provide accessible
banking facilities to the large parts of the
population that were hitherto outside the
access of formal banking. It is easy to see
how critical this payments infrastructure
will be for providing old age pensions,
besides life, health, weather, asset and
livestock insurance especially in rural
areas - Insurance is very important as it
reduces credit risk and allows greater flow
of credit at lower cost. Thus there is a
huge synergy between financial inclusion
and financial protection for achieving a
more inclusive financial system.
Housing, Health and Life Style
As is found in surveys, savings in
India is mainly for owning a house,
meeting emergency needs, education of
children and social events such as
marriages. Compared to the earlier period
of high interest rates, owning a house in
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India has became quite affordable with
lower interest rates and tax breaks. There
has been a steady increase in housing
loans from 3.4 per cent of GDP in 2001
to 8.5 per cent of GDP in 2006. As share
of credit, it moved up to 12 per cent of
NBC in March 2007. The average interest
rate on housing loans has consistently
declined from around 16 per cent in 1995-
96 to around 8 per cent in 2004-05, though
it hardened moderately thereafter (NHB,
2006). Reflecting these developments,
housing stock in the country had also
increased from 148 million units in 1991
to 187 million units in 2001 and is
expected to further go up to 218 million
units in 2007 (NHB, 2006).
While on the one hand, there is an
improvement in longevity, on the other
hand, cost of good health care facilities
is spiralling and there is little social
security. The availability of affordable
health insurance services to senior
citizens is limited. The Government, on
December 6, 2006, launched an exclusive
health insurance scheme,Varistha
Mediclaim for Senior Citizens, offered by
National Insurance Company. The Union
Budget 2007-08 announced that the other
three public sector insurance companies
would also offer a similar product to
senior citizens. There is, however, still a
large gap between the supply of health
insurance facilities available to older
people and demand/requirement for the
same.
The Insurance Regulatory and
Development Authority (IRDA)
constituted a committee in April 2007 to
look into, among others, issues relating
to health insurance schemes for senior
citizens, streamlining procedures and
suggest possible incentives to the senior
citizens for adopting healthier lifestyles.
The Committee made various
recommendations including on proper
product designing according to the needs
of senior citizens and their capacity to
pay, drafting of insurance policies in
simple language, uniform definition of
terminology and standard terms and
conditions for the Industry, portability
of covers, sharing of information, etc. It
also recommended that insurers should
offer Personal Accident coverage as an
optional rider along with the senior
citizen health insurance products. This
would help offer both forms of
protection simultaneously.
Banking/Financial Products andServices for Senior Citizens
I turn next to some of the specific
measures relating to financial products
and banking services for senior citizens
taken by the GOI, the Reserve Bank and
the banking system in the recent period.
(i) Senior Citizens Savings Scheme
The Government of India had
launched the Senior Citizens Savings
Scheme, 2004 (SCSS) with attractive
interest rate exclusively for the benefit
of senior citizens, with effect from August
2, 2004. SCSS accounts can be opened
with Post Offices and Agency banks. The
salient features of the scheme are
available in the Reserve Bank’s website.
An important advice to senior citizens is
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Usha Thorat
to fill in Form 15 G and 15H, if they donot attract TDS provisions.
(ii) Senior Citizen Friendly Measures- Investment in GovernmentSecurities
Several friendly measures for seniorcitizens have been incorporated in theGovernment Securities Act, 2006 (Act) andthe Government Securities Regulations,2007 (Regulations), which have come intoforce with effect from December 1, 2007.These include -
● Automatic redemption facility forGovernment securities, includingRelief/Savings Bond;
● Simplified procedure in the event ofdeath of holder;
● Ability to pledge or borrow againstsuch securities;
● Nomination is permitted.
(iii) Facilities for Pensioners
Almost all the pensioners, by virtueof the retirement age fixed by theGovernment, are senior citizens. Thefollowing facilities, among other, areavailable to pensioners:
● Credit of pension to pensioners'accounts on last 4 days of month sothat the pensioner can draw pensionon the 1st day of the next monthitself.
● Joint account with spouse allowed.
● Pension slips to be issued at first timeand thereafter whenever there is a
change.
● For incapacitated pensioners - branch
to depute an officer to the residence
of the pensioner for getting/certifying
the life certificate.
● Banks to access the Government
website and effect payment of revised
Dearness Relief without waiting for
the Reserve Bank instructions.
● Banks to accept nominations
furnished by pensioners in Form 'A'
or 'B' in respect of payment of arrears
of pension of the deceased
pensioner.
The Reserve Bank has issued
necessary instructions to all the banks
disbursing pension to ensure that the
pensioners get the best possible customer
service. Most of the agency banks have
since set up Centralised Pension
Processing Centres (CPPCs) which will be
responsible for receipt of the Pension
Payment Orders (PPOs), calculation of
pension/Dearness Relief, etc. and
crediting the amount directly to the
pensioners' accounts through this system.
(iv) Deposit Scheme for Senior Citizens
Banks have been permitted to
formulate, with the approval of their
Boards, fixed deposit schemes specifically
for resident Indian senior citizens
offering higher and fixed rates of interest
as compared to normal deposits of any
size. These schemes should also
incorporate simplified procedures for
automatic transfer of deposits to nominee
of such depositors in the event of death.
Deposits over five years enjoy tax
exemption under 80C. TDS is applicable
unless Form 15 H is submitted to the
bank. Since the Reserve Bank receives
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RBIMonthly Bulletin
July 2008 1133
many complaints that tax is deducted,
senior citizens would do well to file Form
15 H in time.
(v) Reverse Mortgage Loans
Reverse mortgage provides an
opportunity to house owners to avail of
a monthly stream of income against the
mortgage of his/her house, while
remaining the owner and occupying the
house throughout his/her lifetime,
without repayment or servicing of the
loan. Realising the potential benefits, the
Union Budget 2007-08 announced the
introduction of 'reverse mortgage' by
NHB. NHB issued the final operational
guidelines for reverse mortgage loans
(RMLs) on May 31, 2007. Many banks
have already introduced RMLs. For tax
purposes it have been clarified that
reverse mortgage would not amount to
"transfer", and stream of revenue
received by the senior citizen would not
be "income".
(vi) Simplification of Procedure -Deceased Account Holders
Another area, where the Reserve Bank
has accorded a lot importance relates the
simplification of the procedure for
handling the accounts of deceased
account holders so as to ensure that
settlement of a deceased account holders
account proceedings is smooth and
without any impediment. For those with
non resident legatees, inheritance can be
remitted within the liberalised remittance
scheme of $200,000 per annum available
to every resident.
(vii) Specific instructions Issued byRBI to Banks in Dealing with SeniorCitizens
● Banks have been issued with special
instructions aimed at facilitating
opening and operations of accounts
by old and incapacitated people.
● The banks have been advised to
invariably provide passbooks to all
account holders. Such an advice to
banks was issued only in keeping in
mind the interests of the senior
citizens.
● Changes in any instructions on the
operation of Senior Citizens deposit
accounts should be confirmed within
one month to the depositor in
writing.
(viii) Facilities for Remittances andOperations on NRE /NRO AccountsJointly with NRI
Some of the facilities that may be of
interest to senior citizens are -
● Under the Liberalized Remittance
Scheme, Residents are permitted to
remit up to USD 200,000 per financial
year (April-March) for any permitted
current or capital account
transactions or a combination of
both. This would also include
remittances towards gift and
donation, acquisition of houses,
shares, MFs, etc.
● Residents are eligible to obtain USD
100,000 or its equivalent for medical
treatment abroad. A person visiting
abroad for medical treatment can
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RBIMonthly BulletinJuly 20081134
Inclusive FinancialSystem for the Aged
Usha Thorat
obtain foreign exchange exceeding
the above limit, provided the request
is supported by an estimate from a
hospital/doctor in India/abroad.
● In connection with private visits
abroad, viz., for tourism purposes,
etc., foreign exchange up to
USD10,000 in any one financial year
may be obtained by Residents from
an authorised dealer on a self-
declaration basis.
● A resident can transfer property to
his NRI heirs by a deed of settlement
i.e. facility whereby the property is
passed on to the legatees, during the
lifetime of the owner/parent who
normally retains a life interest in the
property.
● Housing loans taken by NRIs can be
repaid by his close relatives in India.
● Resident power of attorney holder
can remit funds out of the balances
in NRE account to the non-resident
account holder provided specific
powers for the purpose has been
given.
● Banks can also allow operations on
an NRO account in terms of such a
Power of Attorney, provided such
operations are restricted to (i) all local
payments in rupees including
payments for eligible investments
and (ii) remittance outside India of
current income in India of the non-
resident individual account holder,
net of applicable taxes.
Monitoring of Customer Service
The Reserve Bank is continuously
taking steps to ensure that customers get
treated fairly. The quality of service
rendered by banks is monitored by the
Reserve Bank with special emphasis on
service rendered by banks to pensioners.
Banks have been advised to include
senior citizens in their Branch Level
Customer Service Committees. Any non
observance of the Reserve Bank
guidelines or bank's code of commitment
to the individual customer can be taken
up first with the bank's own consumer
redressal machinery and if no satisfactory
response is obtained by the customer he
can complain to the Reserve Bank's
Banking Ombudsmen who have offices
at 15 centres, details of which are
available on the Bank's website.
Some tips to the Senior Citizen
● Obtain from bank and read the
BCSBI's Code of Banks' Commitment
to Customers.
● Clearly understand the concept
'Average Quarterly Balance' before
opening accounts.
● Do not keep the card and its PIN
together and never disclose the card
number or CVV number to others.
Beware of 'phishing attacks' in the
online transactions and ensure that
no information about the bank
accounts and passwords is revealed
except in making a transaction in a
secured site.
● Note that there is no interest payable
on the post maturity in the various
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RBIMonthly Bulletin
July 2008 1135
senior citizen Government deposit
schemes.
● Finally, if you have a complaint, first
approach yours bank for resolution
and then take up with the Banking
Ombudsman if the bank does not
resolve your complaint.
Banks' Sensitivity to Senior Citizens
Senior citizens can be forgetful, theypay attention to detail, they need to bepatiently handled and finally we all mustrealise that one day we too will be asenior citizen expect to be treated with
respect and sensitivity.
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RBIMonthly Bulletin
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The activities of the IBA have grownin diversity and scale in the recentperiod, not in small measure due to thedynamic leadership of CEO Mr Sinor, whoI understood was to have demitted officeon 31st May, but I believe has beenpersuaded by the Chairman to continuefor a while. Chairman Mr Rao, DeputyChairmen Mr Khandelwal, MrNarayanswami and Mr Nayar have, I amsure, provided their own unique directionto IBA, which has today emerged as ahighly respected body and voice of theindustry. In fact, there is hardly anyaspect of banking that the Reserve Bankwould consider without involving andconsulting IBA. In particular, I am happythat many cooperative banks are nowmembers of IBA. I feel RRBs also couldconsider becoming members and derivethe benefits of such membership. Also, Isuggest that IBA consider reduced feesfor smaller cooperative banks and RRBswho could join as non voting members -they can greatly benefit by theprofessionalism imparted through suchmembership.
For those of us who joined thebanking industry in the early 70s, whatwe see today represents a dream cometrue - India, aspiring to be a global playerand leader in all fields, adopting andsetting best practices in every way - Iwonder how many of us imagined thatwe would see this happen during ourcareer. Having said that, I would hastento add, as Robert Frost put it, there aremiles to go before we sleep. There isalways an unfinished agenda - that trulyrepresents the challenge of a banker'sjob!
Ensuring Dignity forIndian Customer: TaskAhead for Indian Banks*
Usha Thorat
*Address by Smt Usha Thorat, Deputy Governor, Reserve Bank ofIndia at the 61st Annual General Meeting of the Indian Banks'Association held at the Y.B. Chavan Memorial Hall, Mumbai on May26, 2008.
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RBIMonthly BulletinJuly 20081138
Ensuring Dignity forIndian Customer:Task Ahead forIndian Banks
Usha Thorat
Talking about leaving behind matters
that are of true value, I recollect a truly
inspiring speech given by Subroto Bagchi
of Mind Tree to the IIM Bangalore class
of 2006 and I quote (Mr Bagchi's father
was in Government service):
"Government houses seldom came
with fences. Mother and I collected twigs
and built a small fence. After lunch, my
Mother would never sleep. She would
take her kitchen utensils and with those
she and I would dig the rocky, white ant
infested surrounding. We planted
flowering bushes. The white ants
destroyed them. My mother brought ash
from her chulha and mixed it in the earth
and we planted the seedlings all over
again. This time, they bloomed. At that
time, my father's transfer order came. A
few neighbours told my mother why she
was taking so much pain to beautify a
government house, why she was planting
seeds that would only benefit the next
occupant. My mother replied that it did
not matter to her that she would not see
the flowers in full bloom. She said, 'I have
to create a bloom in a desert and
whenever I am given a new place, I must
leave it more beautiful than what I had
inherited'.
That was my first lesson in success.
It is not about what you create for
yourself, it is what you leave behind that
defines success."
I often feel that being a banker is
probably one of the most satisfying
professions in the world - like being a
doctor it gives you an opportunity to
render service and make a difference to
people and to society. It involves
nurturing entrepreneurs, helping
businesses grow to become large
corporates and MNCs; empowering
people, helping them realise their goals
by giving them education loans and loans
for their enterprises; providing the 'blood
circulation' viz, the payments system for
the financial system - all this and more.
Secondly, a banker is a person of
substance in the society. Being a banker
involves constant human and social
interaction with a wide cross section of
public - an enriching and satisfying
experience. The third most satisfying part
of a banker's job is that one continues
to learn new things about practically
every field of activity - agro tech, bio tech,
software, steel, cotton textiles, cement,
infrastructure and innumerable others -
it is a profession where one can be most
creative and one that challenges the
intelligence and wisdom of the best. You
are privileged to be a banker!!
I am truly impressed looking at the
breadth and depth of activities IBA has
been involved in the past year - Basle II
preparedness, payments and settlement
system, legal interventions, consumer
protection, accounting standards, IT
usage, financial crime and financial
inclusion. Each of these areas by itself
represents a huge amount of research,
dedicated work, and coordination. Other
impressive initiatives include setting up
of Cordex, a section 25 company for
pooling of risk data and operational loss
data, participation in the Banking Codes
and Standards Board of India (BCSBI),
launching a financial education portal
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Ensuring Dignity forIndian Customer:
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RBIMonthly Bulletin
July 2008 1139
and, what to me is the most exciting
initiative, the possibility of unique
customer identity across banks. The
impact that IT can have on financial
inclusion is unimaginable and the IBA's
initiative to evolve common standards
for this purpose is laudable. That India
has arrived is reflected in admittance of
IBA in the IBFed of six major bankers'
association from the developed
countries. I am sure that the Indian
banking system can provide leadership
in quite a few areas. One area in which I
know we are international leaders is in
providing low cost, biometric identified
bank accounts through smart cards,
mobiles and hand held connected
devices to ensure universal access to
banking.
Having praised the IBA management
and members for their work and
initiatives in 2007-08, let me turn to a few
areas where I feel there is much to be
done. In any forum of the public that I
address, be it citizens forum, Rotary, SHG
groups or others, one feedback that
regularly comes is opening of a bank
account is still quite a chore and full of
hurdles; not every bank branch offers no
frills or basic banking account and not
many branch staff are aware, or even if
aware, are willing to open a simple
account where the Reserve Bank has
specified a simplified KYC for accounts
with low level of transactions, i.e., where
balances do not exceed Rs 50,000 and
credits are not more that Rs.1.00 Lakh a
year. Maybe in 2008-09, IBA should get
its members to adopt software to be able
to monitor these two conditions online,
so that branch staff can confidently open
such accounts without worrying that they
may inadvertently be KYC non-
compliant! Similarly, how many of you
can confidently say that all of your
branches provide cash exchange facilities
and coins to walk in customers? How
many of you can confidently say that you
render this service at least at all currency
chest branches? Unfortunately, our
incognito visits have revealed that
seldom are such services offered to walk
in customers and even for regular
customers, it is rarely a counter service.
In fact, my personal experience during
incognito visits is far from encouraging.
A bank branch in any location should
offer some basic banking services such
as currency, remittances, basic forex
(with CBS this should not be a problem)
as also shared ATM. When we license a
branch, it is like providing a public good
in that area, like electricity or telephony
and I feel the spirit of this licence has to
be respected.
In the area of customer service the
cherished principles in treating customers
fairly are transparency, reasonableness,
truth in selling, confidentiality and
assistance when needed, apart from
effective grievance redressal machinery.
However, quite often one comes across
cases of complaints where these
principles are hardly followed and the
customer feels treated unfairly - for every
one person who files a complaint there
are probably 99 others who do not. IBA,
BCSBI and Banking Ombudsmen's
Offices are the three pillars for better
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RBIMonthly BulletinJuly 20081140
Ensuring Dignity forIndian Customer:Task Ahead forIndian Banks
Usha Thorat
customer service and we need to see that
our dreams in this regard are achieved.
I would now like to turn to areas
where I feel banks may need to give
strategic focus and evolve products,
processes and have in place people with
capacities to translate strategies into
action. These are in the fields of
agriculture, unorganised sector and
supporting skill formation of every type.
In agriculture, the need of the hour is
efficiency, supply chain management and
technology for improving production and
productivity and strengthening link to
markets both for inputs and output. The
National Development Council found
that there are several yield gaps across
States indicating that there is potential
for yield increase by investment in
agriculture. This would call for new
strategies for better credit delivery and
credit culture in agriculture. In the last
10 years or so, it is found that the
occupations that have generated
maximum jobs are IT, ITES, construction,
retail trade, hotels, restaurants and
tourism, health care, education, training
and consulting. These are sectors where
start up financing, bridge financing,
working capital and investment
financing are very important. Banks will
need to channelise all their creative forces
jointly in meeting the financing
challenges of these sectors. Credit
guarantee schemes and
operationalisation of credit information
companies can provide a huge boost to
these sectors but it will require willing
banks to upscale their efforts in financing
SMEs in these and other areas.
I would like to conclude by citing
Governor's recent talk at the Institute of
Asian Studies at Singapore where hereferred to the 'not easily quantifiablestrengths' which the Indian economy
possesses. A vast pool of science andtechnology graduates and the millions ofpeople who are familiar with the English
language are a source of strength. Thefamiliarity with multiple languages inIndia prepares the people - and I would
like to specifically include Indian bankersin this category - to adapt better to multi-cultural situations, making it easier for
them to fit into international systemssmoothly. In fact, I believe that one ofthe strengths of Indian bankers andbanking is the versatility in being able
to undertake the most complex financialstructures to simple products like goldloans and loans to Self Help Groups - it
is universal banking of a kind that is notso universal. In his speech Governor alsoreferred to the "demographic dividend"
seen as an inevitable advantage,provided pre-requisites such as skill-upgradation and sound governance to
realize it are put in place. He said thatperhaps we should track not only theaddition to the number of billionaires in
India but also the depletion in thenumber of millions of poor andunemployed. Summing up his talk,
Governor observed "For some, Indianeconomic progress signifies thebeginnings of a major economic
powerhouse in the world. But for manyof us, the optimism over the medium-term is only the beginning of an arduous
journey to ensure basic nutrition, cleanwater, safer sanitation, minimal housing,
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Ensuring Dignity forIndian Customer:
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RBIMonthly Bulletin
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personal security and individual dignity
for millions in India"
Indeed, fulfilling the basic necessities
of life, providing essential services and
ensuring individual dignity for the
millions in the country continue to be
the major challenges. Banks have a
significant role to play in addressing
these challenges. I am sure that you will
all rise to the occasion, and in doing so,
the IBA can only grow from strength to
strength!
Articles
India's Balance of Payments Developments during Fourth Quarter of 2007-08 (i.e., January-March 2008)and April-March 2007-08
India's External Debt as at the end of March 2008
International Banking Statistics of India - September 2007
Quick Estimates of National Income, 2006-07 and Revised Estimates of National Income, 2007-08: A Review
Industrial Production in India: 2007-08
Indian Investment Abroad in Joint Ventures and Wholly Owned Subsidiaries: 2007-08 (April-March)
India's Foreign Trade: 2008-09 (April)
July 2008
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1143
India's Balance ofPayments Developmentsduring Fourth Quarterof 2007-08(i.e., January-March 2008)and April-March 2007-08
The data on India’s balance of
payments (BoP) are compiled and
published by the Reserve Bank on a
quarterly basis with a lag of one quarter.
Accordingly, the preliminary data on
India’s BoP for the fourth quarter (Q4) of
the financial year 2007-08, i.e., January-
March 2008 along with the BoP for the
financial year 2007-08 were compiled and
released by the Reserve Bank on June 30,
2008. The developments in India’s BoP
for the January-March 2008 quarter and
the full financial year 2007-08 are
presented here.
I. Balance of PaymentsDevelopments during January-March 2008
The major items of the BoP for Q4 of
2007-08 along with Q1, Q2 and Q3 are
set out in Table 1.
Merchandise Trade
● On BoP basis, India's Merchandise
exports posted a growth of 20.0 per
cent in Q4 of 2007-08 as compared
with 16.7 per cent in Q4 of 2006-07.
● Import payments, on BoP basis,
recorded 37.2 per cent growth in Q4
of 2007-08 as against an increase of
14.7 per cent in Q4 of 2006-07.
● According to the data released by
Directorate General of Commercial
Intelligence and Statistics (DGCI&S),
while there was significant growth
in oil imports at 88.9 per cent in Q4
of 2007-08 (5.3 per cent in Q4 of
2006-07), non-oil imports recorded
a growth of 30.6 per cent (growth
of 21.4 per cent in Q4 of 2006-07).* Prepared in the Division of International Finance, Department ofEconomic Analysis and Policy, Reserve Bank of India.
RBIMonthly BulletinJuly 20081144
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
The key drivers of growth in non-
oil imports were capital goods, coal
and coke, chemicals and fertilisers.
● The sharp increase in oil imports
reflected the impact of increasing oil
price of the Indian basket of
international crude (a mix of Oman,
Dubai and Brent varieties), which
increased to US $ 93.9 per barrel in
Q4 of 2007-08 from US $ 56.4 per
barrel in the corresponding quarter
of the previous year.
Trade Deficit
● On BoP basis, the trade deficit
increased to US $ 23.8 billion in Q4
of 2007-08 (US $ 12.9 billion in Q4
of 2006-07) mainly on account of
higher growth in crude oil imports.
Invisibles
● Invisible receipts showed a growth
of 26.2 per cent in Q4 of 2007-08
(25.6 per cent in Q4 of 2006-07), while
payments recorded a growth of 20.0
per cent in Q4 of 2007-08 (52.7 per
cent in Q4 of 2006-07).
● Steady expansion in invisibles
surplus to US $ 22.8 billion in Q4 of
2007-08 (US $ 17.1 billion in Q4 of
2006-07), reflected mainly the
growth in exports of software
services and travel receipts, and
inward remittances from overseas
Indians for family maintenance.
Current Account
● The current account balance turned
into a deficit in Q4 of 2007-08 (US $
1.0 billion) as against a surplus (US
$ 4.3 billion) in Q4 of 2006-07,
mainly due to surge in crude oil
imports.
Capital Account and Reserves
● The net capital inflows rose
substantially to US $ 25.4 billion in
Q4 of 2007-08 from US $ 15.6 billion
in Q4 of 2006-07. The major sources
Table 1: Major Items of India's Balance of Payments
(US $ million)
Item January-March(Q4) October-December(Q3) July-September(Q2) April-June(Q1)
2008(P) 2007 (PR) 2007(PR) 2006 (PR) 2007 (PR) 2006(PR) 2007(PR) 2006(PR)
1 2 3 4 5 6 7 8 9
1. Exports 42,830 35,700 42,284 30,933 37,595 31,836 35,752 29,614
2. Imports 66,623 48,570 67,376 47,460 58,069 48,593 56,453 46,631
3. Trade Balance (1-2) -23,793 -12,870 -25,092 -16,527 -20,474 -16,757 -20,701 -17,017
4. Invisibles, net 22,752 17,122 19,975 12,849 15,530 10,482 14,400 12,952
5. Current Account Balance (3+4) -1,041 4,252 -5,117 -3,678 -4,944 -6,275 -6,301 -4,065
6. Capital Account* 26,031 16,200 31,855 11,183 34,180 8,545 17,501 10,444
7. Change in Reserves# -24,990 -20,452 -26,738 -7,505 -29,236 -2,270 -11,200 -6,379
(- Indicates increase)
*: Including errors and omissions. #: On BoP basis excluding valuation. P: Preliminary. PR: Partially Revised.
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1145
of capital inflows were externalcommercial borrowings (ECBs),foreign direct investment (FDI),short term trade credit and overseasborrowings by the banks.
● Foreign Direct Investment (FDI)showed strong bi-directionalmovement, reflecting higher inwardFDI as well as outward FDI by theIndian companies.
● On the back of global developmentssuch as volatility and weakness inthe major stock markets andwithdrawal of funds from theemerging markets, portfolio equitywitnessed net outflows in Q4 of2007-08 as against net inflows in thecorresponding period of theprevious year.
● On BoP basis, accretion to foreignexchange reserves (excludingvaluation) at US $ 25.0 billion in Q4of 2007-08 was higher than US $ 20.5billion in Q4 of 2006-07, mainly ledby buoyant capital inflows (Table 2).
Table 2: Sources of Accretion to Reserves (BoP Basis) in January-March 2008
(US $ million)
Item 2008P 2007PR 2006R
1 2 3 4
A. Current Account Balance -1,041 4,252 4,489
B. Capital Account* 26,031 16,200 8,732
Of Which
Foreign Direct Investment 6,350 899 -760
Portfolio Investment -3,735 1,849 4,333
External Commercial Borrowings 4,827 6,343 3,645
Banking Capital 5,826 1,683 -427
Short Term Trade Credits 6,302 934 -15
C. Change in Reserves (- indicates increase)# -24,990 -20,452 -13,221
*: Including errors and omissions #: On BoP basis excluding valuation. P: Preliminary. PR: Partially Revised. R: Revised
To sum up, the salient features ofIndia's BoP that emerged in Q4 of 2007-08 were: (i) a sharp rise in trade deficitdue to rise in crude oil imports, (ii) steadypace of invisibles surplus mainly led byremittances from overseas Indians andsoftware services, (iii) turnaround in thecurrent account balance to a deficit inQ4 of 2007-08 from a surplus in Q4 of2006-07, and (iii) substantial increase incapital flows led by FDI, short term creditand overseas borrowings by the banks,leading to large accretion to reserves.
II. Balance of PaymentsDevelopments during 2007-08(April-March)
The BoP position for the full financialyear 2007-08 has been worked out takinginto account the partially revised data forthe first three quarters of 2007-08 and thepreliminary data compiled for Q4 of 2007-08. While the detailed data are set out inStatement 1 in the standard format ofpresentation, the major items are set out
in Table 3.
RBIMonthly BulletinJuly 20081146
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
Merchandise Trade
● On BoP basis, merchandise exports
recorded an increase of 23.7 per cent
during 2007-08 (21.8 per cent in the
previous year).
● Merchandise import payments, on
BoP basis, showed a growth of 29.9
per cent in 2007-08 (21.8 per cent in
2006-07).
● The commodity-wise data released
by DGCI&S (April-February 2007-08)
revealed a pick-up in the growth
of primary products, while
manufactured exports witnessed
some moderation in growth.
Agriculture and allied products,
engineering goods, gems and
jewellery and petroleum products
were the mainstay of exports, as
these items contributed about 72 per
cent of the export growth during
April-February 2007-08.
● According to the data released by
DGCI&S, POL imports during 2007-
08 at US $ 76.9 billion recorded a
Table 3: Major Items of India's Balance of Payments
(US $ million)
Item 2007-08P 2006-07PR 2005-06R
1 2 3 4
1. Exports 158,461 128,083 105,152
2. Imports 248,521 191,254 157,056
3. Trade Balance (1-2) -90,060 -63,171 -51,904
4. Invisibles, net 72,657 53,405 42,002
5. Current Account Balance (3+4) -17,403 -9,766 -9,902
6. Capital Account* 109,567 46,372 24,954
7. Change in Reserves#
(- Indicates increase) -92,164 -36,606 -15,052
*: Including errors and omissions. #: On BoP basis excluding valuation. P: Preliminary. PR: Partially Revised. R: Revised
growth of 34.6 per cent (30.0 per cent
in 2006-07), driven mainly by the
surge in international crude oil
prices, while imports in terms of
quantity showed subdued growth.
The average import price of Indian
basket of crude oil (a mix of Oman,
Dubai and Brent varieties) stood at
US $ 79.5 per barrel during 2007-08
(ranging between US $ 65.5 - US $
99.8 per barrel), which was higher by
27.3 per cent than the average price
of US $ 62.4 per barrel (ranging
between US $ 52.4 - US $ 71.3 per
barrel) in 2006-07 (Chart 1). The
growth in quantity of POL imports
during 2007-08 at 11.8 per cent was
lower than the previous year (14.5
per cent).
● According to the DGCI&S data, non
oil imports increased by 23.5 per cent
in 2007-08 (22.2 per cent in 2006-07)
mainly led by strong growth in
imports of capital goods and gold
and silver.
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1147
● During April-February 2007-08,imports of gold and silver grew by24.9 per cent (29.2 per cent duringthe same period of last year). Non-oil imports excluding gold and silverincreased by 32.1 per cent ascompared with 22.3 per cent a yearago. Capital goods accounted for 40per cent of the non-oil importsexcluding gold and silver.
● The other major non-oil products
which showed accelerated growth in
Chart 1:India's POL Imports and International Crude Prices
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imports during the period were edibleoil, fertilisers, iron and steel, pearls,precious and semi-precious stones,chemicals, textiles, coal, and coke.
Trade Deficit
● On BoP basis, with importsoutpacing the growth in exports,trade deficit widened to US $ 90.1billion in 2007-08 (7.7 per cent ofGDP) from US $ 63.2 billion (6.9 per
cent of GDP) in 2006-07 (Chart 2).
US
$b
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20
30
40
5060
70
80
Chart 2: Quarterly Movements in Trade Balance
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Export Import Trade balance
RBIMonthly BulletinJuly 20081148
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
Invisible AccountReceipts
● Invisible receipts, comprising
services, current transfers and
income, rose by 26.2 per cent during
2007-08 (28.3 per cent in 2006-07)
Table 4 : Invisible Gross Receipts and Payments
(US $ million)
Item Invisible Receipts Invisible Payments
2007-08P 2006-07PR 2005-06R 2007-08P 2006-07PR 2005-06R
1 2 3 4 5 6 7
1. Travel 11,349 9,123 7,853 9,231 6,685 6,638
2. Transportation 9,503 8,050 6,325 11,610 8,068 8,337
3. Insurance 1,585 1,202 1,062 1,042 642 1,116
4. Govt. not includedelsewhere 331 250 314 382 403 529
5. Transfers 43,343 29,589 25,620 2,326 1,421 933
6. Income 14,227 9,304 6,408 20,137 15,877 12,263
Investment Income 13,799 8,908 6,229 19,038 14,926 11,491
Compensation of
Employees 428 396 179 1,099 951 772
7. Miscellaneous 64,919 57,556 42,105 27,872 28,573 17,869
Of Which: Software 40,300 31,300 23,600 3,249 2,267 1,338
Non-Software 24,619 26,256 18,505 24,623 26,306 16,531
Total (1 to 7) 145,257 115,074 89,687 72,600 61,669 47,685
Note : Details of Non-software services under miscellaneous are given in Table 7. P: Preliminary PR: Partially Revised R: Revised
Chart 3: Key Components of Invisible Receipts
US
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Software Non-Software Services Private Transfers
0
4
8
12
16
mainly due to the momentum
maintained in the growth of
software services exports, travel,
transportation, along with the steady
inflow of remittances from overseas
Indians (Table 4 and Chart 3)
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1149
● Private transfer receipts, mainly
comprising remittances from
Indians working overseas
amounted to US $ 42.6 billion in
2007-08 as compared with US $ 29.0
billion in 2006-07.
● Private transfers, as set out in Table
5, are mainly in the form of:
(i) Inward remittances from Indian
workers abroad for family
maintenance,
(ii) Local withdrawal from Non-
Resident Indian Rupee deposits,
(iii) Gold and silver brought through
passenger baggage, and
(iv) Personal gifts/donations to
charitable/religious institutions.
● Under Private transfer, the inward
remittances for family maintenance
accounted for about 49 per cent of
the total private transfers receipts,
while local withdrawals accounted
for about 45 per cent in 2007-08
(Table 5).
● NRI deposits when withdrawn
domestically, form part of private
Table 5: Details of Private Transfers to India
(US $ million)
Year Total Of Which:
Inward remittances Local withdrawals/ redemptionsfor family maintenance from NRI Deposits
1 2 3 4
2005-06 R 24,951 10,455 12,454
2006-07 PR 28,951 13,561 13,208
2007-08 P 42,589 20,950 19,019
P: Preliminary PR: Partially Revised R: Revised
transfers because once withdrawn
for local use these become unilateral
transfers and do not have any quid
pro quo, e.g. grants, gifts, and
migrants' transfers by way of
remittances for family maintenance,
repatriation of savings and transfer
of financial and real resources
linked to change in resident status
of migrants.
● In the recent past, there has been
steady inflow under NRI deposits(Table 6). However, at the same time,outflows have also risen. A majorpart of outflows from NRI depositsis in the form of local withdrawals.These withdrawals, however, are notactually repatriated but are utiliseddomestically. However, the share oflocal withdrawals in total outflowsfrom NRI deposits has declined to65 per cent in 2007-08 from 85 percent in 2006-07 and 83 per cent infiscal 2005-06.
● Reflecting the significant increase inthe accretion to reserves, investmentincome receipts rose by 54.9 per centduring 2007-08 as against 43.0 per
cent in 2006-07.
RBIMonthly BulletinJuly 20081150
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
● Miscellaneous receipts, excluding
software exports, stood at US $ 24.6
billion in 2007-08 (US $ 26.3 billion
in 2006-07). The break-up of these
data is presented in Table 7.
● Software services exports at US $ 40.3
billion in 2007-08 (US $ 31.3 billion
in 2006-07) recorded a growth of 28.8
per cent (32.6 per cent in 2006-07).
● Business services receipts were
mainly driven by trade related
services, business and management
consultancy services, architectural
Table 6: Inflows and Outflows from NRI Deposits and Local Withdrawals
(US $ million)
Year Inflows Outflows Local Withdrawals
1 2 3 4
2005-06 R 17,835 15,046 12,454
2006-07 PR 19,914 15,593 13,208
2007-08 P 29,321 29,142 19,019
P: Preliminary PR: Partially Revised R: Revised
Table 7: Non-Software Miscellaneous Receipts and Payments
(US $ million)
Item Receipts Payments
2007-08P 2006-07PR 2005-06R 2007-08P 2006-07PR 2005-06R
1 2 3 4 5 6 7
1. Communication Services 2,436 2,099 1,575 837 659 289
2. Construction 780 332 242 693 737 724
3. Financial 3,085 2,913 1,209 2,847 2,087 965
4. News Agency 643 334 185 413 219 130
5. Royalties, Copyrights &License Fees 157 97 191 1,038 1,038 594
6. Business Services 16,624 19,266 9,307 16,668 17,093 7,748
7. Personal, Cultural,Recreational 559 173 189 174 116 84
8. Others 335 1,042 5,607 1,953 4,357 5,997
Total (1 to 8) 24,619 26,256 18,505 24,623 26,306 16,531
Note : Details of Business Services (item 6) are given in Table 8.
P: Preliminary PR: Partially Revised. R: Revised.
and engineering services and other
technical services, and office
maintenance services. These reflect
the underlying momentum in trade
of professional and technology
related services (Table 8).
Payments
● Invisible payments grew by 17.7 per
cent in 2007-08 (29.3 per cent in
2006-07). The key components of
invisible payments were travel
payments, transportation, business
and management consultancy,
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1151
Table 8: Business Services
(US $ million)
Item Receipts Payments
2007-08P 2006-07PR 2005-06R 2007-08P 2006-07PR 2005-06R
1 2 3 4 5 6 7
1. Trade Related 2,223 939 521 2,258 1,655 1,206
2. Business & ManagementConsultancy 4,215 7,346 2,320 3,400 5,027 1,806
3. Architectural, Engineeringand other technical 3,287 6,134 3,193 3,235 3,673 1,414
4. Maintenance of offices 2,867 2,334 1,577 2,827 3,424 2,074
5. Others 4,032 2,513 1,696 4,947 3,314 1,248
Total (1 to 5) 16,624 19,266 9,307 16,668 17,093 7,748
P: Preliminary PR: Partially Revised. R: Revised.
engineering and other technical
services, dividend, profit and
interest payments. The moderation
in growth rate of invisible payments
during 2007-08 was mainly due to
moderate payments relating to a
number of business and
professional services.
● A sharp rise of 38.1 per cent in travel
payments during 2007-08 as against
a negligible growth in 2006-07
reflected the pace of outbound
tourist traffic as also the impact of
liberalisation of outward foreign
exchange remittances for
individuals.
● Higher transportation payments
during 2007-08 (43.9 per cent) mainly
reflected the pace of rising volume
of imports. In addition, the higher
payments may also be attributed to
the rising freight rates on
international shipping due to surge
in international crude oil prices.
● The business services payments
reflected the trade related services,
business and management
consultancy services, architectural,
engineering and other technical
services and the services relating to
maintenance of offices (Table 8).
● Investment income payments
increased mainly on account of
interest payments on external
commercial borrowings and
reinvested earnings of FDI
companies in India (Table 9).
● The expansion in invisible surplus
to US $ 72.7 billion in 2007-08 (US $
53.4 billion in 2006-07) reflected
mainly the steady inflows of
remittances from the overseas
Indians and software services
exports.
Current Account Deficit
● During 2007-08, the widening of the
trade deficit mainly led by imports
resulted in a higher level of current
RBIMonthly BulletinJuly 20081152
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
account deficit which stood at US $
17.4 billion or 1.5 per cent of GDP
(US $ 9.8 billion or 1.1 per cent of
GDP in 2006-07) (Chart 4).
Capital Account
● Both capital inflows to India and
outflows from India remained large
during 2007-08 reflecting the
Table 9: Details of Receipts and Payments of Investment Income
(US $ million)
Item 2007-08P 2006-07PR 2005-06R
1 2 3 4
Receipts 13,799 8,908 6,229Of which:
1. Reinvested Earnings on Indian Investment Abroad 1,084 1,076 1,092
2. Interest/discount Earnings onForeign exchange reserves 10,124 6,640 4,519
Payments 19,038 14,926 11,491Of which:
1. Interest Payment on NRI deposits 1,813 1,971 1,497
2. Interest Payment on ECBs 4,202 1,685 3,148
3. Interest Payments on External Assistance 1,143 982 825
4. Dividends and Profits 3,255 3,485 2,502
5. Reinvested Earnings of FDI companies in India 6,885 5,091 2,760
P: Preliminary PR: Partially Revised. R: Revised.
Chart 4 : Movement in Current Account Balance
US
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Trade balance Invisible balance Current Account balance
-30
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10
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30
increased liberalisation of capital
account, investors' optimism and
sustained growth momentum of
India. The gross capital inflows to
India amounted to US $ 428.7 billion
as against an outflow of US $ 320.7
billion during 2007-08 (Table 10).
● The net capital flows (inflows minus
outflows) at US $ 108.0 billion (9.2
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1153
per cent of GDP) in 2007-08 were 2.4
times than that of 2006-07 (US $ 45.8
billion or 5.0 per cent of GDP) and
4.2 times of the net flows of 2005-
06 (US $ 25.5 billion or 3.1 per cent
of GDP) (Table 11).
Table 10: Gross Capital Inflows and Outflows
(US $ million)
Item Gross Inflows Gross Outflows
2007-08P 2006-07PR 2005-06R 2007-08P 2006-07PR 2005-06R
1 2 3 4 5 6 7
1. Foreign Direct Investment 34,924 22,959 9,178 19,379 14,480 6,144
2. Portfolio Investment 235,630 109,622 68,120 206,369 102,560 55,626
3. External Assistance 4,241 3,763 3,631 2,127 1,996 1,929
4. External CommercialBorrowings 29,851 20,973 14,343 7,686 4,818 11,835*
5. NRI Deposits 29,321 19,914 17,835 29,142 15,593 15,046
6. Banking Capital excludingNRI Deposits 26,412 17,295 3,823 14,834 19,703 5,239
7. Short-term Trade Credits 49,411 29,992 21,505 31,728 23,380 17,806
8. Rupee Debt Service 0 0 0 121 162 572
9. Other Capital 18,950 7,724 5,941 9,323 3,771 4,709
Total (1 to 9) 428,740 232,242 144,376 320,709 186,463 118,906
*Including the impact of IMD redemptions amounting to US $ 5.5 billion. P: Preliminary PR: Partially Revised R: Revised.
Table 11: Net Capital Flows
(US $ million)
Item 2007-08P 2006-07PR 2005-06R
1 2 3 4
1. Foreign Direct Investment 15,545 8,479 3,034
2. Portfolio Investment
Of which: 29,261 7,062 12,494
FIIs 20,328 3,225 9,926
ADR/GDRs 8,769 3,776 2,552
3. External Assistance 2,114 1,767 1,702
4. External Commercial Borrowings 22,165 16,155 2,508*
5. NRI Deposits 179 4,321 2,789
6. Banking Capital excluding NRI Deposits 11,578 -2,408 -1,416
7. Short-term Trade Credits 17,683 6,612 3,699
8. Rupee Debt Service -121 -162 -572
9. Other Capital 9,627 3,953 1,232
Total (1 to 9) 108,031 45,779 25,470
Note : Details of Other Capital (Item 9) are given in Table 12.*Including the impact of IMD redemptions amounting to US $ 5.5 billion. P: Preliminary PR: Partially Revised R: Revised.
● The capital flows were dominated
both by the debt as well as the non-
debt flows. While large inflows and
outflows were recorded in almost all
the components of capital flows,
there were only lower net inflows
RBIMonthly BulletinJuly 20081154
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
witnessed in the segment of Non-
Resident Indian (NRI) deposits.
● Foreign direct investments (FDI)
broadly comprise equity, reinvested
earnings and inter-corporate loans.
Net FDI flows (net inward FDI minus
net outward FDI) amounted to US $
15.5 billion in 2007-08 as against US
$ 8.5 billion in 2006-07. Net inward
FDI at US $ 32.3 billion during 2007-
08 (US $ 22.0 billion in 2006-07)
reflected the continued strength of
sustained domestic activity and
positive investment climate with
inflows channelising into
construction, manufacturing,
business and computer services. Net
outward FDI stood at US $ 16.8
billion during 2007-08 (US $ 13.5
billion in 2006-07) reflecting the pace
of global expansion by the Indian
companies in terms of markets and
resources.
● As regards portfolio equity flows,
foreign institutional investors (FIIs)
made net purchases in the Indian
stock market throughout the year
2007-08 except during the months of
August, November, February and
March. The large FII inflows (net) in
2007-08 at US $ 20.3 billion as against
US $ 3.2 billion in 2006-07 also
reflected increased participation of
FIIs in primary markets as there
were large resources mobilised by
the corporates through record level
of 85 Initial Public Offerings (IPOs)
and 7 Follow-on Public Offers (FPOs)
together amounting to US $ 135.4
billion. Reflecting the buoyant stock
market, the resources mobilised by
the Indian companies through their
global offerings of ADRs/GDRs
abroad also remained large
amounting to US $ 8.8 billion in
2007-08 (US $ 3.8 billion in 2006-07).
As a result of large FII flows and
resource mobilisation through ADRs/
GDRs, the net portfolio investment
was US $ 29.3 billion in 2007-08 as
against US $ 7.1 billion in 2006-07.
● Higher net ECBs at US $ 22.2 billion
during 2007-08 (US $ 16.2 billion
during 2006-07) were enabled by
finer spreads on ECBs and rising
financing requirements.
● It may be mentioned that based on
a review, ECB policy was modified
on August 7, 2007 as under:
(a) Under the Automatic Route,
ECBs up to US $ 500 million per
borrowing company per
financial year was permitted
only for foreign currency
expenditures for permissible
end-uses.
(b) ECBs for Rupee expenditure was
permitted only up to US $ 20
million for permissible end uses
and required prior approval of
the Reserve Bank.
● Net short term trade credit was at
US $ 17.7 billion (inclusive of
suppliers' credit up to 180 days)
during the fiscal year 2007-08 as
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1155
against US $ 6.6 billion during the
previous year. The significant rise
reflected the increased financing
requirements of crude oil imports
led by higher crude prices. Out of
total short-term trade credit, the
suppliers' credit up to 180 days
amounted to US $ 6.8 billion during
the year 2007-08 (US $ 3.3 billion in
2006-07).
● NRI deposits recorded a marginal
net inflow (US $ 179 million) during
2007-08 (as against a large inflow
of US $ 4.3 billion in 2006-07) on
account of prevailing interest rates
on such deposits and large
withdrawals from the NR(E)RA for
domestic use.
● Banking capital, excluding NRI
deposits, registered higher inflows
at US $ 11.6 billion during 2007-08
(outflow of US $ 2.4 billion in 2006-
07), reflecting the drawdown of
assets held abroad by the Indian
banks as also the overseas
borrowings.
● Other capital includes leads and lags
in exports, funds held abroad,
advances received pending issue of
shares under FDI and other capital
receipts not included elsewhere
(n.i.e) (Table 12). 'Leads and lags' in
exports represent differences
between the merchandise exports
data recorded through the banking
channel and the data recorded
through Customs due to timing and
the valuation differences. 'Funds
held abroad' represent the funds
raised through ECBs and ADRs/GDRs
but held abroad and not repatriated
to India. 'Advances received
pending issue of shares under FDI'
include the amount of consideration
for such shares by inward remittance
through normal banking channel.
However, the entire amount of
advance remittances is not utilised
for actual issuances of the shares.
Thus, the difference between the
advance remittances received and
the actual shares issued is treated as
part of 'other capital'.
● The transactions under other capital
'not included elsewhere' (n.i.e).
comprise cross border transactions
relating to margins of financial
derivatives and hedging, migrant
transfers and other capital transfers
and realisation of guarantees on
default, and venture capital. The
transactions for financial derivatives
and hedging relate to payments for
margins and settlement of such
transactions.
Reserves Accretion
● Net accretion to foreign exchange
reserves on BoP basis (i.e., excluding
valuation) at US $ 92.2 billion in
2007-08 (US $ 36.6 billion in 2006-
07) was led mainly by strong capital
inflows (Chart 5). Taking into
account the valuation gain of US $
18.3 billion (US $ 11.0 billion in 2006-
RBIMonthly BulletinJuly 20081156
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
07), foreign exchange reserves
recorded an increase of US $ 110.5
billion in 2007-08 (US $ 47.6 billion
in 2006-07) [Annex A].
● At the end of March 2008, with
outstanding foreign exchange
reserves at US $ 309.7 billion, India
held the third largest stock of
reserves among the emerging market
economies and fourth largest in the
world.
Table 12: Details of 'Other Capital' (Net)
(US $ million)
Item 2007-08P 2006-07PR 2005-06R
1 2 3 4
1. Lead and Lags in Exports 1,981 773 -564
2. Net Funds Held Abroad -4,780 496 236
3. Advances Received Pending Issue of Shares under FDI 8,700 - -
4. Other capital receipts not included elsewhere (n.i.e)
(Inclusive of derivatives and hedging, migrant transfers
and other capital transfers) 3,726 2,684 1,560
Total (1 to 4) 9,627 3,953 1,232
P: Preliminary PR: Partially Revised R: Revised. - : Nil.
Chart 5 :Accretion to India's Foreign Exchange Reserves
US
$b
illi
on
Ap
r-Ju
n2004
Jul-
Sep
2004
Oct
-Dec
2004
Jan
-Mar
2005
Ap
r-Ju
n2005
Jul-
Sep
2005
Oct
-Dec
2005
Jan
-Mar
2006
Ap
r-Ju
n2006
Jul-
Sep
2006
Oct
-Dec
2006
Jan
-Mar
2007
Ap
r-Ju
n2007
Jul-
Sep
2007
Oct
-Dec
2007
Jan
-Mar
2008
-5
0
5
10
15
20
25
30
35
To sum up, the key features of India's
BoP that emerged in 2007-08 were: (i)
sharp rise in trade deficit (7.7 per cent of
GDP in 2007-08 from 6.9 per cent in 2006-
07) mainly led by high imports, (ii)
significant increase in invisible surplus
led by remittances from overseas Indians
and exports of software services, (iii)
higher current account deficit at 1.5 per
cent of GDP in 2007-08 as against 1.1 per
cent in 2006-07 due to widening of trade
deficit, (iv) substantial increase in capital
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1157
Table 13 : DGCI&S and the BoP Import Data
(US $ million)
Item 2007-08P 2006-07PR 2005-06R
1 2 3 4
1. BoP Imports 248,521 191,254 157,056
2. DGCI&S Imports 235,747 185,749 149,166
3. Difference (1-2) 12,774 5,505 7,890
P: Preliminary PR: Partially Revised R: Revised
flows (net) which were 2.4 times than
their level in 2006-07 and constituted 9.2
per cent of GDP (5.0 per cent of GDP in
2006-07), (v) large accretion to reserves
(excluding valuation) at US $ 92.2 billion
(US $ 36.6 billion in 2006-07).
III. Revisions in the BoP Data forfirst three quarters of 2007-08
According to the Revision Policy
announced on September 30, 2004, the
data for the first three quarters of 2007-
08 have been revised based on latest
information reported by various reporting
entities. The revised data are presented
in the standard format of presentation
in Statement 2.
IV. Reconciliation of Import Data
During 2007-08, based on the records
of the DGCI&S imports data and the BoP
merchandise imports, the difference
between the two data sets works out to
US $ 12.8 billion as compared with US $
5.5 billion in 2006-07 (Table 13).
RBIMonthly BulletinJuly 20081158
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
Annex A : Sources of Accretion to Foreign ExchangeReserves in India: April-March 2007-08
The main components of accretion to foreign exchange reserves during April-March 2007-08 are setout in the Table A1.
Major sources of accretion to foreign exchange reserves during the April-March 2007-08 have beenForeign Direct Investment, Portfolio Investment, External Commercial Borrowings (ECBs), Bank-ing Capital and Short-Term Credit. The accretion to the foreign exchange reserves was US $ 92.2billion on BoP basis (excluding valuation effects) during April-March 2007-08. Valuation gain, re-flecting the appreciation of major currencies against the US dollar, accounted for US $ 18.3 billion intotal reserves during April-March 2007-08 as against a valuation gain of US $ 11.0 billion during thecorresponding period of previous year. The foreign exchange reserves have increased by an amountof US $ 110.5 billion during April-March 2007-08 including the valuation effects as compared with anincrease of US $ 47.6 billion during April-March 2006-07.
Table A1 : Sources of Accretion to Foreign Exchange Reserves
(US $ billion)
Items April-March April-March2007-08 2006-07
1 2 3
I. Current Account Balance -17.4 -9.8
II. Capital Account (net) (a to f) 109.6 46.4
a. Foreign Investment (i+ii) 44.8 15.6
(i) Foreign Direct Investment 15.5 8.5
(ii) Portfolio Investment 29.3 7.1
b. Banking Capital 11.8 1.9
of which: NRI Deposits 0.2 4.3
c. Short-Term Credit 17.7 6.6
d. External Assistance 2.1 1.8
e. External Commercial Borrowings 22.2 16.2
f. Other items in capital account* 11.0 4.3
III. Valuation change 18.3 11.0
Total (I+II+III) 110.5 47.6
*: 'Other Capital' apart from Errors and Omissions' also comprise leads and lags in export, funds held abroad,advances received pending issue of shares under FDI and transactions of capital receipts not included elsewhere.The transactions of these capital receipts mainly constitute cross border transactions relating to financialderivatives and hedging (margin payments and settlement), migrant transfers and other capital transfers (trans-fers of capital assets by the Indian migrants abroad, investment grants, payments of compensation), realizationof guarantee etc.
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1159
(US $ million)
Statement 1: India's Overall Balance Of Payments
A. CURRENT ACCOUNTI. MERCHANDISE 158,461 248,521 -90,060 128,083 191,254 -63,171II. INVISIBLES (a+b+c) 145,257 72,600 72,657 115,074 61,669 53,405
a) Services 87,687 50,137 37,550 76,181 44,371 31,810 i) Travel 11,349 9,231 2,118 9,123 6,685 2,438ii) Transportation 9,503 11,610 -2,107 8,050 8,068 -18iii) Insurance 1,585 1,042 543 1,202 642 560iv) G.n.i.e. 331 382 -51 250 403 -153v) Miscellaneous 64,919 27,872 37,047 57,556 28,573 28,983
of whichSoftware Services 40,300 3,249 37,051 31,300 2,267 29,033Business Services 16,624 16,668 -44 19,266 17,093 2,173Financial Services 3,085 2,847 238 2,913 2,087 826Communication Services 2,436 837 1,599 2,099 659 1,440
b) Transfers 43,343 2,326 41,017 29,589 1,421 28,168i) Official 754 515 239 638 411 227ii) Private 42,589 1,811 40,778 28,951 1,010 27,941
c) Income 14,227 20,137 -5,910 9,304 15,877 -6,573i) Investment Income 13,799 19,038 -5,239 8,908 14,926 -6,018ii) Compensation of Employees 428 1,099 -671 396 951 -555
Total Current Account (I+II) 303,718 321,121 -17,403 243,157 252,923 -9,766B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 270,554 225,748 44,806 132,581 117,040 15,541a) Foreign Direct Investment (i+ii) 34,924 19,379 15,545 22,959 14,480 8,479
i. In India 32,453 126 32,327 22,078 87 21,991Equity 25,242 109 25,133 16,481 87 16,394Reinvested Earnings 6,884 - 6,884 5,091 - 5,091Other Capital 327 17 310 506 - 506
ii. Abroad 2,471 19,253 -16,782 881 14,393 -13,512Equity 2,471 14,956 -12,485 881 12,168 -11,287Reinvested Earnings - 1,084 -1,084 - 1,076 -1,076Other Capital - 3,213 -3,213 - 1,149 -1,149
b) Portfolio Investment 235,630 206,369 29,261 109,622 102,560 7,062In India 235,390 206,294 29,096 109,534 102,530 7,004Abroad 240 75 165 88 30 58
2. Loans (a+b+c) 83,503 41,541 41,962 54,728 30,194 24,534a) External Assistance 4,241 2,127 2,114 3,763 1,996 1,767
i) By India 24 28 -4 16 36 -20ii) To India 4,217 2,099 2,118 3,747 1,960 1,787
b) Commercial Borrowings (MT<) 29,851 7,686 22,165 20,973 4,818 16,155i) By India 1,551 1,567 -16 648 950 -302ii) To India 28,300 6,119 22,181 20,325 3,868 16,457
c) Short Term to India 49,411 31,728 17,683 29,992 23,380 6,612i) Suppliers' Short Term to India Credit >
180days & Buyers Credit 42,641 31,728 10,913 25,482 22,175 3,307ii) Suppliers' Credit up to 180 days 6,770 - 6,770 4,510 1,205 3,305
3. Banking Capital (a+b) 55,733 43,976 11,757 37,209 35,296 1,913a) Commercial Banks 55,654 43,544 12,110 36,799 35,218 1,581
i) Assets 19,562 12,668 6,894 14,466 17,960 -3,494ii) Liabilities 36,092 30,876 5,216 22,333 17,258 5,075
of which: Non-Resident Deposits 29,321 29,142 179 19,914 15,593 4,321b) Others 79 432 -353 410 78 332
4. Rupee Debt Service - 121 -121 - 162 -1625. Other Capital 18,950 9,323 9,627 7,724 3,771 3,953
Total Capital Account (1to5) 428,740 320,709 108,031 232,242 186,463 45,779C. Errors & Omissions 1,536 - 1,536 593 - 593D. Overall Balance (Total Capital Account, Current 733,994 641,830 92,164 475,992 439,386 36,606
Account and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) - 92,164 -92,164 - 36,606 -36,606
i) I.M.F. - - - - - -ii) Foreign Exchange Reserves ( Increase - / Decrease +) - 92,164 -92,164 - 36,606 -36,606
Item 2007-08 P 2006-07 PR
Credit Debit Net Credit Debit Net
1 2 3 4 5 6 7
RBIMonthly BulletinJuly 20081160
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of2007-08(i.e., January-March 2008)and April-March 2007-08
(US $ million)
Statement 2 : India's Overall Balance Of Payments (Contd.)
A. CURRENT ACCOUNTI. MERCHANDISE 35,752 56,453 -20,701 37,595 58,069 -20,474II. INVISIBLES (a+b+c) 29,100 14,700 14,400 32,322 16,792 15,530
a) Services 18,824 10,095 8,729 18,931 11,323 7,608i) Travel 2,088 1,881 207 2,248 2,103 145ii) Transportation 1,905 2,492 -587 2,003 2,652 -649iii) Insurance 369 184 185 327 291 36iv) G.n.i.e. 96 112 -16 71 133 -62v) Miscellaneous 14,366 5,426 8,940 14,282 6,144 8,138
of whichSoftware Services 8,836 796 8,040 8,550 883 7,667Business Services 3,980 3,194 786 3,822 3,642 180Financial Services 630 613 17 700 622 78Communication Services 513 200 313 641 188 453
b) Transfers 7,951 433 7,518 9,682 417 9,265i) Official 153 166 -13 159 112 47ii) Private 7,798 267 7,531 9,523 305 9,218
c) Income 2,325 4,172 -1,847 3,709 5,052 -1,343i) Investment Income 2,255 3,974 -1,719 3,606 4,748 -1,142ii) Compensation of Employees 70 198 -128 103 304 -201
Total Current Account (I+II) 64,852 71,153 -6,301 69,917 74,861 -4,944B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 42,437 32,321 10,116 53,728 40,044 13,684a) Foreign Direct Investment (i+ii) 7,757 5,099 2,658 5,047 2,239 2,808
i. In India 7,000 21 6,979 4,251 19 4,232Equity 5,168 21 5,147 2,416 19 2,397Reinvested Earnings 1,721 - 1,721 1,721 - 1,721Other Capital 111 - 111 114 - 114
ii. Abroad 757 5,078 -4,321 796 2,220 -1,424Equity 757 4,381 -3,624 796 1,664 -868Reinvested Earnings - 271 -271 - 271 -271Other Capital - 426 -426 - 285 -285
b) Portfolio Investment 34,680 27,222 7,458 48,681 37,805 10,876In India 34,621 27,216 7,405 48,675 37,781 10,894Abroad 59 6 53 6 24 -18
2. Loans (a+b+c) 16,573 7,538 9,035 19,927 10,437 9,490a) External Assistance 732 491 241 983 515 468
i) By India 6 7 -1 6 7 -1ii) To India 726 484 242 977 508 469
b) Commercial Borrowings (MT<) 8,273 1,283 6,990 6,216 2,080 4,136i) By India 355 290 65 455 503 -48ii) To India 7,918 993 6,925 5,761 1,577 4,184
c) Short Term to India 7,568 5,764 1,804 12,728 7,842 4,886i) Suppliers' Credit >
180 days & Buyers' Credit 6,883 5,764 1,119 11,012 7,842 3,170ii) Suppliers' Credit up to 180 days 685 - 685 1,716 - 1,716
3. Banking Capital (a+b) 8,551 9,470 -919 13,673 7,030 6,643a) Commercial Banks 8,551 9,464 -913 13,649 6,959 6,690
i) Assets 2,543 2,861 -318 4,404 358 4,046ii) Total Liabilities 6,008 6,603 -595 9,245 6,601 2,644
of which: Non-Resident Deposits 5,243 5,690 -447 6,934 6,565 369b) Others - 6 -6 24 71 -47
4. Rupee Debt Service - 43 -43 - 2 -25. Other Capital 987 1,830 -843 7,445 3,300 4,145
Total Capital Account (1to5) 68,548 51,202 17,346 94,773 60,813 33,960C. Errors & Omissions 155 - 155 220 - 220D. Overall Balance (Total Capital Account, Current 133,555 122,355 11,200 164,910 135,674 29,236
Account and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) - 11,200 -11,200 - 29,236 -29,236
i) I.M.F. - - - - - -ii) Foreign Exchange Reserves ( Increase - /Decrease +) - 11,200 -11,200 - 29,236 -29,236
Item Apr-Jun 2007 PR Jul-Sep 2007 PR
Credit Debit Net Credit Debit Net
1 2 3 4 5 6 7
ARTICLE
India's Balance ofPayments Developmentsduring Fourth Quarter of
2007-08(i.e., January-March 2008)and April-March 2007-08
RBIMonthly Bulletin
July 2008 1161
(US $ million)
Statement 2 : India's Overall Balance Of Payments
A. CURRENT ACCOUNTI. MERCHANDISE 42,284 67,376 -25,092 42,830 66,623 -23,793II. INVISIBLES (a+b+c) 38,764 18,789 19,975 45,071 22,319 22,752
a) Services 23,867 13,437 10,430 26,065 15,282 10,783i) Travel 3,395 2,490 905 3,618 2,757 861ii) Transportation 2,663 2,956 -293 2,932 3,510 -578iii) Insurance 446 255 191 443 312 131iv) G.n.i.e. 90 74 16 74 63 11v) Miscellaneous 17,273 7,662 9,611 18,998 8,640 10,358
of whichSoftware Services 10,108 851 9,257 12,806 719 12,087Business Services 4,241 4,416 -175 4,581 5,416 -835Financial Services 874 837 37 881 775 106Communication Services 602 182 420 680 267 413
b) Transfers 11,356 490 10,866 14,354 986 13,368i) Official 195 121 74 247 116 131ii) Private 11,161 369 10,792 14,107 870 13,237
c) Income 3,541 4,862 -1,321 4,652 6,051 -1,399i) Investment Income 3,436 4,597 -1,161 4,502 5,719 -1,217ii) Compensation of Employees 105 265 -160 150 332 -182
Total Current Account (I+II) 81,048 86,165 -5,117 87,901 88,942 -1,041B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 85,868 67,477 18,391 88,521 85,906 2,615a) Foreign Direct Investment (i+ii) 7,842 4,113 3,729 14,278 7,928 6,350
i. In India 7,439 43 7,396 13,763 43 13,720Equity 5,616 43 5,573 12,042 26 12,016Reinvested Earnings 1,721 - 1,721 1,721 - 1,721Other Capital 102 - 102 - 17 -17
ii. Abroad 403 4,070 -3,667 515 7,885 -7,370Equity 403 3,493 -3,090 515 5,418 -4,903Reinvested Earnings - 271 -271 - 271 -271Other Capital - 306 -306 - 2,196 -2,196
b) Portfolio Investment 78,026 63,364 14,662 74,243 77,978 -3,735In India 77,906 63,345 14,561 74,188 77,952 -3,764Abroad 120 19 101 55 26 29
2. Loans (a+b+c) 22,066 10,598 11,468 24,937 12,968 11,969a) External Assistance 1,109 544 565 1,417 577 840
i) By India 6 7 -1 6 7 -1ii) To India 1,103 537 566 1,411 570 841
b) Commercial Borrowings (MT<) 8,411 2,199 6,212 6,951 2,124 4,827i) By India 364 381 -17 377 393 -16ii) To India 8,047 1,818 6,229 6,574 1,731 4,843
c) Short Term to India 12,546 7,855 4,691 16,569 10,267 6,302i) Suppliers' Credit >
180 days & Buyers' Credit 10,231 7,855 2,376 14,515 10,267 4,248ii) Suppliers' Credit up to180 days 2,315 - 2,315 2,054 - 2,054
3. Banking Capital (a+b) 12,572 12,365 207 20,937 15,111 5,826a) Commercial Banks 12,569 12,013 556 20,885 15,108 5,777
i) Assets 5,636 3,939 1,697 6,979 5,510 1,469ii) Total Liabilities 6,933 8,074 -1,141 13,906 9,598 4,308
of which: Non-Resident Deposits 6,440 7,293 -853 10,704 9,594 1,110b) Others 3 352 -349 52 3 49
4. Rupee Debt Service - - - - 76 -765. Other Capital 4,703 3,469 1,234 5,815 724 5,091
Total Capital Account (1to5) 125,209 93,909 31,300 140,210 114,785 25,425C. Errors & Omissions 555 - 555 606 - 606D. Overall Balance (Total Capital Account, Current 206,812 180,074 26,738 228,717 203,727 24,990
Account and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) - 26,738 -26,738 - 24,990 -24,990
i) I.M.F. - - - - - -ii) Foreign Exchange Reserves ( Increase - /Decrease +) - 26,738 -26,738 - 24,990 -24,990
Item Oct - Dec 2007 PR Jan - Mar 2008 P
Credit Debit Net Credit Debit Net1 8 9 10 11 12 13
P: Preliminary PR: Partially Revised
ARTICLE
India's External
Debt as at the
end of March 2008
RBIMonthly Bulletin
July 2008 1163
India's External Debt asat the end of March 2008*
The external debt data are compiledand released by the Reserve Bank/Government of India on a quarterly basiswith a lag of one quarter. As per thecurrent practice, India's external debtstatistics for the quarters ending Marchand June are compiled and released bythe Reserve Bank, while the external debtdata for quarters ending September andDecember are compiled and released bythe Ministry of Finance, Government ofIndia. The data on India’s external debtfor end-March 2008, which was releasedby the Reserve Bank on June 30, 2008,are presented in this article.
1. Stock of External Debt
The external debt was placed at US $
221.2 billion at the end of March 2008
recording an increase of US $ 51.5 billion
or 30.4 per cent over the end-March 2007
level (Table 1 and Chart 1). The increase
was mainly due to external commercial
borrowings (ECBs) that contributed
around 39.5 per cent of the increase in
total external debt, followed by short
term debt (contribution being 34.8 per
cent).
2. Valuation Changes
Out of the increase of US $ 51.5 billion
in external debt during the year 2007-08,
valuation effect reflecting the
depreciation of the US dollar against
other major international currencies and
Indian rupee accounted for US $ 9.9
billion of the increase. This would imply
that excluding the valuation effects, the
stock of external debt as at end-March
2008 increased by about US $ 41.6 billion
over the end-March 2007 level.
* Prepared in the Division of International Finance, Department of
Economic Analysis and Policy.
RBIMonthly BulletinJuly 20081164
ARTICLE
India's External
Debt as at the
end of March 2008
3. Components of External Debt
All the components of external debtrecorded an increase during the year.External commercial borrowings (ECB)(including FCCBs) at US $ 62.0 billionrecorded the maximum increase of US $20.4 billion (48.9 per cent) during the year(Table 2 and Chart 2). This was mainlydue to the rising financing requirementsof the Indian companies on account oftheir ongoing technological upgradationand capacity expansion. The data on
Chart 1: India's External Debt
inU
S$
bn
Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Sep 07 Dec 07 Mar 08
138.1 145 150.6160.4
169.7180.2
193.2204.5
221.2
0
50
100
150
200
250
short term debt now includes supplier'scredit up to 180 days with effect from end-March 2005. Short term debt alsorecorded an increase of US $ 17.9 billionduring 2007-08. Under short term debt,while trade related credits rosesignificantly by around US $ 17.7 billionin line with the rising imports, FII debtinvestment in government papers roseby about US $ 254 million.
All the other components of externaldebt also recorded an increase during
Table 1: External Debt Outstanding
(US $ million)
At end of Total External Debt Variation
Over corresponding Over previousquarter previous year quarter
(1) (2) (3) (4)
March 2006 138,133 5,160 (3.9) 5,818 (4.4)June 2006 145,019 12,073 (9.1) 6,886 (5.0)September 2006 150,622 13,813 (10.1) 5,603 (3.9)December 2006 160,392 28,077 (21.2) 9,770 (6.5)March 2007 169,669 31,536 (22.8) 9,277 (5.8)June 2007 180,179 35,160 (24.2) 10,510 (6.2)September 2007 193,193 42,571 (28.3) 13,014 (7.2)December 2007 204,472 44,080 (27.5) 11,279 (5.8)March 2008 221,212 51,543 (30.4) 16,740 (8.2)
Note: Figures in parentheses indicate percentage increase.
ARTICLE
India's External
Debt as at the
end of March 2008
RBIMonthly Bulletin
July 2008 1165
2007-08: multilateral debt (US $ 4.0billion), bilateral debt (US $ 3.6 billion),
Table 2: Variation in External Debt by Components
(US $ million)
1 2 3 4 5 6 7 8
1. Multilateral 39,312 35,337 32,620 3,975 2,717 11.2 8.3(17.8) (20.8) (23.6)
2. Bilateral 19,613 16,061 15,761 3,552 300 22.1 1.9(8.9) (9.5) (11.4)
3. IMF 0 0 0 0 0 0.0 0.0(0.0) (0.0) (0.0)
4. Export 10,267 7,051 5,420 3,216 1,631 45.6 30.1Credit (4.6) (4.2) (3.9)
5.Commercial 62,019 41,657 26,452 20,362 15,205 48.9 57.5Borrowings (28.0) (24.6) (19.1)
6. NRI 43,672 41,240 36,282 2,432 4,958 5.9 13.7Deposits (19.7) (24.3) (26.3)
7. Rupee Debt 2,016 1,947 2,059 69 -112 3.5 -5.4(0.9) (1.1) (1.5)
8. Short term 44,313 26,376 19,539 17,937 6,837 68.0 35.0Debt (20.0) (15.5) (14.1)
Total Debt 221,212 169,669 138,133 51,543 31,536 30.4 22.8(1 to 8) (100.0) (100.0) (100.0)
Memo Items
A. Long-Term 176,899 143,293 118,594 33,606 24,699 23.5 20.8Debt (80.0) (84.5) (85.9)
B. Short-Term 44,313 26,376 19,539 17,937 6,837 68.0 35.0Debt (20.0) (15.5) (14.1)
Item External debt outstanding Absolute variation Percentage variationat the end-of (%)
Mar 08 Mar 07 Mar 06 Mar 07 Mar 06 Mar 07 Mar 06to to to to
Mar 08 Mar 07 Mar 08 Mar 07
Figures in parentheses indicate share to total debt.
Chart 2: Components of External Debt
35.3
16.1
7.1
41.7 41.2
1.9
26.4
39.3
19.6
10.3
62.0
43.7
2.0
44.3
0
10
20
30
40
50
60
70
US
$b
illi
on
Multilateral Bilateral Export Credit ECB NRI Deposits Rupee Debt Short term
Mar-07 Mar-08
export credit above one year maturity (US$ 3.2 billion) and NRI deposits (US $ 2.4
RBIMonthly BulletinJuly 20081166
ARTICLE
India's External
Debt as at the
end of March 2008
billion). Rupee debt recorded a marginal
rise of US $ 69 million.
4. External Debt by ResidualMaturity
While external debt compiled in terms
of original maturity helps in
comprehending the nature of capital
flows, external debt in terms of residual
maturity helps to analyse the debt service
payments profile and the consequent
charge on foreign exchange reserves.
Based on residual maturity, long-term
debt accounted for US $ 136.4 billion or
62.4 per cent of total debt at end-March
2008. Short-term debt by residual maturity
comprises all the components of short-
Table 3: Residual Maturity of External Debt outstanding as at end-March 2008
1 2 3 4 5 6
1. Sovereign Debt 2,720 3,061 3,425 47,122 56,328
2. Commercial Borrowing 6,881 7,327 10,636 52,706 77,550
(including export credit)
3. NRI deposits (i+ii+iii) 28,799 7,070 3,566 1,449 43,672
(i) FCNR(B) 10,258 2,394 1,403 113 14,168
(ii) NR(E)RA 18,541 4,676 2,163 1336 26,716
(iii) NRO NA NA NA NA 2,788
4. Short term debt 43,662 – – – 43,662
(Original maturity)
5. Total 82,062 17,458 17,627 101,277 221,212
Memo Items
Short term debt
(Residual maturity as per cent of total debt 37.6
Short term debt
(Residual maturity as per cent of Reserves) 26.5
Components Short term Long term Total
Up to one 1 to 2 2 to 3 More than (2 to 5)year years years 3 years
Notes: 1. Residual Maturity of NRI Deposits is estimated on the basis of the Survey conducted by the Reserve Bank on NRI depositsoutstanding as on March 31, 2007.
2. The maturity pattern of NRO Deposits is not available. Therefore, maturity-wise totals given in columns 2 to 5 will not addup to the total given in column 6.
3. FII investment in treasury bills and government dated securities are included under sovereign debt, while FII investment incorporate debt papers and other short-term debt instruments are included under Commercial Borrowings.
term debt with original maturity of one
year or less and repayments due under
medium and long-term debt by original
maturity during one year reference
period. Short-term debt by residual
maturity at end-March 2008 stood at US
$ 82.1 billion, accounting for 37.6 per cent
of the total external debt. The ratio of
short-term debt by residual maturity to
foreign exchange reserves was 26.5 per
cent at end-March 2008 (Table 3).
5. Currency Composition
The US Dollar continues to remain the
predominant currency accounting for
57.1 per cent of the total external debt
stock as at the end of March 2008,
(US $ Million)
ARTICLE
India's External
Debt as at the
end of March 2008
RBIMonthly Bulletin
July 2008 1167
followed by the Indian rupee (14.5 percent), Japanese yen (12.1 per cent) andSDR (10.2 per cent) (Table 4 and Chart 3).
6. Indicators of DebtSustainability
There has been a perceptibleimprovement in external debt indicatorsover the years reflecting the growingsustainability of external debt of India(Table 5).
● External debt to GDP has risen to18.8 per cent at end-March 2008 from
Table 4: Currency Composition of External Debt
2004 2005 2006 2007 2008
1 2 3 4 5 6
US Dollar 40.5 48.0 49.2 52.0 57.1
SDR 15.5 14.2 13.7 12.0 10.2
Indian Rupee 22.7 19.6 18.9 17.7 14.5
Japanese Yen 11.6 10.5 10.9 11.6 12.1
Euro 5.8 4.6 4.4 4.0 3.6
Pound Sterling 3.4 2.6 2.6 2.4 2.2
Others 0.5 0.5 0.3 0.3 0.3
Total 100.0 100.0 100.0 100.0 100.0
(Percentage share in total external debt)
At end-March
Chart 3: Currency Composition of ExternalDebt as at end - Mar 2008
US Dollar57.1%
SDR10.2%
IndianRupee14.5%
Japanese Yen12.1%
Euro3.6%
Pound Sterling2.2%
Others0.3%
17.8 per cent at end-March 2007. Thisratio was 30.8 per cent at end-March1995.
● The debt service ratio was placed at5.4 per cent during 2007-08 asagainst a double-digit figure till2003-04.
● Reflecting the rise in short term debtduring 2007-08, the ratio of short-term to total debt and short termdebt to reserves has risen to 20.0 percent and 14.3 per cent, respectively.
● The share of concessional debt intotal external debt declined to 19.9per cent at end-March 2008 from 23.3per cent at end-March 2007 reflectingthe continuing increase in non-concessional private debt in India'sexternal debt stock.
● India's foreign exchange reservesexceeded the external debt by US $88.5 billion providing a cover of140.0 per cent to the external debtstock at the end of March 2008 (Alsosee Chart 4).
Currency
RBIMonthly BulletinJuly 20081168
ARTICLE
India's External
Debt as at the
end of March 2008
7. Cross Country ComparisonComparing the cross country online
data on external debt provided by the
1 2 3 4 5 6 7 8
1990-91 83.8 28.7 35.3 7.0 45.9 146.5 10.21991-92 85.3 38.7 30.2 10.8 44.8 76.7 8.31992-93 90.0 37.5 27.5 10.9 44.5 64.5 7.01993-94 92.7 33.8 25.4 20.8 44.4 18.8 3.91994-95 99.0 30.8 25.9 25.4 45.3 16.9 4.31995-96 93.7 27.0 26.2 23.1 44.7 23.2 5.41996-97 93.5 24.6 23.0 28.3 42.2 25.5 7.21997-98 93.5 24.3 19.5 31.4 39.5 17.2 5.41998-99 96.9 23.6 18.7 33.5 38.5 13.2 4.41999-00 98.3 22.0 17.1 38.7 38.9 10.3 4.02000-01 101.3 22.5 16.6 41.7 35.4 8.6 3.62001-02 98.8 21.1 13.7 54.7 35.9 5.1 2.82002-03 104.9 20.3 16.0 * 72.5 36.8 6.1 4.52003-04 111.6 17.8 16.1 ** 101.2 36.1 3.9 4.02004-05 133.0 18.6 6.1 ^ 106.4 30.9 12.5 13.32005-06 138.1 17.2 9.9 # 109.8 28.6 12.9 14.12006-07 169.7 17.8 4.8 117.4 23.3 13.2 15.52007-08 221.2 18.8 5.4 140.0 19.9 14.3 20.0
* : Works out to 12.4 %, with the exclusion of prepayment of external debt of US $ 3,430 million** : Works out to 8.2 % with the exclusion of pre payment of external debt of US $ 3,797 million and redemption of RIBs of US $ 5,549
million.^ : Works out to 5.7 % with the exclusion of pre payment of external debt of US $ 381 million.# : Works out to 6.3 % with the exclusion of IMD repayments of US $ 7.1 billion and pre payment of external debt of US $ 23.5 million.Note : NRO deposits are included under NRI deposits from 2005-06 onwards. Suppliers credits up to 180 days and FII investment in short
term debt instruments are included under short term external debt since 2004-05.
Table 5: India's Key External Debt Indicators
Year External Debt Ratio of Debt Ratio of Ratio of Ratio of Ratio of(US $ bn) External Debt Service Ratio Foreign Concessional ShortTerm Short Term
to GDP Exchange Debt to Debt to Foreign Debt toReserves Total Debt Exchange Total Debt
Reserves(%) (%) (%) (%) (%) (%)
World Bank up to 2006 for the top twentydebtor countries of the developing worldreveal the following (Table 6):
Chart 4: Reserve Cover for External Debt
US
$b
illi
on
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
end-March
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Reserves Total External Debt
ARTICLE
India's External
Debt as at the
end of March 2008
RBIMonthly Bulletin
July 2008 1169
● India's position was fifth in 2006 interms of external debt stock.
● In terms of the ratio of external debtto Gross National Product (GNP),India's position was second lowest,with China having the lowest ratioof external debt to GNP.
● India's debt service ratio was thirdlowest with China and Malaysiahaving first and second lowest debtservice ratio, respectively.
1 2 3 4 5 6 7
1. China 323 12.1 2.5 334.8 10.9 53.7
2. Russian Federation 251 26.2 13.8 121.0 0.6 16.1
3. Turkey 208 51.7 33.2 30.4 1.9 20.4
4. Brazil 194 18.7 37.3 44.2 1.3 10.5
5. India 170 17.8 4.8 117.4 23.3 15.5
6. Mexico 161 19.5 18.9 47.5 0.9 4.6
7. Indonesia 131 37.5 16.6 32.5 27.1 25.2
8. Poland 126 38.7 24.7 38.5 0.9 17.0
9. Argentina 122 58.6 31.6 26.2 1.1 28.7
10. Hungary 108 102.7 33.1 20.1 1.1 13.9
11. Kazakhstan 74 103.4 33.7 25.8 1.3 17.0
12. Philippines 60 47.1 19.6 38.1 20.7 8.3
13. Thailand 55 27.3 9.4 121.3 12.3 32.2
14. Romania 55 46.7 18.4 54.8 2.0 32.2
15. Malaysia 53 36.0 4.0 157.8 8.4 30.8
16. Ukraine 50 47.6 18.1 44.8 3.6 44.8
17. Chile 48 37.9 20.0 40.4 0.6 19.6
18. Venezuela RB 45 24.7 13.3 82.3 0.4 26.5
19. Colombia 40 26.9 31.3 38.9 2.6 12.1
20. Croatia 37 90.2 33.1 30.7 1.6 14.9
Source : Data for India are as published by national authorities for 2006-07 and those for other countries are at end-December 2006 asavailable in World Bank's Global Development Finance Online Database.
Table 6: International Comparison of Top 20 Debtor Countries, 2006
Year External Debt External Debt Debt Service Forex Reserves Concessional Short Term to GNP ratio to Total Debt Debt to to
Total Debt Total Debt(US $ bn) (%) (%) (%) (%) (%)
● The element of concessionality inIndia's external debt portfolio wasthe second highest after Indonesia
● In terms of reserves to total debt,India's position was fifth afterChina, Malaysia, Thailand andRussia.
A detailed account of India's externaldebt as at end-March 2008 in US dollarand rupee terms is presented in Statement1 and 2, respectively.
RBIMonthly BulletinJuly 20081170
ARTICLE
India's External
Debt as at the
end of March 2008
Statement 1 : India's External Debt Outstanding
Item Mar-07 Jun-07 Sep- 07 Dec-07 Mar-08 P
1 2 3 4 5 6
I. Multilateral 35,337 36,058 37,068 37,944 39,312
A. Government borrowing 32,514 33,079 33,933 34,755 36,005
i) Concessional 24,876 25,002 25,593 25,920 26,736
a) IDA 24,548 24,677 25,251 25,561 26,375
b) Others # 328 325 342 359 361
ii) Non-concessional 7,638 8,077 8,340 8,835 9,269
a) IBRD 5,015 5,191 5,259 5,380 5,634
b) Others ## 2,623 2,886 3,081 3,455 3,635
B. Non-Government borrowing 2,823 2,979 3,135 3,189 3,307
i) Concessional 0 0 0 0 0
ii) Non-concessional 2,823 2,979 3,135 3,189 3,307
a) Public sector 2,136 2,218 2,380 2,440 2,578
IBRD 1,043 1,098 1,121 1,129 1,168
Others ## 1,093 1,120 1,259 1,311 1,410
b) Financial institutions 554 604 597 591 586
IBRD 150 152 150 149 148
Others ## 404 452 447 442 438
c) Private sector 133 157 158 158 143
IBRD 0 0 0 0 0
Others 133 157 158 158 143
II. Bilateral 16,061 15,841 16,774 17,269 19,613
A. Government borrowing 12,343 12,128 12,770 12,941 14,785
i) Concessional 12,343 12,128 12,770 12,941 14,785
ii) Non-concessional 0 0 0 0 0
B. Non-Government borrowing 3,718 3,713 4,004 4,328 4,828
i) Concessional 396 387 403 397 432
a) Public sector 285 275 286 280 305
b) Financial institutions 111 112 117 117 127
c) Private sector 0 0 0 0 0
ii) Non-concessional 3,322 3,326 3,601 3,931 4,396
a) Public sector 1,702 1,726 1,913 2,241 2,508
b) Financial institutions 878 867 900 899 931
c) Private sector 742 733 788 791 957
III. International Monetary Fund 0 0 0 0 0
IV. Trade Credit
A. Above 1 year maturity 7,051 7,441 8,202 8,887 10,267
a) Buyers' credit 5,305 5,735 6,439 7,098 8,218
b) Suppliers' credit 673 651 653 664 763
c) Export credit component of bilateral credit 1,073 1,055 1,110 1,125 1,286
d) Export credit for defence purposes 0 0 0 0 0
(US $ Million)
ARTICLE
India's External
Debt as at the
end of March 2008
RBIMonthly Bulletin
July 2008 1171
Statement 1 : India's External Debt Outstanding (conld.)
Item Mar-07 Jun-07 Sep- 07 Dec-07 Mar-08 P
1 2 3 4 5 6
V. COMMERCIAL BORROWING 41,657 47,918 52,123 57,012 62,019
a) Commercial bank loans 24,784 28,480 31,141 35,483 40,142
b) Securitized borrowings @ 15,606 17,973 19,518 20,050 20,364
(including FCCBs)
c) Loans/securitized borrowings, etc. 1,267 1,465 1,464 1,479 1,513
with multilateral/bilateral guarantee and IFC(W)
d) Self Liquidating Loans 0 0 0 0 0
VI. NRI Deposits 41,240 42,603 43,679 43,034 43,672
(above one-year maturity)
a) NR(E)RA 24,495 25,438 26,284 26,078 26,716
b) FCNR(B) 15,129 15,319 15,362 14,758 14,168
c) NRO Deposits 1,616 1,846 2,033 2,198 2,788
VII. Rupee Debt * 1,947 2,023 2,071 2,097 2,016
a) Defence 1,723 1,790 1,833 1,857 1,794
b) Civilian + 224 233 238 240 222
VIII. Short-term Debt 26,376 28,295 33,276 38,229 44,313
a) Trade Related credits 25,979 27,783 32,669 37,360 43,662
1) Above 180 days 11,971 13,090 16,260 18,636 22,884
2) Upto 180 days 14,008 14,693 16,409 18,724 20,778
b) FII investment in Government T-Bills
and other instruments 397 512 607 869 651
IX. GROSS TOTAL 169,669 180,179 193,193 204,472 221,212
Memo Items
A. Total Long-term Debt 143,293 151,884 159,917 166,243 176,899
B. Short-term Debt 26,376 28,295 33,276 38,229 44,313
Concessional Debt 39,562 39,540 40,837 41,355 43,969
As % of Total Debt 23.3 21.9 21.1 20.2 19.9
Short Term Debt 26,376 28,295 33,276 38,229 44,313
As % of Total Debt 15.5 15.7 17.2 18.7 20.0
(US $ Million)
P : Provisional
# : Refers to Debt outstanding to Institutions like IFAD, OPEC & EEC(SAC)
## : Refers to debt outstanding against loans from ADB
@ : Includes net investment by 100 per cent FII debt funds * : Debt denominated in Rupees and payable in exports+ : Includes Rupee suppliers' credit from end-March 1990 onwards.
Note : Multilateral loans do not include revaluation of IBRD pooled loans and exchange rate adjustment under IDA loans for Pre-1971credits.
RBIMonthly BulletinJuly 20081172
ARTICLE
India's External
Debt as at the
end of March 2008
Statement 2 : India's External Debt Outstanding
Item Mar-07 Jun-07 Sep- 07 Dec-07 Mar-08 P
1 2 3 4 5 6
I. Multilateral 154,053 146,954 147,289 149,556 157,181
A. Government borrowing 141,746 134,813 134,832 136,986 143,961
i) Concessional 108,448 101,895 101,691 102,163 106,901
a) IDA 107,019 100,569 100,332 100,748 105,459
b) Others # 1,429 1,326 1,359 1,415 1,442
ii) Non-concessional 33,298 32,918 33,141 34,823 37,060
a) IBRD 21,864 21,157 20,898 21,205 22,526
b) Others ## 11,434 11,761 12,243 13,618 14,534
B. Non-Government borrowing 12,307 12,141 12,457 12,570 13,220
i) Concessional 0 0 0 0 0
ii) Non-concessional 12,307 12,141 12,457 12,570 13,220
a) Public sector 9,315 9,041 9,458 9,618 10,307
IBRD 4,550 4,475 4,456 4,449 4,669
Others ## 4,765 4,566 5,002 5,169 5,638
b) Financial institutions 2,414 2,460 2,373 2,328 2,341
IBRD 655 617 595 585 590
Others ## 1,759 1,843 1,778 1,743 1,751
c) Private sector 578 640 626 624 572
IBRD 0 0 0 0 0
Others 578 640 626 624 572
II. Bilateral 70,019 64,559 66,651 68,066 78,428
A. Government borrowing 53,810 49,430 50,741 51,008 59,117
i) Concessional 53,810 49,430 50,741 51,008 59,117
ii) Non-concessional 0 0 0 0 0
B. Non-Government borrowing 16,209 15,129 15,910 17,058 19,311
i) Concessional 1,727 1,576 1,600 1,563 1,729
a) Public sector 1,241 1,122 1,137 1,103 1,220
b) Financial institutions 486 454 463 460 509
c) Private sector 0 0 0 0 0
ii) Non-concessional 14,482 13,553 14,310 15,495 17,582
a) Public sector 7,420 7,033 7,602 8,833 10,031
b) Financial institutions 3,828 3,533 3,578 3,543 3,724
c) Private sector 3,234 2,987 3,130 3,119 3,827
III. International Monetary Fund 0 0 0 0 0
IV. Trade Credit
A. Above 1 year maturity 30,740 30,328 32,592 35,028 41,051
a) Buyers' credit 23,127 23,376 25,585 27,976 32,860
b) Suppliers' credit 2,934 2,654 2,595 2,616 3,050
c) Export credit component of bilateral credit 4,679 4,298 4,412 4,436 5,141
d) Export credit for defence purposes 0 0 0 0 0
(Rs. crore)
ARTICLE
India's External
Debt as at the
end of March 2008
RBIMonthly Bulletin
July 2008 1173
Statement 2 : India's External Debt Outstanding (conld.)
Item Mar-07 Jun-07 Sep- 07 Dec-07 Mar-08 P
1 2 3 4 5 6
V. COMMERCIAL BORROWING 181,602 195,291 207,112 224,712 247,986
a) Commercial bank loans 108,045 116,073 123,739 139,855 160,507
b) Securitized borrowings @ 68,036 73,249 77,555 79,027 81,428
(including FCCBs)
c) Loans/securitized borrowings, etc. 5,521 5,969 5,818 5,830 6,051
with multilateral/bilateral guarantee and IFC(W)
d) Self Liquidating Loans 0 0 0 0 0
VI. NRI Deposits 179,788 173,628 173,558 169,619 174,623
(above one-year maturity)
a) NR(E)RA 106,786 103,672 104,439 102,786 106,824
b) FCNR(B) 65,955 62,433 61,041 58,169 56,651
c) NRO Deposits 7,047 7,523 8,078 8,664 11,148
VII. Rupee Debt * 8,485 8,238 8,267 8,267 8,062
a) Defence 7,510 7,295 7,320 7,320 7,173
b) Civilian + 975 943 947 947 889
VIII. Short-term Debt 115,008 115,315 132,222 150,677 177,185
a) Trade Related credits 113,276 113,230 129,809 147,253 174,582
1) Above 180 days 52,188 53,348 64,609 73,454 91,501
2) Upto 180 days 61,088 59,882 65,200 73,799 83,081
b) FII investment in Government T-Bills
and other instruments 1,732 2,085 2,413 3,424 2,603
IX. GROSS TOTAL 739,695 734,313 767,691 805,925 884,516
Memo Items
A. Total Long-term Debt 624,687 618,998 635,469 655,248 707,331
B. Short-term Debt 115,008 115,315 132,222 150,677 177,185
Concessional Debt 172,470 161,139 162,299 163,001 175,809
As % of Total Debt 23.3 21.9 21.1 20.2 19.9
Short Term Debt 115,008 115,315 132,222 150,677 177,185
As % of Total Debt 15.5 15.7 17.2 18.7 20.0
(Rs. crore)
P : Provisional
# : Refers to Debt outstanding to Institutions like IFAD, OPEC & EEC(SAC)
## : Refers to debt outstanding against loans from ADB
@ : Includes net investment by 100 per cent FII debt funds * : Debt denominated in Rupees and payable in exports+ : Includes Rupee suppliers' credit from end-March 1990 onwards.
Note : Multilateral loans do not include revaluation of IBRD pooled loans and exchange rate adjustment under IDA loans for Pre-1971credits.
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1175
The article presents internationalliabilities and assets of banks in India,classified under Locational BankingStatistics (LBS) and consolidatedinternational/foreign claims underConsolidated Banking Statistics (CBS),collected as per the reporting system ofthe Bank for International Settlements(BIS), for the quarter ended September2007. These data are compared with thoseas at the end of the previous quarter anda year ago. The analysis of internationalliabilities/assets, based on LBS, has beenundertaken by instrument, country andsector of customer/borrower, currencyand country of incorporation of reportingbank; and the consolidated internationalclaims, based on CBS, according tocountry and sector of borrower andresidual maturity. Further, a broadcomparison of international/foreignclaims of BIS reporting banks vis-à-visIndian Banks at the end of September2006 and 2007 has also been covered.Besides, the article details international/foreign claims derived from on- balancesheet items, viz., loans and deposits,holdings of securities as well as off-balance sheet items, viz., derivatives,guarantees and credit commitments onultimate risk basis.
Highlights
International Liabilities
● The growth of internationalliabilities of banks in India, year-on-year basis, increased to 17.3 per centas at the end of September 2007 from16.0 per cent in the correspondingperiod of the previous year. This risemainly reflected in holding equitiesof banks by non-residents, ADRs/
International BankingStatistics of India -September 2007*
* Prepared in the Banking Statistics Division of the Department ofStatistics and Information Management (DSIM). The previous articleon the subject as at end-June 2007 was published in March 2008 issueof the Bulletin.
ARTICLE
RBIMonthly BulletinJuly 20081176
InternationalBankingStatistics ofIndia -September 2007
GDRs, Bonds and deposits in FIIS'accounts.
● Foreign Institutional Investers'
accounts showed a growth of114.2 per cent
● ADRs/GDRs issued by banksincreased by 96.9 per cent
● Equities held by non-residents
grew by 70.8 per cent
● Foreign Currency Borrowingsdeclined by 5.0 per cent
● The relative significance of 'depositsand loans', in terms of share ininternational liabilities, declined from
79.4 per cent as at end September 2006to 69.9 as at end September 2007, thisdecline mainly reflected in NRE
Accounts, FCNR(B)deposits and inForeign currency borrowings.Whereas the share of ADRs/GDRs and
holding of equities have increased.
● 52.8 per cent of FCNR(B) deposits and58.3 per cent of NRE Rupee deposits
emanated from three countries, viz.,the US, the UK and UAE.
● Composition of currency revealed
that international liabilities in IndianRupee had the major share (52.5 percent), followed by the US dollar (36.0
per cent), Pound Sterling (4.1 per cent)and Japanese Yen (3.5 per cent).
International Assets
● International assets of banks inIndia, year-on-year basis, recorded
23.7 per cent as at end September 2007as compared to the increase of 20.6per cent witnessed during the same
period in the previous year.
● Foreign currency loans toresidents showed a high growthof 43.1 per cent
● NOSTRO balances includingbalances in term deposits withnon-residents banks showed agrowth of 16.1 per cent
● Outstanding Export Bills drawnon non-residents by residentswere reflected a growth of 14.6 percent
● Holding of debt securities andInvestments in Equities abroaddeclined.
● The US dollar denominated assetscontinued to account for themaximum share (81.8 per cent),followed by Euro (5.1 per cent),Indian Rupee (4.1 per cent), PoundSterling (3.2 per cent) and JapaneseYen (1.9 per cent).
Consolidated Banking Statistics● The consolidated international claims
of banks on immediate risk basis,year-on-year, showed a growth of 37.1per cent as at end-September 2007compared with increase of 71.4 percent during the same period in theprevious year.
● Consolidated International claims ofIndian banks on immediate risk basiswas mostly of short-term (less thanone year) accounting for 69.2 per centto total claims as at end September2007 compared with 75.1 per cent ayear ago.
● International claims of banks in theBIS reporting countries on India stoodat US $ 119.8 billion as at end-September 2007, thus, increased by
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1177
1A brief outline of the BIS reporting system of IBS comprising LBS andCBS, purpose of IBS, BIS reporting area for IBS, the distinction/relationbetween IBS of India vis-à-vis external debt of India has been providedin the Article published in July 2007 issue of the RBI Bulletin.
@@ The methodology of compilation of LBS/CBS and explanation tovarious terms used in IBS has been provided in the article on thesubject published in July 2007 issue of the RBI Bulletin.
US $ 44.9 billion over the position a
year ago, whereas the international
claims of Indian Banks on other
countries (i.e., India's asset) stood at
US $ 37.4 billion as at end-September
2007, which was higher by US $ 13.1
billion over the position a year ago.
● The short-term claims on India (US $
60.6 billion) were more than double
the short-term claims of Indian Banks
on other countries (US $ 25.2 billion)
as at end-September 2007
● The foreign claims of banks on
immediate risk basis in the BIS
reporting countries on India stood at
US $ 189.5 billion as at end-September
2007, which was more than four times
the foreign claim of Indian Banks on
other countries (US $ 43.1 billion).
I. Introduction
Eighty-nine commercial and co-
operative banks, authorized to deal in
foreign exchange and to accept non-
resident deposits (Indian Rupee and
foreign currencies), have furnished
information under the International
Banking Statistics (IBS) system, as per the
reporting system of the BIS. These banks
submitted the consolidated data of their
reporting branches/offices. The foreign
branches of Indian banks also submitted
data on international claims, which were
included in the consolidated position of
the Indian Banks' international/foreign
claims. The BIS reporting system of IBS
was revised from the reporting quarter
March 2005, inter alia, covering the claims
of domestic reporting banks arising from
derivatives, guarantees and credit
commitments. Accordingly, in this article
international/foreign claims on ultimate
risk basis of domestic reporting banks for
the quarter end September 2007 have
been compared with those of the previous
quarter end and a year ago1 . A
comparative analysis of the CBS of the
BIS reporting countries and CBS of India
for the previous quarter of 2007 with
corresponding quarter of 2006 is also
presented in the article.
II. Data Coverage andMethodology@@
The data cover authorized dealer (AD)
branches of 89 reporting banks as at end-
September 2007. Of these, 61 banks are
Indian banks (28 public sector banks
including IDBI Ltd., 24 private sector
banks and 9 co-operative banks(6 UCBs))
and 28 banks are foreign banks. These
AD branches also maintain non-resident
Rupee deposits like Non-Resident
External Rupee (NRE) deposits and Non-
Resident Ordinary (NRO) Rupee deposits,
which are covered in the analysis.
Further, bank branches report, inter-alia,
the detailed data on international
liabilities and assets in actual currency
[24 major foreign currencies and domestic
currency (INR)] of transaction in IBS
return. The international liabilities of
banks covered in IBS (as defined by the
BIS) and external debt accounted for by
ARTICLE
RBIMonthly BulletinJuly 20081178
InternationalBankingStatistics ofIndia -September 2007
Chart 1: International Liabilities andAssets of Banks in India
100
150
200
250
300
350
400
50
0
Rs.
'000
cro
re
450
Dec
01
Mar
02
Jun
02
Sep
02
Dec
02
Mar
03
Jun
03
Sep
03
Dec
03
Mar
04
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Mar
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Jun
06
Sep
06
Dec
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Mar
07
Jun
07
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07
Total International Liabilities
Total International Assets
the banking sector in India are not strictly
comparable, since certain items of
liabilities, like, American Depositary
Receipts (ADRs), Global DepositaryReceipts (GDRs), equity of banks held bynon-residents, included in IBS, are notpart of the external debt.
III. Discussion on LocationalBanking Statistics andConsolidated Banking Statistics
III.1 Locational Banking Statistics(LBS)
International Liabilities/Assets
The international liabilities as well asthe international assets of banks in Indiaincreased as at end September 2007 overthe previous quarter end and theinternational liabilities of banks were 94.9per cent higher than the internationalassets (Chart 1). The mismatch betweenthe two, i.e., international liabilities andassets, for banks in India, however,might be attributed to deployment of thefunds mobilized from abroad, in thedomestic market in the domesticcurrency. The international liabilities of
banks increased by Rs. 33,158 crore (9.2per cent) as at end September 2007 overthe position in the previous quarter end
and increased by Rs. 57,823 crore (17.3per cent) over a year ago (Table 1). Theincrease in the international liabilities
were mainly reflected in ADRs/GDRs,holding of equities of banks by non-residents and FIIs accounts. The liabilities
denominated in foreign currencies as atend-September 2007 accounted for 47.5per cent of the total international
liabilities which has showed decline overthe share of 50.6 per cent a year ago.
The international assets of banks in
India also increased by Rs. 4,527 crore (2.3per cent) to Rs. 201,549 crore as at end-September 2007, over the position in the
previous quarter end. The increase wasobserved mainly in Foreign CurrencyLoans to Residents (incl. loans out of
FCNR(B) deposits, PCFCs, FC lending to& FC Deposits with banks in India, etc.)and Outstanding Export Bills drawn on
non-residents by residents. Theinternational assets denominated inforeign currencies accounted for 95.9 per
cent of total international assets as atend-September 2007 which remained atsimilar level in the previous quarter end
as well as a year ago.
International Liabilities Vs ExternalDebt of Indian Banking System
Details of international liabilities, in
US dollar terms, have been classified intoitems that are included under externaldebt statistics and those not covered
under external debt statistics, arepresented in Table 2. The external debtpart of international liabilities of banks
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1179
Table 1: International Liabilities and Assets of Banks in India(branches of Indian and Foreign Banks in India)
Items Amount Outstanding # as at end
September 2006 June 2007 September 2007
Rs. US $ Rs. US $ Rs. US $Crore+ million Crore+ million Crore+ million
International LiabilitiesLiabilities to residents and non-residents 169,497 36,907 173,581 42,644 186,763 46,872denominated in foreign currencies (50.6) (50.6) (48.3) (48.3) (47.5) (47.5)Liabilities to non-residents denominated 165,501 36,037 186,082 45,715 206,058 51,715in Indian Rupees (49.4) (49.4) (51.7) (51.7) (52.5) (52.5)
Total International Liabilities + 334,998 72,945 359,663 88,358 392,821 98,587(100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
International AssetsForeign Currency(FC) Assets (includes FCloans to residents and non-residents,Outstanding Export Bills, FC lending tobanks in India, FC deposits with banks inIndia, Overseas FC Assets, Remittable profits 155,571 33,875 189,187 46,478 193,321 48,518of foreign branches of Indian banks, etc.) (95.4) (95.4) (96.0) (96.0) (95.9) (95.9)
Assets in Indian Rupees with Non-residents(includes Rupee loans to non-residents out 7,420 1,616 7,835 1,925 8,228 2,065of non-resident deposits) (4.6) (4.6) (4.0) (4.0) (4.1) (4.1)
Total International Assets 162,991 35,491 197,022 48,402 201,549 50,583(100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
+ : 1 crore= 10 million. The FEDAI revaluation rate for Rupee-US Dollar exchange as at end-September 2006, June 2007, and September2007 were Rs 45.925, Rs. 40.705 and Rs.39.845 per US Dollar, respectively.
# : Data pertain to only reporting branches. As such, these data provide broad dimensions of international assets and liabilities,Notes : 1. All figures are inclusive of accrued interest.
2. Figures in brackets represent percentages to total international assets.3. Sum of the components may not tally with total due to rounding off.4. Data have been revised for previous quarters.
2 Table 58:India's External Debt, RBI Bulletin February 2008
in India, which covers FCNR(B) Deposits,NR(E)R Deposits, foreign currencyborrowings, Bonds, FII accounts, etc.,increased by US $ 3,770 million as at end-September 2007 over the position in theprevious quarter end and stood at US $65,380 million. In comparision to this,India's External Debt increased by US $9,938 million from US $ 180,578 millionas at end June 2007 to US $ 190,516million as at end September 20072. Non-debt liabilities (American DepositoryReceipts, Global Depository Receipts,equities of banks held by non-residentsand capital of foreign banks' branches
in India) increased by US $ 6,223 millionas at end September 2007 over end June2007 and stood at US $ 27,330 million.Foreign currency liabilities towardsresidents increased to US $ 3,322 millionas at end-September 2007 as comparedwith US $ 3,257 million as at end June2007 and US $ 2,665 million a year ago.
Composition by Instruments
1. Components of InternationalLiabilities
Major component-wise internationalliabilities of banks in India as at end-September 2007 are presented in Chart 2.'Deposits and loans' accounted for thehighest share at 69.9 per cent of totalinternational liabilities of banks as at
ARTICLE
RBIMonthly BulletinJuly 20081180
InternationalBankingStatistics ofIndia -September 2007
Table 2: International Liabilities of Banks in India
Categories /Items Amount Outstanding as at end
September June September
2006 2007 2006
I. Items included under External Debt Statistics + 54,743 61,610 65,380
1. Foreign Currency Non-Resident Bank [FCNR(B)] Schemes 14,356 16,173 16,2382. Non-Resident External (NRE) Rupee A/Cs 23,483 27,017 27,7193. Foreign Currency Borrowings (includes Inter-bank borrowings and
external commercial borrowings of banks) other than throughADRs, GDRs, Bonds, etc. 14,487 14,657 15,865
4. Bonds 997 2,067 1,9975. Floating Rate Notes (FRNs) – – –6. Foreign Institutional Investors’ (FII) A/Cs 1,318 1,391 3,2557. Other Own issues of Intl. Debt Securities 100 304 306
II. Items not included under External Debt Statistics 1,347 2,019 2,222
1. Embassy A/Cs 44 54 392. ESCROW A/Cs 3 0 03. Non-Resident Ordinary(NRO) Rupee Deposits 1,299 1,964 2,182
III. Non-Debt Liabilities (not included in ExternalDebt due to definitional aspects) 13,917 21,107 27,330
1. American Depository Receipts(ADRs) and GlobalDepository Receipts (GDRs) 3,836 5,744 8,708
2. Equities of banks held by NRIs 7,264 11,444 14,3013. Capital of foreign banks/branches in India and
certain other items in transition 2,817 3,919 4,321
IV. FC Liabilities to Residents (not included in ExternalDebt due to definitional aspects) + 2,665 3,257 3,322
1. Exchange Earners’ Foreign Currency (EEFC) A/Cs 1,570 2,314 2,4022. Resident Foreign Currency (RFC) Deposits 330 355 3223. Inter-Bank Foreign Currency Deposits and other
Foreign Currency Deposits of Residents 765 589 598
V. Other Items of International Liabilities (not includedin External Debt due to definitional aspects) 272 365 333
1. Balances in VOSTRO A/Cs of non-resident banks andexchange houses (including term deposits) 272 365 333
VI. Total International Liabilities (I+II+III+IV+V) 72,945 88,358 98,587
+ : Data as reported under IBS do not cover all branches and are not comparable with data reported by all bank branches under a different
set of data.
Notes: 1. All figures are inclusive of accrued interest.
2. The FEDAI revaluation rate for Rupee-US Dollar exchange as at end-Sept. 2006, June 2007 and Sept. 2007 were Rs. 45.925,
Rs.40.705 and Rs. 39.845 per US Dollar, respectively.
3 . Data have been revised for previous quarters.
end-September 2007, but declined by 3.5percentage points over the share in theprevious quarter end [Statement I]. Theshare of 'own issues of debt securities'decreased to 2.3 per cent as at end-September 2007 from 2.7 per cent in theprevious quarter, end and the decreasewas mainly reflected in the own issuesof bonds. The share of 'other
international liabilities' in totalinternational liabilities increased by 3.8percentage points as compared to itsshare in the previous quarter end andincreased by 8.6 percentage points overits position a year ago.
About 60.7 per cent of the totalinternational liabilities as at the end-September 2007 was accounted for by only
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1181
Chart 2: Major Components of International Liabilities of Banks In India(Figures in Per cent) as at end-September 2007
Other International Liabilities
Own Issues of Debt Securities
FCNR(B) Deposit
NRE Rupee Deposit
FC Borrowing
Other Components ofDeposits and Loans
2.3
Depositsand Loans 69.9
27.7 16.5
28.1
16.1
9.2
three components of internationalliabilities, viz., NRE Rupee deposits (28.1per cent), FCNR(B) deposits (16.5 per cent)and Foreign Currency Borrowing (16.1 percent) (Statement I). While 52.8 per cent ofFCNR(B) deposits and 58.3 per cent of NRERupee deposits emanated from residentsof the three countries, viz., the US, theUK and UAE, about 70.3 per cent of totalforeign currency borrowings originatedfrom the entities in the four countries, viz.,the US (28.3 per cent), the UK (18.4 percent), Singapore (16.5 per cent) andGermany (7.1 per cent) (Statement II).
Non-resident External Rupee (NRE)accounts which had the highest share of28.1 per cent in the total internationalliabilities as at end September 2007declined by 2.5 per cent from the previousquarter end position. Foreign currencyborrowing showed a decline by 0.5 percent in quarter end-September 2007 fromthe previous quarter end position. Also,FCNR(B) deposits witnessed a marginaldip of 1.8 per cent from the previousquarter end position (Chart 3). However,ADRs/GDRs and equities of banks held
Chart 3: Major Componenets of International Liabilities
FCNR(B) Foreign Currency BorrowingBonds
NRE
ADRs/GDRs Equities of banks
Q1
:2
00
1
Q3
:2
00
1
Q1
:2
00
2
Q3
:2
00
2
Q1
:2
00
3
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:2
00
3
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:2
00
4
Q3
:2
00
4
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:2
00
5
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:2
00
5
Q1
:2
00
6
Q3
:2
00
6
Q1
:2
00
7
(Pe
rce
nt)
0.0
5.010.0
15.020.0
25.0
30.0
35.040.0
Q3
:2
00
7
ARTICLE
RBIMonthly BulletinJuly 20081182
InternationalBankingStatistics ofIndia -September 2007
by non-residents recorded a considerablerise in their share by 2.2 per cent and 1.5per cent respectively in the current quarterfrom the previous quarter.
Trend behavior of major componentsof liabilities showed that the share ofEquities of banks held by non-residentshas increased from 0.3 per cent as at endMarch 2001 to 14.5 per cent as at endSeptember 2007 and the share of ADRs/GDRs increased from 0.6 per cent as atend March 2001 to 8.8 per cent as at endSeptember 2007, whereas the share ofbonds showed continuous decline from28.6 per cent as at end March 2001 to 2.0per cent as at end September 2007.
2. Components of International Assets
The 'loans and deposits' accountingfor the highest share of 94.6 per cent(Chart 3) in total international assets ofbanks, year-on-year basis, increased 2.4percentage points as at end-September2007 [Statement I]. The share of 'otherinternational assets', which includesinvestments made by banks in foreignequities and capital supplied to andprofits receivable from foreign branches/
subsidiaries of Indian banks, year-on-year basis, decreased to 5.0 per cent asat end September 2007 from 6.4 per centrecorded during the same period in theprevious year.
Three major componentsconstituting about 90.9 per cent, ofinternational assets were foreign currencyloans to residents (43.6 per cent), NOSTRObalances including placements abroad(27.0 per cent) and outstanding exportbills (20.3 per cent) (Statement I). About86.8 per cent of the total NOSTRObalances were concentrated only in sixcountries [viz., the US (51.4 per cent), theUK (12.5 per cent), Hong Kong (11.4 percent), Singapore (5.4 per cent), Bahrain(3.2 per cent) and Germany (2.9 per cent)].About 64.5 per cent of the totaloutstanding export bills were spread oversix countries [viz., the US (36.5 per cent),UAE (7.2 per cent), Hong Kong (7.1 percent), the UK (6.3 per cent), Singapore (4.1per cent) and China (3.3 per cent)](Statement III). [Chart 4]
Year-on-year basis, the internationalassets of banks continued its growth andrecorded 23.7 per cent as at the end-
Chart 4: Major Components of International Assets of Banks In India(Figures in Per cent) as at end-September 2007
Holdings of Debt Securities
Other International Assets
FC Loans to Residents
Export Bill
Other Components ofLoans and Deposits
3.7
NOSTRO Balance
27.0
43.6
20.3
0.3
5.0Loans andDeposits
94.6
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1183
September 2007. The increase was mainlydue to considerable rise in ForeignCurrency Loans to Residents (43.1 percent), outstanding export bills drawn onnon-residents by residents (14.6 per cent)and NOSTRO balances held abroad (16.1per cent) in the current year.
Trend behavior of major componentsof assets showed that the share of foreigncurrency loans to residents increased from16.2 per cent as at end March 2001 to 43.6per cent as at end September 2007 (Chart 5).
Composition by Currency
In terms of currency composition ofinternational liabilities for all sectors asat end-September 2007 the liabilities inIndian Rupee accounted for the majorshare (52.5 per cent), followed byliabilities in the US dollar (36.0 per cent)and Pound Sterling (4.1 per cent)(Chart6, Table 3 and Statement IV).
With regard to currency compositionof international assets for all sectors asat end-September 2007, the US dollardenominated assets continued to accountfor the maximum share (81.8 per cent),followed by Euro (5.1 per cent), Indian
Chart 5. Major Components of International Assets
Loans to Non-residents FC Loans to Residents Outstanding Export Bills
Investments NOSTRO
Q1:
2001
Q3:
2001
Q1:
2002
Q3:
2002
Q1:
2003
Q3:
2003
Q1:
2004
Q3:
2004
Q1:
2005
Q3:
2005
Q1:
2006
Q3:
2006
Q1:
2007
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Per
cen
t
Q3:
2007
Rupee (4.1 per cent) and Pound Sterling(3.2 per cent) (Chart 7, Table 3 andStatement IV).
Composition by Sector
The sectoral composition ofinternational liabilities of banks in termsof 'banks' and 'non-banks' showed thatthe share of liabilities of 'non-bank'sector increased by 1.0 per cent pointand stood at 77.2 per cent as at end-September 2007 over the previous quarter(Table 4). Correspondingly, there was 1.0per cent point decrease witnessed in theshare of 'bank' sector.
Chart 6: International Liabilities of Banksin India - Currency Composition
per
cen
t
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Indian Rupee US Dollar Pound Sterling
September 2006 June 2007 September 2007
Currency
51.7
52.5
49.4
6.9
4.5
4.1
39.0
35.7
36.0
ARTICLE
RBIMonthly BulletinJuly 20081184
InternationalBankingStatistics ofIndia -September 2007
Table 3: International Liabilities and Assetsof Banks -Currency Composition
(Rs. Crore)
Currency Name Amount Outstanding as at end
September June September
2006 2007 2007
International Liabilities
Total 334,998 359,663 392,821
of which:
Indian Rupee 165,500 186,083 206,058
(49.4) (51.7) (52.5)
US Dollar 130,611 128,334 141,416
(39.0) (35.7) (36.0)
Pound Sterling 23,057 16,088 16,133
(6.9) (4.5) (4.1)
International Assets
Total 162,991 197,022 201,549
of which:
US Dollar 131,309 160,856 164,784
(80.6) (81.6) (81.8)
EURO 8,008 10,419 10,309
(4.9) (5.3) (5.1)
Indian Rupee 7,420 7,835 8,229
(4.6) (4.0) (4.1)
Pound Sterling 5,782 6,444 6,495
(3.5) (3.3) (3.2)
Note: 1. Figures in brackets represent percentages to total
international assets.
2 . Data have been revised for previous quarters.
As regards international assets, theshare of 'bank' sector decreased by 7.2percentage points as at end-September2007 over the share in the previous quarter
Chart 7: International Assets of Banks in India Currency Composition
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
per
cen
t
US Dollar Euro Indian Rupee
80.6 81.6 81.8
4.9 5.3 5.1 4.6 4.0 4.1
September 2006 June 2007 September 2007
end and, correspondingly, the share of'non-bank' sector increased. The currencyand sector-wise composition ofinternational liabilities and assets ingreater detail are presented inStatement IV.
Composition by Country of Residenceof Transacting Units
About 66.2 per cent of totalinternational liabilities of banks weretowards the transacting units (bank andnon-bank sector) of six countries, viz., theUSA (29.1 per cent), the UK (13.6 per cent),UAE (7.2 per cent), Mauritius (6.6 percent), Singapore (5.3 per cent), and India(4.4 per cent) as at end-September 2007[Chart 8, Table 5]. The share ofinternational liabilities towards theMauritius and Singapore increased incontrast to decline in share of the US,India and the UK compared to theirpositions in the previous quarter end.[Chart 8 & 9, Table 5]
As regards international assets ofbanks as at end-September 2007, 81.3 percent of total international assets
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1185
Table 4: International Liabilities and Assetsof Banks -Sector Composition
(Rs. Crore)
Sector Amount Outstanding as at end
September June September
2006 2007 2007
International Liabilities
Total 334,998 359,663 392,821
of which:
Bank 84,275 85,581 89,566
(25.2) (23.8) (22.8)
Non-Bank 250,723 274,082 303,255
(74.8) (76.2) (77.2)
International Assets
Total 162,991 197,022 201,549
of which:
Bank 67,330 86,190 73,502
(41.3) (43.7) (36.5)
Non-Bank 95,661 110,832 128,047
(58.7) (56.3) (63.5)
Note: 1. Figures in brackets represent percentages to total
international assets.
2 . Data have been revised for previous quarters.
concentrated in the five countries, viz.,India (43.6 per cent), the USA (23.4 percent), the UK (6.3 per cent), Hong Kong(4.9 per cent) and Singapore (3.1 per cent)(Chart 9, Table 5). The details ofinternational liabilities and assets ofbanks in India, according to country ofresidence of transacting units, arepresented in Statement V.
Chart 8: International Liabilities of Banks in India According toCountry of Residence of Transacting Units as at end
September 2006 June 2007 September 2007
MauritiusUnited States ofAmerica
UnitedKingdom
Singapore India
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
Per
cen
t
United ArabEmirates
29.4
30.4
29.1
15.5
13.7
13.6
8.2
7.2 7.2
5.3
5.0 6
.6
4.2 5.0 5.3
4.5 4.7
4.4
Composition by Country ofIncorporation of Reporting Bank
The classification of international
liabilities of banks according to their
country of incorporation revealed that
the Indian Banks accounted for the
maximum share at 80.3 per cent as at end-
September 2007. Banks incorporated in
other countries, namely, the USA, Hong
Kong, the UK and Netherlands had very
low shares ranging between 2.3 per cent
and 5.3 per cent.
In the case of international assets,
India accounted for the highest share
(79.2 per cent), followed by the USA (5.6
per cent), Hong Kong (3.8 per cent),
Netherlands (3.4 per cent) and the UK
(3.3 per cent). These countries, together,
covered 95.3 per cent of total
international assets as at end-September
2007 [Table 6]. A detail position of
international liabilities and assets of
banks according to their country of
incorporation are presented in
Statement VI.
ARTICLE
RBIMonthly BulletinJuly 20081186
InternationalBankingStatistics ofIndia -September 2007
Table 5: International Liabilities and Assets of Banks in India According to Country ofResidence of Transacting Units
Country of Residence Amount Outstanding as at end
September June September
2006 2007 2007
International Liabilities
Total
International
Liabilities 334,998 359,663 392,821
of which:
United States of America # 98,561 109,310 114,471
(29.4) (30.4) (29.1)
United Kingdom @ 52,066 49,384 53,605
(15.5) (13.7) (13.6)
United Arab Emirates 27,364 25,721 28,346
(8.2) (7.2) (7.2)
Mauritius 17,869 17,932 26,070
(5.3) (5.0) (6.6)
Singapore 13,984 17,941 20,928
(4.2) (5.0) (5.3)
India 14,925 16,753 17,212
(4.5) (4.7) (4.4)
(Rs. Crore)
Country of Residence Amount Outstanding as at end
September June September
2006 2007 2007
International Assets
Total
International
Assets 162,991 197,022 201,549
of which:
India 61,751 73,043 87,930
(37.9) (37.1) (43.6)
United States of America # 42,585 47,022 47,168
(26.1) (23.9) (23.4)
United Kingdom @ 11,747 15,605 12,686
(7.2) (7.9) (6.3)
Hong Kong 4,622 10,532 9,857
(2.8) (5.3) (4.9)
Singapore 6,675 6,308 6,269
(4.1) (3.2) (3.1)
@ : excluding Guernsey, Isle of Man and Jersey, #: includes Miday Island and Wake Islands
Note: 1. Figures in brackets represent percentages to total international assets
2. Data have been revised for previous quarters
Chart 9: International Assets of Banks in India According toCountry of Residence of Transacting Units as at end
0.0
5.010.0
15.020.0
25.0
30.035.040.045.0
Per
cen
t
India United Statesof America
United Kingdom Hong Kong Singapore
September 2006 June 2007 September 2007
37.9
37.1
43.6
26.1
23.9
23.4
7.2 7.9
6.3
2.8 5
.3
4.9
4.1
3.2
3.1
50.0
III.2 Consolidated Banking Statistics (CBS)
International/Foreign Claims
The CBS provides country-wise(immediate country risk exposure),
residual-maturity-wise and sector-wiseclassification of international claims ofbanks on countries other than India. Italso provides consolidated country riskexposure on an ultimate risk basis, sector-
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1187
Table 6: International Liabilities and Assets of Banks in India According to Country ofIncorporation of Reporting Bank
Country of Incorporation Amount Outstanding as at end
September June September
2006 2007 2007
International Liabilities
Total
International
Liabilities 334,998 359,663 392,821
of which:
India 270,325 293,053 315,445
(80.7) (81.5) (80.3)
Hong Kong 14,971 16,947 20,939
(4.5) (4.7) (5.3)
United States of America 16,770 17,835 18,453
(5.0) (5.0) (4.7)
United Kingdom 11,492 8,282 10,356
(3.4) (2.3) (2.6)
Netherlands 6,793 8,863 8,938
(2.0) (2.5) (2.3)
(Rs. Crore)
Country of Incorporation Amount Outstanding as at end
September June September
2006 2007 2007
International Assets
Total
International
Assets 162,991 197,022 201,549
of which:
India 132,535 156,763 159,587
(81.3) (79.6) (79.2)
United States of America 9,694 11,800 11,333
(5.9) (6.0) (5.6)
Hong Kong 3,551 8,310 7,593
(2.2) (4.2) (3.8)
Netherlands 3,937 5,979 6,806
(2.4) (3.0) (3.4)
United Kingdom 4,786 6,953 6,680
(2.9) (3.5) (3.3)
Germany 4,406 1,022 2,465
(2.7) (0.5) (1.2)
Note: 1. Figures in brackets represent percentages to total international assets.
2. Data have been revised for previous quarters.
wise classification of foreign claims(through on-balance-sheet items) andinternational claims arising fromderivatives, guarantees and creditcommitments. Data presented in thearticle are based on the data reported bybranches of banks in India and foreignbranches of Indian banks.
Exposure/Claims on Immediate RiskBasis
Consolidated international claims ofbanks, based on immediate risk basis, oncountries other than India as at end-September 2007, recorded a decrease ofRs. 1,181 crore (0.7 per cent) to Rs.1,57,201crore over previous quarter end position.However, it has registered an increase
over the year at Rs. 42,513 crore (37.1 percent). (Table 7).
Composition by Country of Residenceof Transacting Unit - Immediate riskbasis
Consolidated international claims ofbanks, classified according to country ofimmediate risk revealed that reportingbanks' claims on the USA accounted forthe largest share (21.1 per cent), followedby the UK (19.5 per cent), Hong Kong (7.3per cent) and Singapore (6.7 per cent) asat end-September 2007 (Chart 10 and Table7). The share of claims on the UK, HongKong, Singapore and Germany haveincreased while that of the USA declinedover the position in the previous quarter.
ARTICLE
RBIMonthly BulletinJuly 20081188
InternationalBankingStatistics ofIndia -September 2007
Table 7: Consolidated International Claims of Banks on Countries other than Indiaon Immediate Country Risk Basis
Country Amount Outstanding as at end
September 2006 June 2007 Sep. 2007
Rs. US $ Rs. US $ Rs. US $Crore+ million Crore+ million Crore+ million
Total Consolidated International 114,688 24,973 158,382 38,910 157,201 39,453Claims (excluding claims on India)
of which:
United States of America # 29,152 6,348 34,396 8,450 33,147 8,319(25.4) (25.4) (21.7) (21.7) (21.1) (21.1)
United Kingdom@ 16,745 3,646 29,257 7,188 30,584 7,676(14.6) (14.6) (18.5) (18.5) (19.5) (19.5)
Hong Kong 4,944 1,077 11,066 2,719 11,477 2,880(4.3) (4.3) (7.0) (7.0) (7.3) (7.3)
Singapore 7,066 1,539 8,514 2092 10,561 2,651(6.2) (6.2) (5.4) (5.4) (6.7) (6.7)
Germany 5,035 1,096 6,721 1,651 6,886 1,728(4.4) (4.4) (4.2) (4.2) (4.4) (4.4)
United Arab Emirates 5,100 1,111 6,889 1,692 6,773 1,700(4.4) (4.4) (4.3) (4.3) (4.3) (4.3)
+ : 1 crore= 10 million. The FEDAI revaluation rate for Rupee-US Dollar exchange as at end-September 2006, June 2007, and September2007 were Rs. 45.925, Rs 40.705 and Rs. 39.485 per US Dollar, respectively .
@ : excluding Guernsey, Isle of Man and Jersey, #: includes Miday Island and Wake Islands.Note: 1. Figures in brackets represent percentages to the total international claims.
2. Data have been revised for previous quarters.
Composition by Residual Maturity-Immediate risk basis
Consolidated international claims ofbanks on immediate country risk basis,classified by their residual maturity, ispresented in Table 8. Despite decline in
Chart 10: Consolidated international Claims of Banks on countriesother than India on Immediate country Risk Basis
30.0
0.0
5.0
10.0
15.0
20.0
25.0
Per
cen
t
United States ofAmerica
UnitedKingdom
Hong Kong Singapore
September 2006 June 2007 September 2007
Germany UnitedArab Emirates
25.4
14.6
4.3 6
.2
4.4
21.7
18.5
7.0
5.4
4.2
21.1
19.5
7.3
6.7
4.4
4.4
4.3 4.3
the share of short term claims by 5.9percentage points over the year, thereporting banks continued to prefershort-term lending/investment, since theshort-term claims (claims with residualmaturity up to one year) accounted for
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Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1189
69.2 per cent of total international claimsand the long-term claims accounted for30.4 per cent as at end-September 2007(Table 8). The details of consolidatedinternational claims of banks accordingto residual maturity and country ofimmediate risk are provided in StatementVII. [Table 8]
Composition by Sector - ImmediateRisk Basis
Sectoral classification of consolidatedinternational claims of banks on othercountries, on immediate country riskbasis is presented in Table 9. The shareof 'bank' sector decreased by 5.3percentage points as at end-September2007 over the share in the previousquarter end and, correspondingly the
Table 8: Maturity-wise break-up of ConsolidatedInternational Claims of Banks on Countries other
than India on Immediate Country Risk Basis
(Rs. Crore)
Residual Maturity Amount Outstanding as at end
September June September
2006 2007 2007
Short Term * 86,175 113,324 108,775
(75.1) (71.6) (69.2)
Long Term ** 27,796 45,058 47,740
(24.2) (28.4) (30.4)
Unallocated *** 716 0 686
(0.6) (0.0) (0.4)
Total
Consolidated
International
Claims (excluding 114,688 158,382 157,201
claims on India) (100.0) (100.0) (100.0)
* : Claims with a residual maturity of up to and including
one year
** : Claims with a residual maturity of over one year (excluding
unallocated maturity)
*** : Residual Maturity “Unallocated” comprises maturity not
applicable for certain items (i.e., equities, fixed assets, etc.)
and maturity information not available.
Notes : 1. Figures in brackets represent percentages to total
international claims.
2. Data have been revised for previous quarters.
share of 'non-bank private' sector
increased. The details of international
claims of banks according to sector and
country of immediate risk are presented
in Statement VII. [Table 9]
Exposure/Claims on Ultimate Risk Basis
Consolidated foreign claims
(international claims of Indian banks
including the claims of their foreign
offices plus local claims in local currency
of foreign offices of Indian banks) of
domestic banks on ultimate risk basis
decreased from Rs. 1,49,167 crore as at
end-June 2007 to Rs. 1,47,179 crore as at
end-September 2007 (Table 10). The
consolidated contingent claims/exposure
of Indian Banks, on countries other than
India, arising from derivatives,
guarantees and credit commitments as at
end-September 2007 stood at Rs. 14,174
crore, Rs. 17,307 crore and Rs. 1,558 crore,
respectively.
Table 9: Sector-wise Consolidated InternationalClaims of Banks on Countries other than India
on Immediate Country Risk Basis
(Rs. Crore)
Sector Amount Outstanding as at end
September June September
2006 2007 2007
Bank 49,932 75,178 66,410
(43.5) (47.5) (42.2)
Non-Bank Public Sector 840 719 546
(0.7) (0.5) (0.3)
Non-Bank Private Sector 63,916 82,485 90,246
(55.7) (52.1) (57.4)
Total
Consolidated
International
Claims (excluding 114,688 158,382 157,201
claims on India) (100.0) (100.0) (100.0)
Notes : 1. Figures in brackets represent percentages to total
international claims.
2. Data have been revised for previous quarters.
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RBIMonthly BulletinJuly 20081190
InternationalBankingStatistics ofIndia -September 2007
Composition by Country of Residenceof Transacting units: Ultimate riskbasis
Consolidated foreign claims and
claims arising from derivatives,
guarantees and credit commitments of
Indian banks, classified according to
country of ultimate risk are presented in
Table 10. About 54.6 per cent of total
consolidated foreign claims of Indian
Table 10: Consolidated Foreign Claims and Contingent Claims/Exposures arising from Derivatives,Guarantees and Credit Commitments of Domestic Banks on Ultimate Risk Basis
Total Foreign Claims
Country of Ultimate Risk Amount Outstanding as at end
September June September
2006 2007 2007
International Liabilities
Total 118,295 149,167 147179
of which:
United States of America # 26,162 33,686 29386
(22.1) (22.6) (20.0)
United Kingdom @ 15,932 23,954 26003
(13.5) (16.1) (17.7)
Singapore 5,996 9,061 11042
(5.1) (6.1) (7.5)
Germany 6,155 7,441 7385
(5.2) (5.0) (5.0)
United Arab Emirates 5314 6658 6520
(4.5) (4.5) (4.4)
Contingent Claims/Exposures Arising from Derivatives
Total 8,735 13,999 14174
of which:
United Kingdom @ 1,516 3,080 3216
(17.4) (22.0) (22.7)
France 2,378 3,636 2340
(27.2) (26.0) (16.5)
Germany 565 959 2013
(6.5) (6.9) (14.2)
United States of America # 605 2,116 1970
(6.9) (15.1) (13.9)
Singapore 1,358 244 502
(15.5) (1.7) (3.5)
(Rs. Crore)
Contingent Claims/Exposures Arising from Guarantees
Country of Ultimate Risk Amount Outstanding as at end
September June September
2006 2007 2007
International Assets
Total 11,686 16,988 17307
of which:
United States of America # 3,558 5,118 6513
(30.4) (30.1) (37.6)
United Arab Emirat 749 898 1731
(6.4) (5.3) (10.0)
China 815 1,642 1290
(7.0) (9.7) (7.5)
United Kingdom 698 919 1014
(6.0) (5.4) (5.9)
Germany 1,103 1,482 924
(9.4) (8.7) (5.3)
Contingent Claims/Exposures Arising from Credit Commitments
Total 865 1,468 1558
of which:
United States of America # 525 774 595
(60.7) (52.7) (38.2)
United Arab Emirates 0 57 178
(0.0) (3.9) (11.4)
France 136 82 80
(15.7) (5.6) (5.1)
Singapore 48 118 67
(5.5) (8.0) (4.3)
Mauritius 4 0 56
(0.5) (0.0) (3.6)
@: excluding Guernsey, Isle of Man and Jersey, #: includes Miday Island and Wake Islands
Note : Figures in brackets represent percentages to total.
Banks were concentrated in fivecountries, viz., USA (20.0 per cent), UK(17.7 per cent), Singapore (7.5 per cent),Germany (5.0 per cent) and United ArabEmirate (4.4 per cent) as at end-September 2007. As regards consolidatedinternational claims of Indian Banksarising from derivatives, United Kingdomhad the maximum share at 22.7 per cent,followed by France (16.5 per cent),Germany (14.2 per cent), USA (13.9 per
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InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1191
cent) and Singapore (3.5 per cent). Inrespect of consolidated internationalclaims of Indian banks arising fromguarantees, the USA had the maximumshare at 37.6 per cent, followed by UAE(10.0 per cent), China (7.5 per cent), theUK (5.9 per cent) and Germany (5.3 percent). In the similar way, claims arisingfrom credit commitments, the USArecorded maximum share at 38.2 per cent,followed by United Arab Emirate (11.4 percent), France (5.1 per cent), Singapore (4.3per cent) and Mauritius (3.6 per cent) asat end September 2007. [Table 10]
III.3 Comparison of CBS of theCountries Reporting Data toBIS vis-à-vis CBS of India
A comparative position of CBS ofIndia and the CBS of BIS reportingcountries as at end-September 2006 andend September 2007 has been presentedin this section covering three aspects,viz., (i) consolidated international/foreign claims of banks in the BISreporting countries on all other
Table 11: Claims of BIS Reporting Banks on India & other Countries and Indian Banks' claimon other Countries - Immediate Country Risk basis
(US $ billion)
Claims Claims of BIS Reporting Claims of BIS Reporting Claims of Indian Banks
Countries' Banks on all Countries' Banks on countries other
Countries including India on India than India #
September September September September September September
2006 2007 2006 2007 2006 2007
(a) Total International Claims 17,214.7 22,351.9 74.9 119.8 24.3 37.4
(67.4) (67.9) (62.3) (63.2) (85.9) (86.8)
(b) Local Claims in Local Currencies 8,342.4 10,550.9 45.4 69.7 4.0 5.7
(32.6) (32.1) (37.7) (36.8) (14.1) (13.2)
(c) Total Foreign Claims (a+b) 25,557.0 32,902.8 120.3 189.5 28.3 43.1
(100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
# : Claims of Indian Banks' branches/offices operating in India and abroad, on countries other than India; these data are taken from
the data supplied to the BIS.
Note : Figures in brackets represent percentages to total foreign claims.
Source: BIS International Consolidated Banking Statistics (www.bis.org) updated till April 25, 2007
countries, (ii) consolidated international/foreign claims of banks in the BISreporting countries on India and (iii)international/foreign claims of IndianBanks on countries other than India. Itmay be mentioned that the datapublished by the BIS relate to theconsolidated total international/foreignclaims of all BIS reporting countries onother countries. Further, the claims ofIndia denote claims of Indian Banks'branches/offices, operating in India andabroad, on countries other than India.
Total International/Foreign Claims-Immediate Risk Basis
Total foreign claims of banks in theBIS reporting countries on all othercountries recorded a growth of 28.7 percent as at end September 2007 over endSeptember 2006 (Table 11). Also, totalforeign claims of Indian banks on othercountries increased by US $14.8 billion(52.3 per cent) during the same period.As regards the components of 'totalforeign claims', viz., 'local claims in local
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InternationalBankingStatistics ofIndia -September 2007
currencies' and 'international claims', theshare of 'local claims in local currencies'of banks in the BIS reporting countriesto total foreign claims declinedmarginally and correspondingly, theshare of 'total international claims'increased at end-September 2007 ascompared to their respective share a yearago. In respect of claims of Indian banks,the share of international claimsincreased and, correspondingly the shareof local claims in local currenciesdeclined.
International claims of banks in theBIS reporting countries on India (i.e.,India's liability) stood at US $ 119.8 billionas at end-September 2007, which washigher by US $ 44.9 billion over theposition a year ago, whereas theinternational claims of Indian Banks onother countries (i.e., India's asset) stoodat US $ 37.4 billion as at end-September2007, higher by US $ 13.1 billion over theposition a year ago. As regards 'totalforeign claims', the claims on India (US $189.5 billion) were more than four timesthe claims of Indian banks on othercountries (US $ 43.1 billion). Theconsiderable divergence could partly beattributed to the 'local claims in localcurrencies' covering lending/investmentof foreign banks' offices in India (US $69.7 billion), which was significantlyhigher than the 'local claims in localcurrencies' of Indian banks' foreign
offices (US $ 5.7 billion).
International Claims-by ResidualMaturity and Sector
Maturity-wise classification of
international claims of banks in the BIS
reporting countries on all other
countries revealed that the share of 'long-
term' marginally decreased and the
'short-term' claims increased as at end-
September 2007 compared to their
respective shares a year ago. The Indian
banks preferred 'short-term' lending/
investment as at end-September 2007.
Maturity pattern of international
claims of banks in the BIS reporting
countries on India and that of
international claims of Indian Banks on
other countries revealed that the short-
term claims on India (US $ 60.6 billion)
were more than double the short-term
claims of Indian Banks on other
countries (US $ 25.2 billion) as at end-
September 2007. Similarly, the long-term
claims on India (US $ 37.3 billion) were
more than three times the long-term
claims of Indian Banks on other
countries (US $ 12.1 billion). The short-
term claims of banks in the BIS reporting
countries on India increased by US $ 20.9
billion as at end September 2007 over
the position a year ago compared to an
increase of US $ 6.5 billion in short-term
claims of Indian Banks on countries
other than India during the
corresponding period. [Table 12]
Sector-wise composition of
international claims of banks in the BIS
reporting countries on all other
countries as at end-September 2007
showed that the share of 'non-bank
private' sector increased by 2.3
percentage points to 42.1 per cent over
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Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1193
the share a year ago, while the share of
'non-bank public' sectors declined and
the share of 'bank' sector remained
almost same over the year. In respect
of Indian banks' international claims
on countries other than India, the shares
of 'non-bank public' sector and 'bank'
sector declined, while the share of 'non-
bank private' sector increased over
September 2006.
Comparative position of sector-wise
classification showed that the share of
claims of banks in the BIS reporting
countries on India in the 'non-bank
private' sector increased while the share
declined for 'bank' and 'non bank public'
sectors in September 2007 over
September 2006.
Table 12: International Claims of BIS Reporting Banks vis-à-vis Indian Banks - by Maturity and Sector
(US $ billion)
Maturity/sector Claims of BIS Reporting Claims of BIS Claims of Indian Banks
Countries on all Reporting Countries' on countries other
Other Countries on India than India #
September September September September September September
2006 2007 2006 2007 2006 2007
Total International Claim 17,214.7 22,351.9 74.9 119.8 24.3 37.4
of which:
Maturity Short Term * 9,289.6 12,108.7 39.7 60.6 18.7 25.2
(54.0) (54.2) (53.0) (50.6) (77.0) (67.4)
Long Term ** 5,163.0 6,646.1 20.4 37.3 5.4 12.1
(30.0) (29.7) (27.3) (31.1) (22.2) (32.4)
Sector $ Bank 7,921.1 10,305.5 22.2 35.1 10.5 14.9
(46.0) (46.1) (29.6) (29.3) (43.2) (39.8)
Non-Bank 2,215.0 2,407.9 4.6 6.2 0.2 0.1
Public (12.9) (10.8) (6.2) (5.2) (0.8) (0.3)
Non-Bank 6,853.8 9,401.6 46.2 75.4 13.5 22.4
Private (39.8) (42.1) (61.7) (62.9) (55.6) (59.9)
# : Claims of Indian Banks' branches/offices operating in India and abroad, on countries other than India; these data are taken from the
data supplied to the BIS.
* : Claims with a residual maturity of up to and including one year.
** : Claims with a maturity of over one year (excluding unallocated maturity).
$ : Excluding unallocated sector.
Note: Figures in brackets represent percentages to total international claims.
Source : BIS International Consolidated Banking Statistics (www.bis.org) updated till April 25, 2007.
International Claims-by Country ofIncorporation of Reporting Banks
International claims of banks in the
BIS reporting countries on all other
countries classified according to the
country of incorporation of the bank as
at end-September 2006 and 2007 are
presented in Table 13. The banks
incorporated in Germany accounted for
the maximum share at 19.8 per cent,
followed by banks incorporated in
France(11.7 per cent), the UK(10.7 per
cent), Japan (10.3 per cent), Switzerland
(8.2 per cent) and Netherlands (7.3 per
cent). However, the share of banks
incorporated in Germany and Japan
slightly declined as at end-September
2007 over their share a year ago. The
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InternationalBankingStatistics ofIndia -September 2007
Table 13: International Claims of BIS Reporting Bankson all other Countries - by Country of Incorporation
(US $ billion)
Country of International Claims on
Incorporation all other Countries
September September
2006 2007
Total International Claims 13,547.1 17,905.9
Of Which :
Germany 2,734.7 3,539.2
(20.2) (19.8)
France 1,490.1 2,095.4
(11.0) (11.7)
United Kingdom 1,448.7 1,911.7
(10.7) (10.7)
Japan 1,524.1 1,839.9
(11.3) (10.3)
Switzerland 1,139.2 1,466.0
(8.4) (8.2)
Netherlands 1,031.0 1,307.2
(7.6) (7.3)
United States 788.7 1,052.9
(5.8) (5.9)
India # 24.3 37.4
(0.2) (0.2)
# : Claims of Indian Banks' branches/offices operating in India
and abroad, on countries other than India; these data are
taken from the data supplied to the BIS.
Note : Figures in brackets represent percentages to total
international claims.
Source : BIS International Consolidated Banking Statistics
(www.bis.org).
Table 14: International Claims of BIS ReportingBanks on India - by Country of Incorporation
(US $ billion)
Country of International Claims
Incorporation on India
September September
2006 2007
Total International Claim 61.3 98.4
Of Which :
United States 14.3 24.3
(23.4) (24.7)
United Kingdom 7.3 14.0
(12.0) (14.2)
Germany 8.6 10.0
(14.0) (10.1)
Japan 6.3 9.7
(10.3) (9.8)
Netherlands 5.1 9.2
(8.3) (9.4)
Switzerland 5.8 7.8
(9.4) (7.9)
Note : 1. The data on international claims on India of banks
incorporated in Canada and Ireland are masked by
the BIS.
2. Figures in brackets represent percentages to total
international claims.
Source: BIS International Consolidated Banking Statistics
(www.bis.org).
Indian Banks' share in total international
claims remained same at 0.2 per cent as
at end-September 2007.
The claims of banks on India
according to their country of
incorporation revealed that the banks
incorporated in six countries, viz., the
USA (24.7 per cent), UK (14.2 per cent),
Germany (10.1 per cent), Japan (9.8 per
cent), Netherlands (9.4 per cent) and
Switzerland (7.9 per cent) accounted for
76.1 per cent share in aggregate as at end-
September 2007. While the shares of
claims of banks incorporated in the USA,
the UK and Netherlands increased, the
shares of banks incorporated in Germany,
Japan, and Switzerland declined as at
end-September 2007 over end-September
2006 (Table 14).
Foreign Claims: Ultimate Risk Basis
Total foreign claims, on ultimate risk
basis, of banks in the BIS reporting
countries on all other countries stood at
US $ 27,497.8 billion as at end-September
2007, of which 56.4 per cent claims were
on 'non-bank private' sector (Table 15).
The foreign claims of banks in the BIS
reporting countries on India stood at US
$ 172.9 billion as at end-September 2007,
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July 2008 1195
Table 15: Consolidated Foreign Claims of BIS Reporting Banks on India & other Countries andIndian Banks' claim on other Countries: Ultimate Risk Basis
(US $ billion)
Claims Claims of BIS Reporting Claims of BIS Reporting Claims of Indian Banks
Countries' Banks on all Countries' Banks on countries other
Other Countries ## on India than India #
September September September September September September
2006 2007 2006 2007 2006 2007
(a) Total Foreign Claims 21,103.3 27,497.8 105.6 172.9 25.8 37.2
of which:
Banks 5,980.6 7,871.9 21.2 35.4 14.3 18.0
(28.3) (28.6) (20.1) (20.5) (55.4) (48.4)
Sector Non-Bank Public 3,700.9 3,927.2 11.6 15.3 0.3 0.3
(17.5) (14.3) (10.9) (8.9) (1.2) (0.8)
Non-Bank Private 11,235.9 15,503.5 72.6 121.7 11.1 18.9
(53.2) (56.4) (68.8) (70.4) (43.0) (50.8)
(b) Other Exposures
Derivatives 1,994.3 3,074.6 4.9 12.8 1.9 3.6
Guarantees 3,580.7 6,867.4 11.7 18.3 2.5 4.4
Credit Commitments 3,667.7 4,635.0 9.5 13.0 0.2 0.4
# : Claims of Indian banks’ branches/offices operating in india and abroad on contries other than india : these date are taken from the
data supplied to the BIS.
##: Out of thirty countries submitting CBS on immediate risk basis, twenty four countries submitted CBS on ultimate risk basis to
the BIS.
Note : Figures in brackets represent percentages to total foreign claims.
Source : BIS International Consolidated Banking Statistics (www.bis.org) updated till April 25, 2007 these data are taken from the data
supplied to the BIS.
which was more than four times the
foreign claims of Indian Banks on other
countries (US $ 37.2 billion). About 70.4
per cent claims of banks in the BIS
reporting countries on India was related
to 'non-bank private' sector.
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InternationalBankingStatistics ofIndia -September 2007
Statement I: International Liabilities/Assets of Banks Classified According to Type(Based on LBS Statements)
Liability/Asset Category Amount Outstanding as at end of
Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007
(1) (2) (3) (4) (5) (6)
INTERNATIONAL LIABILITIES
1. Deposits and Loans 2,66,043 2,59,622 2,71,403 2,64,097 2,74,747(79.4) (75.9) (75.2) (73.4) (69.9)
(a) Foreign Currency Non-resident Bank[FCNR(B)] scheme 65,931 66,576 68,086 65,834 64,701
(19.7) (19.5) (18.9) (18.3) (16.5)
(b) Resident Foreign Currency (RFC) A/Cs 1,517 1,417 1,634 1,443 1,285(0.5) (0.4) (0.5) (0.4) (0.3)
(c) Exchange Earners Foreign Currency (EEFC) A/Cs 7,210 8,664 9,401 9,420 9,569(2.2) (2.5) (2.6) (2.6) (2.4)
(d) Other foreign currency deposits (including Inter-bank Foreign Currency deposits) 3,514 3,007 2,380 2,396 2,383
(1.0) (0.9) (0.7) (0.7) (0.6)
(e) Foreign Currency Borrowing (Inter-bank borrowingin India and from abroad, external commercialborrowings of banks) 66,533 56,153 61,470 59,662 63,213
(19.9) (16.4) (17.0) (16.6) (16.1)
(f) VOSTRO balances and balances in exchange housesand in term deposits 1,250 1,342 1,359 1,487 1,328
(0.4) (0.4) (0.4) (0.4) (0.3)
(g) Non-Resident External Rupee(NRE)Accounts 1,07,846 1,10,959 1,12,907 1,09,974 1,10,445(32.2) (32.4) (31.3) (30.6) (28.1)
(h) Non-Resident Ordinary (NRO) Rupee Accounts 5,967 6,151 6,855 7,996 8,696(1.8) (1.8) (1.9) (2.2) (2.2)
(i) Embassy accounts 203 230 207 221 155(0.1) (0.1) (0.1) (0.1) (0.0)
(j) Foreign Institutional Investors’ (FII) Accounts 6,055 5,117 7,099 5,662 12,971(1.8) (1.5) (2.0) (1.6) (3.3)
(k) ESCROW A/Cs 16 7 6 2 1(0.0) (0.0) (0.0) (0.0) (0.0)
2. Own Issues of International Securities 5,040 5,567 10,036 9,651 9,176(1.5) (1.6) (2.8) (2.7) (2.3)
(a) Bonds 4,581 5,124 8,706 8,415 7,958(1.4) (1.5) (2.4) (2.3) (2.0)
(b) Other Own Issues of International Debt Securities 459 443 1330 1,236 1,2180 0 (0.4) (0.3) (0.3)
3. Other International Liabilities 63,915 77,055 79,258 85,916 1,08,897(19.1) (22.5) (22.0) (23.9) (27.7)
(a) ADRs/GDRs 17,617 22,804 23,515 23,382 34,696(5.3) (6.7) (6.5) (6.5) (8.8)
(b) Equities of banks held by non-residents 33,362 39,784 40,328 46,583 56,982(10.0) (11.6) (11.2) (13.0) (14.5)
(c) Capital/remittable profits of foreign banks in Indiaand other unclassified international liabilities 12,936 14,466 15,415 15,951 17,219
(3.9) (4.2) (4.3) (4.4) (4.4)
Total International Liabilities + 3,34,998 3,42,243 3,60,698 3,59,663 3,92,821(100.0) (100.0) (100.0) (100.0) (100.0)
(Rs. Crore)
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September 2007
RBIMonthly Bulletin
July 2008 1197
Statement I: International Liabilities/Assets of Banks Classified According to Type(Based on LBS Statements)
Liability/Asset Category Amount Outstanding as at end of
Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007
(1) (2) (3) (4) (5) (6)
INTERNATIONAL ASSETS
1. Loans and Deposits 150,311 170,557 190,888 185,204 190,753
(92.2) (93.5) (94.0) (94.0) (94.6)
(a) Loans to Non-residents (includes Rupee loans and
Foreign Currency (FC) loans out of non-resident
deposits) 6,079 6,722 7,122 7,351 7,402
(3.7) (3.7) (3.5) (3.7) (3.7)
(b) FC Loans to Residents (incl. loans out of FCNR(B)
deposits, PCFCs, FC lending to & FC Deposits with
banks in India, etc., 61,330 65,287 75,000 72,645 87,789
(37.6) (35.8) (37.0) (36.9) (43.6)
(c) Outstanding Export Bills drawn on non-residents by
residents 35,644 36,160 40,846 38,257 40,852
(21.9) (19.8) (20.1) (19.4) (20.3)
(d) Foreign Currency /TTs, etc., in hand 405 424 432 388 293
(0.2) (0.2) (0.2) (0.2) (0.1)
(e) NOSTRO balances including balances in Term
Deposits with non-resident banks (includes FCNR
funds held abroad) 46,853 61,964 67,487 66,564 54,417
(28.7) (34.0) (33.2) (33.8) (27.0)
2. Holdings of Debt Securities 2,206 1,993 1,761 1,529 670
(1.4) (1.1) (0.9) (0.8) (0.3)
(a) Investment in Foreign Government Securities
(including Treasury Bills) 77 79 80 78 56
(0.0) (0.0) (0.0) (0.0) (0.0)
(b) Investment in Other Debt Securities 2,128 1,914 1,681 1,451 614
(1.3) (1.0) (0.8) (0.7) (0.3)
3. Other International Assets 10,474 9,921 10,324 10,288 10,126
(6.4) (5.4) (5.1) (5.2) (5.0)
(a) Investments in Equities Abroad 1,522 1,479 1,466 1,501 1,425
(0.9) (0.8) (0.7) (0.8) (0.7)
(b) Capital supplied to and receivable profits from
foreign branches of Indian banks and other
unclassified intl. assets 8,952 8,442 8,858 8,787 8,701
(5.5) (4.6) (4.4) (4.5) (4.3)
Total International Assets + 162,991 182,471 202,973 197,022 201,549
(100.0) (100.0) (100.0) (100.0) (100.0)
(Rs. Crore)
+ : In view of the incomplete data coverage from all the branches, the data reported under the LBS are not strictlycomparable with those capturing data from all the branches.
'-' : nil/negligibleNotes : 1. Figures in brackets represent percentages to total international liabilities/assets.
2. Totals may not tally due to rounding off .3. Data have been revised for previous quarters.4. Q1, Q2, Q3 and Q4 denote quarters ended March, June, September and December, respectively.
ARTICLE
RBIMonthly BulletinJuly 20081198
InternationalBankingStatistics ofIndia -September 2007
Statement II: Country - wise Breakup of Major Component of International Liabilities of Banks(Based on LBS Statements)
Country Major Q3 : 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007Components
(1) (2) (3) (4) (5) (6) (7)
Bahrain FCNR(B) 752 (1.1) 625 (0.9) 1,158 (1.7) 1,870 (2.8) 4,590 (7.1)Borrowings 1,969 (3.0) 2,440 (4.3) 2,346 (3.8) 2,094 (3.5) 1,424 (2.3)NRE Deposits 1,950 (1.8) 1,659 (1.5) 1,523 (1.3) 1,449 (1.3) 2,109 (1.9)Total 4,945 (1.5) 4,996 (1.5) 5,207 (1.4) 5,585 (1.6) 8,291 (2.1)
Canada FCNR(B) 1,374 (2.1) 984 (1.5) 745 (1.1) 997 (1.5) 907 (1.4)Borrowings 107 (0.2) 98 (0.2) 101 (0.2) 156 (0.3) 96 (0.2)NRE Deposits 1,597 (1.5) 1,504 (1.4) 1,591 (1.4) 2,148 (2.0) 1,882 (1.7)Total 4,044 (1.2) 3,594 (1.1) 3,483 (1.0) 4,396 (1.2) 4,115 (1.0)
China FCNR(B) 128 (0.2) 118 (0.2) 1,923 (2.8) 2,924 (4.4) 3,608 (5.6)Borrowings – – – – – – – – – –NRE Deposits 117 (0.1) 86 (0.1) 100 (0.1) 87 (0.1) 91 (0.1)Total 265 (0.1) 220 (0.1) 2,125 (0.6) 3,106 (0.9) 3,741 (1.0)
France FCNR(B) 164 (0.2) 141 (0.2) 91 (0.1) 137 (0.2) 109 (0.2)Borrowings 596 (0.9) 514 (0.9) 390 (0.6) 758 (1.3) 870 (1.4)NRE Deposits 150 (0.1) 310 (0.3) 216 (0.2) 312 (0.3) 326 (0.3)Total 2,732 (0.8) 2,949 (0.9) 4,010 (1.1) 4,582 (1.3) 4,636 (1.2)
Germany FCNR(B) 922 (1.4) 649 (1.0) 3,627 (5.3) 4,641 (7.0) 4,773 (7.4)(Includes ECB) Borrowings 4,449 (6.7) 5,150 (9.2) 3,318 (5.4) 3,149 (5.3) 4,472 (7.1)
NRE Deposits 905 (0.8) 741 (0.7) 784 (0.7) 906 (0.8) 880 (0.8)Total 7,725 (2.3) 8,375 (2.4) 9,858 (2.7) 11,746 (3.3) 12,992 (3.3)
Hong Kong FCNR(B) 944 (1.4) 954 (1.4) 988 (1.5) 860 (1.3) 870 (1.3)Borrowings 2,075 (3.1) 1,491 (2.7) 1,446 (2.4) 1,176 (2.0) 860 (1.4)NRE Deposits 1,197 (1.1) 1,133 (1.0) 1,098 (1.0) 1,124 (1.0) 1,158 (1.0)Total 9,567 (2.9) 9,824 (2.9) 9,486 (2.6) 9,414 (2.6) 9,714 (2.5)
India FCNR(B) – – – – – – – – – –Borrowings 4,996 (7.5) 3,931 (7.0) 4,292 (7.0) 4,381 (7.3) 5,303 (8.4)NRE Deposits – – – – – – – – – –Total 14,925 (4.5) 15,568 (4.5) 15,855 (4.4) 16,753 (4.7) 17,212 (4.4)
Japan FCNR(B) 240 (0.4) 196 (0.3) 308 (0.5) 420 (0.6) 446 (0.7)Borrowings 1,183 (1.8) 1,293 (2.3) 2,046 (3.3) 2,200 (3.7) 2,037 (3.2)NRE Deposits 532 (0.5) 455 (0.4) 490 (0.4) 645 (0.6) 631 (0.6)Total 3,836 (1.1) 3,802 (1.1) 4,653 (1.3) 4,625 (1.3) 4,965 (1.3)
Kenya FCNR(B) 1,131 (1.7) 915 (1.4) 1,664 (2.4) 999 (1.5) 983 (1.5)Borrowings 49 (0.1) 45 (0.1) 52 (0.1) 55 (0.1) 25 (0.0)NRE Deposits 1,369 (1.3) 1,186 (1.1) 1,454 (1.3) 1,158 (1.1) 1,127 (1.0)Total 2,593 (0.8) 2,189 (0.6) 3,204 (0.9) 2,254 (0.6) 2,174 (0.6)
Kuwait FCNR(B) 1,942 (2.9) 2,000 (3.0) 1,572 (2.3) 1,340 (2.0) 1,632 (2.5)Borrowings 44 (0.1) 22 (0.0) – – – – 2 (0.0)NRE Deposits 3,829 (3.6) 3,671 (3.3) 3,542 (3.1) 4,170 (3.8) 4,078 (3.7)Total 6,108 (1.8) 5,994 (1.8) 5,459 (1.5) 5,821 (1.6) 6,067 (1.5)
Mauritius FCNR(B) 12 (0.0) 14 (0.0) 58 (0.1) 53 (0.1) 21 (0.0)Borrowings 236 (0.4) 465 (0.8) 588 (1.0) 852 (1.4) 1,023 (1.6)NRE Deposits 52 – 80 (0.1) 62 (0.1) 74 (0.1) 24 (0.0)Total 17,869 (5.3) 18,641 (5.4) 17,254 (4.8) 17,932 (5.0) 26,070 (6.6)
Netherlands FCNR(B) 114 (0.2) 104 (0.2) 99 (0.1) 151 (0.2) 93 (0.1)Borrowings 3,083 (4.6) 2,315 (4.1) 2,312 (3.8) 3,114 (5.2) 3,296 (5.2)NRE Deposits 206 (0.2) 217 (0.2) 224 (0.2) 156 (0.1) 286 (0.3)Total 6,224 (1.9) 5,671 (1.7) 6,313 (1.8) 7,057 (2.0) 7,004 (1.8)
(Rs. Crore)
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1199
Statement II: Country - wise Breakup of Major Component of International Liabilities of Banks(Based on LBS Statements)
Country Major Q3 : 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007Components
(1) (2) (3) (4) (5) (6) (7)
No Specific FCNR(B) 2,461 (3.7) 1,960 (2.9) 1,822 (2.7) 2,142 (3.3) 2,069 (3.2)
Country Borrowings 382 (0.6) 1,675 (3.0) 446 (0.7) 474 (0.8) 52 (0.1)NRE Deposits 12,736 (11.8) 9,784 (8.8) 10,350 (9.2) 11,083 (10.1) 8,978 (8.1)
Total 19,173 (5.7) 18,924 (5.5) 18,316 (5.1) 20,094 (5.6) 19,857 (5.1)
Oman FCNR(B) 1,030 (1.6) 944 (1.4) 859 (1.3) 1,064 (1.6) 1,157 (1.8)
Borrowings 34 (0.1) 40 (0.1) 30 (0.0) 34 (0.1) 57 (0.1)NRE Deposits 2,871 (2.7) 2,756 (2.5) 2,738 (2.4) 3,140 (2.9) 2,977 (2.7)
Total 4,151 (1.2) 3,933 (1.1) 3,771 (1.0) 4,409 (1.2) 4,405 (1.1)
Qatar FCNR(B) 344 (0.5) 532 (0.8) 418 (0.6) 385 (0.6) 503 (0.8)
Borrowings – – – – – – – – – –NRE Deposits 1,689 (1.6) 1,852 (1.7) 1,649 (1.5) 1,528 (1.4) 1,779 (1.6)
Total 2,175 (0.6) 2,514 (0.7) 2,179 (0.6) 2,024 (0.6) 2,400 (0.6)
Saudi Arabia FCNR(B) 1,447 (2.2) 1,512 (2.3) 1,244 (1.8) 1,030 (1.6) 1,275 (2.0)
Borrowings 189 (0.3) 180 (0.3) 200 (0.3) 1 (0.0) 1 (0.0)NRE Deposits 7,198 (6.7) 7,922 (7.1) 7,606 (6.7) 6,588 (6.0) 7,623 (6.9)
Total 9,156 (2.7) 10,036 (2.9) 9,413 (2.6) 8,126 (2.3) 9,392 (2.4)
Singapore FCNR(B) 345 (0.5) 337 (0.5) 406 (0.6) 689 (1.0) 760 (1.2)Borrowings 6,600 (9.9) 7,529 (13.4) 9,440 (15.4) 9,080 (15.2) 10,437 (16.5)
NRE Deposits 1,518 (1.4) 1,664 (1.5) 1,814 (1.6) 2,143 (1.9) 2,839 (2.6)
Total 13,984 (4.2) 15,053 (4.4) 17,912 (5.0) 17,941 (5.0) 20,928 (5.3)
Spain FCNR(B) 405 (0.6) 316 (0.5) 318 (0.5) 459 (0.7) 412 (0.6)Borrowings – – – – – – 4 (0.0) 6 (0.0)
NRE Deposits 342 (0.3) 267 (0.2) 272 (0.2) 185 (0.2) 198 (0.2)
Total 1,298 (0.4) 986 (0.3) 1,291 (0.4) 3,028 (0.8) 3,719 (0.9)
United Arab FCNR(B) 8,303 (12.6) 9,412 (14.1) 9,110 (13.4) 7,402 (11.2) 7,569 (11.7)Emirates Borrowings 202 (0.3) 157 (0.3) 175 (0.3) 20 (0.0) 26 (0.0)
NRE Deposits 17,382 (16.1) 17,574 (15.8) 17,654 (15.6) 16,185 (14.7) 17,917 (16.2)
Total 27,364 (8.2) 28,931 (8.5) 28,846 (8.0) 25,721 (7.2) 28,346 (7.2)
United Kingdom@ FCNR(B) 18,069 (27.4) 16,795 (25.2) 18,753 (27.5) 15,303 (23.2) 15,284 (23.6)
Borrowings 9,939 (14.9) 6,629 (11.8) 9,031 (14.7) 8,533 (14.3) 11,626 (18.4)
NRE Deposits 14,304 (13.3) 12,003 (10.8) 15,027 (13.3) 12,505 (11.4) 12,144 (11.0)Total 52,066 (15.5) 47,728 (13.9) 56,734 (15.7) 49,384 (13.7) 53,605 (13.6)
United States# FCNR(B) 19,240 (29.2) 22,456 (33.7) 17,491 (25.7) 17,252 (26.2) 11,348 (17.5)
Borrowings 24,864 (37.4) 18,803 (33.5) 21,616 (35.2) 19,928 (33.4) 17,869 (28.3)
NRE Deposits 29,180 (27.1) 36,970 (33.3) 35,585 (31.5) 34,772 (31.6) 34,352 (31.1)Total 98,561 (29.4) 109,033 (31.9) 109,684 (30.4) 109,310 (30.4) 114,471 (29.1)
Z_Total FCNR(B) 65,931 (100.0) 66,576 (100.0) 68,086 (100.0) 65,834 (100.0) 64,701 (100.0)
Borrowings 66,533 (100.0) 56,153 (100.0) 61,470 (100.0) 59,662 (100.0) 63,213 (100.0)
NRE Deposits 107,846 (100.0) 110,959 (100.0) 112,907 (100.0) 109,974 (100.0) 110,445 (100.0)Total 334,998 (100.0) 342,243 (100.0) 360,698 (100.0) 359,663 (100.0) 392,821 (100.0)
(Rs. Crore)
@ : excluding Guernsey, Isle of Man and Jersey #: includes Miday Island and Wake Islands '-' : nil/negligibleNotes : 1. Figures in brackets represent percentages to total.
2. Totals may not tally due to rounding off .3. Data have been revised for previous quarters.4. Q1, Q2, Q3 and Q4 denote quarters ended March, June, September and December, respectively.
ARTICLE
RBIMonthly BulletinJuly 20081200
InternationalBankingStatistics ofIndia -September 2007
Statement III: Country - wise Breakup of Major Component of International Assets of Banks(Based on LBS Statements)
Country Major Q3 : 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007Components
(1) (2) (3) (4) (5) (6) (7)
Bahrain Export Bill 19 (0.1) 56 (0.2) 76 (0.2) 91 (0.2) 67 (0.2)
NOSTRO 2,822 (6.0) 3,561 (5.7) 3,077 (4.6) 3,066 (4.6) 1,725 (3.2)
Total 3,347 (2.1) 4,033 (2.2) 3,579 (1.8) 3,602 (1.8) 2,290 (1.1)
Belgium Export Bill 1,138 (3.2) 1,050 (2.9) 633 (1.5) 686 (1.8) 755 (1.8)
NOSTRO 465 (1.0) 340 (0.5) 596 (0.9) 525 (0.8) 239 (0.4)
Total 1,833 (1.1) 1,612 (0.9) 1,535 (0.8) 1,508 (0.8) 1,279 (0.6)
Canada Export Bill 393 (1.1) 583 (1.6) 347 (0.8) 425 (1.1) 336 (0.8)
NOSTRO 460 (1.0) 464 (0.7) 449 (0.7) 723 (1.1) 370 (0.7)
Total 1,431 (0.9) 1,558 (0.9) 1,544 (0.8) 1,928 (1.0) 1,249 (0.6)
China Export Bill 636 (1.8) 720 (2.0) 858 (2.1) 1,234 (3.2) 1,338 (3.3)
NOSTRO 2 (0.0) 1 (0.0) 2 (0.0) 1 (0.0) 1 (0.0)
Total 702 (0.4) 782 (0.4) 867 (0.4) 1,248 (0.6) 1,355 (0.7)
Denmark Export Bill 102 (0.3) 99 (0.3) 135 (0.3) 72 (0.2) 50 (0.1)
NOSTRO 55 (0.1) 174 (0.3) 981 (1.5) 538 (0.8) 418 (0.8)
Total 161 (0.1) 276 (0.2) 1,120 (0.6) 612 (0.3) 472 (0.2)
France Export Bill 586 (1.6) 822 (2.3) 1,046 (2.6) 675 (1.8) 646 (1.6)
NOSTRO 235 (0.5) 1,605 (2.6) 2,000 (3.0) 1,556 (2.3) 769 (1.4)
Total 1,156 (0.7) 2,622 (1.4) 3,245 (1.6) 2,432 (1.2) 1,578 (0.8)
Germany Export Bill 1,048 (2.9) 1,403 (3.9) 2,124 (5.2) 1,341 (3.5) 1,295 (3.2)
(Includes ECB) NOSTRO 2,028 (4.3) 1,731 (2.8) 3,192 (4.7) 3,042 (4.6) 1,567 (2.9)
Total 3,602 (2.2) 3,642 (2.0) 6,110 (3.0) 5,051 (2.6) 3,591 (1.8)
Hong Kong Export Bill 2,353 (6.6) 2,544 (7.0) 2,469 (6.0) 2,847 (7.4) 2,906 (7.1)
NOSTRO 1,414 (3.0) 5,985 (9.7) 4,665 (6.9) 6,890 (10.4) 6,177 (11.4)
Total 4,622 (2.8) 9,352 (5.1) 7,915 (3.9) 10,532 (5.3) 9,857 (4.9)
India Export Bill – – – – – – – – – –
NOSTRO – – – – – – – – – –
Total 61,751 (37.9) 65,666 (36.0) 75,339 (37.1) 73,043 (37.1) 87,930 (43.6)
Italy Export Bill 1,588 (4.5) 1,145 (3.2) 1,344 (3.3) 1,352 (3.5) 1,263 (3.1)
NOSTRO 413 (0.9) 470 (0.8) 529 (0.8) 138 (0.2) 166 (0.3)
Total 2,014 (1.2) 1,637 (0.9) 1,884 (0.9) 1,499 (0.8) 1,519 (0.8)
Japan Export Bill 247 (0.7) 496 (1.4) 474 (1.2) 576 (1.5) 488 (1.2)
NOSTRO 696 (1.5) 861 (1.4) 1,626 (2.4) 853 (1.3) 970 (1.8)
Total 1,471 (0.9) 1,964 (1.1) 2,717 (1.3) 2,168 (1.1) 2,238 (1.1)
Netherlands Export Bill 189 (0.5) 311 (0.9) 316 (0.8) 490 (1.3) 490 (1.2)
NOSTRO 983 (2.1) 819 (1.3) 1,466 (2.2) 1,155 (1.7) 697 (1.3)
Total 1,222 (0.7) 1,234 (0.7) 1,800 (0.9) 1,657 (0.8) 1,196 (0.6)
(Rs. Crore)
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1201
Statement III: Country - wise Breakup of Major Component of International Assets of Banks(Based on LBS Statements)
Country Major Q3 : 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007Components
(1) (2) (3) (4) (5) (6) (7)
No specific Country Export Bill 1,496 (4.2) 872 (2.4) 505 (1.2) 333 (0.9) 318 (0.8)
NOSTRO 593 (1.3) 515 (0.8) 464 (0.7) 496 (0.7) 479 (0.9)
Total 3,208 (2.0) 2,948 (1.6) 2,417 (1.2) 2,277 (1.2) 2,118 (1.1)
Singapore Export Bill 1,231 (3.5) 1,488 (4.1) 1,936 (4.7) 1,801 (4.7) 1,689 (4.1)
NOSTRO 3,759 (8.0) 4,022 (6.5) 2,802 (4.2) 2,883 (4.3) 2,965 (5.4)
Total 6,675 (4.1) 7,106 (3.9) 6,341 (3.1) 6,308 (3.2) 6,269 (3.1)
South Africa Export Bill 243 (0.7) 328 (0.9) 274 (0.7) 421 (1.1) 394 (1.0)
NOSTRO 36 (0.1) 523 (0.8) 796 (1.2) 196 (0.3) 49 (0.1)
Total 389 (0.2) 996 (0.5) 1,134 (0.6) 681 (0.3) 506 (0.3)
Sri Lanka Export Bill 116 (0.3) 201 (0.6) 335 (0.8) 439 (1.1) 674 (1.6)
NOSTRO 236 (0.5) 368 (0.6) 409 (0.6) 513 (0.8) 502 (0.9)
Total 638 (0.4) 904 (0.5) 1,081 (0.5) 1,303 (0.7) 1,530 (0.8)
Switzerland Export Bill 830 (2.3) 405 (1.1) 384 (0.9) 477 (1.2) 385 (0.9)
(Includes BIS) NOSTRO 467 (1.0) 427 (0.7) 1,836 (2.7) 1,200 (1.8) 642 (1.2)
Total 1,341 (0.8) 860 (0.5) 2,273 (1.1) 1,721 (0.9) 1,062 (0.5)
United Arab Export Bill 2,136 (6.0) 2,408 (6.7) 2,786 (6.8) 2,676 (7.0) 2,946 (7.2)
Emirates NOSTRO 216 (0.5) 626 (1.0) 169 (0.3) 327 (0.5) 213 (0.4)
Total 3,732 (2.3) 4,404 (2.4) 4,540 (2.2) 4,502 (2.3) 4,627 (2.3)
United Kingdom@ Export Bill 2,000 (5.6) 2,086 (5.8) 2,922 (7.2) 1,952 (5.1) 2,593 (6.3)
NOSTRO 5,938 (12.7) 9,071 (14.6) 9,098 (13.5) 10,350 (15.5) 6,807 (12.5)
Total 11,747 (7.2) 15,060 (8.3) 15,535 (7.7) 15,605 (7.9) 12,686 (6.3)
United States # Export Bill 13,706 (38.5) 11,623 (32.1) 13,385 (32.8) 13,030 (34.1) 14,928 (36.5)
NOSTRO 24,922 (53.2) 28,856 (46.6) 30,550 (45.3) 29,684 (44.6) 27,974 (51.4)
Total 42,585 (26.1) 44,475 (24.4) 48,151 (23.7) 47,022 (23.9) 47,168 (23.4)
Z_Total Export Bill 35,644 (100.0) 36,160 (100.0) 40,846 (100.0) 38,257 (100.0) 40,852 (100.0)
NOSTRO 46,853 (100.0) 61,964 (100.0) 67,487 (100.0) 66,564 (100.0) 54,417 (100.0)
Total 162,991 (100.0) 182,471 (100.0) 202,973 (100.0) 197,022 (100.0) 201,549 (100.0)
(Rs. Crore)
@ : excluding Guernsey, Isle of Man and Jersey #: includes Miday Island and Wake Islands '-' : nil/negligibleNotes : 1. Figures in brackets represent percentages to total.
2. Totals may not tally due to rounding off .3. Data have been revised for previous quarters.4. Q1, Q2, Q3 and Q4 denote quarters ended March, June, September and December, respectively.
ARTICLE
RBIMonthly BulletinJuly 20081202
InternationalBankingStatistics ofIndia -September 2007
Statement IV: Currency and Sector - wise Breakup of International Liabilities/Assets of Banks(Based on LBS Statements)
(Rs. crore)
Currency INTERNATIONAL LIABILITIES
All Sector Non-Bank Sector
Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007
Swiss Franc 140 88 179 253 248 121 19 27 17 29
(0.0) (0.0) (0.0) (0.1) (0.1) (0.0) (0.0) (0.0) (0.0) (0.0)
EURO 6,090 5,595 11,226 13,092 13,185 4,113 3,809 9,309 10,489 10,761
(1.8) (1.6) (3.1) (3.6) (3.4) (1.6) (1.4) (3.4) (3.8) (3.5)
Pound Sterling 23,057 19,064 18,272 16,088 16,133 22,070 18,367 16,939 14,455 14,540
(6.9) (5.6) (5.1) (4.5) (4.1) (8.8) (6.9) (6.2) (5.3) (4.8)
Indian Rupee 165,500 176,021 181,998 186,083 206,058 152,524 161,075 163,708 166,163 184,893
(49.4) (51.4) (50.5) (51.7) (52.5) (60.8) (60.5) (59.6) (60.6) (61.0)
Japanese Yen 8,405 9,800 14,072 13,734 13,697 828 1,002 1,439 1,049 1,255
(2.5) (2.9) (3.9) (3.8) (3.5) (0.3) (0.4) (0.5) (0.4) (0.4)
Other Foreign Currencies 1,193 6,066 1,526 2,079 2,085 449 5,278 354 575 510
(0.4) (1.8) (0.4) (0.6) (0.5) (0.2) (2.0) (0.1) (0.2) (0.2)
US Dollar 130,611 125,609 133,425 128,334 141,416 70,616 76,595 82,901 81,335 91,266
(39.0) (36.7) (37.0) (35.7) (36.0) (28.2) (28.8) (30.2) (29.7) (30.1)
Total 334,998 342,243 360,698 359,663 392,821 250,723 266,145 274,675 274,082 303,255
(100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
INTERNATIONAL ASSETS
Swiss Franc 699 736 1,728 1,442 1,074 219 387 505 486 545
(0.4) (0.4) (0.9) (0.7) (0.5) (0.2) (0.4) (0.4) (0.4) (0.4)
EURO 8,008 8,894 10,987 10,419 10,309 4,228 4,594 7,490 6,968 7,138
(4.9) (4.9) (5.4) (5.3) (5.1) (4.4) (4.6) (6.5) (6.3) (5.6)
Pound Sterling 5,782 6,547 6,967 6,444 6,495 1,682 1,842 1,839 1,664 2,435
(3.5) (3.6) (3.4) (3.3) (3.2) (1.8) (1.8) (1.6) (1.5) (1.9)
Indian Rupee 7,420 7,533 8,008 7,835 8,229 7,365 7,502 7,851 7,822 8,134
(4.6) (4.1) (3.9) (4.0) (4.1) (7.7) (7.4) (6.9) (7.1) (6.4)
Japanese Yen 2,819 3,293 3,009 3,103 3,869 1,415 2,114 1,926 1,917 2,514
(1.7) (1.8) (1.5) (1.6) (1.9) (1.5) (2.1) (1.7) (1.7) (2.0)
Other Foreign Currencies 6,953 5,966 6,951 6,922 6,789 789 493 851 740 579
(4.3) (3.3) (3.4) (3.5) (3.4) (0.8) (0.5) (0.7) (0.7) (0.5)
US Dollar 131,309 149,502 165,322 160,856 164,784 79,962 83,783 93,945 91,237 106,703
(80.6) (81.9) (81.5) (81.6) (81.8) (83.6) (83.2) (82.1) (82.3) (83.3)
Total 162,991 182,471 202,973 197,022 201,549 95,661 100,714 114,408 110,832 128,047
(100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
Note : 1. Figures in brackets represent percentages to total in the respective group (column).2. Totals may not tally due to rounding off.3. Data have been revised for previous quarters.4. Q1, Q2, Q3 and Q4 denote quarters ended March, June, September and December, respectively.
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1203
Statement V: International Liabilities/Assets of Banks Classified According to Country of Residenceof Transacting Units (Based on LBS Statements) - Amount outstanding as at end
(Rs. crore)
Country INTERNATIONAL LIABILITIES
All Currencies Foreign Currencies
Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007
Total 334,998 342,243 360,698 359,663 392,821 169,497 166,223 178,699 173,581 186,763
Of Which: (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
Bahrain 4,945 4,996 5,207 5,585 8,291 2,733 3,075 3,514 3,975 6,022
(1.5) (1.5) (1.4) (1.6) (2.1) (1.6) (1.8) (2.0) (2.3) (3.2)
France 2,732 2,949 4,010 4,582 4,636 870 806 635 1,085 1,202
(0.8) (0.9) (1.1) (1.3) (1.2) (0.5) (0.5) (0.4) (0.6) (0.6)
Germany (Includes ECB) 7,725 8,375 9,858 11,746 12,992 5,738 6,123 7,349 8,476 9,818
(2.3) (2.4) (2.7) (3.3) (3.3) (3.4) (3.7) (4.1) (4.9) (5.3)
Hong Kong 9,567 9,824 9,486 9,414 9,714 6,098 5,501 5,449 5,018 5,043
(2.9) (2.9) (2.6) (2.6) (2.5) (3.6) (3.3) (3.0) (2.9) (2.7)
India 14,925 15,568 15,855 16,753 17,212 14,925 15,568 15,855 16,753 17,212
(4.5) (4.5) (4.4) (4.7) (4.4) (8.8) (9.4) (8.9) (9.7) (9.2)
Japan 3,836 3,802 4,653 4,625 4,965 1,794 1,808 2,583 2,657 2,525
(1.1) (1.1) (1.3) (1.3) (1.3) (1.1) (1.1) (1.4) (1.5) (1.4)
Kuwait 6,108 5,994 5,459 5,821 6,067 2,003 2,057 1,606 1,367 1,661
(1.8) (1.8) (1.5) (1.6) (1.5) (1.2) (1.2) (0.9) (0.8) (0.9)
Mauritius 17,869 18,641 17,254 17,932 26,070 273 492 648 918 1,055
(5.3) (5.4) (4.8) (5.0) (6.6) (0.2) (0.3) (0.4) (0.5) (0.6)
Netherlands 6,224 5,671 6,313 7,057 7,004 3,258 2,436 2,429 3,271 3,396
(1.9) (1.7) (1.8) (2.0) (1.8) (1.9) (1.5) (1.4) (1.9) (1.8)
No Specific Country 19,173 18,924 18,316 20,094 19,857 2,971 4,678 3,656 2,745 2,168
(5.7) (5.5) (5.1) (5.6) (5.1) (1.8) (2.8) (2.0) (1.6) (1.2)
Saudi Arabia 9,156 10,036 9,413 8,126 9,392 1,650 1,706 1,456 1,047 1,286
(2.7) (2.9) (2.6) (2.3) (2.4) (1.0) (1.0) (0.8) (0.6) (0.7)
Singapore 13,984 15,053 17,912 17,941 20,928 9,420 10,146 12,463 12,294 13,823
(4.2) (4.4) (5.0) (5.0) (5.3) (5.6) (6.1) (7.0) (7.1) (7.4)
Uunited Arab Emirates 27,364 28,931 28,846 25,721 28,346 8,626 9,678 9,390 7,523 7,746
(8.2) (8.5) (8.0) (7.2) (7.2) (5.1) (5.8) (5.3) (4.3) (4.1)
United Kingdom @ 52,066 47,728 56,734 49,384 53,605 32,318 28,132 32,318 27,841 30,576
(15.5) (13.9) (15.7) (13.7) (13.6) (19.1) (16.9) (18.1) (16.0) (16.4)
United States # 98,561 109,033 109,684 109,310 114,471 58,592 59,034 60,088 58,406 61,225
(29.4) (31.9) (30.4) (30.4) (29.1) (34.6) (35.5) (33.6) (33.6) (32.8)
ARTICLE
RBIMonthly BulletinJuly 20081204
InternationalBankingStatistics ofIndia -September 2007
Statement V: International Liabilities/Assets of Banks Classified According to Country of Residenceof Transacting Units (Based on LBS Statements) - Amount outstanding as at end
(Rs. crore)
Country INTERNATIONAL ASSETS
All Currencies Foreign Currencies
Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007
Total 162,991 182,471 202,973 197,022 201,549 155,571 174,938 194,965 189,187 193,321Of Which: (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
Bahrain 3,347 4,033 3,579 3,602 2,290 3,282 3,962 3,500 3,516 2,208(2.1) (2.2) (1.8) (1.8) (1.1) (2.1) (2.3) (1.8) (1.9) (1.1)
Belgium 1,833 1,612 1,535 1,508 1,279 1,811 1,599 1,513 1,492 1,270(1.1) (0.9) (0.8) (0.8) (0.6) (1.2) (0.9) (0.8) (0.8) (0.7)
China 702 782 867 1,248 1,355 693 765 805 1,201 1,344(0.4) (0.4) (0.4) (0.6) (0.7) (0.4) (0.4) (0.4) (0.6) (0.7)
France 1,156 2,622 3,245 2,432 1,578 1,141 2,601 3,202 2,395 1,557(0.7) (1.4) (1.6) (1.2) (0.8) (0.7) (1.5) (1.6) (1.3) (0.8)
Germany 3,602 3,642 6,110 5,051 3,591 3,556 3,573 5,931 5,000 3,467(Includes ECB) (2.2) (2.0) (3.0) (2.6) (1.8) (2.3) (2.0) (3.0) (2.6) (1.8)
Hong Kong 4,622 9,352 7,915 10,532 9,857 4,560 9,269 7,820 10,443 9,775(2.8) (5.1) (3.9) (5.3) (4.9) (2.9) (5.3) (4.0) (5.5) (5.1)
India 61,751 65,666 75,339 73,043 87,930 61,751 65,666 75,339 73,043 87,930(37.9) (36.0) (37.1) (37.1) (43.6) (39.7) (37.5) (38.6) (38.6) (45.5)
Italy 2,014 1,637 1,884 1,499 1,519 1,995 1,624 1,867 1,485 1,505(1.2) (0.9) (0.9) (0.8) (0.8) (1.3) (0.9) (1.0) (0.8) (0.8)
Japan 1,471 1,964 2,717 2,168 2,238 1,447 1,927 2,621 2,092 2,200(0.9) (1.1) (1.3) (1.1) (1.1) (0.9) (1.1) (1.3) (1.1) (1.1)
No Specific Country 3,208 2,948 2,417 2,277 2,118 2,391 2,021 1,189 1,209 1,105(2.0) (1.6) (1.2) (1.2) (1.1) (1.5) (1.2) (0.6) (0.6) (0.6)
Singapore 6,675 7,106 6,341 6,308 6,269 6,319 6,753 5,963 6,037 6,004(4.1) (3.9) (3.1) (3.2) (3.1) (4.1) (3.9) (3.1) (3.2) (3.1)
Sri Lanka 638 904 1,081 1,303 1,530 634 820 1,070 1,293 1,516(0.4) (0.5) (0.5) (0.7) (0.8) (0.4) (0.5) (0.5) (0.7) (0.8)
United Arab Emirates 3,732 4,404 4,540 4,502 4,627 2,996 3,718 3,811 3,682 3,868(2.3) (2.4) (2.2) (2.3) (2.3) (1.9) (2.1) (2.0) (1.9) (2.0)
United Kingdom @ 11,747 15,060 15,535 15,605 12,686 11,342 14,634 14,956 14,979 12,061(7.2) (8.3) (7.7) (7.9) (6.3) (7.3) (8.4) (7.7) (7.9) (6.2)
United States# 42,585 44,475 48,151 47,022 47,168 38,874 41,395 45,092 43,708 43,016(26.1) (24.4) (23.7) (23.9) (23.4) (25.0) (23.7) (23.1) (23.1) (22.3)
@ : excluding Guernsey, Isle of Man and Jersey # : includes Miday Island and Wake Islands
‘-’ : nil/negligible
Note : 1. Figures in brackets represent percentages to total in the respective group (column).
2. Totals may not tally due to rounding off .
3. “No Specific Country” means the country information has not been provided by the reporting bank branches.
4. Data have been revised for previous quarters.
5. Q1, Q2, Q3 and Q4 denote quarters ended March, June, September and December, respectively.
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1205
Statement VI : International Liabilities/Assets of Banks Classified According to Country ofIncorporation of Banks (Based on LBS Statements) - Amount outstanding as at end
(Rs. crore)
Country INTERNATIONAL LIABILITIES
Total All Sector Position vis-à-vis Banks
Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007
Bahrain 327 319 330 303 297 59 59 59 59 59(0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)
Bangladesh 49 66 77 60 54 48 65 72 58 52(0.0) (0.0) (0.0) (0.0) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1)
Belgium 588 523 563 541 582 546 482 523 504 546(0.2) (0.2) (0.2) (0.2) (0.1) (0.6) (0.6) (0.6) (0.6) (0.6)
Canada 2,124 1,804 1,786 1,531 1,963 1,997 1,691 1,667 1,414 1,873(0.6) (0.5) (0.5) (0.4) (0.5) (2.4) (2.2) (1.9) (1.7) (2.1)
France 3,342 2,940 2,766 3,607 3,730 2,499 2,327 1,980 2,855 2,829(1.0) (0.9) (0.8) (1.0) (0.9) (3.0) (3.1) (2.3) (3.3) (3.2)
Germany (Includes ECB) 4,108 3,852 4,880 4,741 7,757 1,556 1,761 1,723 2,425 2,232(1.2) (1.1) (1.4) (1.3) (2.0) (1.8) (2.3) (2.0) (2.8) (2.5)
Hong Kong 14,971 15,740 17,327 16,947 20,939 3,750 4,447 4,957 5,197 5,694(4.5) (4.6) (4.8) (4.7) (5.3) (4.4) (5.8) (5.8) (6.1) (6.4)
India 270,325 277,649 292,215 293,053 315,445 53,385 47,969 56,024 54,503 55,345(80.7) (81.1) (81.0) (81.5) (80.3) (63.3) (63.0) (65.1) (63.7) (61.8)
Indonesia 104 90 92 75 73 102 83 86 73 73(0.0) (0.0) (0.0) (0.0) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1)
Japan 900 822 717 861 1,138 777 645 559 683 1,012(0.3) (0.2) (0.2) (0.2) (0.3) (0.9) (0.8) (0.6) (0.8) (1.1)
Mauritius 142 142 149 158 164 120 117 115 115 113(0.0) (0.0) (0.0) (0.0) (0.0) (0.1) (0.2) (0.1) (0.1) (0.1)
Netherlands 6,793 6,303 7,974 8,863 8,938 5,628 4,752 6,664 7,734 7,699(2.0) (1.8) (2.2) (2.5) (2.3) (6.7) (6.2) (7.7) (9.0) (8.6)
Oman 219 201 209 205 216 23 27 20 27 35(0.1) (0.1) (0.1) (0.1) (0.1) (0.0) (0.0) (0.0) (0.0) (0.0)
Singapore 1,702 1,539 1,538 1,507 1,646 1,686 1,523 1,519 1,488 1,624(0.5) (0.4) (0.4) (0.4) (0.4) (2.0) (2.0) (1.8) (1.7) (1.8)
South Korea 71 204 220 200 185 68 199 216 182 182(0.0) (0.1) (0.1) (0.1) (0.0) (0.1) (0.3) (0.3) (0.2) (0.2)
Sri Lanka 102 91 89 84 85 59 54 53 50 51(0.0) (0.0) (0.0) (0.0) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1)
Taiwan, China 252 254 281 261 231 252 254 281 261 230(0.1) (0.1) (0.1) (0.1) (0.1) (0.3) (0.3) (0.3) (0.3) (0.3)
Thailand 75 79 81 88 88 36 36 36 36 36(0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0)
United Arab Emirates 542 535 482 464 482 118 104 103 98 96(0.2) (0.2) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)
United Kingdom 11,492 11,762 10,109 8,282 10,356 5,383 4,376 3,110 2,826 4,053(3.4) (3.4) (2.8) (2.3) (2.6) (6.4) (5.8) (3.6) (3.3) (4.5)
United States 16,770 17,330 18,813 17,835 18,453 6,183 5,125 6,255 4,991 5,732(5.0) (5.1) (5.2) (5.0) (4.7) (7.3) (6.7) (7.3) (5.8) (6.4)
Total 334,998 342,243 360,698 359,663 392,821 84,275 76,098 86,023 85,582 89,566(100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
ARTICLE
RBIMonthly BulletinJuly 20081206
InternationalBankingStatistics ofIndia -September 2007
Statement VI : International Liabilities/Assets of Banks Classified According to Country ofIncorporation of Banks (Based on LBS Statements) - Amount outstanding as at end
(Rs. crore)
Country INTERNATIONAL ASSETS
Total All Sector Position vis-à-vis Banks
Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007
Bahrain 54 113 125 166 135 18 76 44 92 40(0.0) (0.1) (0.1) (0.1) (0.1) (0.0) (0.1) (0.0) (0.1) (0.1)
Bangladesh 14 16 25 16 15 9 11 19 12 9(0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0)
Belgium 379 322 385 373 408 52 41 88 68 76(0.2) (0.2) (0.2) (0.2) (0.2) (0.1) (0.1) (0.1) (0.1) (0.1)
Canada 961 1,165 1,284 1,178 1,645 48 24 64 51 16(0.6) (0.6) (0.6) (0.6) (0.8) (0.1) (0.0) (0.1) (0.1) (0.0)
France 879 2,146 2,049 544 323 666 1,993 1,756 278 94(0.5) (1.2) (1.0) (0.3) (0.2) (1.0) (2.4) (2.0) (0.3) (0.1)
Germany (Includes ECB) 4,406 3,782 4,536 1,022 2,465 3,578 3,166 3,479 199 1,187(2.7) (2.1) (2.2) (0.5) (1.2) (5.3) (3.9) (3.9) (0.2) (1.6)
Hong Kong 3,551 8,541 8,142 8,310 7,593 200 5,398 4,636 4,688 3,674(2.2) (4.7) (4.0) (4.2) (3.8) (0.3) (6.6) (5.2) (5.4) (5.0)
India 132,535 140,787 158,374 156,763 159,587 56,878 60,673 69,447 70,396 57,842(81.3) (77.2) (78.0) (79.6) (79.2) (84.5) (74.2) (78.4) (81.7) (78.7)
Indonesia 1 6 1 1 – 1 6 1 1 –(0.0) (0.0) (0.0) (0.0) – (0.0) (0.0) (0.0) (0.0) –
Japan 207 387 323 482 552 158 341 269 381 510(0.1) (0.2) (0.2) (0.2) (0.3) (0.2) (0.4) (0.3) (0.4) (0.7)
Mauritius 10 36 154 82 27 6 20 111 43 17(0.0) (0.0) (0.1) (0.0) (0.0) (0.0) (0.0) (0.1) (0.0) (0.0)
Netherlands 3,937 3,879 6,126 5,979 6,806 115 191 593 729 198(2.4) (2.1) (3.0) (3.0) (3.4) (0.2) (0.2) (0.7) (0.8) (0.3)
Oman 9 2 2 6 7 8 1 1 5 5(0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0)
Singapore 1,453 2,764 3,647 3,218 3,846 1,013 1,879 2,290 2,018 2,421(0.9) (1.5) (1.8) (1.6) (1.9) (1.5) (2.3) (2.6) (2.3) (3.3)
South Korea 20 24 30 38 32 13 17 13 28 20(0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0)
Sri Lanka 6 5 8 5 10 2 2 4 3 6(0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0)
Taiwan, China 5 3 6 4 5 2 1 1 1 3(0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0)
Thailand 7 7 21 18 20 6 7 20 17 20(0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0)
United Arab Emirates 77 140 98 62 61 24 83 45 18 18(0.0) (0.1) (0.0) (0.0) (0.0) (0.0) (0.1) (0.1) (0.0) (0.0)
United Kingdom @ 4,786 6,447 8,059 6,953 6,680 717 1,259 1,897 1,556 1,271(2.9) (3.5) (4.0) (3.5) (3.3) (1.1) (1.5) (2.1) (1.8) (1.7)
United States # 9,694 11,900 9,577 11,800 11,333 3,814 6,571 3,790 5,605 6,073(5.9) (6.5) (4.7) (6.0) (5.6) (5.7) (8.0) (4.3) (6.5) (8.3)
Total 162,991 182,471 202,973 197,022 201,549 67,330 81,757 88,565 86,189 73,502(100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0)
@ : excluding Guernsey, Isle of Man and Jersey # : includes Miday Island and Wake Islands‘-’ : nil/negligibleNote : 1. Figures in brackets represent percentages to total in the respective group (column).
2. Totals may not tally due to rounding off.3. Data have been revised for previous quarters.4. Q1, Q2, Q3 and Q4 denote quarters ended March, June, September and December, respectively.
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1207
Statement VII: Residual Maturity and Sector - wise Classification of Consolidated InternationalClaims of Banks (Based on CBS Statements) - Amount outstanding as at
end of Period on Immediate Country Risk Basis
(Rs. crore)
Country of Transacting Period Total Residual Maturity Sector
Units InternationaL Short Long Un- Bank Non-Bank Non-BankClaims Term Term allocated Public Private
Total Intl. Claims Sep-2006 114,688 86,175 27,796 716 49,932 840 63,916
Dec-2006 133,424 99,780 33,369 275 60,649 872 71,903Mar-2006 149,258 109,481 39,775 2 69,781 871 78,607
Jun-2006 158,382 113,324 45,058 0 75,178 719 82,485
Sep-2007 157,201 108,775 47,740 686 66,410 546 90,246
Australia Sep-2006 1,132 425 707 – 849 1 282
Dec-2006 1,261 456 804 – 825 1 434Mar-2006 2,275 1,435 840 – 1,961 2 312
Jun-2006 2,111 1,200 911 – 1,856 0 255
Sep-2007 1,987 1,101 886 – 1,738 0 249
Austria Sep-2006 521 431 90 – 413 – 108
Dec-2006 715 565 150 – 581 – 134Mar-2006 1,786 1,478 308 – 1,687 – 98
Jun-2006 1,624 1,387 237 – 1,491 – 133
Sep-2007 960 785 175 – 807 – 152
Bahamas Sep-2006 900 426 474 – 138 – 762
Dec-2006 1,128 1,074 53 – 253 – 874Mar-2006 1,136 1,089 47 – 218 – 918
Jun-2006 1,059 912 147 – 143 – 916
Sep-2007 1,005 871 133 – 105 – 900
Bahrain Sep-2006 2,173 970 1,203 – 1,830 5 338
Dec-2006 2,399 1,049 1,350 – 1,953 – 446Mar-2006 2,610 1,152 1,458 – 1,876 – 734
Jun-2006 3,624 2,099 1,525 – 3,088 – 536
Sep-2007 3,405 1,906 1,499 – 2,815 – 590
Belgium Sep-2006 2,826 2,517 309 – 583 – 2,243
Dec-2006 3,257 3,031 226 – 631 – 2,625
Mar-2006 3,389 2,980 410 – 841 – 2,548Jun-2006 3,332 2,872 460 – 938 – 2,394
Sep-2007 3,323 3,012 311 – 893 – 2,430
Canada Sep-2006 1,615 1,380 235 – 1,063 2 550
Dec-2006 1,645 1,339 305 – 946 3 696
Mar-2006 1,956 1,492 465 – 1,468 1 486Jun-2006 2,451 1,644 807 – 1,822 1 628
Sep-2007 2,346 1,001 1,096 250 1,741 1 604
China Sep-2006 561 526 34 1 2 – 559
Dec-2006 690 682 7 – 2 – 688
Mar-2006 737 725 12 – 2 – 735Jun-2006 1,128 1,114 14 – 1 – 1,127
Sep-2007 1,305 1,264 42 – 10 – 1,296
Cyprus Sep-2006 887 801 86 – 84 – 802
Dec-2006 742 586 156 – 85 – 657
Mar-2006 746 610 136 – 113 – 633Jun-2006 645 473 172 – 80 – 565
Sep-2007 1,694 1,362 331 – 173 – 1,521
ARTICLE
RBIMonthly BulletinJuly 20081208
InternationalBankingStatistics ofIndia -September 2007
Statement VII: Residual Maturity and Sector - wise Classification of Consolidated InternationalClaims of Banks (Based on CBS Statements) - Amount outstanding as at
end of Period on Immediate Country Risk Basis
(Rs. crore)
Country of Transacting Period Total Residual Maturity Sector
Units InternationaL Short Long Un- Bank Non-Bank Non-BankClaims Term Term allocated Public Private
Denmark Sep-2006 687 450 237 – 544 – 143
Dec-2006 1,022 843 179 – 886 – 136
Mar-2006 1,654 1,357 298 – 1,493 – 161
Jun-2006 1,311 1,018 292 – 1,191 – 119
Sep-2007 1,126 871 255 – 1,059 – 67
France Sep-2006 1,745 1,258 487 0 752 0 993
Dec-2006 2,880 2,246 634 0 1,834 – 1,046
Mar-2006 3,833 3,225 608 0 2,943 – 890
Jun-2006 3,854 3,244 611 0 2,871 – 984
Sep-2007 2,202 1,655 547 0 1,228 – 974
Germany (Includes ECB) Sep-2006 5,035 4,169 866 0 3,788 55 1,192
Dec-2006 5,514 4,664 849 0 3,799 68 1,647
Mar-2006 7,234 6,314 920 0 4,973 72 2,188
Jun-2006 6,721 5,369 1,351 0 4,891 77 1,753
Sep-2007 6,886 5,259 1,627 0 5,243 61 1,582
Hong Kong Sep-2006 4,944 3,919 1,025 – 2,095 1 2,848
Dec-2006 9,173 8,159 1,013 – 6,212 1 2,959
Mar-2006 8,977 7,510 1,468 – 5,855 0 3,122
Jun-2006 11,066 9,199 1,867 – 7,585 2 3,480
Sep-2007 11,477 9,485 1,992 – 7,209 – 4,268
Indonesia Sep-2006 1,071 837 234 – 469 – 602
Dec-2006 1,080 799 281 – 438 – 643
Mar-2006 1,228 811 417 – 408 – 820
Jun-2006 1,011 567 444 – 253 – 758
Sep-2007 746 377 370 – 16 – 730
Italy Sep-2006 2,801 2,270 530 – 1,221 – 1,579
Dec-2006 2,499 1,859 640 – 1,358 – 1,141
Mar-2006 3,024 2,067 957 – 1,711 – 1,313
Jun-2006 2,292 1,611 681 – 978 – 1,314
Sep-2007 2,508 1,744 763 – 1,200 – 1,307
Japan Sep-2006 2,451 2,090 361 – 1,391 0 1,060
Dec-2006 2,190 1,861 329 – 1,285 1 904
Mar-2006 1,947 1,544 403 – 1,225 0 722
Jun-2006 1,525 1,313 212 – 935 36 554
Sep-2007 1,603 1,472 131 – 1,103 4 495
Kazakhstan Sep-2006 381 352 29 – 199 – 182
Dec-2006 738 421 317 – 201 – 537
Mar-2006 809 326 483 – 317 – 492
Jun-2006 825 503 322 – 479 – 346
Sep-2007 826 528 298 – 427 – 400
ARTICLE
InternationalBanking
Statistics ofIndia -
September 2007
RBIMonthly Bulletin
July 2008 1209
Statement VII: Residual Maturity and Sector - wise Classification of Consolidated InternationalClaims of Banks (Based on CBS Statements) - Amount outstanding as at
end of Period on Immediate Country Risk Basis
(Rs. crore)
Country of Transacting Period Total Residual Maturity Sector
Units InternationaL Short Long Un- Bank Non-Bank Non-BankClaims Term Term allocated Public Private
Kuwait Sep-2006 530 316 213 – 73 – 457Dec-2006 644 244 400 – 52 – 592Mar-2006 501 223 278 – 42 – 459Jun-2006 678 353 324 – 44 – 634Sep-2007 688 366 322 – 42 – 646
Luxembourg Sep-2006 514 211 303 – 48 – 466Dec-2006 753 328 425 – 113 – 640Mar-2006 864 467 397 – 153 – 711Jun-2006 657 277 380 – 137 – 520Sep-2007 636 302 334 – 130 – 506
Mauritius Sep-2006 339 258 81 – 177 – 162Dec-2006 662 448 214 – 153 – 509Mar-2006 720 450 270 – 178 – 542Jun-2006 579 290 289 – 43 – 536Sep-2007 736 274 462 – 17 – 719
Netherlands Sep-2006 4,528 3,808 720 – 2,271 – 2,257Dec-2006 4,333 3,218 1,114 – 1,841 – 2,491Mar-2006 4,510 3,121 1,390 – 1,731 – 2,779Jun-2006 4,600 3,094 1,506 – 2,481 – 2,119Sep-2007 3,918 2,335 1,582 – 1,516 – 2,402
No Specific Country Sep-2006 1,926 1,541 385 – 22 – 1,904Dec-2006 2,522 1,690 833 – 1 – 2,522Mar-2006 2,821 1,979 842 – 3 – 2,819Jun-2006 2,391 1,529 862 – 1 – 2,390Sep-2007 2,364 1,537 827 – 11 – 2,352
Norway Sep-2006 196 117 79 – 184 – 12Dec-2006 202 89 114 – 188 – 14Mar-2006 1,137 790 347 – 919 29 188Jun-2006 1,523 1,085 438 – 1,211 – 313Sep-2007 901 394 507 – 516 – 385
Russia Sep-2006 3,765 2,749 1,016 – 2,220 0 1,545Dec-2006 4,258 2,689 1,569 – 2,091 0 2,167Mar-2006 5,015 2,790 2,225 – 2,534 1 2,480Jun-2006 5,400 3,371 2,030 – 2,649 0 2,751Sep-2007 5,418 3,357 2,061 – 2,663 – 2,755
Singapore Sep-2006 7,066 5,759 1,282 25 2,618 0 4,448Dec-2006 7,539 4,725 2,814 0 2,304 2 5,233Mar-2006 8,921 5,562 3,360 – 3,324 1 5,596Jun-2006 8,514 4,528 3,986 – 3,411 0 5,103Sep-2007 10,561 6,204 4,357 – 3,940 0 6,621
South Africa Sep-2006 267 260 7 – 47 – 219Dec-2006 293 266 26 – 11 9 273Mar-2006 292 156 135 – 3 – 289Jun-2006 516 388 128 – 87 – 428Sep-2007 688 413 275 – 223 – 466
South Korea Sep-2006 909 589 321 – 749 – 160Dec-2006 863 546 318 – 599 – 265Mar-2006 1,010 514 496 – 799 – 211Jun-2006 853 343 511 – 703 – 150Sep-2007 857 363 494 – 628 – 228
ARTICLE
RBIMonthly BulletinJuly 20081210
InternationalBankingStatistics ofIndia -September 2007
Statement VII: Residual Maturity and Sector - wise Classification of Consolidated InternationalClaims of Banks (Based on CBS Statements) - Amount outstanding as at
end of Period on Immediate Country Risk Basis
(Rs. crore)
Country of Transacting Period Total Residual Maturity Sector
Units InternationaL Short Long Un- Bank Non-Bank Non-BankClaims Term Term allocated Public Private
Spain Sep-2006 766 733 33 – 202 – 564Dec-2006 1,071 1,024 47 – 450 – 621Mar-2006 769 695 73 – 237 – 532Jun-2006 929 856 73 – 354 – 575Sep-2007 944 845 99 – 295 – 650
Sri Lanka Sep-2006 2,073 1,469 453 151 324 231 1,518Dec-2006 1,979 1,420 424 134 531 147 1,301Mar-2006 2,064 1,577 487 – 591 205 1,268Jun-2006 1,903 1,389 515 – 401 101 1,402Sep-2007 2,083 1,404 679 – 402 98 1,583
Sweden Sep-2006 431 424 8 – 313 – 118Dec-2006 335 325 10 – 237 – 98Mar-2006 780 746 34 – 669 – 112Jun-2006 1,089 1,044 46 – 935 – 155Sep-2007 961 925 36 – 857 – 104
Switzerland (Includes BIS) Sep-2006 1,742 1,448 293 – 790 0 951Dec-2006 1,680 1,285 395 – 913 1 766Mar-2006 1,925 1,619 307 – 1,268 1 656Jun-2006 2,521 2,103 418 – 1,377 0 1,144Sep-2007 1,884 1,383 501 – 765 0 1,119
Turkey Sep-2006 1,211 1,164 48 – 656 – 555Dec-2006 1,327 1,129 198 – 554 – 773Mar-2006 1,582 1,192 391 – 566 – 1,016Jun-2006 1,315 1,027 288 – 456 – 859Sep-2007 1,290 1,022 267 – 412 – 878
United Arab Emirates Sep-2006 5,100 3,011 2,090 0 640 1 4,460Dec-2006 6,236 3,927 2,309 0 981 1 5,254Mar-2006 6,686 4,131 2,555 0 1,189 0 5,496Jun-2006 6,889 3,808 3,081 0 1,119 0 5,770Sep-2007 6,773 3,740 3,033 0 1,046 0 5,728
United Kingdom @ Sep-2006 16,745 11,392 4,948 405 10,410 29 6,306Dec-2006 18,703 11,600 7,058 45 11,125 41 7,538Mar-2006 22,598 14,510 8,088 – 13,070 32 9,496Jun-2006 29,257 18,347 10,910 – 14,980 33 14,244Sep-2007 30,584 18,742 11,406 436 13,431 21 17,131
United States # Sep-2006 29,152 22,701 6,451 – 10,916 359 17,877Dec-2006 33,435 27,735 5,700 – 15,494 415 17,526Mar-2006 32,875 26,067 6,808 – 13,442 426 19,007Jun-2006 34,396 27,579 6,817 – 14,763 369 19,263Sep-2007 33,147 25,672 7,475 – 12,298 303 20,546
@ : excluding Guernsey, Isle of Man and Jersey, # : includes Miday Island and Wake Islands‘-’ : nil/negligibleNotes : 1. Totals may not tally due to rounding off.
2. Residual Maturity “Unallocated” comprises maturity not applicable (e.g., for equities) and maturity information not available3. “No Specific Country” means the country information has not been provided by the reporting bank branches.4. Data have been revised for previous quarters.
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
RBIMonthly Bulletin
July 2008 1211
Quick Estimates of
National Income, 2006-07
and Revised Estimates of
National Income, 2007-08:
A Review*
The Central Statistical Organisation
(CSO) has released the 'Quick Estimates
of National Income, Consumption
Expenditure, Saving and Capital
Formation, 2006-07' on January 31, 2008.
These estimates provide the data on
various macro-economic aggregates for
the years 1999-2000 to 2006-07.
Subsequently, the CSO has also released
the 'Revised Estimates of National
Income, 2007-08' on May 31, 2008
providing the estimate of the rate of
growth of Gross Domestic Product for
the year 2007-08. This article reviews the
trends in various macro-economic
aggregates as given in the Quick and
Revised Estimates.
1. Gross Domestic Product
As per the Quick Estimates of
National Income 2006-07, the real Gross
Domestic Product (GDP) at factor cost,
registered a growth of 9.6 per cent in
2006-07 as compared with 9.4 per cent
in 2005-06. Subsequently, for the year
2007-08, the Revised Estimates placed
the growth of real GDP at 9.0 per cent
(Table 1, Chart 1), revising upward the
Advance Estimates of 8.7 per cent,
released in February 2008.
1.1 Sectoral Growth and Compositionof Real Gross Domestic Product
Some moderation was witnessed in
the real GDP growth rate for the year
2007-08 vis-à-vis 2006-07. This can be
explained by the fact that
notwithstanding improved growth
performance in sectors, like 'agriculture
and allied activities' , 'electricity, gas and
* Prepared in the Division of National Income, Savings and Flow ofFunds of Department of Economic Analysis and Policy, Reserve Bankof India, Mumbai. Previous articals was published in RBI Bulletin,July 2007 issue.
RBIMonthly BulletinJuly 20081212
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
water supply', 'trade, hotels, transport
and communication', and 'community,
social and personal services', all other
sectors witnessed moderated growth
performance in the year 2007-08 as
compared with 2006-07 (Table 1).
At the sectoral level, 'agriculture and
allied activities' registered a growth rate
of 4.5 per cent in 2007-08 as compared
with 3.8 per cent in 2006-07.
The growth rate of GDP originating
from industry is estimated at 8.1 per cent
in 2007-08 lower than that of 10.6 per cent
in 2006-07 reflecting deceleration in the
growth of its two sub-sectors viz.,
'manufacturing' (8.8 per cent in 2007-08
from 12.0 per cent in 2006-07) and 'mining
and quarrying' (4.7 per cent in 2007-08
from 5.7 per cent in 2006-07) while'electricity, gas and water supply' has
witnessed some rise in the growth rate
(6.3 per cent in 2007-08 from 6.0 per cent
in 2006-07).
The services sector is estimated to
register a growth of 10.7 per cent in 2007-
08 as compared with 11.2 per cent in 2006-
07. This is due to the fact that the
'construction' sub-sector has recorded a
deceleration in its growth to 9.8 per cent
in 2007-08 from 12.0 per cent in 2006-07,
notwithstanding the higher growth of
sub-sectors, viz., 'trade, hotels, transport,
storage and communication' to 12.0 per
cent in 2007-08 from 11.8 per cent in
2006-07 and 'community, social and
personal services' to 7.3 per cent in 2007-
08 from 6.9 per cent in 2006-07 (Table 1
and Statement 1).
As per the Revised Estimates, the
share of 'agriculture and allied activities'
Table 1: Sectoral Growth Rates of Gross Domestic Product at factor cost
(At 1999-00 Prices) ( Per cent)
Sector 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06@ 2006-07* 2007-08#
1 2 3 4 5 6 7 8 9
I Agriculture, forestry & fishing -0.2 6.3 -7.2 10.0 0.0 5.9 3.8 4.5
II Industry 6.4 2.4 6.8 6.0 8.5 8.0 10.6 8.1(i) Mining & quarrying 2.4 1.8 8.8 3.1 8.2 4.9 5.7 4.7(ii) Manufacturing 7.7 2.5 6.8 6.6 8.7 9.0 12.0 8.8(iii) Electricity. gas & water supply 2.1 1.7 4.7 4.8 7.9 4.7 6.0 6.3
III Services 5.7 6.9 7.5 8.8 9.9 11.0 11.2 10.7(i) Construction 6.2 4.0 7.9 12.0 16.1 16.5 12.0 9.8(ii) Trade, hotels & restaurant 5.2 9.6 6.9 10.1 7.7 9.4 8.5(11.8)^ 12.0^(iii) Transport, storage &
communication 11.2 8.4 14.1 15.3 15.6 14.6 16.6 ..(iv) Financing, insurance, real estate
& business services 4.1 7.3 8.0 5.6 8.7 11.4 13.9 11.8(v) Community, social &
personal services 4.7 4.1 3.9 5.4 6.9 7.2 6.9 7.3
IV Gross domestic product at 4.4 5.8 3.8 8.5 7.5 9.4 9.6 9.0 factor cost
@ : Provisional * : Quick estimates # : Revised estimates ^ : Includes Transport, storage and communication.. : Not availableSource : Central Statistical Organisation.
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
RBIMonthly Bulletin
July 2008 1213
is estimated to decline to 17.8 per cent
in 2007-08 from 18.5 per cent in 2006-07.
The share of industry declined
fractionally to 19.4 per cent in the year
2007-08 from 19.5 per cent in 2006-07. The
share of services in real GDP is, however,
estimated to rise at 62.9 per cent from
61.9 per cent during the same period. This
rise in the share of services is mainly
reflective of increase in the share of
'financing, insurance, real estate &
business services' to 14.7 per cent in
2007-08 from 14.3 per cent in 2006-07
(Table 2).
Table 2: Sectoral Composition of Gross Domestic Product at factor cost
(At 1999-00 Prices) ( Per cent)
Sector 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06@ 2006-07* 2007-08#
1 2 3 4 5 6 7 8 9
I Agriculture and allied activities 23.9 24.0 21.4 21.7 20.2 19.6 18.5 17.8
II Industry 20.0 19.3 19.9 19.4 19.6 19.4 19.5 19.4(i) Mining & quarrying 2.3 2.2 2.3 2.2 2.2 2.1 2.0 2.0(ii) Manufacturing 15.3 14.8 15.2 15.0 15.1 15.1 15.4 15.4(iii) Electricity, gas & water supply 2.4 2.3 2.4 2.3 2.3 2.2 2.1 2.1
III Services 56.1 56.7 58.7 58.9 60.2 61.1 61.9 62.9(i) Construction 5.8 5.7 5.9 6.1 6.6 7.1 7.2 7.3(ii) Trade, hotels & restaurant 14.3 14.9 15.3 15.5 15.5 15.5 15.4 25.1^(iii) Transport, storage &
communication 8.0 8.2 9.0 9.5 10.2 10.7 11.4 ..(iv) Financing, insurance, real
estate & business services 13.0 13.2 13.7 13.4 13.5 13.8 14.3 14.7(v) Community, social &
personal services 15.0 14.7 14.8 14.3 14.2 14.0 13.6 13.4IV Gross domestic product at
factor cost 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Note : @ Provisional ^ : Includes Transport, storage and communication* : Quick estimates. # : Revised Estimates. .. : Not Available
Sectoral rates may not add up to GDP share due to rounding off.Source: Central Statistical Organisation
Chart 1: Sectoral Growth Rates of Real Gross Domestic Product
-9
-6
-3
0
3
6
9
12
15
Per
cen
t
2000-0
1
2001-0
2
2002-0
3
2003-0
4
2004-0
5
2005-0
6
2006-0
7
2007-0
8
Agriculture & allied activities Industry Services
RBIMonthly BulletinJuly 20081214
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
The share of 'agriculture and alliedactivities' has been showing continuousdecline while services sector iswitnessing a continuous rise during theperiod 2000-01 to 2007-08. While the shareof 'industry' in GDP decreased to 19.4 percent in 2007-08 from 20.0 per cent in 2000-01, the share of 'services' in GDPincreased to 62.9 per cent in 2007-08 from56.1 per cent in 2000-01 and the share of'agriculture' decreased to 17.8 per centfrom 23.9 per cent during the same period(Table 2 and Chart 2).
1.2 Sectoral Contribution to the
Growth of Real Gross Domestic
Product
In 2007-08, the sectoral contributions
to growth worked out to 9.3 per cent for
'agriculture and allied activities', 17.5 per
cent for industry and 73.2 per cent for
the services sector in 2007-08 as against
the contributions of 7.6 per cent, 21.4 per
cent and 71.0 per cent, respectively in
2006-07 (Chart 3 and Table 3).
Chart 2: Sectoral Composition of Real Gross Domestic Product
Per
cen
t
Agriculture & allied activities Industry Services
0
25
50
75
100
1252000-0
1
2001-0
2
2002-0
3
2003-0
4
2004-0
5
2005-0
6
2006-0
7
2007-0
8
56.1 56.7 58.7 58.9 60.2 61.1 61.9 62.9
20 19.3 19.9 19.4 19.6 19.4 19.5 19.4
23.9 24.0 21.4 21.7 20.2 19.6 18.5 17.8
Chart 3: Sectoral Contribution to the Growth of Real Gross Domestic Product
Per
cen
t
Agriculture & allied activities Industry Services
2000-0
1
2001-0
2
2002-0
3
2003-0
4
2004-0
5
2005-0
6
2006-0
7
2007-0
8-100.0
-50.0
0.0
50.0
100.0
150.0
200.0
-1.4
25.7
-45.3
25.1
-0.1 12.7 7.6 9.3
28.88.1
34.214.0
22.216.7 21.4 17.5
72.7 66.2
111.1
60.9 78.0 70.5 71.0 73.2
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
RBIMonthly Bulletin
July 2008 1215
2. Trends in Domestic SavingAs per the Quick Estimates, the Gross
Domestic Savings (GDS) in India at
current market prices has increased to
34.8 per cent in 2006-07 from 34.3 per cent
in 2005-06 mainly due to improvement
in saving performance by the private
corporate and public sectors. The public
sector saving increased to 3.2 per cent in
2006-07 from 2.6 per cent in 2005-06 and
private corporate savings increased to 7.8
per cent from 7.5 per cent, while there
was a modest decline in household
sectors saving to 23.8 per cent from 24.2
per cent during the same period (Table 4).
It is significant to note that the Indian
economy has witnessed a continuous
increase in the rate of GDS, particularly
from 2001-02 onwards. During this period,
the public sector saving has witnessed a
turn-around since 2003-04, with its rate
of saving increasing to 3.2 per cent in
2006-07 from (-) 2.0 per cent in 2001-2002.
It is important to note that the
household sector has been the largest
contributor to the GDS. An analysis of
the composition of GDS shows that the
share of household sector has decreased
to 68.4 per cent in 2006-07 from 91.1 per
cent from 2000-01. The private corporate
sector, on the other hand, which
occupied the second largest share in the
GDS, increased its share to 22.4 per cent
in 2006-07 from 16.2 per cent in 2000-01
on account of rise in its profitability. As
mentioned earlier, the public sector
savings turned from dis-savings to a
savings generating sector constituting 9.3
per cent of GDS in 2006-07 from (-) 7.4
per cent in 2000-01 (Chart 4).
Table 3: Sectoral Contribution to the Growth of Real Gross Domestic Product at factor cost
( Per cent)
Sector 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06@ 2006-07* 2007-08#
1 2 3 4 5 6 7 8 9
I. Agriculture & allied activities -0.1 1.5 -1.7 2.1 0.0 1.2 0.7 0.8
II. Industry 1.3 0.5 1.3 1.2 1.7 1.6 2.1 1.6
(i) Mining & quarrying 0.1 0.0 0.2 0.1 0.2 0.1 0.1 0.1
(ii) Manufacturing 1.1 0.4 1.0 1.0 1.3 1.4 1.8 1.4
(iii) Electrical, gas & water supply 0.1 0.0 0.1 0.1 0.2 0.1 0.1 0.1
III. Services 3.2 3.8 4.3 5.2 5.8 6.6 6.8 6.6
(i) Construction 0.4 0.2 0.5 0.7 1.0 1.1 0.8 0.7
(ii) Trade, hotels & restaurant 0.7 1.4 1.0 1.5 1.2 1.5 1.3 3.2^
(iii) Transport, storage &
communication 0.8 0.7 1.2 1.4 1.5 1.5 1.8 ..
(iv) Financing, insurance, real
estate & business services 0.5 0.9 1.1 0.8 1.2 1.5 1.9 1.7
(v) Community, social &
personal services 0.7 0.6 0.6 0.8 1.0 1.0 1.0 1.0
IV. Gross domestic product 4.4 5.8 3.8 8.5 7.5 9.4 9.6 9.0
Note : @ : Provisional ^ : Includes Transport, storage and communication.* : Quick Estimates. # : Revised estimates. .. : Not Available.
Sectoral rates may not add up to GDP growth due to rounding off.Source: Central Statistical Organisation.
RBIMonthly BulletinJuly 20081216
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
3. Trends in Domestic CapitalFormation
The rate of Gross Domestic Capital
Formation (GDCF) continued its rising
trend and rose to 35.9 per cent in 2006-
07 from 35.5 per cent in 2005-06. The
saving-investment gap (i.e. rate of GDS
less rate of GDCF) decreased to (-) 1.1 per
cent in 2006-07 from (-) 1.2 per cent in
2005-06. Of the three contributing sectors,
the rate of capital formation in the
household sector, a corollary of
Table 4: Saving and Capital Formation by Institutions
(Per cent of GDP at current market prices)
Item 2001-02 2002-03 2003-04 2004-05 2005-06 * 2006-07 #
1 2 3 4 5 6 7
1 Gross Domestic Saving 23.5 26.4 29.8 31.8 34.3 34.8(i) Household Sector 22.1 23.2 24.4 23.0 24.2 23.8
(a) Financial Assets 10.9 10.3 11.4 10.1 11.8 11.3(b) Physical Assets 11.3 12.9 13.0 12.9 12.5 12.5
(ii) Private Corporate Sector 3.4 3.9 4.4 6.6 7.5 7.8of which: Joint Stock Companies 3.1 3.5 4.1 6.2 7.2 7.5
(iii) Public Sector -2.0 -0.6 1.1 2.2 2.6 3.2of which : Non-departmentcommercial Enterprises 3.5 4.0 4.2 4.2 4.0 4.0
2 Gross Capital Formation 24.2 25.2 26.8 31.6 34.5 36.0(i) Household Sector 11.3 12.9 13.0 12.9 12.5 12.5(ii) Private Corporate Sector 5.4 5.7 6.6 10.5 13.3 14.5(iii) Public Sector 6.9 6.1 6.3 6.9 7.6 7.8(iv) Valuables 0.6 0.6 0.9 1.3 1.2 1.2
3 Gross Domestic Capital Formation (GDCF)## 22.8 25.2 28.2 32.2 35.5 35.94 Saving -Investment Balance 0.7 1.2 1.6 -0.4 -1.2 -1.1
(i) Household Sector 10.9 10.3 11.4 10.1 11.8 11.3(ii) Private Corporate Sector -2.1 -1.9 -2.2 -4.0 -5.8 -6.8(iii) Public Sector -8.9 -6.7 -5.3 -4.7 -5.0 -4.5
## : Adjusted for errors and omissions. * : Provisional. # : Quick estimates.
Note: Sectoral share may not add up to total due to rounding off.
Source: Central Statistical Organisation.
Chart 4: Share of Gross Domestic Saving by Institutions
Per
cen
t
2000-0
1
2001-0
2
2002-0
3
2003-0
4
2004-0
5
2005-0
6
2006-0
7-20.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
91.1 94.3 87.8 81.7 72.5 70.6 68.4
16.2 14.414.6
14.720.6 21.9 22.4
-7.4 -8.6 -2.5
3.6 6.9 7.5 9.3
Household sector Private corporate sector Public sector
ARTICLE
Quick Estimates of
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2006-07 and Revised
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A Review
RBIMonthly Bulletin
July 2008 1217
household sector saving in physical
assets, remained constant at 12.5 per cent
in 2005-06 and 2006-07. The rate of capital
formation in private corporate sector
increased to 14.5 per cent in 2006-07 from
13.3 per cent in 2005-06, while that in
public sector increased to 7.8 per cent
from 7.6 per cent during the same period
(Table 4 and Statement 3). The saving-
investment gaps at the sectoral level are
indicated in Table 4.
The composition of Gross Capital
Formation (GCF) by type of institution
reveals that the share of public sector in
gross capital formation marginally
decreased to 21.6 per cent in 2006-07
from 22.0 per cent in 2005-06 and for the
household sector it decreased to 34.7 per
cent from 36.1 per cent during the same
period. The share of private corporate
sector in gross capital formation rose to
40.4 per cent in 2006-07 from 38.6 per cent
in 2005-06 (Chart 5).
The breakup of GCF by industry
indicates that the compositional share of
capital formation was the highest in
industrial sector. It increased to 51.9 per
cent in 2006-07 from 37.0 per cent in 2000-
01. The share of capital formation in the
services sector decreased to 41.1 per cent
in 2006-07 from 53.3 per cent in 2000-01.
The share of capital formation in
'agriculture and allied activities', which
was the lowest among all three sectors,
decreased to 7.0 per cent in 2006-07 from
9.7 per cent in 2000-01 (Chart 6,
Statement 4).
4. Other Macro-economicAggregates
As a share of GDP at current market
prices, total final consumption
expenditure has declined to 65.5 per cent
in 2007-08 from 66.1 per cent in 2006-07
reflecting mainly a decline in the share
of private final consumption expenditure
(PFCE) to 55.3 per cent in 2006-07 from
55.8 per cent in 2006-07. Gross fixed
capital formation as a proportion of GDP
increased to 33.9 per cent in 2007-08 from
32.5 per cent in 2006-07, while 'change in
Per
cen
t
2000-0
1
2001-0
2
2002-0
3
2003-0
4
2004-0
5
2005-0
6
2006-0
7
Household sector Private corporate sector Public sector
47.2 46.6 51.0 48.5 40.9 36.1 34.7
21.5 22.422.6 24.5 33.2 38.6 40.4
28.5 28.4 24.1 23.7 21.8 22.0 21.6
2.9 2.6 2.3 3.3 4.1 3.3 3.3
Chart 5: Share of Gross Domestic Investment by Institutions
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Valuables
RBIMonthly BulletinJuly 20081218
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Quick Estimates of
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A Review
stock' remained at 2.3 per cent for both
the years and that of 'valuables' increased
to 1.3 per cent in 2007-08 from 1.2 per
cent in 2006-07. The shares of both
exports and imports in GDP have
decreased to 21.3 per cent and 24.4 per
cent in 2007-08 from 22.1 per cent and
25.1 per cent, respectively in 2006-07. As
a result, net exports as a proportion of
GDP at current market prices increased
to (-) 3.1 per cent in 2007-08 from (-) 3.0
per cent in 2006-07(Statement 5a).
The other macro-economic
aggregates, such as Net Domestic Product
(NDP), Net National Product (NNP), Gross
National Product (GNP), etc. are basically
variants of Gross Domestic Product at
factor cost. The real Net National Product
at factor cost, which is defined as
National Income, is estimated to grow at
9.4 per cent in 2007-08 more than double
of 3.7 per cent in 2000-01. Accordingly,
the per capita income (i.e. per capita Net
National Product at factor cost) is
estimated to show a growth of 7.8 per
cent in 2007-08 from 1.8 per cent in 2000-
01 (Statement 5b).
It may be mentioned that some
'Discrepancies' arise due to the difference
between the GDP estimated by economic
activity marked up by net indirect taxes
(indirect taxes less subsidies) to arrive at
GDP at market prices and the GDP
estimated from the expenditure side.
Discrepancies during 2007-08 are
estimated at 0.2 per cent of GDP at
current market prices as against the
corresponding rate of 1.0 per cent in
2006-07.
To sum up, with the latest estimates
released by CSO for the years 2007-08 (RE)
and 2006-07(QE), the Indian economy
continued to be on the high growth
trajectory with an average growth rate of
8.8 per cent during the last five years
(2003-04 to 2007-08) aided by investment,
financed predominantly by domestic
savings.
Per
cen
t
2000-0
1
2001-0
2
2002-0
3
2003-0
4
2004-0
5
2005-0
6
2006-0
7*
Agriculture & allied activities Industry Services
9.711.7
10.3 8.8 7.7 7.2 7.0
37.0
32.4
37.541.5
48.651.4 51.9
53.355.9
52.249.7
43.7 41.4 41.1
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Chart 6: Sectoral Share of Gross Capital Formation by Industry
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Statement 1: Trends in Sectoral Growth and Share of Gross Domestic Product at Factor cost (Contd.)
(Amount in Rs. crore and growth rate in per cent)
(1999-2000 Prices)
2000-01 2001-02 2002-03 2003-04
Item Amount Growth rate Amount Growth rate Amount Growth rate Amount Growth rate
1 2 3 4 5 6 7 8 9
I Agriculture & allied
activities 445403 -0.2 473249 6.3 438966 -7.2 482676 10.0
(23.9) (24.0) (21.4) (21.7)
II Industry 372599 6.4 381366 2.4 407276 6.8 431724 6.0
(20.0) (19.3) (19.9) (19.4)
i) Mining & quarrying 42589 2.4 43335 1.8 47168 8.8 48626 3.1
(2.3) (2.2) (2.3) (2.2)
ii) Manufacturing 284571 7.7 291803 2.5 311685 6.8 332363 6.6
(15.3) (14.8) (15.2) (15.0)
iii) Electricity , gas &
water supply 45439 2.1 46228 1.7 48423 4.7 50735 4.8
(2.4) (2.3) (2.4) (2.3)
III Services 1046299 5.7 1117991 6.9 1202045 7.5 1308358 8.8
(56.1) (56.7) (58.7) (58.9)
i) Construction 108362 6.2 112692 4.0 121650 7.9 136224 12.0
(5.8) (5.7) (5.9) (6.1)
ii) Trade, hotels &
restaurant 267326 5.2 293075 9.6 313221 6.9 344743 10.1
(14.3) (14.9) (15.3) (15.5)
iii) Transport, storage &
communication 148324 11.2 160772 8.4 183471 14.1 211627 15.3
(8.0) (8.2) (9.0) (9.5)
iv) Financing, insurance,
real estate & business
services 243048 4.1 260737 7.3 281550 8.0 297250 5.6
(13.0) (13.2) (13.7) (13.4)
v) Community, social
& personal , services 279239 4.7 290715 4.1 302153 3.9 318514 5.4
(15.0) (14.7) (14.8) (14.3)
iv) GDP at factor cost 1864300 4.4 1972606 5.8 2048287 3.8 2222758 8.5
(100.0) (100.0) (100.0) (100.0)
RBIMonthly BulletinJuly 20081220
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Statement 1: Trends in Sectoral Growth and Share of Gross Domestic Product at Factor cost (Concld.)
(Amount in Rs. crore and growth rate in per cent)
(1999-2000 Prices)
2004-05 2005-06@ 2006-07* 2007-08#
Item Amount Growth rate Amount Growth rate Amount Growth rate Amount Growth rate
1 10 11 12 13 14 15 16 17
I Agriculture & allied
activities 482446 0.0 511013 5.9 530236 3.8 554336 4.5
(20.2) (19.6) (18.5) (17.8)
II Industry 468451 8.5 506016 8.0 559801 10.6 605061 8.1
(19.6) (19.4) (19.5) (19.4)
i) Mining & quarrying 52591 8.2 55150 4.9 58294 5.7 61061 4.7
(2.2) (2.1) (2.0) (2.0)
ii) Manufacturing 361115 8.7 393557 9.0 440770 12.0 479456 8.8
(15.1) (15.1) (15.4) (15.4)
iii) Electricity , gas &
water supply 54745 7.9 57309 4.7 60737 6.0 64544 6.3
(2.3) (2.2) (2.1) (2.1)
III Services 1437487 9.9 1595818 11.0 1774272 11.2 1963462 10.7
(60.2) (61.1) (61.9) (62.9)
i) Construction 158217 16.1 184255 16.5 206338 12.0 226579 9.8
(6.6) (7.1) (7.2) (7.3)
ii) Trade, hotels &
restaurant 371155 7.7 406203 9.4 440677 8.5 860212^ 12.0^
(15.5) (15.5) (15.4) 25.1^
iii) Transport,storage &
communication 244693 15.6 280535 14.6 327207 16.6 .. ..
(10.2) (10.7) (11.4)
iv) Financing, insurance,
real estate & business
services 323080 8.7 359942 11.4 410030 13.9 458364 11.8
(13.5) (13.8) (14.3) (14.7)
v) Community, social &
personal , services 340342 6.9 364883 7.2 390020 6.9 418307 7.3
(14.2) (14.0) (13.6) (13.4)
iv) GDP at factor cost 2388384 7.5 2612847 9.4 2864310 9.6 3122862 9.0
(100.0) (100.0) (100.0) (100.0)
Note : Figures in the parentheses are share as per cent of GDP.
* : Quick Estimates ^ : Includes 'Transport storage and communication'
# : Revised Estimates .. : Not Available @ : Provisional
Source : Central Statistical Organisation
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July 2008 1221
Statement 2 : Domestic Saving by Type of Institutions (at current prices)
(Amount in Rs. crore)
Item 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06@ 2006-07*
1 2 3 4 5 6 7 8
I Household sector 454853 504165 569134 670776 725110 866756 985822
(21.6) (22.1) (23.2) (24.4) (23.0) (24.2) (23.8)
(i) Financial saving 215219 247476 253255 313260 318264 420841 467985
(10.2) (10.9) (10.3) (11.4) (10.1) (11.8) (11.3)
(ii) Physical Saving 239634 256689 315879 357516 406846 445915 517837
(11.4) (11.3) (12.9) (13.0) (12.9) (12.5) (12.5)
II Private corporate sector 81062 76906 94772 120730 206363 268329 322242
(3.9) (3.4) (3.9) (4.4) (6.6) (7.5) (7.8)
III Public sector -36882 -46186 -15936 29521 68951 92263 133359
-(1.8) -(2.0) -(0.6) (1.1) (2.2) (2.6) (3.2)
IV Gross Domestic Saving 499033 534885 647970 821026 1000424 1227348 1441423
(I+II+III) (23.7) (23.5) (26.4) (29.8) (31.8) (34.3) (34.8)
Note : Figures in the parentheses are share as per cent of GDP.
* : Quick Estimates @ : Provisional
Source : Central Statistical Organisation.
RBIMonthly BulletinJuly 20081222
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Statement 3 : Capital Formation by Type of Institutions
(Amount in Rs. crore)
Item 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 @ 2006-07*
1 2 3 4 5 6 7 8
(At Current Prices)
I Gross capital formation (GCF) 508009 551041 619490 737472 995943 1236800 1492313(24.2) (24.2) (25.2) (26.8) (31.6) (34.5) (36.0)
(i) Public sector 144638 156537 149399 174579 216962 272002 321753(6.9) (6.9) (6.1) (6.3) (6.9) (7.6) (7.8)
(ii) Private corporate sector 109013 123628 140255 180804 331081 477490 603014(5.2) (5.4) (5.7) (6.6) (10.5) (13.3) (14.5)
(iii) Household sector 239634 256689 315879 357517 406846 445916 517837(11.4) (11.3) (12.9) (13.0) (12.9) (12.5) (12.5)
(iv) Valuables 14724 14187 13957 24572 41054 41392 49709(0.7) (0.6) (0.6) (0.9) (1.3) (1.2) (1.2)
II Gross fixed capital formation 477818 538179 584242 687016 894674 1109160 1346501(22.7) (23.6) (23.8) (24.9) (28.4) (31.0) (32.5)
III Change in stock 15467 -1325 21291 25884 60215 86248 96103(0.7) -(0.1) (0.9) (0.9) (1.9) (2.4) (2.3)
IV Valuables 14724 14187 13957 24572 41054 41392 49709(0.7) (0.6) (0.6) (0.9) (1.3) (1.2) (1.2)
V Errors & omissions 3779 -30386 -5 38175 17818 35153 -4527(0.2) -(1.3) (0.0) (1.4) (0.6) (1.0) -(0.1)
VI Gross domestic capital formation # 511788 520655 619485 775647 1013761 1271953 1487786(II+III+IV+V) (24.3) (22.8) (25.2) (28.2) (32.2) (35.5) (35.9)
(At Constant Prices)
I Gross capital formation (GCF) 485049 502115 555291 632621 781583 923828 1056532(23.9) (23.5) (25.0) (26.3) (30.0) (32.5) (33.9)
(i) Public sector 140315 144540 134468 145578 166989 202884 227308(6.9) (6.8) (6.1) (6.1) (6.4) (7.1) (7.3)
(ii) Private corporate sector 102912 111726 126124 156736 268172 364854 439419(5.1) (5.2) (5.7) (6.5) (10.3) (12.8) (14.1)
(iii) Household sector 227566 232360 281769 308766 312549 322950 351714(11.2) (10.9) (12.7) (12.9) (12.0) (11.4) (11.3)
(iv) Valuables 14256 13489 12930 21541 33873 33140 38091(0.7) (0.6) (0.6) (0.9) (1.3) (1.2) (1.2)
II Gross fixed capital formation 456380 490009 522592 593964 705945 828986 954350(22.5) (22.9) (23.6) (24.7) (27.1) (29.2) (30.6)
III Change in stock 14413 -1383 19769 17116 41765 61702 64091(0.7) -(0.1) (0.9) (0.7) (1.6) (2.2) (2.1)
IV Valuables 14256 13489 12930 21541 33873 33140 38091(0.7) (0.6) (0.6) (0.9) (1.3) (1.2) (1.2)
V Errors & omissions 3609 -27667 -4 33004 14059 26274 -3209(0.2) -(1.3) (0.0) (1.4) (0.5) (0.9) -(0.1)
VI Gross domestic capital formation # 488658 474448 555287 665625 795642 950102 1053323(II+III+IV+V) (24.1) (22.2) (25.0) (27.7) (30.6) (33.4) (33.8)
Note : Figures in the parentheses are share as per cent of GDP.
* : Quick Estimates # : Adjusted for errors and omissions. @ : Provisional.Source : Central Statistical Organisation.
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RBIMonthly Bulletin
July 2008 1223
Statement 4: Gross Capital Formation by Industry at constant prices (Contd.)
(Amount in Rs. crore and rate as percentage of GDP)
Item 2000-01 2001-02 2002-03 2003-04
Amount Rate Amount Rate Amount Rate Amount Rate
1 2 3 4 5 6 7 8 9
I. Agriculture & allied activities 45480 2.2 56979 2.7 55668 2.5 53541 2.2
(9.7) (11.7) (10.3) (8.8)
II. Industry 174369 8.6 158480 7.4 203544 9.2 253758 10.6
(37.0) (32.4) (37.5) (41.5)
(i) Mining & quarrying 5810 0.3 8384 0.4 8393 0.4 14193 0.6
(1.2) (1.7) (1.5) (2.3)
(ii) Manufacturing 128988 6.4 106207 5.0 154652 7.0 189873 7.9
(27.4) (21.7) (28.5) (31.1)
(iii) Electricity, gas 39571 1.9 43889 2.1 40499 1.8 49692 2.1
& water supply (8.4) (9.0) (7.5) (8.1)
III. Services 250944 12.4 273167 12.8 283149 12.8 303781 12.6
(53.3) (55.9) (52.2) (49.7)
(i) Construction 9074 0.4 15846 0.7 16947 0.8 21564 0.9
(1.9) (3.2) (3.1) (3.5)
(ii) Trade, hotels & 27921 1.4 16437 0.8 9679 0.4 24463 1.0
restaurants (5.9) (3.4) (1.8) (4.0)
(iii) Transport, storage 76297 3.8 60348 2.8 74215 3.3 72308 3.0
& communication (16.2) (12.4) (13.7) (11.8)
(iv) Financing, insurance, 79976 3.9 109135 5.1 103662 4.7 104441 4.3
real estate (17.0) (22.3) (19.1) (17.1)
(v) Community, social & 57676 2.8 71401 3.3 78646 3.5 81005 3.4
services (12.3) (14.6) (14.5) (13.3)
(IV) Gross capital formation 470793 23.2 488626 22.9 542361 24.5 611080 25.4
( IV= I+II+III) (100.0) (100.0) (100.0) (100.0)
RBIMonthly BulletinJuly 20081224
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Quick Estimates of
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2006-07 and Revised
Estimates of National
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Statement 4: Gross Capital Formation by Industry at constant prices (Concld.)
(Amount in Rs. crore and rate as percentage of GDP)
Item 2004-05 2005-06 @ 2006-07*
Amount Rate Amount Rate Amount Rate
1 10 11 12 13 14 15
I. Agriculture & allied activities 57759 2.2 64511 2.3 71208 2.3
(7.7) (7.2) (7.0)
II. Industry 363293 14.0 457865 16.1 528594 17.0
(48.6) (51.4) (51.9)
(i) Mining & quarrying 21848 0.8 27838 1.0 27269 0.9
(2.9) (3.1) (2.7)
(ii) Manufacturing 295879 11.4 371702 13.1 438333 14.1
(39.6) (41.7) (43.0)
(iii) Electricity, gas 45566 1.8 58325 2.1 62992 2.0
& water supply (6.1) (6.5) (6.2)
III. Services 326658 12.6 368312 13.0 418639 13.4
(43.7) (41.4) (41.1)
(i) Construction 25818 1.0 31395 1.1 34604 1.1
(3.5) (3.5) (3.4)
(ii) Trade, hotels & restaurants 25943 1.0 27902 1.0 29783 1.0
(3.5) (3.1) (2.9)
(iii) Transport, storage 83169 3.2 74130 2.6 84512 2.7
& communication (11.1) (8.3) (8.3)
(iv) Financing, insurance, 92524 3.6 108507 3.8 114094 3.7
real estate (12.4) (12.2) (11.2)
(v) Community, social & 99204 3.8 126378 4.4 155646 5.0
services (13.3) (14.2) (15.3)
IV. Gross capital formation (GCF) 747710 28.7 890688 31.3 1018441 32.7
( IV= I+II+III) (100.0) (100.0) (100.0)
Note : Figures in the parentheses are share as per cent of GCF.
* : Quick Estimates @ : Provisional
Source : Central Statistical Organisation
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2006-07 and Revised
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RBIMonthly Bulletin
July 2008 1225
Statement 5a: Select Macroeconomic Aggregates (at current prices) (Contd.)
(Amount in Rs. crore and growth rate in per cent)
2000-01 2001-02 2002-03 2003-04
Item Amount Growth rate Amount Growth rate Amount Growth rate Amount Growth rate
1 2 3 4 5 6 7 8 9
I Product Aggregates
1 GDP at factor cost 1925017 7.8 2097726 9.0 2261415 7.8 2538171 12.2
2 GDP at market prices 2102314 7.7 2278952 8.4 2454561 7.7 2754621 12.2
3 NDP at market prices 1900497 7.3 2050654 7.9 2204084 7.5 2474639 12.3
4 GNP at factor cost 1902284 7.4 2077658 9.2 2244725 8.0 2519921 12.3
5 NNP at factor cost 1700467 7.0 1849360 8.8 1994248 7.8 2239939 12.3
6 GNP at market prices 2079581 7.4 2258884 8.6 2437871 7.9 2736371 12.2
7 NNP at market prices 1877764 7.0 2030586 8.1 2187394 7.7 2456389 12.3
8 Per capita GNP atfactor cost 18668 5.5 19977 7.0 21257 6.4 23507 10.6
9 Per capita NNP atfactor cost 16688 5.1 17782 6.6 18885 6.2 20895 10.6
II Demand Aggregates
1 Total final consumptionexpenditure 1604362 6.5 1748981 9.0 1842343 5.3 2009783 9.1
(76.3) (76.7) (75.1) (73.0)
2 Private finalconsumption 1339274 6.8 1467195 9.6 1551365 5.7 1699486 9.5expenditure (63.7) (64.4) (63.2) (61.7)
3 Government finalconsumptionexpenditure 265088 4.9 281786 6.3 290978 3.3 310297 6.6
(12.6) (12.4) (11.9) (11.3)
4 Exports of goods &services 278126 22.1 290757 4.5 355556 22.3 407803 14.7
(13.2) (12.8) (14.5) (14.8)
5 Imports of goods &services 297523 12.0 311050 4.5 379981 22.2 443398 16.7
(14.2) (13.6) (15.5) (16.1)
6 Gross fixed capitalformation 477818 -5.6 538179 12.6 584242 8.6 687016 17.6
(22.7) (23.6) (23.8) (24.9)
7 Change in stock 15467 -1325 21291 25884(0.7) -(0.1) (0.9) (0.9)
8 Valuables 14724 14187 13957 24572(0.7) (0.6) (0.6) (0.9)
9 Discrepancy 9340 -777 17153 42961
(0.4) (0.0) (0.7) (1.6)
RBIMonthly BulletinJuly 20081226
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
Statement 5a: Select Macroeconomic Aggregates (at current prices) (Concld.)
(Amount in Rs. crore and growth rate in per cent)
2004-05 2005-06 @ 2006-07* 2007-08#
Item Amount Growth rate Amount Growth rate Amount Growth rate Amount Growth rate
1 10 11 12 13 14 15 16 17
I Product Aggregates
1 GDP at factor cost 2877706 13.4 3275670 13.8 3790063 15.7 4303654 13.6
2 GDP at market prices 3149412 14.3 3580344 13.7 4145810 15.8 4713148 13.7
3 NDP at market prices 2820489 14.0 3201540 13.5 3711342 15.9 .. ..
4 GNP at factor cost 2855331 13.3 3249554 13.8 3760285 15.7 4281795 13.9
5 NNP at factor cost 2526408 12.8 2870750 13.6 3325817 15.9 3789482 13.9
6 GNP at market prices 3127037 14.3 3554228 13.7 4116032 15.8 .. ..
7 NNP at market prices 2798114 13.9 3175424 13.5 3681564 15.9 .. ..
8 Per capita GNP atfactor cost 26220 11.5 29381 12.1 33514 14.1 .. ..
9 Per capita NNP atfactor cost 23199 11.0 25956 11.9 29642 14.2 33299 12.3
II Demand Aggregates
1 Total final consumptionexpenditure 2178458 8.4 2428463 11.5 2739112 12.8 3085281 12.6
(69.2) (67.8) (66.1) (65.5)
2 Private finalconsumption 1840406 8.3 2055387 11.7 2312105 12.5 2607584 12.8expenditure (58.4) (57.4) (55.8) (55.3)
3 Government finalconsumptionexpenditure 338052 8.9 373076 10.4 427007 14.5 477697 11.9
(10.7) (10.4) (10.3) (10.1)
4 Exports of goods &services 569051 39.5 712087 25.1 915674 28.6 1005065 9.8
(18.1) (19.9) (22.1) (21.3)
5 Imports of goods &services 625945 41.2 813466 30.0 1040797 27.9 1151739 10.7
(19.9) (22.7) (25.1) (24.4)
6 Gross fixed capitalformation 894674 30.2 1109160 24.0 1346501 21.4 1598078 18.7
(28.4) (31.0) (32.5) (33.9)
7 Change in stock 60215 86248 96103 109321(1.9) (2.4) (2.3) (2.3)
8 Valuables 41054 41392 49709 59211(1.3) (1.2) (1.2) (1.3)
9 Discrepancy 31905 16460 39508 7930(1.0) (0.5) (1.0) (0.2)
Note : Figures in parentheses are share in GDP at market prices
* : Quick Estimates #: Revised Estimates. ..: Not Available @ : Provisional
Source : CSO
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
RBIMonthly Bulletin
July 2008 1227
Statement 5b: Select Macroeconomic Aggregates ( at constant prices) (Contd.)
(Amount in Rs. crore and growth rate in per cent)
2000-01 2001-02 2002-03 2003-04
Item Amount Growth rate Amount Growth rate Amount Growth rate Amount Growth rate
1 2 3 4 5 6 7 8 9
I Product Aggregates
1 GDP at factor cost 1864300 4.4 1972606 5.8 2048287 3.8 2222758 8.5
2 GDP at market prices 2030710 4.0 2136651 5.2 2217134 3.8 2402727 8.4
3 NDP at market prices 1836858 3.7 1928182 5.0 1993482 3.4 2161358 8.4
4 GNP at factor cost 1841755 4.0 1951935 6.0 2029482 4.0 2204913 8.6
5 NNP at factor cost 1647903 3.7 1743466 5.8 1805830 3.6 1963544 8.7
6 GNP at market prices 2008165 3.7 2115980 5.4 2198329 3.9 2384882 8.5
7 NNP at market prices 1814313 3.4 1907511 5.1 1974677 3.5 2143513 8.6
8 Per capita GNP at
factor cost 18074 2.2 18769 3.8 19219 2.4 20568 7.0
9 Per capita NNP at
factor cost 16172 1.8 16764 3.7 17101 2.0 18317 7.1
II Demand Aggregates
1 Total final consumption
expenditure 1548909 2.8 1634234 5.5 1669920 2.2 1758637 5.3
(76.3) (76.5) (75.3) (73.2)
2 Private final
consumption 1293822 3.2 1373355 6.1 1409960 2.7 1492038 5.8
expenditure (63.7) (64.3) (63.6) (62.1)
3 Government final
consumption 255087 0.9 260879 2.3 259960 -0.4 266599 2.6
expenditure (12.6) (12.2) (11.7) (11.1)
4 Exports of goods &
services 269241 18.2 284498 5.7 346546 21.8 366729 5.8
(13.3) (13.3) (15.6) (15.3)
5 Imports of goods &
services 274975 3.5 284324 3.4 313775 10.4 366445 16.8
(13.5) (13.3) (14.2) (15.3)
6 Gross fixed capital
formation 456380 -9.8 490009 7.4 522592 6.6 593964 13.7
(22.5) (22.9) (23.6) (24.7)
7 Change in stock 14413 -1383 19769 17116
(0.7) -(0.1) (0.9) (0.7)
8 Valuables 14256 13489 12930 21541
(0.7) (0.6) (0.6) (0.9)
9 Discrepancy 2486 127 -40848 11185
(0.1) (0.0) -(1.8) (0.5)
RBIMonthly BulletinJuly 20081228
ARTICLE
Quick Estimates of
National Income,
2006-07 and Revised
Estimates of National
Income, 2007-08:
A Review
Statement 5b: Select Macroeconomic Aggregates ( at constant prices) (Concld.)
(Amount in Rs. crore and growth rate in per cent)
2004-05 2005-06 @ 2006-07* 2007-08#
Item Amount Growth rate Amount Growth rate Amount Growth rate Amount Growth rate
1 10 11 12 13 14 15 16 17
I Product Aggregates
1 GDP at factor cost 2388384 7.5 2612847 9.4 2864310 9.6 3122862 9.0
2 GDP at market prices 2601630 8.3 2841967 9.2 3117372 9.7 3398767 9.0
3 NDP at market prices 2339264 8.2 2555701 9.3 2802710 9.7 .. ..
4 GNP at factor cost 2366886 7.3 2593160 9.6 2845156 9.7 3109361 9.3
5 NNP at factor cost 2104520 7.2 2306894 9.6 2530495 9.7 2767682 9.4
6 GNP at market prices 2580132 8.2 2822280 9.4 3098217 9.8 .. ..
7 NNP at market prices 2317766 8.1 2536014 9.4 2783556 9.8 .. ..
8 Per capita GNP atfactor cost 21734 5.7 23446 7.9 25358 8.2 .. ..
9 Per capita NNP atfactor cost 19325 5.5 20858 7.9 22553 8.1 24321 7.8
II Demand Aggregates
1 Total final consumptionexpenditure 1843248 4.8 1994158 8.2 2132910 7.0 2305623 8.1
(70.8) (70.2) (68.4) (67.8)
2 Private finalconsumption 1569622 5.2 1705663 8.7 1826490 7.1 1977876 8.3
(60.3) (60.0) (58.6) (58.2)
3 Government finalconsumptionexpenditure 273626 2.6 288495 5.4 306420 6.2 327747 7.0
(10.5) (10.2) (9.8) (9.6)
4 Exports of goods &services 469902 28.1 539460 14.8 641228 18.9 689636 7.5
(18.1) (19.0) (20.6) (20.3)
5 Imports of goods &services 425234 16.0 619076 45.6 770961 24.5 830006 7.7
(16.3) (21.8) (24.7) (24.4)
6 Gross fixed capitalformation 705945 18.9 828986 17.4 954350 15.1 1085618 13.8
(27.1) (29.2) (30.6) (31.9)
7 Change in stock 41765 61702 64091 68541(1.6) (2.2) (2.1) (2.0)
8 Valuables 33873 33140 38091 43404(1.3) (1.2) (1.2) (1.3)
9 Discrepancy -67869 3597 57663 35950-(2.6) (0.1) (1.8) (1.1)
Note : Figures in parentheses are share in GDP at market prices.
* : Revised Estimates. # : Quick Estimates. ..: Not Available. @ : Provisional
Source : CSO.
ARTICLE
Industrial
Production
in India:
2007-08
RBIMonthly Bulletin
July 2008 1229
Industrial Production in
India: 2007-08*
This analysis is based on the data on
Index of Industrial Production (IIP) for
2007-08 (April-March) and industry-wise
detailed production data released by the
Ministry of Statistics and Programme
Implementation. A detailed examination
of relevant data reveals the following:
Highlights
● During the year 2007-08, the IIP
registered healthy, but at 8.3 per cent
lower growth than 11.5 per cent in
2006-07.
● The moderation in IIP growth during
the year was on account of a host of
factors which, inter alia, included
deceleration in manufacturing sector
growth at 8.7 per cent from 12.5 per
cent in 2006-07 and the base effect.
The pace of growth was lower for both
mining and electricity sectors as well.
● The moderation in industrial growth
was spread across the seventeen
manufacturing groups with eleven
industry groups accounting for 56.0
per cent weight in the IIP recording
either decelerated or negative growth
during 2007-08.
● As per use-based classification, the
only exception was capital goods
sector, which recorded double-digit
growth for the sixth consecutive year
abetted by sustained growth in
investment demand. All other sectors,
however, posted decelerated growth
during the year, with the consumer
durables segment experiencing
negative growth.
* Prepared in the Division of Industrial and Services Studies,Department of Economic Analysis and Policy, Reserve Bank of India.Previous article was published in RBI Bulletin, September 2007 issue,covering the period 2006-07 (April-March).
RBIMonthly BulletinJuly 20081230
ARTICLE
Industrial
Production
in India:
2007-08
I. Performance of the IndianIndustry
I.A. Broad-based Classification
The overall moderation in economic
growth during 2007-08 was also reflected
in the industrial growth. After reaching a
peak at 11.5 per cent during 2006-07 (the
highest since 1995-96 in the base series
1993-94), the industrial growth
decelerated to 8.3 per cent during 2007-
08 (Chart 1 and Statement I).
The manufacturing sector, which has
propelled the industrial growth in recent
times lost some momentum and posted
8.7 per cent growth during 2007-08, lower
than 12.5 per cent (which was the highest
since 1995-96) during 2006-07 (Chart 2).
Domestically, the sector faced several
supply constraints emanating from
strains in supply in sectors such as
cement and steel, thereby restraining
growth.
The electricity sector witnessed low
growth in thermal, hydro and nuclear
power plants. The unfavourable 'balance
of plants'1 situation specifically in the
case of new units hampered the sector's
performance. The secular decline in plant
load factor in nuclear power plants due
to shortage of uranium led to lower
nuclear power generation. Further, the
shortfall in targeted achievements and
lower plant load factor in gas-based
generation stations owing to shortage of
gas fuels also contributed to sluggish
performance of the electricity sector
during 2007-08.
Growth in the mining sector was
steady at 5.1 per cent during 2007-08, as
recovery from lower growth of 1.0 per
cent during 2005-06 to 5.4 per cent during
2006-07 had more or less been sustained.
The relative contribution of mining to the
IIP growth increased from 3.4 per cent
in 2006-07 to 4.3 per cent in 2007-08
1 Balance of plants refers to readiness of auxiliary plants necessary for putting new thermal units into commercial operations. These auxiliaryplants include coal handling, ash handling and pre-heating plants, etc.
Chart 1: Growth Performance of Indian Industry: Sectoral Classification
Per
cen
t
Mining Manufacturing Electricity General
1.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2005-06 2006-07 2007-08
5.4 5.1
9.1
12.5
8.7
5.2
7.36.3
8.2
11.5
8.3
ARTICLE
Industrial
Production
in India:
2007-08
RBIMonthly Bulletin
July 2008 1231
(Chart 3). The coal sector growth
remained stable with new captive blocks
adding to production levels. However,
the crude oil production decelerated to
0.6 per cent during 2007-08 from 5.6 per
cent during 2006-07, mainly on account
of inadequate availability of
developmental inputs, air injection
problems in oil fields in the units of
ONGC and less than anticipated gains
from new wells.
Chart 2: Trend in Growth of Manufacturing Production and Exports
Per
cen
t
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
19
94
-95
19
95
-96
19
96
-97
19
97
-98
19
98
-99
19
99
-00
20
00
-01
20
01
-02
20
02
-03
20
03
-04
20
04
-05
20
05
-06
20
06
-07
20
07
-08
Manufacturing Production Manufacturing Exports
Chart 3: Relative Contribution of Sectoral Classification ofto the IIP Growth in 2006-07 and 2007-08 (Per cent)
Industries
2006-07
ElectricityMining Manufacturing
5.4 3.4
91.1
2007-08
6.5 4.3
89.3
I.B. Use-based Classification
As per use-based classification, all thesectors recorded decelerated growth duringthe year on account of various factorsincluding high base effect (Chart 4). Basicgoods sector recorded lower growth at 7.0per cent during 2007-08 as compared with10.3 per cent during 2006-07. Within thebasic goods sector, fertilisers, some steelproducts, soda ash, superior kerosene,benzene, methanol, etc., recorded lower
RBIMonthly BulletinJuly 20081232
ARTICLE
Industrial
Production
in India:
2007-08
production during 2007-08 leading to itslower growth.
The intermediate goods sector growthat 12.0 per cent during 2006-07 was thehighest since 1995-96. It, however,moderated to 8.8 per cent during 2007-08. The double-digit growth in productionof PVC pipes and tubes, particle board,polyster fibre, viscose staple fibre,hessian, organic pigments, motor sprits,etc., provided support to the growthperformance of the intermediates.
The noticeable performance of capitalgoods sector in maintaining double- digitgrowth for six successive years confirmsthat industries have continued toenhance their production capacities. Thegrowth of capital goods at 16.9 per centduring 2007-08, though lower than 18.2per cent recorded in 2006-07 underlinesthe unabated expansionary phase of thesector. The contribution of capital goodssector to the IIP growth increasedsignificantly from 17.6 per cent in 2006-07 to 24.0 per cent in 2007-08 (Chart 5).Robust performance of capital goods
sector was abetted by strong growth inthe segments, namely, diesel engines,well/off shore platform, industrialmachinery, laboratory and scientificinstruments, protection system/switchboards, computer system and itsperipherals, process control instruments,telecommunication cables, and boilers,etc.
After recording double-digit growth forthree successive years, the consumergoods sector witnessed markedmoderation in growth at 5.9 per centduring 2007-08 from 10.1 per cent in 2006-07, primarily due to decline in productionof consumer durables and somemoderation in consumer non-durablessector. Consequently, the sector'scontribution to the IIP growth fell from28.5 per cent in 2006-07 to 22.8 per centin 2007-08. The consumer durablesproduction plummeted on account ofdecline in production of telephoneinstruments, T.V. receivers, wrist watches,motor cycles, alarm time pieces, metalutencils, single/poly phase air
Chart 4: Performance of Industry: Use-Based Classification
Per
cen
t
Basic Goods-2.0
18.0
13.0
8.0
3.0
Capital Goods IntermediateGoods
ConsumerGoods
ConsumerDurables
ConsumerNon-Durables
2005-06 2006-07 2007-08
6.7
15.7
2.5
12.0
15.3
10.910.3
18.2
12.0
10.1 9.210.4
7.0
16.9
8.8
5.9
-1.0
8.3
ARTICLE
Industrial
Production
in India:
2007-08
RBIMonthly Bulletin
July 2008 1233
conditioners and tractor tyres, etc.
Lower growth in consumer non-durables
segment was due to continued decline
in production of wheat flour/maida,
vitamin C, soaps, cotton seed oil, tea,
vitamin A, mustard oil/rape seed oil,
writing instruments, and leather
garments, etc.
II. Key Indicators of IndustrialActivity
In line with moderation in growth,
most of the key indicators of industrial
activity also exhibited decelerated trend
(Table 1). However, the capital goods
imports remained firm during 2007-08
indicating continued focus of industryon capacity additions. On the otherhand, the slowdown in consumer goodswith durables recording negative growthduring 2007-08 raised concerns aboutsustenance of the growth momentum ofthe industrial sector. An analysis of 26consumer durables items in the IIP basketreveals that ten items, accounting for theweight of 2.2 per cent in the IIP and nearly
Chart 5: Relative Contribution of Use-Based Classification ofIndustries to the IIP Growth in 2006-07 and 2007-08 (Per cent)
2006-07
28.5 27.2
17.627.0
Basic Goods Capital Goods Intermediate Goods Consumer Goods
2007-08
25.4
24.027.8
22.8
Table 1: Key Indicators of Industrial Activity - Growth
(Per cent)
2006-07 2007-08
Capital Goods Production 18.2 16.9
Capital Goods Imports 32.6 * 36.5 *
Production of Commercial
Vehicles 33.0 4.8
Revenue Earning Freight
Traffic of Railways 9.2 9.0
Cargo Handled at Major Ports 9.5 11.9
Cement Production 9.1 8.1
Finished Steel Production 13.1 5.1
Manufacturing Exports 18.7 * 19.2 *
Non-food credit of SCBs 28.5 23.0
* : April-February.Source : Government of India and the RBI.
41 per cent of the weight in consumer
durables recorded decline in production
during 2007-08 (Table 2). Further, the
increasing availability of multi-use products
and replacement by newer products may
have led to obsolescence and caused setback
to production and demand of durables
such as telephone instruments, T.V.
receivers, tape recorders and typewriters,
etc.
RBIMonthly BulletinJuly 20081234
ARTICLE
Industrial
Production
in India:
2007-08
Table 2: Trends in Growth of Consumer Durables
(Per cent)
Items Weight 2006-07 2007-08
1 Telephoneinstruments 6.21 16.5 -22.6
2 T.V. receivers 4.97 -3.4 -1.23 Wrist watches 3.87 -22.2 -9.64 Motor cycles 3.80 14.7 -8.65 Alarm time pieces 2.73 -5.4 -4.06 Metalic utencils excl.
pressure cookers 1.88 0.3 -4.07 A.C. single phase
house service meters 1.14 92.3 -7.98 A.C. poly phase house
service meters 0.96 92.9 -40.59 Tractor tyres/ A.D.V.
tyres 0.61 15.5 -8.410 Tape recorders 0.35 -59.3 -72.811 Typewriters 0.28 14.5 -6.0
Source: Ministry of Statistics and Programme Implementation,
Government of India.
Growth Distribution 2006-07 2007-08
No. of Weight No. of Weight
Industries Industries
More than 20 per cent Growth 60 17.7 41 12.5
Between 10-20 per cent 59 26.5 48 12.6
Between 5-10 per cent 33 29.8 43 21.1
Between 0-5 per cent 53 8.2 81 32.9
Negative Growth 92 17.6 84 20.8
Total 297 99.9 297 99.9
Note : Two industries have not been included due to data discrepancy.
Source : Prepared from the Production Data provided by the Central Statistical Organisation.
Table 3: Frequency Distribution of Growth : 4-Digit Level
The number of industry groupsposting high and double-digit growth atthe 4-digit level of classification was much
lower in 2007-08 than that in 2006-07
(Table 3). The industrial sector faced
several supply constraints emanating
from shortages in cement and steel
during 2007-08. Also, the prices of
these commodities rose sharply during
the year.
III. Growth of 17 ManufacturingGroups (2-digit level Classification)
Moderation was witnessed across
seventeen manufacturing groups with
eleven industry groups accounting for
56.0 per cent weight in the IIP recording
decelerated/negative growth during 2007-
08 (Statement II). The growth of the
manufacturing sector during the year was
primarily propelled by accelerated growth
in 'wood and wood products, furniture
and fixtures'; 'leather and leather and fur
products'; 'chemicals and chemical
products'; and 'other manufacturing
industries’, which along with 'jute and
other vegetable fibre textiles' contributed
nearly 45.5 per cent to the manufacturing
sector growth.
'Wood and wood products' posted
impressive and accelerated growth at 38.9
per cent in 2007-08, on top of 29.1 per
cent in 2006-07. Growth in this sector,
however, remained negative for the last
three months of 2007-08 (Chart 6). The
accelerated growth in production of
particle board and the turnaround incommercial plywood production
ARTICLE
Industrial
Production
in India:
2007-08
RBIMonthly Bulletin
July 2008 1235
provided a fillip to this segment. 'Leatherand leather and fur products' witnessedpositive growth during the year exceptin December 2007, when it postednegative growth. Growth in this segmentwas led by a turnaround in theproduction of finished leather, leatherfootwear Indian type, shoe upper andleather garments. 'Beverages, tobaccoand related products' recorded highergrowth during the year mainly onaccount of higher production of countryliquor and a turnaround in productionof rectified spirit, soft drinks and soda.'Chemical and chemical products', thedominant segment of the manufacturingindustry (14.0 per cent weight in the IIP),posted double-digit growth at 10.5 percent during 2007-08 on top of 9.6 per centin 2006-07. The segment benefitted fromhigher production of polyster fibre,
viscose staple fibre, endosulfan
Chart 6: Trends in Monthly Growth of Select Manufacturing Industry Groupswhich recorded accelerated growth during 2007-08
Wood and Wood Products, Furniture & Fixtures
-40.0
-20.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Per
cen
t
2006-07 2007-08
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Leather and Leather & Fur Products
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
Per
cen
t
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2006-07 2007-08
15.0
20.0
25.0
Beverages, Tobacco and related Products
2006-07 2007-08
10.0
0.0
5.0
Per
cen
t
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Chemicals and Chemical Products(except products of petroleum & coal)
15.0
20.0
25.0
2006-07 2007-08
10.0
0.0
5.0
Per
cen
t
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Source: Ministry of Statistics and Programme Implementation, Government of India.
technical, metallised bopp films, hair oil/
ayurvedic hair oil, and sulpha drugs, etc.
Two industry groups, namely 'rubber,
plastic, petroleum and coal products’, and
'food products' (with weights of 5.7 per
and 9.1 per cent, respectively in the IIP),
which had recorded significant
acceleration during 2006-07, witnessed
some moderation from 12.9 per cent and
8.5 per cent to 8.9 per cent and 6.0 per
cent, respectively, during 2007-08 (Chart
7). The double-digit growth in production
of sugar and coconut oil aided the food
products, though decline in production
of high weight items such as wheat/flour
maida, mustard oil/rape seed oil and
biscuits, etc., caused moderation in
growth. Further, double-digit growth in
production of PVC pipes/tubes/sheets,
motor spirits, aviation turbine fuel, etc.,provided support to growth of 'rubber,
RBIMonthly BulletinJuly 20081236
ARTICLE
Industrial
Production
in India:
2007-08
plastic, petroleum and coal products.'However, decline of production ofnaptha, benzene, superior kerosene oil,etc., slowed down the growth
momentum of the group.
Only one industry group, viz., 'jute
and other vegetable fibre textiles' made
a turnaround from negative growth in
2006-07 to positive growth in 2007-08
with exceptionally high growth in first and
last quarters of the year (Chart 8). The
Chart 7: Trends in Monthly Growth of Select Manufacturing Industry Groupswhich recorded decelerated but significant growth during 2007-08
15.0
20.0
25.0
2006-07 2007-08
10.0
0.0
5.0
Per
cen
t
Food Products
Ap
r
May
Jun
Jul
Au
g
Sep
Oct
No
v
Dec Jan
Feb
Mar-20.0
0.0
20.0
40.0
60.0
Per
cen
t
Source: Ministry of Statistics and Programme Implementation, Government of India.
2006-07 2007-08
Rubber, Plastic, Petroleum and Coal Products
Ap
r
May
Jun
Jul
Au
g
Sep
Oct
No
v
Dec Jan
Feb
Mar
Chart 8 : Trends in Monthly Growth of the Manufacturing Industry Group,which made a turnaround in 2007-08
Jute and other Vegetable Fibre Textiles (except cotton)
2006-07 2007-08
Source: Ministry of Statistics and Programme Implementation, Government of India.
Per
cen
t
Ap
r
May
Jun
Jul
Au
g
Sep
Oct
No
v
Dec Jan
Feb
Mar
-90.0
10.0
110.0
210.0
310.0
410.0
510.0
610.0
710.0
810.0
improved production of hessian, sacking
and yarn varieties was responsible for theimpressive performance, which wasfacilitated by the Government directivesfor use of jute varieties for packaging ofthe agricultural produce.
The textiles industry exhibited dullperformance during 2007-08. The 'cottontextile' industry growth deceleratedsharply from 14.8 per cent in 2006-07 to
4.3 per cent during 2007-08 with a secular
ARTICLE
Industrial
Production
in India:
2007-08
RBIMonthly Bulletin
July 2008 1237
monthly decline (Chart 9). Marked
deceleration in production of cotton yarn
and cotton cloth contributed to this weak
performance.
The four industry groups, viz., 'basic
metal and alloy industries'; 'non-metallic
mineral products'; 'machinery and
equipment other than transport
equipment'; and 'transport equipment
and parts' with combined weight of 25.4
per cent in the IIP, have been the
mainstay of robust manufacturing growth
in recent years. This is also reflected in
the combined contribution of these
segments to the industrial growth, which
stood at 52.0 per cent in 2005-06 and 49.6
per cent in 2006-07. During 2007-08,
however, these four groups recorded
deceleration in the later half of 2007-08
and their contribution to growth
declined to 39.4 per cent, which resulted
in moderation in the overall
manufacturing growth (Chart 10).
Chart 9: Trends in Monthly Growth of 'Cotton Textiles' and'Textiles products' Industry Groups in 2007-08
2006-07 2007-08
Per
cen
t
Per
cen
t
Source: Ministry of Statistics and Programme Implementation, Government of India.
2006-07 2007-08
Textile Products (including wearing apparel)
Ap
r
May
Jun
Jul
Au
g
Sep
Oct
No
v
Dec Jan
Feb
Mar
Ap
r
May
Jun
Jul
Au
g
Sep
Oct
No
v
Dec Jan
Feb
Mar-5.0
0.0
5.0
10.0
15.0
20.0
25.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Cotton Textiles
IV. Summing Up
The growth in Indian industry during
2007-08 remained healthy, albeit with
marked moderation in the second half
of the fiscal on account of a host of
factors including the base effect. Among
the broad-based sectors, there was
deceleration in manufacturing sector
with both mining and electricity sectors
also recording lower growth. Within the
manufacturing sector, moderation in
growth was spread across seventeen
manufacturing groups with eleven
industry groups posting either
decelerated growth or decline in
production. The industrial growth during
2007-08, in backdrop of exceptional
growth during 2006-07, however, remains
impressive. This is in view of the fact that
favourable factors which characterised
economic conditions in 2006-07, viz.,
higher global growth, stable international
financial markets, benign inflation
conditions, record level of foreign direct
RBIMonthly BulletinJuly 20081238
ARTICLE
Industrial
Production
in India:
2007-08
investment, stable currency, relatively
cheaper availability of key industrial
inputs, relatively higher un-exhausted
capacity, etc., gave way to unfavourable
conditions in 2007-08 with highly
turbulent international financial markets
Chart 10: Trends in Monthly Growth of Select Manufacturing Industry Groupswhich recorded decelerated growth during 2007-08
Basic Metal and Alloy Industries
Per
cen
t
2006-07 2007-08
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Machinery and Equipmentother than Transport Equipment
Per
cen
t
2006-07 2007-08
Non-metallic Mineral Products
2006-07 2007-08
Per
cen
t
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Source: Ministry of Statistics and Programme Implementation, Government of India.
35.0
30.0
25.0
20.0
15.0
0.0
5.0
10.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
-5.0
0.0
5.0
10.0
15.0
20.0
Transport Equipment and Parts
2006-07 2007-08
Per
cen
t
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
leading to a general slowdown in the
advanced economies and thus limiting
global demand for exports. The spike in
international crude oil and other
commodity prices exerted pressure on
input costs of the industry.
ARTICLE
Industrial
Production
in India:
2007-08
RBIMonthly Bulletin
July 2008 1239
Growth Relative Contribution #
Industry Weight Index (Per cent) (Per cent)
2005-06 2006-07 2007-08 P 2005-06 2006-07 2007-08 P 2005-06 2006-07 2007-08 P
1 2 3 4 5 6 7 8 9 10 11
Broad-based
Classification
Mining &Quarrying 10.5 154.9 163.2 171.5 1.0 5.4 5.1 1.0 3.4 4.3
Manufacturing 79.4 234.2 263.5 286.5 9.1 12.5 8.7 93.2 91.1 89.3
Electricity 10.2 190.9 204.7 217.7 5.2 7.3 6.3 5.7 5.5 6.5
General 100.0 221.5 247.1 267.5 8.2 11.5 8.3 100.1 100.2 100.0
Use-basedClassification
Basic Goods 35.6 189.8 209.3 223.9 6.7 10.3 7.0 25.4 27.2 25.4
Capital Goods 9.3 265.8 314.2 367.3 15.7 18.2 16.9 20.0 17.6 24.0
IntermediateGoods 26.5 216.4 242.4 263.8 2.5 12.0 8.8 8.4 27.0 27.8
ConsumerGoods 28.7 251.4 276.8 293.1 12.0 10.1 5.9 46.3 28.5 22.8
ConsumerDurables 5.4 349.9 382.0 378.0 15.3 9.2 -1.0 14.9 6.7 -1.0
Consumer
Non-Durables 23.3 228.8 252.6 273.5 10.9 10.4 8.3 31.4 21.8 23.9
# : Due to rounding-off, figures may not add to 100. P: Provisional.
Source : Ministry of Statistics and Programme Implementation, Government of India.
Statement I. Group-wise Index Numbers of Industrial Production
(Base : 1993-94 = 100)
RBIMonthly BulletinJuly 20081240
ARTICLE
Industrial
Production
in India:
2007-08
Growth Relative Contribution #
Industry Weight Index (Per cent) (Per cent)
2005-06 2006-07 2007-08 P 2005-06 2006-07 2007-08 P 2005-06 2006-07 2007-08 P
1 2 3 4 5 6 7 8 9 10 11
Acceleration
1. Wood and woodproducts, furniture& fixtures 2.7 70.5 91.0 126.4 -5.7 29.1 38.9 -0.7 2.4 5.2
2. Jute and other vegetablefibre textiles (except cotton) 0.6 107.7 90.7 120.7 0.5 -15.8 33.0 0.0 -0.4 1.0
3. Other manufacturingindustries 2.6 276.9 298.4 357.4 25.2 7.7 19.8 9.1 2.4 8.3
4. Beverages, tobacco andrelated products 2.4 400.3 444.5 497.1 15.7 11.1 11.8 8.3 4.5 6.9
5. Leather and leather &fur products 1.1 149.3 150.2 167.8 -4.8 0.6 11.7 -0.6 0.0 1.1
6. Chemicals and chemicalproducts (except productsof petroleum & coal 14.0 258.5 283.4 313.3 8.3 9.6 10.5 17.9 15.0 22.9
Deceleration
7. Basic metal and alloy Industries 7.5 227.0 278.9 312.7 15.8 22.8 12.1 14.8 16.6 13.8
8. Machinery andequipment other thantransport equipment 9.6 312.8 357.1 390.9 11.9 14.2 9.5 20.5 18.2 17.8
9. Rubber, plastic, petroleumand coal products 5.7 200.5 226.3 246.3 4.3 12.9 8.9 3.0 6.4 6.3
10. Food products 9.1 170.6 185.2 196.9 2.0 8.5 6.4 1.9 5.7 5.9
11. Non-metallic mineralproducts 4.4 271.1 305.8 323.4 11.0 12.8 5.7 7.6 6.6 4.2
12. Cotton textiles 5.5 137.0 157.3 164.0 8.5 14.8 4.3 3.8 4.8 2.0
13. Wool, silk andman-made fibre textiles 2.3 248.9 268.4 280.8 0.0 7.8 4.6 0.0 1.9 1.5
14. Textile products(including wearing apparel) 2.5 255.5 285.0 295.4 16.4 11.5 3.6 5.8 3.2 1.4
15. Transport equipmentand parts 4.0 319.7 367.7 378.1 12.7 15.0 2.8 9.2 8.2 2.3
16. Paper and paper productsand printing, publishing andallied industries 2.7 228.6 248.6 255.3 -0.9 8.7 2.7 -0.3 2.3 1.0
Negative
17. Metal products and parts(except machinery andequipment) 2.8 164.4 183.2 172.9 -1.2 11.4 -5.6 -0.4 2.3 -1.6
# : Due to rounding-off, figures may not add to 100. P: Provisional.
Source : Ministry of Statistics and Programme Implementation, Government of India.
Statement II. Seventeen Major Industry Groups of Manufacturing Sector
(Base : 1993-94 = 100)
ARTICLE
Indian InvestmentAbroad in Joint
Ventures and WhollyOwned Subsidiaries:
2007-08 (April-March)
RBIMonthly Bulletin
July 2008 1241
Indian InvestmentAbroad in JointVentures and WhollyOwned Subsidiaries:2007-08(April-March)*
The review on Indian investmentabroad in joint ventures (JVs) and whollyowned subsidiaries (WOSs) is brought outalong with the quarterly release of India'sbalance of payments (BoP) statistics. Thepresent review covers India's outwardinvestment in JVs and WOSs during thequarter January-March, 2008 and thefinancial year 2007-08 (April-March).
I. India's Outward FDI Proposals1
I.1 Magnitude
During the quarter January-March,2008, 666 proposals amounting to US $4,635 million were cleared forinvestments abroad in JVs and WOSs, asagainst 549 proposals amounting to US $7,115 million during the correspondingperiod of the previous year (Table 1).Equity accounted for 60.4 per cent of theproposals for investment, followed byloans (28.1 per cent) and guarantees (11.5per cent). During the quarter, 99.5 per centof the proposals involving 91.4 per centof the investments were throughautomatic route and the rest were throughapproval route.2
During the full financial year 2007-08,the number of proposals for investmentin JVs and WOSs stood at 2,261 for anaggregate amount of US $ 23,072 million,
1 India's outward FDI in this review refers to Indian investment abroadin joint ventures (JVs) and wholly owned subsidiaries (WOSs) byIndian public and private limited companies, registered partnershipfirms and remittances in respect of production sharing agreementsfor oil exploration. It does not include outward FDI by individualsand banks.
2 Indian residents are permitted to make investment in overseas jointventures and wholly owned subsidiaries under automatic route andapproval route. Under automatic route, all proposals are routed throughdesignated authorized dealer banks and these do not require priorapproval from the Reserve Bank. Proposals not covered by theconditions under the automatic route require the prior clearance ofthe Reserve Bank and come under approval route.
* Prepared in the Division of International Trade, Department ofEconomic Analysis and Policy, Reserve Bank of India. The previousarticle was published in RBI Bulletin, April 2008 issue.
RBIMonthly BulletinJuly 20081242
ARTICLE
Indian InvestmentAbroad in JointVentures and WhollyOwned Subsidiaries:2007-08(April-March)
recording a growth of 24.4 per cent in thenumber of proposals and 53.2 per centin amount of investment over the year.Equity accounted for 61.2 per cent of theproposals for investment, while loans for11.4 per cent and guarantees for 27.4 percent. During 2007-08, automatic routecovered 99.6 per cent of the proposalsinvolving 96.4 per cent of the amount ofinvestments. The rest were throughapproval route (Table 2).
I.2 Sectoral Pattern and Direction
I.2.a Sectoral Pattern
During the quarter January-March,2008, out of the total outward FDI
proposals cleared, almost 91 per cent were
Table 1: India's Outward FDI: Proposals Cleared
(US $ million)
Period Number Amount of Proposalsof
Proposals
Equity Loan Guarantee Total
January-March, 2007 549 6650.87 204.58 260.01 7115.46January-March, 2008 666 2797.24 1303.74 533.74 4634.722006-07 (April-March) 1817 11244.96 1475.28 2339.76 15060.002007-08 (April-March) 2261 14122.23 2635.51 6314.24 23071.98
Note: Data are provisional.
Table 2: Route-wise Clearance of India's Outward FDI Proposals
(US $ million)
Route Number Amount of Proposals
Equity Loan Guarantee Total
January-March, 2008
I. Approval Route 3 202.53 – 195.00 397.53
II. Automatic Route 663 2594.71 1303.74 338.74 4237.19
Total (I + II) 666 2797.24 1303.74 533.74 4634.72
2007-08 (April-March)
I. Approval Route 10 634.94 – 195.00 829.94
II. Automatic Route 2251 13487.29 2635.51 6119.24 22242.04
Total (I + II) 2261 14122.23 2635.51 6314.24 23071.98
Note: Data are provisional.
for investments of US $ 5 million and
above, while in the financial year 2007-
08 as a whole, about 95 per cent outward
FDI proposals were for such large
investments. Sector-wise, during the
financial year 2007-08, 43 per cent of the
proposals were in manufacturing
followed by non-financial services (11 per
cent) and trading (4 per cent) [Chart 1].
Within the manufacturing sector,
proposals were in the areas like
electronic equipment, fertilisers,
agricultural and allied products and gems
and jewellery. Investment proposals in
non-financial services included activities,
such as telecommunications, medical
services, software development services
ARTICLE
Indian InvestmentAbroad in Joint
Ventures and WhollyOwned Subsidiaries:
2007-08 (April-March)
RBIMonthly Bulletin
July 2008 1243
and stock broking. Proposals in tradingcovered areas, such as textiles, chemicals,readymade garments and petroleumproducts. Investment proposals in thecategory of others included oilexploration, shipping and marketresearch.
I.2.b Direction
Direction of investment proposalsindicates that Singapore, Mauritius,Cyprus and the UAE together accountedfor over 50 per cent of the proposals foroutward FDI (US $ 5 million and above)during January-March, 2008. For financialyear as a whole (2007-08), 35 per cent ofthe proposals for outward FDI (US $ 5million and above) were towardsdestination of Singapore, followed byNetherlands (23 per cent) and BritishVirgin Islands (7 per cent) [Chart 2]. LargeIndian investments going to countrieslike Singapore, Cyprus, the Netherlands,UAE, British Virgin Islands and Mauritiusreflect the generally liberal policies ofthese countries, particularly the involving
Chart 1: Distribution of India's OutwardFDI during 2007-08
Non Financial Services
Trading Manufacturing
Others
(per cent shares)
3.5
43.0
11.0
42.5
favourable tax treatment and investmentprotection treaties.
II. India's Outward FDI: ActualOutflows3
II.1 Magnitude of Outflows
Actual outward FDI during the quarterJanuary-March, 2008 stood at US $ 7,322million, which was higher by 63.4 per centthan that during previous year (Table 3).Of the total investments, 70 per centwere in the form of equity and theremaining 30 per cent were loans.
Actual outward FDI during 2007-08amounted to US $ 17,436 million, anincrease of 29.6 per cent over theinvestments of US $ 13,454 million in theprevious year. Of the total investments,81.6 per cent were in the form of equity
Chart 2: Direction of India's OutwardFDI during 2007-08
British Vergin Islands
Netherlands Singapore
Others
(per cent shares)
22.5
35.26.8
35.5
3 Financing of outward FDI by Indian entities is broadly in the formof equity, loan and guarantee. These include sources, such as drawalof foreign exchange in India, capitalization of exports, funds raisedthrough external commercial borrowings, foreign currency convertiblebonds and ADRs/GDRs, and also through leveraged buyouts by way ofsetting up of special purpose vehicles (SPVs). The equity data presentedin this review do not include equity of individuals and banks, andthe SPVs set up for funding overseas investment.
RBIMonthly BulletinJuly 20081244
ARTICLE
Indian InvestmentAbroad in JointVentures and WhollyOwned Subsidiaries:2007-08(April-March)
and the remaining 18.4 per cent in theform of loans. The India's outward FDIwitnessed a substantial pick up from2006-07 onwards, facilitated largely byprogressive liberalization of overseasinvestment policies (Chart 3 and Box).
II.2 Inflows from Outward FDI
According to the availableinformation, during the quarter January-March, 2008, inflows (such as dividend,
Table 3: India's Outward FDI: Actual Outflows
(US $ million)
Period Equity* Loan Guarantee Total
Invoked
January-March,
2007 3731.10 749.97 – 4481.07
January- March,2008 5125.73 2195.84 – 7321.57
2006-07(April-March) 11828.37 1626.04 – 13454.41
2007-08(April-March) 14222.23 3213.56 – 17435.79
* : Does not include investments of individuals and banks.
Note : Data are provisional.
Chart 3: India's Actual FDI Outflows
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
US
$M
illi
on
2003-04 2004-05 2005-06 2006-07 2007-08
1495 1770
5043
13454
17436
royalty, licence fee, repayment of loan,
etc.) from India's outward FDI amounted
to US $ 578 million, compared with US $
224 million during the corresponding
quarter of 2006-07 (Table 4).
During 2007-08 (April-March), inflows
from India's outward FDI amounted to
US $ 916 million, recording a growth of
76.7 per cent over the inflows a year ago
(US $ 518 million).
Table 4: Inflows from India's Outward FDI
(US million)
Period Dividend Others@ Total
January-March,2007 2.25 221.31 223.56
January-March,2008 16.94 561.48 578.42
2006-07(April-March) 22.40 495.64 518.04
2007 -08(April-March) 46.35 869.16 915.51
@ : Include royalty, licence fee, brand fee, technical
know-how fee, repayment of loan, etc.
Note : Data are provisional.
ARTICLE
Indian InvestmentAbroad in Joint
Ventures and WhollyOwned Subsidiaries:
2007-08 (April-March)
RBIMonthly Bulletin
July 2008 1245
December 1969: The Government of Indiafor the first time issued formal guidelines foroverseas direct investment. Under this, Indianparties were permitted minority participationin turnkey projects involving no cashremittances.
April 1978: An Inter-MinisterialCommittee in the Ministry of Commerce wasset up to clear proposals for OverseasInvestments. There was a requirement forrepatriation of dividend of 50 per cent of thedeclared profits.
1992: An Automatic Route for overseasinvestments was introduced and cashremittances were allowed for the first time.The total value was restricted to US $ 2 millionwith a cash component not exceeding US $ 0.5million in a block of 3 years.
1995: The work relating to overseasinvestment was transferred from Ministry ofCommerce to RBI to provide a single window.In terms of the policy, a fast track route wasintroduced where limits were raised from US$ 2 million to US $ 4 million and linked toaverage export earnings of the preceding threeyears. Cash remittance continued to berestricted to US $ 0.5 million. Beyond US $ 4million, proposals were considered underApproval Route at the Special Committee level.
March 1997: Exchange earners other thanexporters were also brought under the fasttrack route. Indian promoters were allowedto set up second and subsequent generationcompanies, provided the first generationcompany was set up under the fast track route.
2000: The introduction of FEMA broughtabout significant policy liberalisation. Thelimit for investment up to US $ 50 million,which was earlier available in a block of threeyears, made available annually without anyprofitability condition. Companies wereallowed to invest 100 per cent of the proceedsof their ADR/GDR issues for acquisitions offoreign companies and direct investments inJVs and WOSs.
March 2002: Automatic route was furtherliberalised wherein Indian parties investing
Box: India's Overseas Investment: Major Liberalisation Measures
in JVs/WOSs outside India were permitted toinvest an amount not exceeding US $ 100million as against the earlier limit of US $ 50million in a financial year. Also theinvestments under the automatic route couldbe funded by withdrawal of foreign exchangefrom an authorised dealer (AD) not exceeding50 per cent of the net worth of the Indian party.
March 2003: Automatic Route wassignificantly liberalised to enable Indianparties to fund to the extent of 100 per cent oftheir net worth.
February 2004: With a view to enablingIndian corporates to become global playersby facilitating their overseas direct investment,permitted end-use for external commercialborrowing (ECB) was enlarged to includeoverseas direct investment in JVs/WOSs. Thiswould facilitate corporates to undertake freshinvestment or expansion of existing JV/WOSincluding mergers and acquisitions abroad byharnessing resources at globally competitiverates.
May 2005: With a view to promotingIndian investment abroad and to enable Indiancompanies to reap the benefits ofglobalization, the ceiling of investment byIndian entities was revised from 100 per centof the net worth to 200 per cent of the networth of the investing company under theautomatic route for overseas investment.
June 2007: The limit of 200 per cent of thenet worth of the Indian party was enhanced to300 per cent of the net worth under automaticroute (200 per cent in case of registeredpartnership firms).
September 2007: The limit of 300 per centof the net worth of the Indian party was furtherenhanced to 400 per cent of the net worth ofthe Indian party.
June 2008: Indian companies have beenallowed to invest in excess of 400 per cent oftheir net worth as on the date of the last auditedbalance sheet in the energy and naturalresources sectors, such as oil, gas, coal andmineral ores. The investment in excess of 400per cent of the net worth shall be made onlywith the prior approval of the Reserve Bank.
ARTICLE
India's Foreign Trade:2008-09 (April)
RBIMonthly Bulletin
July 2008 1247
India's Foreign Trade:2008-09 (April)*
Directorate General of CommercialIntelligence and Statistics (DGCI & S) haverecently released the provisional data onIndia's merchandise trade for April 2008and commodity-wise details for April-February, 2007-08. On the basis of thesedata, this review has been prepared.
HIGHLIGHTS
● India's merchandise exports duringApril 2008 at US $ 14.4 billionrecorded a growth of 31.5 per centas compared with 27.5 per centduring April 2007.
● Imports during April 2008 at US $24.3 billion registered a lowergrowth of 36.6 per cent than thatrecorded a year ago (41.8 per cent).
● Non-oil imports at US $ 16.2 billionwitnessed a moderation in growthto 32.3 per cent in April 2008 from43.4 per cent in April 2007.
● Petroleum, oil and lubricants (POL)imports at US $ 8.0 billion duringApril 2008 exhibited acceleratedgrowth at 46.1 per cent (38.3 per centa year ago) on the back of sharp risein international crude oil prices.
● The average price of Indian basketof crude oil at US $ 105.8 per barrelduring April 2008 was higher by 61.5per cent than US $ 65.5 per barrelin April 2007.
● The trade deficit during April 2008stood at US $ 9.9 billion, higher byUS $ 3.1 billion than US $ 6.8 billionin April 2007.
Exports
India's merchandise exports duringApril 2008 at US $ 14.4 billion registered
* Prepared in the Division of International Trade,Department of Economic Analysis and Policy, ReserveBank of India. Previous article was published in RBIBulletin, June 2008 issue.
RBIMonthly BulletinJuly 20081248
ARTICLE
India's Foreign Trade:2008-09 (April)
a growth of 31.5 per cent as comparedwith 27.5 per cent in April 2007 (Table 1and chart 1). It may be noted that theMinistry of Commerce and Industry,Government of India has set an exporttarget of US $ 200 billion for 2008-09,which is higher by 25 per cent than thetarget for the previous year (US $ 160billion).
Commodity-wise data on India'smerchandise exports available for 2007-08 (April-February) showed accelerationin growth of primary products, whilemanufactured products maintained itsgrowth momentum. Agriculture andallied products, engineering goods, gemsand jewellery and petroleum productswere the main contributors of exportgrowth during April-February, 2007-08(Chart 2).
Exports of primary products duringApril-February, 2007-08 increased by 33.8per cent as against 21.7 per cent a yearago. This was mainly due to high growthin the exports of agricultural and alliedproducts which sharply rose to 41.5 percent from 24.3 per cent a year back.
Within the agricultural and alliedproducts group, rice, oil meal, sugar andmolasses and cotton were the majoritems which contributed to the highergrowth in exports. Export of riceregistered a sharp rise of 87.1 per cent.Saudi Arabia and the UAE were theprincipal markets for rice. Exports ofmarine products, cashew and coffeerecorded decline.
Ores and minerals exhibited a highergrowth of 19.9 per cent in April-February,
Table 1: India's Merchandise Trade : April
(US $ million)
Items 2007-08 R 2008-09P
Exports 10,953 14,400(27.5) (31.5)
Imports 17,769 24,274(41.8) (36.6)
Oil Imports 5,494 8,029(38.3) (46.1)
Non-Oil Imports 12,276 16,245(43.4) (32.3)
Trade Balance -6,817 -9,874
Note : Figures in parentheses show percentage changeover the previous year.R: Revised P: ProvisionalSource: DGCI & S.
Chart 1: Growth in India's Exports
50.0
40.0
30.0
20.0
10.0
0.0
Ap
ril
May
Jun
e
July
Au
g.
Sep
t.
Oct
.
No
v.
Dec
.
Jan
.
Feb
.
Mar
.
2007-08 2008-09Pe
rcen
tage
Ch
ange
Chart 2: Growth Rates of Exports ofSelect Commodities (April-February)
Agr
icu
ltu
re&
All
ied
Pro
du
cts
Ora
s&
Min
eral
s
Ch
emic
als
&
Rel
ated
Pro
du
cts
En
gin
erin
g
Go
od
s
Texti
les
and
Rel
ated
Pro
du
cts
Gem
s&
Jew
elle
ry
Petr
ole
um
Pro
du
cts
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Per
Cen
t
2006-07 2007-08
ARTICLE
India's Foreign Trade:2008-09 (April)
RBIMonthly Bulletin
July 2008 1249
2007-08 than 17.2 per cent duringprevious year, mainly due to accelerationin iron ore (26 per cent as against 7.6 percent a year ago). China and Japan werethe major markets for iron ore.
Exports of manufactured goodsincreased by 19.2 per cent during April-February, 2007-08 as against 18.7 per centa year ago. Within manufactured goods,gems and jewellery and textiles andtextile products, leather andmanufactures accelerated whileengineering goods exhibited somemoderation.
Engineering goods exports moderatedto 22.7 per cent during April-February,2007-08 from 39.5 per cent a year ago,mainly due to decline in exports of ironand steel and deceleration in machineryand instruments and electronic goods.Exports of metals and transportequipments showed accelerated growth.The US, the UAE and the UK were theprincipal markets for machinery andinstruments.
Chemicals and related productsmaintained the same growth rate of 19.3per cent recorded a year ago. With theexception of plastic and linoleum,exports of basic chemicals,pharmaceuticals, cosmetics, rubber, glass,paints, enamels, residual chemicals andallied products registered higher growth.Plastic and linoleum decelerated to 1.7per cent from 16.9 per cent during April-February, 2006-07.
Textiles and textile products exportsduring April-February, 2007-08 posted agrowth of 9.6 per cent, marginally higherthan 7.9 per cent a year ago, mainly dueto acceleration in the growth ofreadymade garments, man-made andwoolen yarn, fabrics, made-ups, jute and
jute manufactures, coir and coirmanufactures. Readymade garmentscontributed almost 50 per cent of textilesand textile products exports. The US, theUK, Germany and the UAE were the majormarkets for readymade garments. Cottonyarn, woolen yarn, fabrics and made-upswere the other principal items of exports.According to the US Office of Textiles, theUS imports of textile and apparel productsfrom India in April 2008 increased by 3.3per cent as compared with a decline of 4.6per cent in April 2007.
Exports of gems and jewellery duringApril-February, 2007-08 showed sharp riseof 24.5 per cent, as against 2.8 per centduring the corresponding period of theprevious year. Hong Kong, the UAE andBelgium were the major destinations forgems and jewellery. According to the Gemand Jewellery Export Promotion Council(GJEPC), exports of gems and jewelleryduring 2007-08 (April-March) increased by22.3 per cent over the previous year.
Exports of petroleum products duringApril-February, 2007-08 moderated to 41.0per cent from 60.4 per cent a year ago.The UAE, Singapore and the Netherlandswere the principal markets for the exportsof petroleum products.
Destination-wise, although the USremained as the principal export market,its share declined to 13.1 per cent duringApril-February, 2007-08 from 15.0 per centa year ago (Table 2). The other majordestinations were the UAE (9.8 per cent),China (6.3 per cent), Singapore (4.5 percent), the UK (4.2 per cent), Hong Kong(3.9 per cent), the Netherlands (3.2 percent) and Germany (3.2 per cent). DuringApril-February, 2007-08, the shares of EU,
RBIMonthly BulletinJuly 20081250
ARTICLE
India's Foreign Trade:2008-09 (April)
OPEC, Eastern Europe and Asian andAfrican developing countries in India'sexports increased over the previous year,while the shares of North America, Asiaand Oceania and Latin Americandeveloping countries declined. Exportsgrowth to the EU, North America, EasternEurope and Asian developing countriesaccelerated, while those to Asia andOceania, OPEC, African developingcountries and Latin American developingcountries decelerated (Statement 3).
Imports
India's merchandise imports duringApril 2008 stood at US $ 24.3 billion
registering a growth of 36.6 per cent overApril 2007. During this period, oilimports showed higher growth, whilenon-oil imports exhibited deceleration.
POL imports during April 2008 at US$ 8.0 billion showed accelerated growthat 46.1 per cent over April 2007 than 38.3per cent a year ago, mainly due to surgein international crude oil prices (Chart3). The average price of Indian basket ofcrude oil was higher at US $ 105.8 perbarrel during April 2008, recording anincrease of 61.5 per cent over US $ 65.5per barrel in April 2007 (Table 3).
Non-oil imports during April 2008 atUS $ 16.2 billion exhibited a growth at32.3 per cent, as compared with 43.4 percent recorded a year ago (Chart 4 andStatement 4).
Commodity wise data on non-oilimports during April- February, 2007-08indicated that gold and silver recorded alower growth at 24.9 per cent than 29.2per cent during the corresponding periodof the previous year. Non-oil imports
Table 2: Shares of Groups/Countries in India'sExports
Group/Country Per cent share
April-February
2006-07 2007-08
I. OECD Countries 41.1 39.0A. E U 20.3 20.5
Of which:
1 France 1.6 1.62 Germany 3.1 3.23 U K 4.5 4.2
B. North America 15.9 13.9 Of which:
U S A 15.0 13.1C. Asia and Oceania 3.4 3.0D. Other OECD
Countries 1.6 1.7II. OPEC 16.4 16.5III. Eastern Europe 2.0 2.1IV. Developing Countries 40.2 42.1
Of which:
A. Asia 29.8 31.0a) S A A R C 5.1 5.6b) Other Asian
DevelopingCountries 24.7 25.4
Of which:
People's Repof China 6.6 6.3
B. Africa 6.9 7.8C. Latin American
Countries 3.5 3.3
Source: Calculated from DGCI & S data.
Chart 3: POL Prices and India's POL Imports
POL Imports (US $ million) POL Price (US $/barrel)
2007-08 2008-09
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Ap
ril
May
Jun
e
July
Au
gust
Sep
tem
ber
Oct
ob
er
No
vem
ber
Dec
emb
er
Jan
uar
y
Feb
ruar
y
Mar
ch
Ap
ril
ARTICLE
India's Foreign Trade:2008-09 (April)
RBIMonthly Bulletin
July 2008 1251
excluding gold and silver increased by32.1 per cent, higher than the growth of22.3 per cent recorded a year ago.
Capital goods, which accounted for40.2 per cent of the non-oil imports,accelerated to 36.5 per cent during April-February 2007-08 from 32.6 per cent a year
Dubai UK Brent US-WTI IndianBasket*
1995-96 16.2 17.5 18.8 16.7
2000-01 25.9 28.1 30.3 26.8
2001-02 21.8 23.2 24.1 22.4
2002-03 25.9 27.6 29.2 26.6
2003-04 26.9 29.0 31.4 27.8
2004-05 36.4 42.2 45.0 39.2
2005-06 53.4 58.0 59.9 55.7
2006-07 60.9 64.4 64.7 62.4
2007-08 77.3 82.4 82.3 79.5
April 2007 63.8 67.4 63.9 65.5
April 2008 103.5 110.2 112.6 105.8
(US $/barrel)
* The composition of Indian basket of crude representsaverage of Oman and Dubai for sour grades and Brent(dated) for sweet grade in the ratio of 62.3:37.7 for2008-09.
Sources: International Monetary Fund, International FinancialStatistics, World Bank's Commodity Price Pink SheetMay 2008; Ministry of Petroleum and Natural Gas,Government of India.
Table 3: Trends in Crude Oil Prices
Chart 4: Growth Rates of Imports ofSelect Commodities (April-February)
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s
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0.0
20.0
40.0
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80.0
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t
100.0
120.0
140.0
2006-07 2007-08
ago. Electronic goods and machinerywere the major contributors of growthin capital goods imports.
The other major non-oil productswhich recorded accelerated growth inimports during April-February 2007-08,were edible oil, fertilizers, pearls, preciousand semi-precious stones, chemicals,textiles, artificial resins and plasticmaterials, coal, coke and briquettes.
Source-wise, China was the principalsource, constituting 11.5 per cent of totalimports during April-February, 2007-08.The other major sources were Saudi Arabia(8.1 per cent), the US (5.7 per cent), theUAE (5.7 per cent), Iran (4.6 per cent),Switzerland (4.1 per cent), Germany (4.0per cent) and Australia (3.3 per cent) [Table4 and Statement 5]. Region-wise, importsfrom the EU, North America and Africandeveloping countries accelerated, whilethose from Asia and Oceania, OPEC,Asian and Latin American developingcountries decelerated.
Trade Deficit
The trade deficit during April-February,2007-08 widened to US $ 72.6 billion fromUS $ 49.1 billion during April-February,2006-07. Trade deficit on oil accountduring April-February, 2007-08 amountedto US $ 46.5 billion (US $ 35.1 billion ayear ago). Trade deficit on non-oilaccount during April-February, 2007-08amounted to US $ 26.1 billion (US $ 14.0billion a year ago).
Global Trade
According to the InternationalMonetary Fund (IMF) InternationalFinancial Statistics (IFS), worldmerchandise exports, in nominal value,
RBIMonthly BulletinJuly 20081252
ARTICLE
India's Foreign Trade:2008-09 (April)
during the first two months of 2008(January-February) showed a growth of23.5 per cent, as against 14.5 per cent ayear ago (Table 5). Exports from industrialcountries exhibited a growth of 20.3 percent in January-March, 2008, much higherthan 13.6 per cent a year ago. Emergingand developing economies recorded agrowth of 24.6 per cent during January-February 2008, showing a sharp rise from14.3 per cent recorded a year ago.
Commodity Prices
The International Monetary Fund(IMF), IFS world commodity price indices(base 2000 = 100) indicated continuedrise in commodity prices during the first
four months of 2008 (January-April, 2008).Prices of energy witnessed the highest rise(64.6 per cent), while non-fuelcommodity prices increased by 19.1 percent and food prices increased by 40.7per cent (Chart 5). The prices of metalsshowed modest rise of 5.3 per cent.
Table 4: Shares of Groups/Countriesin India's Imports
Group/Country Per cent share
April-February
2006-07 2007-08
I. OECD Countries 32.8 32.1A. E U 14.4 14.0
Of which:
1 France 1.2 1.22 Germany 4.1 4.03 U K 2.3 2.1
B. North America 6.4 6.5 Of which:
U S A 5.7 5.7C. Asia and Oceania 6.5 6.1D. Other OECD
Countries 5.5 5.5II. OPEC 31.3 31.4III. Eastern Europe 2.5 2.3IV. Developing Countries 33.0 33.9
Of which:
A. Asia 26.3 27.1a) SAARC 0.9 0.8b) Other Asian
DevelopingCountries 25.4 26.2 Of which:
People's Rep ofChina 9.7 11.5
B. Africa 3.8 4.4C. Latin American
Countries 2.9 2.4
Source: Calculated from DGCI & S data.
Chart 5: World Commodity Prices
Jan-April 2007 Jan-April 2008
0.000
50.000
100.000
150.000
200.000
250.000
300.000
350.000
All
Co
mm
od
itie
s
Met
als
En
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ies
400.000
Table 5: Growth in Exports - Global Scenario
* January-FebruarySources: (1) IMF (www.imfstatistics.org)
(2) DGCI & S for India.
Region/Country 2006 2007 2007 2008
Jan-March
World 15.3 15.0 14.5 * 23.5 *
Industrial Countries 12.4 13.6 13.6 20.3
US 14.7 12.2 11.0 17.0
France 9.9 12.0 11.4 20.0
Germany 14.7 18.5 21.6 * 23.1 *
Japan 9.2 9.2 5.4 33.6
Emerging and
Developing Economies 19.1 16.8 14.3 * 24.6 *
China 27.2 25.6 41.7 * 16.8 *
India 21.4 20.3 15.1 33.8
Indonesia 18.3 16.8 14.9 27.9
Korea 14.4 14.2 14.6 18.7
Malaysia 14.0 9.6 7.6 19.1
Singapore 18.4 10.1 9.9 21.3
Thailand 18.5 16.8 16.7 22.3
(Per cent)
ARTICLE
India's Foreign Trade:2008-09 (April)
RBIMonthly Bulletin
July 2008 1253
Statement 1 : India's Foreign Trade - April 2008
Year Export Import Trade Balance
Total Oil Non-Oil Total Oil Non-Oil Total Oil Non-Oil1 2 3 4 5 6 7 8 9 10
Rupees crore
2006-07 38,612 4,230 34,383 56,342 17,855 38,487 -17,729 -13,625 -4104
(14.9) (41.5) (12.3) (13.6) (32.1) (6.7)
2007-08 R 46,164 8,796 37,368 74,895 23,154 51,741 -28,731 -14,358 -14373
(19.6) (108.0) (8.7) (32.9) (29.7) (34.4)
2008-09 P 57,633 .. .. 97,151 32,133 65,018 -39,518
(24.8) (29.7) (38.8) (25.7)
US dollar million
2006-07 8,590 941 7,649 12,535 3,972 8,562 -3,944 -3,031 -913
(11.8) (37.7) (9.3) (10.6) (28.6) (3.8)
2007-08 R 10,953 2,087 8,866 17,769 5,494 12,276 -6,817 -3,407 -3410
(27.5) (121.8) (15.9) (41.8) (38.3) (43.4)
2008-09 P 14,400 .. .. 24,274 8,029 16,245 -9,874
(31.5) (36.6) (46.1) (32.3)
SDR million
2006-07 5,915 648 5,267 8,630 2,735 5,895 -2,716 -2,087 -629
(16.3) (43.1) (13.7) (15.0) (33.7) (7.9)
2007-08 R 7196 1371 5825 11675 3609 8065 -4479 -2238 -2240
(21.7) (111.6) (10.6) (35.3) (32.0) (36.8)
2008-09 P 8,801 .. .. 14,836 4,907 9,929 -6,035
(22.3) (27.1) (36.0) (23.1)
P : Provisional. R : Revised. .. : Not available.Note : Figures in brackets relate to percentage variation over the corresponding previous period.Source : DGCI & S.
RBIMonthly BulletinJuly 20081254
ARTICLE
India's Foreign Trade:2008-09 (April)
Statement 2 : India's Exports of Principal Commodities
Commodity Group April-February Percentage Variation
2005-06 2006-07 2007-08 P (3)/(2) (4)/(3)
(1) (2) (3) (4) (5) (6)
I. Primary Products 14273.2 17368.6 23239.3 21.7 33.8(15.6) (15.3) (16.3)
A. Agricultural & Allied Products 8990.0 11176.6 15812.4 24.3 41.5 of which : (9.8) (9.9) (11.1)1. Tea 359.2 411.2 456.6 14.5 11.02. Coffee 314.5 378.9 371.6 20.5 -1.93. Rice 1276.1 1355.8 2536.8 6.2 87.14. Wheat 125.9 7.7 0.1 -93.8 -99.35. Cotton Raw incl. Waste 504.6 1187.2 1638.5 135.3 38.06. Tobacco 262.6 328.5 432.1 25.1 31.57. Cashew incl. CNSL 541.6 500.6 490.6 -7.6 -2.08. Spices 428.1 607.1 909.6 41.8 49.89. Oil Meal 895.0 1042.6 1743.9 16.5 67.310. Marine Products 1446.4 1618.0 1583.0 11.9 -2.211. Sugar & Mollases 89.4 620.8 1198.6 594.1 93.1
B. Ores & Minerals 5283.2 6192.0 7427.0 17.2 19.9 of which : (5.8) (5.5) (5.2)1. Iron Ore 3277.7 3528.3 4452.2 7.6 26.22. Processed Minerals 1001.8 1173.9 1099.1 17.2 -6.4
II. Manufactured Goods 64260.0 76255.6 90931.6 18.7 19.2 of which : (70.3) (67.2) (63.7)
A. Leather & Manufactures 2434.8 2755.4 3163.3 13.2 14.8B. Chemicals & Related Products 13050.5 15571.1 18574.1 19.3 19.3
1. Basic Chemicals, Pharmaceuticals & Cosmetics 7971.0 9792.0 12145.4 22.8 24.02. Plastic & Linoleum 2539.8 2968.7 3020.3 16.9 1.73. Rubber, Glass, Paints & Enamels etc., 1892.1 2140.9 2572.8 13.1 20.24. Residual Chemicals & Allied Products 647.5 669.5 835.6 3.4 24.8
C. Engineering Goods 18989.6 26486.2 32488.7 39.5 22.7 of which :1. Manufactures of metals 3767.9 4555.8 6300.0 20.9 38.32. Machinery & Instruments 4468.2 6005.8 7850.3 34.4 30.73. Transport equipments 3700.1 4377.9 6119.5 18.3 39.84. Iron & steel 3134.4 4725.7 4663.7 50.8 -1.35. Electronic goods 1910.5 2574.6 2928.6 34.8 13.8
D. Textiles and Textile Products 14602.7 15755.4 17268.6 7.9 9.61. Cotton Yarn, Fabrics, Made-ups, etc., 3533.9 3830.4 4095.3 8.4 6.92. Natural Silk Yarn, Fabrics Madeups etc. 398.3 408.8 339.0 2.6 -17.1
(incl.silk waste)3. Manmade Yarn, Fabrics, Made-ups, etc., 1738.1 1993.5 2602.2 14.7 30.54. Manmade Staple Fibre 75.9 173.4 236.8 128.5 36.65. Woolen Yarn, Fabrics, Madeups etc. 77.2 77.4 83.9 0.3 8.46. Readymade Garments 7626.5 8046.9 8632.5 5.5 7.37. Jute & Jute Manufactures 268.2 244.5 295.7 -8.8 20.98. Coir & Coir Manufactures 122.3 129.6 145.5 6.0 12.39. Carpets 762.5 851.1 837.7 11.6 -1.6
(a) Carpet Handmade 741.0 822.7 823.7 11.0 0.1(b) Carpet Millmade 0.0 0.0 0.0(c) Silk Carpets 21.5 28.4 13.9 32.1 -50.9
E. Gems & Jewellery 13867.3 14253.3 17745.6 2.8 24.5F. Handicrafts 421.9 405.0 437.8 -4.0 8.1
III. Petroleum Products 10624.0 17042.9 24025.6 60.4 41.0(11.6) (15.0) (16.8)
IV. Others 2295.3 2733.8 4609.0 19.1 68.6(2.5) (2.4) (3.2)
Total Exports 91452.5 113400.9 142805.4 24.0 25.9
(US $ million)
P - Provisional.Note - Figures in brackets relate to percentage to total exports for the period.Source - DGCI & S.
ARTICLE
India's Foreign Trade:2008-09 (April)
RBIMonthly Bulletin
July 2008 1255
Statement 3 : Direction of India's Foreign Trade- Exports
Commodity Group April-February Percentage Variation
2005-06 2006-07 2007-08 P (3)/(2) (4)/(3)
(1) (2) (3) (4) (5) (6)
I. O E C D Countries 41071.9 46649.5 55751.8 13.6 19.5A. E U 20055.9 23068.9 29214.5 15.0 26.6
Of which:1. Belgium 2544.2 3111.5 3726.7 22.3 19.82. France 1892.7 1867.4 2305.2 -1.3 23.43. Germany 3168.1 3504.7 4558.8 10.6 30.14. Italy 2223.8 3238.1 3521.1 45.6 8.75. Netherland 2300.9 2362.5 4536.6 2.7 92.06. U K 4540.5 5049.2 6060.5 11.2 20.0
B. North America 16479.8 17975.7 19829.3 9.1 10.31. Canada 910.6 1005.6 1137.1 10.4 13.12. U S A 15569.2 16970.1 18692.2 9.0 10.1
C. Asia and Oceania 3077.0 3833.5 4343.3 24.6 13.3Of which:1. Australia 743.9 818.2 1038.3 10.0 26.92. Japan 2201.0 2522.7 3169.3 14.6 25.6
D. Other O E C D Countries 1459.2 1771.3 2364.7 21.4 33.5Of which:1. Switzerland 414.7 415.1 524.5 0.1 26.3
II. O P E C 13471.3 18643.2 23558.0 38.4 26.4Of which:1. Indonesia 1185.7 1866.6 1746.0 57.4 -6.52. Iran 1044.2 1333.5 1847.8 27.7 38.63. Iraq 129.5 189.1 227.2 46.1 20.14. Kuwait 464.4 558.2 589.8 20.2 5.75. Saudi Arabia 1600.3 2232.3 3077.6 39.5 37.96. U A E 7620.5 10856.4 14021.5 42.5 29.2
III. Eastern Europe 1746.6 2235.1 2989.9 28.0 33.8Of which:1. Romania 69.9 151.2 228.2 116.4 50.92. Russia 651.3 806.3 814.0 23.8 1.0
IV. Developing Countries 34916.9 45546.8 60076.8 30.4 31.9 Of which:A. Asia 27068.4 33805.6 44218.7 24.9 30.8
a) S A A R C 4951.2 5837.5 7934.1 17.9 35.91. Afghanistan 126.2 162.5 219.8 28.7 35.32. Bangladesh 1509.5 1452.4 2158.3 -3.8 48.63. Bhutan 91.7 51.8 77.5 - 49.64. Maldives 62.5 61.6 79.9 -1.5 29.85. Nepal 789.6 841.7 1180.1 6.6 40.26. Pakistan 583.5 1224.8 1695.1 109.9 38.47. Sri Lanka 1788.3 2042.6 2523.4 14.2 23.5
b) Other Asian Developing Countries 22117.2 27968.1 36284.6 26.5 29.7Of which:1. People's Rep of China 5781.9 7439.0 8956.5 28.7 20.42. Hong Kong 3959.5 4080.4 5571.8 3.1 36.63. South Korea 1523.4 2290.4 2590.0 50.3 13.14. Malaysia 1027.4 1183.8 2117.5 15.2 78.95. Singapore 4777.3 5487.7 6389.4 14.9 16.46. Thailand 958.3 1305.8 1611.9 36.3 23.4
B. Africa 5011.8 7790.0 11193.9 55.4 43.7Of which:1. Benin 87.9 138.3 227.2 57.4 64.32. Egypt Arab Republic 556.7 677.2 1206.8 21.6 78.23. Kenya 483.6 1184.1 1353.9 144.8 14.34. South Africa 1355.1 1969.5 2356.9 45.3 19.75. Sudan 268.9 364.5 338.9 35.6 -7.06. Tanzania 211.6 258.4 515.6 22.1 99.57. Zambia 59.7 97.6 122.7 63.4 25.7
C. Latin American Countries 2836.7 3951.2 4664.3 39.3 18.0V. Others 86.3 114.7 133.3 32.8 16.3VI. Unspecified 159.6 211.7 295.6 32.6 39.6
Total Exports 91452.5 113400.9 142805.4 24.0 25.9
(US $ million)
P - Provisional.Source- DGCI & S.
RBIMonthly BulletinJuly 20081256
ARTICLE
India's Foreign Trade:2008-09 (April)
Statement 4 : India's Imports of Principal Commodities
Commodity Group April-February Percentage Variation
2005-06 2006-07 2007-08 P (3)/(2) (4)/(3)
(1) (2) (3) (4) (5) (6)
I. Bulk Imports 55150.4 76058.6 100961.9 37.9 32.7(42.6) (46.8) (46.9)
A. Petroleum, Petroleum Products 39757.4 52160.0 70542.9 31.2 35.2 & Related Material (30.7) (32.1) (32.7)
B. Bulk Consumption Goods 2494.0 3029.6 4307.4 21.5 42.21. Wheat 0.0 324.8 659.7 - -2. Cereals & Cereal Preparations 32.4 29.7 41.5 -8.4 39.73. Edible Oil 1788.8 1925.0 2389.9 7.6 24.24. Pulses 525.6 749.4 1215.8 42.6 62.25. Sugar 147.1 0.7 0.6 - -
C. Other Bulk Items 12899.0 20868.9 26111.5 61.8 25.11. Fertilisers 2006.6 3013.8 5079.0 50.2 68.5
a) Crude 288.4 328.1 439.3 13.8 33.9b) Sulphur & Unroasted Iron Pyrites 129.4 100.0 301.7 -22.7 201.6c) Manufactured 1588.8 2585.7 4338.0 62.7 67.8
2. Non-Ferrous Metals 1646.7 2387.6 3139.0 45.0 31.53. Paper, Paperboard & Mgfd. incl. Newsprint 846.0 1102.8 1292.7 30.4 17.24. Crude Rubber, incl. Synthetic & Reclaimed 372.5 559.7 709.5 50.2 26.85. Pulp & Waste Paper 517.1 569.3 701.6 10.1 23.26. Metalliferrous Ores & Metal Scrap 3409.1 7507.3 7167.1 120.2 -4.57. Iron & Steel 4100.9 5728.5 8022.5 39.7 40.0
II. Non-Bulk Imports 74256.9 86443.8 114447.0 16.4 32.4(57.4) (53.2) (53.1)
A. Capital Goods 28527.8 37819.4 51634.2 32.6 36.51. Manufactures of Metals 1088.5 1425.0 2431.7 30.9 70.62. Machine Tools 955.6 1331.2 1994.0 39.3 49.83. Machinery except Electrical & Electronics 8860.1 12390.5 17490.7 39.8 41.24. Electrical Machinery except Electronics 1349.0 1759.0 2687.3 30.4 52.85. Electronic Goods incl. Computer Software 12587.3 15265.4 19319.7 21.3 26.66. Transport Equipments 2936.6 3993.2 6614.2 36.0 65.67. Project Goods 750.9 1655.2 1096.7 120.4 -33.7
B. Mainly Export Related Items 17244.7 16096.2 18968.9 -6.7 17.81. Pearls, Precious & Semi-Precious Stones 8638.6 6627.2 7253.8 -23.3 9.52. Chemicals, Organic & Inorganic 6285.1 7108.0 9050.2 13.1 27.33. Textile Yarn, Fabric, etc. 1865.0 1979.0 2271.4 6.1 14.84. Cashew Nuts, raw 456.0 382.1 393.5 -16.2 3.0
C. Others 28484.5 32528.2 43843.9 14.2 34.8of which :
1. Gold & Silver 10144.7 13109.2 16374.7 29.2 24.92. Artificial Resins & Plastic Materials 2021.6 2321.5 3349.2 14.8 44.33. Professional Instruments etc. except electrical 1766.3 2090.3 2748.5 18.3 31.54. Coal, Coke & Briquittes etc. 3464.6 4062.5 5835.2 17.3 43.65. Medicinal & Pharmaceutical Products 932.8 1165.0 1518.8 24.9 30.46. Chemical Materials & Products 924.2 1208.6 1440.3 30.8 19.27. Non-Metallic Mineral Manufactures 556.0 713.1 950.1 28.3 33.2
Total Imports 129407.3 162502.4 215408.9 25.6 32.6 Memo Items
Non-Oil Imports 89649.9 110342.4 144866.0 23.1 31.3
Non-Oil Imports excl. Gold & Silver 79505.1 97233.2 128491.3 22.3 32.1
Mainly Industrial Inputs* 73656.1 89527.6 117097.4 21.5 30.8
P : Provisional.Note : Figures in brackets relate to percentage to total imports for the period.* : Non oil imports net of gold and silver,bulk consumption goods, manufactured fertilizers and professional
instruments.Source : DGCI & S.
(US $ million)
ARTICLE
India's Foreign Trade:2008-09 (April)
RBIMonthly Bulletin
July 2008 1257
Statement 5 : Direction of India's Foreign Trade- Imports
Group / Country April-February Percentage Variation
2005-06 2006-07 2007-08 P (3)/(2) (4)/(3)
1 2 3 4 5 6I. O E C D Countries 42443.3 53291.6 69042.1 25.6 29.6
A. E U 20449.7 23385.4 30152.6 14.4 28.9Of which:1. Belgium 4411.6 3681.2 4210.3 -16.6 14.42. France 1628.3 1927.9 2594.9 18.4 34.63. Germany 5236.9 6736.8 8600.1 28.6 27.74. Italy 1663.0 2365.2 3444.5 42.2 45.65. Netherland 953.9 1010.1 1814.4 5.9 79.66. U K 3627.9 3685.6 4595.3 1.6 24.7
B. North America 7882.0 10457.0 13989.2 32.7 33.81. Canada 843.3 1219.8 1805.1 44.7 48.02. U S A 7038.7 9237.2 12184.1 31.2 31.9
C. Asia and Oceania 7838.0 10545.4 13107.0 34.5 24.3 Of which:1. Australia 4461.8 6259.0 7140.4 40.3 14.12. Japan 3179.8 4041.0 5662.5 27.1 40.1
D. Other O E C D Countries 6273.7 8903.7 11793.3 41.9 32.5Of which:1. Switzerland 5831.4 7992.6 8888.8 37.1 11.2
II. O P E C 10051.3 50846.2 67630.6 405.9 33.0Of which:1. Indonesia 2657.5 3659.0 4365.4 37.7 19.32. Iran 611.3 6736.1 10002.1 1002.0 48.53. Iraq 1.6 5085.0 5630.5 - 10.74. Kuwait 419.2 5396.7 6580.5 1187.4 21.95. Saudi Arabia 1508.8 12376.5 17398.1 720.3 40.66. U A E 3937.3 7606.3 12209.6 93.2 60.5
III. Eastern Europe 3472.8 4106.8 4870.6 18.3 18.6Of which:1. Romania 240.0 229.2 383.0 -4.5 67.12. Russia 1895.2 1871.3 2295.0 -1.3 22.6
IV. Developing Countries 33367.3 53556.2 73119.8 60.5 36.5Of which:A. Asia 26949.2 42669.2 58323.4 58.3 36.7
a) S A A R C 1293.0 1383.6 1794.9 7.0 29.71. Afghanistan 53.1 32.9 95.9 -38.1 191.42. Bangladesh 112.0 209.7 239.7 87.2 14.33. Bhutan 79.3 125.4 181.1 58.1 44.44. Maldives 1.8 2.8 3.7 - -5. Nepal 358.9 283.5 585.5 -21.0 106.66. Pakistan 164.6 306.8 248.1 86.4 -19.17 Sri Lanka 523.2 422.5 440.8 -19.2 4.3
b) Other Asian Developing Countries 25656.3 41285.6 56528.5 60.9 36.9 Of which:1. People's Rep of China 9649.6 15698.0 24811.4 62.7 58.12. Hong Kong 1965.2 2177.9 2493.8 10.8 14.53. South Korea 4000.0 4296.7 5373.6 7.4 25.14. Malaysia 2165.3 4792.5 5560.9 121.3 16.05. Singapore 2871.6 4944.5 7030.4 72.2 42.26. Thailand 1075.6 1544.9 2103.3 43.6 36.1
B. Africa 4198.9 6157.0 9538.5 46.6 54.9 Of which:1. Benin 75.8 78.0 70.0 2.9 -10.32. Egypt Arab Republic 202.4 1573.0 1798.4 677.3 14.33. Kenya 44.3 50.3 76.5 13.7 51.94. South Africa 2214.8 2321.5 3239.7 4.8 39.65. Sudan 28.8 87.0 428.6 201.8 392.56. Tanzania 116.0 88.9 147.6 -23.4 66.17. Zambia 38.5 78.6 73.8 104.0 -6.2
C. Latin American Countries 2219.1 4730.0 5257.9 113.1 11.2V. Others 42.2 61.0 57.2 44.7 -6.2VI. Unspecified 40030.3 640.7 688.6 -98.4 7.5
Total Imports 129407.3 162502.4 215408.9 25.6 32.6
(US $ million)
P : Provisional.Note : From 2006-07 onwards, figures include country-wise distribution of petroleum imports and therefore are not strictly
comparable with the data for previous years.Source : DGCI & S.
OTHERITEMS
RBIMonthly Bulletin
July 2008 1259
Press Releases
May 2008
Nepalese Citizens can nowsend Money Home easilythrough Banks
May 15, 2008
Nepalese citizens working in India
can now remit funds to their families
in Nepal using the National Electronic
Funds Transfer (NEFT) system. More
than 44,000 branches of banks, which
are participating in the NEFT system
in India, can offer this remittance
facility. Nepalese citizens, staying in
India can avail of this service either as
a walk-in customer or as an account
holder and can initiate the remittance
to a beneficiary in Nepal upto
Rs.50,000. The scheme envisages
concessional charges as it is aimed at
poor migrant workers of Nepalese
origin in India who desire to remit
money to their kith and kin. The
money would flow to a designated
branch of State Bank of India. From
here it would be consolidated and
flown to Nepal SBI, which in turn
would disburse the remittance
proceeds to the beneficiaries.
The system has been developed by
State Bank of India in close
coordination with the Reserve Bank of
India as a follow up of the report of
the Committee on "Modalities of
Workers' Remittance between India
and Nepal" constituted by the Reserve
Bank of India (Chairman-
Dr.R.B.Barman, Executive Director).
The one-way funds transfer
mechanism between India and Nepal
Press Releases
OTHERITEMS
RBIMonthly BulletinJuly 20081260
Press Releases
was today operationalised. The system
was inaugurated by the Reserve Bank
Executive Director, Dr.R.B.Barman in
the presence of senior officials of the
Reserve Bank, Nepal Rashtra Bank,
large commercial banks in India and
Nepal SBI Ltd. The Reserve Bank took
the initiative as a part of the SAARC
FINANCE activities.
The procedural guidelines circulated
to banks are available on the Reserve
Bank of India website.
OTHERITEMS
RBIMonthly Bulletin
July 2008 1261111
RBI/2007-08/317 UBD (PCB) BPD Cir No:
45 /13.01.000/2007-08 May 12, 2008
The Chief Executive Officers of All
Primary (Urban) Co-operative Banks
Settlement of Claims inRespect of Missing Persons
A query has been raised regarding the
system which should be followed by
urban co-operative banks (UCBs) in
case a claim is received from a
nominee / legal heirs for settlement of
claim in respect of missing persons.
2. The settlement of claims in respect
of missing persons would be governed
by the provisions of Section 107 / 108
of the Indian Evidence Act, 1872.
Section 107 deals with presumption of
continuance and Section 108 deals
with presumption of death. As per the
provisions of Section 108 of the Indian
Evidence Act, presumption of death
can be raised only after a lapse of
seven years from the date of his/her
being reported missing. As such, the
nominee / legal heirs have to raise an
express presumption of death of the
subscriber under Section 107/108 of the
Indian Evidence Act before a
competent court. If the court presumes
that he/she is dead, then the claim in
respect of a missing person can be
settled on the basis of the same.
3. UCBs are advised to formulate a
policy, which would enable them to
settle the claims of a missing person
after considering the legal opinion
Regulatoryand Other Measures
May 2008
Regulatoryand
OtherMeasures
OTHERITEMS
RBIMonthly BulletinJuly 20081262
and taking into account the facts and
circumstances of each case. Further,
keeping in view the imperative need
to avoid inconvenience and undue
hardship to the common person, UCBs
are advised that keeping in view their
risk management systems, they may
fix a threshold limit, up to which
claims in respect of missing persons
could be settled without insisting on
production of any documentation
other than (i) FIR and the non-
traceable report issued by police
authorities and (ii) letter of indemnity.
RBI/2007-2008/334 UBD.PCB.Cir.No.48/
13.05.007/07-08 May 26, 2008
The Chief Executive Officers of All
Mahila Primary (Urban) Co-operative
Banks.
Mahila Urban Co-operativeBanks-Membership
As per the extant licensing policy and
procedures, membership of Mahila
UCBs is exclusively confined to
women. Mahila banks should not
resort to enrolment of male members
as 'A' category or nominal members
except as nominal members for the
purpose of standing as sureties for the
borrowers from the bank. Further,
while enrolling proprietary/ partnership
firm, company/ body corporate as
members, the following aspects should
be kept in view:
(a) In case of partnership firm, the
majority of share holding should be
held by women, and
RegulatoryandOtherMeasures
(b) In respect of company/body
corporate, majority of share holdings
should be held by women.
Furthermore, relaxations have been
permitted in the Entry Point Capital
Norms (EPN) for Mahila banks to the
extent of 50 per cent of the minimum
required capital prescribed for the
general category of banks.
2. It had been represented by some of
the Mahila banks and their federations
that on account of the restrictions on
their membership, some of the Mahila
Banks are facing difficulties in
identifying creditworthy borrowers and
a request had been made to review the
present business model and to
provide limited male membership in
these banks. Taking into account the
representations made by the banks
and their federations and the findings
of case studies carried out by Reserve
Bank in this regard, it has been
decided to permit existing Mahila
Banks, which conform to the extant
entry point norms for general
category banks, to enrol male
members up to a limit of 25 per cent
of their total regular membership,
subject to compliance by the banks
with their respective bye-laws.
3. Approval of the concerned Registrar
of Co-operative Societies /Central
Registrar of Co-operative Societies
may also be obtained wherever
applicable.
OTHERITEMS
RBIMonthly Bulletin
July 2008 1263
RBI/2007-2008/332 UBD.PCB.Cir.No. 46 /
09.69.000/07-08 May 26, 2008
The Chief Executive Officers of All
Primary (Urban) Co-operative Banks
Annual Policy Statement forthe year 2008-09 Installation ofAutomatic Teller Machines(ATMs) -UCBs.
Please refer to our circular
UBD.PCB.BPD.Cir.No. 50/09.69.000/05-06
dated April 28, 2006 on the above
subject.
2. As announced in the Annual Policy
Statement for the year 2008-09 dated
April 29, 2008 (extract enclosed), the
eligibility norms for opening up of
on-site ATMs have been liberalised.
Accordingly, UCBs that are registered
in states which have entered into
MoU with the Reserve Bank or are
registered under the Multi-state
Cooperative Societies Act, 2002 and
classified in Grades other than Grade
III and IV, may hereafter, set up on-
site ATMs without prior approval of
the Reserve Bank.
RBI/2007-2008/363 REF No. MPD.BC.
300/07.01.279/2007-08 June 11, 2008
All Scheduled Banks [excluding
Regional Rural Banks (RRBs)] and
Primary Dealers
Standing Liquidity Facilities forBanks and Primary Dealers
Please refer to Financial Markets
Department Circular FMD. MOAG.
No.18/01.01.01/2007-08 dated June 11,
2008 on Liquidity Adjustment Facility
– Repo and Reverse Repo Rates.
2. The fixed repo rate under the LAF
has been revised to 8.00 per cent with
immediate effect. Accordingly, the
Standing Liquidity Facilities provided to
Banks (export credit refinance) and
Primary Dealers (PDs) (collateralised
liquidity support) from the Reserve
Bank would be available at the repo
rate, i.e., 8.00 per cent with effect
from June 12, 2008.
RBI/2007-2008/380 REF No. MPD.BC.
301/07.01.279/2007-08 June 24, 2008
All Scheduled Banks [excluding
Regional Rural Banks (RRBs)] and
Primary Dealers
Standing Liquidity Facilities forBanks and Primary Dealers
Please refer to Financial Markets
Department Circular FMD.MOAG.
No.19/01.01.01/2007-08 dated June 24,
2008 on Liquidity Adjustment Facility
– Repo and Reverse Repo Rates.
2. The fixed repo rate under the
liquidity adjustment facility (LAF) has
been revised to 8.50 per cent with
immediate effect. Accordingly, the
Standing Liquidity Facilities provided to
Banks (export credit refinance) and
Primary Dealers (PDs) (collateralised
liquidity support) from the Reserve
Bank would be available at the repo
rate, i.e. , 8.50 per cent with effect
from June 25, 2008.
Regulatoryand
OtherMeasures
OTHER
ITEMS
RBIMonthly Bulletin
July 2008 1265
ForeignExchange Developments
April 2008
(i) Trade Credits for Imports intoIndia - Review of all-in-Cost Ceiling
The all-in-cost ceiling in respect of
Trade Credits up to one year was
enhanced from 50 basis points over 6
months LIBOR to 75 basis points over 6
months LIBOR for the respective
currency of credit or applicable
benchmark. All other aspects of Trade
Credit remain unchanged.
[A.P. (DIR Series) Circular No. 42
dated May 28, 2008]
(ii) External CommercialBorrowings Policy: Liberalisation
The policy relating to External
Commercial Borrowings (ECB) was
reviewed and some aspects of the
policy were modified as indicated
below:
(a) At present, borrowers proposing
to avail ECB up to USD 20 million for
Rupee expenditure for permissible end-
uses require prior approval of the
Reserve Bank under the Approval
Route. It has been decided that,
henceforth,
(i) borrowers in infrastructure sector
may avail ECB up to USD 100 million for
Rupee expenditure for permissible end-
uses under the Approval Route;
(ii) in the case of other borrowers,
the existing limit of USD 20 million for
Rupee expenditure for permissible end-
uses under the Approval Route has been
enhanced to USD 50 million.
ForeignExchange
Developments
OTHER
ITEMS
RBIMonthly BulletinJuly 20081266
(b) The all-in-cost ceilings in respect
of ECB are modified as follows:
The above changes will apply to ECB
both under the automatic route and the
approval route.
All other aspects of ECB policy such
as USD 500 million limit per company
per year under the Automatic Route,
eligible borrower, recognised lender,
end-use of foreign currency expenditure
for import of capital goods and overseas
investments, average maturity period,
prepayment, refinancing of existing ECB
and reporting arrangements remain
unchanged.
[A.P. (DIR Series) Circular No. 43
dated May 29, 2008]
(iii) Reporting under FDI Scheme -Revised Procedure
In order to capture the details of FDI
in a more comprehensive manner, form
FC-GPR was revised vide A. P. (DIR
Series) Circular No.40 dated April 20,
2007. The reporting framework was
again reviewed and further revisions
were proposed and the revised draft of
Average All-in-CostMaturity Ceilings over 6Period Months LIBOR*
Existing Revised
Three years andup to five years 150 bps 200 bpsMore thanfive years 250 bps 350 bps
* : for the respective currency of credit orapplicable benchmark
form FC-GPR was placed in public
domain on March 14, 2008 inviting
feedback from the public. Based on the
feedback received, form FC-GPR has
been revised. Further, a standard format
for reporting of the receipt of the
amount of consideration for issue of
shares / convertible debentures has
been prescribed. A format for the KYC
report on the non-resident investor
from the overseas bank remitting the
amount required to be submitted along
with the form FC-GPR has also been
introduced. The KYC report should,
henceforth, be submitted at the time of
reporting the receipt of the amount of
consideration from the non-resident
investor.
[A.P. (DIR Series) Circular No. 44
dated May 30, 2008]
(iv) Foreign Exchange Management(Deposit) Regulations, 2000 -
Credit to Non Resident (External)
Rupee Accounts
In terms of the extant Anti-Money
Laundering guidelines, Full-Fledged
Money Changers (FFMCs) are permitted
to encash foreign currency and make
cash payment only up to USD 3000 or
its equivalent. Amount exceeding USD
3000 or its equivalent has to be paid by
way of demand draft or bankers'
cheque.
As a measure of liberalisation and
also to meet the genuine needs of the
ForeignExchangeDevelopments
OTHER
ITEMS
RBIMonthly Bulletin
July 2008 1267
NRE account holders, AD Category - I
banks and authorised banks may now
credit proceeds of demand drafts /
bankers' cheques issued against
encashment of foreign currency to the
NRE account of the NRI account holder
where the instruments issued to the
NRE account holder are supported by
encashment certificate issued by AD
Category - I / Category - II.
[A.P. (DIR Series) Circular No. 45
dated May 30, 2008]
ForeignExchange
Developments
Current Statistics
General
Money and Banking
Government Accounts
Government Securities Market
Production
Capital Market
Prices
Trade and Balance of Payments
July 2008
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 622
General
General
No. 1: Selected Economic Indicators
Output
1. Gross Domestic
Product at Factor
Cost (at 1999-00 Prices) Rs. crore 10,83,572 26,12,847 (P) 28,64,310 (Q.E.) 31,22,862 (R.E.)
2. Index Number of Triennium
Agricultural Production ended
(All Crops) 1993-94=100 148.4 146.7 156.9 (P) —
a. Foodgrains Production Million tonnes 176.4 208.6 217.3 227.3 (A.E.)
3. General Index of
Industrial Production (1) 1993-94=100 212.6 * 221.5 247.1 267.5 (P) 297.8 (P) 268.3 (P) —
Money and Banking
Reserve Bank of India (2)
4. Notes in Circulation Rs. crore 53,784 4,21,922 4,96,775 5,82,055 5,82,055 6,01,629 6,12,653
5. Rupee Securities (3) " 86,035 70,409 96,861 83,707 83,707 28,108 74,753
6. Loans and Discount " 19,900 4,746 6,585 4,579 4,579 1,028 2,819
(a) Scheduled Commercial
Banks (4) " 8,169 1,488 6,245 4,000 4,000 474 2,665
(b) Scheduled State
Co-operative Banks (4) " 38 7 — — — — 19
(c) Bills Purchased and
Discounted (Internal) " — — — — — — —
Scheduled Commercial Banks
7. Aggregate Deposits (5) Rs. crore 1,92,541 21,09,049 26,11,933 31,96,939 31,96,939 31,92,192 (P) 32,53,699 (P)
8. Bank Credit (5) " 1,16,301 15,07,077 19,31,189 23,61,914 23,61,914 23,29,066 (P) 23,72,369 (P)
9. Investment in Govt.
Securities (5) " 49,998 7,00,742 7,76,058 9,58,661 9,58,661 9,95,096 (P) 9,86,645 (P) 10. Cheque Clearances (6) Rs. thousand
crore 1,703 6,354 6,467 (P) 7,044 (P) 680 (P) 584 (P) 535 (P)
11. Money Stock Measures (7)
(a) M1
Rs. crore 92,892 8,26,375 9,66,089 11,50,953 11,50,953 11,04,582 11,11,044
(b) M3
" 2,65,828 27,29,545 33,16,093 40,06,722 40,06,722 40,20,718 40,77,509
Cash Reserve Ratio and
Interest Rates
12. Cash Reserve Ratio (2), (16) Per cent 15.00 5.00 6.50 7.50 7.50 7.50 8.25
13. Bank Rate Per cent
Per annum 10.00 6.00 6.00 6.00 6.00 6.00 6.00
14. Inter-bank Call Money Rate
(Mumbai) (8) " 4.00-70.00 3.00-8.25 0.50-4.90 6.15-9.30 6.15-9.30 4.75-6.30 5.00-8.00
15. Deposit Rate (9)
(a) 30 days and 1 year " 8.00 (11) 2.25-5.50 3.00-9.50 3.00-7.50 3.00-7.50 3.00-7.50 3.00-7.50
(b) 1 Year and Above " 9.00-11.00 6.00-7.00 7.50-9.60 8.25-9.00 8.25-9.00 8.25-9.00 8.25-8.75
Item Unit / Base 1990-91 2005-06 2006-07 2007-08
Mar. Apr. May
}Q.E. : Quick Estimate. R.E. : Revised Estimate. R : Revised. A.E. : Third Advance Estimate.* : Base : 1980-81 = 100. + : Base : Triennium ending 1981-82=100. ‡ : Base 1982=100.^ : Base : 2001 = 100 from January 2006 onwards.@ : As the security 12.50% 2004 had matured on March 23, 2004, it has been substituted by 11.40% Loan 2008, with effect from March 2004, to represent the
short-term yield.# : As the maturity of the security 11.50% 2008, which represents the trends in long term yield, had become less than 5 years, it has been substituted by 7.40%
Loan 2012, with effect from April 2004.Also see 'Notes on Tables'.
1 2 3 4 5 6 7 8 9
2008
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 623
General
No. 1: Selected Economic Indicators (Concld.)
1 2 3 4 5 6 7 8 9
16. Prime Lending Rate (10) " — 10.25-10.75 12.25-12.50 12.25-12.75 12.25-12.75 12.25-12.75 12.25-12.75
17. Yield on 11.40% Loan 2008 @ " — 6.40 7.22 — — — 7.67
18. Yield on 7.40% Loan 2012 # " — 6.95 7.55 7.74 7.74 7.59 —
Government Securities Market (2)
19. Govt. of India 91-day TreasuryBills (Total Outstandings) Rs. crore 16,318 45,229 39,957 39,957 42,090 51,951
Price Indices
20. Wholesale Prices (13) 1993-94=100
(a) All Commodities " 182.7 + 195.6 206.1 215.9 225.5 .. ..
(b) Primary Articles " 184.9 + 193.6 208.6 224.8 235.9 .. ..
(c) Fuel, Power, Light andLubricants " 175.8 + 306.8 324.9 327.2 341.5 .. ..
(d) Manufactured Products " 182.8 + 171.5 179.0 188.0 196.1 .. ..
(e) Foodgrains(Cereals + Pulses) " 179.2 + 186.9 205.9 215.6 222.3 .. ..
(f) Edible Oils " 223.3 + 146.1 154.6 175.4 196.2 .. ..
(g) Sugar, Khandsari & Gur " 152.3 + 178.8 179.8 155.2 154.8 .. ..
(h) Raw Cotton " 145.5 + 144.3 151.8 193.0 193.0 .. ..
21. Consumer Prices (All-India) (1)
(a) Industrial Workers 2001=100 193 542 125 133 137 138 139
(b) Urban Non-ManualEmployees 1984-85=100 161 456 486 515 528 — —
(c) Agricultural Labourers July 1986-June 1987=100 .. 358 388 .. 423 429 431
Foreign Trade
22. Value of Imports U.S. $ Million 24,073 1,49,166 1,85,749(R) 2,35,747 (R) 23,175 (R) 24,274 (P) ..
23. Value of Exports " 18,145 1,03,091 1,26,361 (R) 1,55,355 (R) 16,283 (R) 14,400 (P) ..
24. Balance of Trade " –5,927 –46,075 –59,388 (R) –80,392 (R) –6,892 (R) –9,874 (P) ..
25. Foreign Exchange Reserves (14)
(a) Foreign Currency Assets U.S. $ Million 2,236 1,45,108 1,91,924 2,99,230 2,99,230 3,04,225 3,04,875
(b) Gold " 3,496 5,755 6,784 10,039 10,039 9,427 9,202
(c) SDRs " 102 3 2 18 18 18 11
Employment ExchangeStatistics (15)
26. Number of Registrations Thousand 6,541 .. .. .. .. .. ..
27. Number of Applicants
(a) Placed in Employment " 265 .. .. .. .. .. ..
(b) On Live Register (14) " 34,632 .. .. .. .. .. ..
Item Unit / Base 1990-91 2005-06 2006-07 2007-08 2008
Mar. Apr. May
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 624
Money andBanking
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
See ‘Notes on Tables’.
No. 2 : Reserve Bank of India
(Rs. crore)
1990-91 2006-07 2007-08Last Friday /Friday
2007
IssueDepartmentLiabilities
Notes inCirculation 53,784 4,96,775 5,82,055 5,07,347 5,44,865 5,53,971 5,66,297 5,82,055 6,01,629 6,12,653 6,18,464 6,21,682 6,18,211 6,12,534
Notes heldin BankingDepartment 23 11 20 18 18 11 19 20 20 12 11 9 18 17
Total Liabilities(Total NotesIssued) orAssets 53,807 4,96,786 5,82,075 5,07,364 5,44,883 5,53,982 5,66,316 5,82,075 6,01,649 6,12,665 6,18,475 6,21,690 6,18,228 6,12,550
Assets
Gold Coin andBullion 6,654 24,160 31,170 22,995 27,082 26,812 31,170 31,170 32,779 32,016 32,016 32,016 32,016 32,016
ForeignSecurities 200 4,71,567 5,49,722 4,83,199 5,16,609 5,26,033 5,34,086 5,49,722 5,67,752 5,79,428 5,85,255 5,88,484 5,85,035 5,79,377
Rupee Coin (1) 29 12 136 124 145 91 14 136 71 175 158 144 131 111
Government ofIndia RupeeSecurities 46,924 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046
BankingDepartmentLiabilitiesDeposits 38,542 3,02,615 5,36,851 3,04,389 5,04,472 4,98,688 5,05,860 5,36,851 4,73,445 5,17,121 4,86,118 5,06,322 4,99,622 5,26,719
CentralGovernment 61 36,661 83,645 101 60,691 50,757 48,638 83,645 16,649 100 101 1,252 14,259 16,613
MarketStabilisationScheme - 62,974 1,68,392 81,137 1,59,717 1,66,739 1,75,089 1,68,392 1,72,444 1,75,362 1,74,433 1,74,433 1,74,433 1,74,433
StateGovernments 33 41 41 41 41 41 41 41 41 41 41 41 41 41
ScheduledCommercialBanks 33,484 1,80,222 2,57,122 1,99,587 2,57,725 2,54,022 2,54,217 2,57,122 2,54,548 3,09,968 2,81,242 3,01,117 2,81,399 3,05,963
Scheduled StateCo-operativeBanks 244 2,851 3,396 2,598 3,021 3,249 3,393 3,396 3,584 4,094 4,200 3,974 3,868 4,009
Non-ScheduledState Co-operativeBanks 13 55 62 55 48 53 53 62 72 65 67 65 60 55
Other Banks 88 8,202 11,946 9,130 11,224 11,791 12,443 11,946 12,977 13,754 13,940 13,753 13,788 13,712
Others 4,619 11,609 12,247 11,740 12,005 12,036 11,986 12,247 13,129 13,738 12,095 11,686 11,775 11,893
OtherLiabilities (2) 28,342 1,79,897 2,14,216 1,73,768 1,46,052 1,46,504 1,88,442 2,14,216 2,18,137 2,93,617 3,03,993 2,92,923 3,07,884 3,12,551
Total Liabilitiesor Assets 66,884 4,82,512 7,51,067 4,78,157 6,50,524 6,45,192 6,94,302 7,51,067 6,91,581 8,10,739 7,90,111 7,99,245 8,07,507 8,39,269
Jun Dec. Jan. Feb. Mar. Apr. May Jun. 6 Jun. 13 Jun. 20 Jun. 27
2008
Money and Banking
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 625
Money andBanking
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
No. 2: Reserve Bank of India (Concld.)
(Rs. crore)
1990-91 2006-07 2007-08Last Friday /Friday
2007
Assets
Notes and Coins 23 11 20 18 18 11 20 20 20 12 11 9 18 17
Balances heldAbroad (3) 4,008 3,64,834 6,49,661 3,56,530 5,35,335 5,75,187 6,28,393 6,49,661 6,46,809 7,18,831 7,23,569 7,01,507 7,15,648 7,12,885
Loans and
Advances
Central
Government — — — 15,159 — — — — — — — — — —
StateGovernments (4) 916 — — — 569 26 — — 471 — — — 25 —
Scheduled
CommercialBanks 8,169 6,245 4,000 1,266 2,278 1,610 773 4,000 474 2,665 528 3,707 1,612 3,096
Scheduled State
Co-op.Banks 38 — — 10 29 10 24 — — 19 7 19 — 19
Industrial Dev.Bank of India 3,705 — — — — — — — — — — — — —
NABARD 3,328 — — — — — — — — — — — — —
EXIM Bank 745 — — — — — — — — — — — — —
Others 1,615 340 579 83 253 83 403 579 83 135 83 393 108 210
Bills Purchased
and Discounted
Internal — — — — — — — — — — — — — —
Government
Treasury Bills 1,384 — — — — — — — — — — — — —
Investments 40,286 99,983 85,607 93,883 1,02,230 58,418 53,327 85,607 30,006 76,662 52,120 81,030 77,265 1,10,027
Other Assets (5) 2,666 11,099 11,201 12,207 9,812 9,848 11,362 11,201 13,720 12,415 13,793 12,580 12,831 13,015
(–) (5,414) (6,984) (5,152) (6,068) (6,008) (6,984) (6,984) (7,345) (7,174) (7,174) (7,174) (7,174) (7,174)
Jun. Dec. Jan. Feb. Mar. Apr. May Jun. 6 Jun. 13 Jun. 20 Jun. 27
2008
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 626
Money andBanking
No. 3: All Scheduled Banks - Business in India
1 2 3 4 5 6 7 8 9 10 11 12
Number of Reporting
Banks 299 249 239 246 241 241 241 241 239 239 239
Liabilities to the
Banking System (1) 6,673 91,541 1,01,724 85,747 80,778 88,837 91,147 87,182 1,01,724 96,570 1,03,912
Demand and Time
Deposits from Banks (2) 5,598 43,620 50,306 38,751 39,835 40,565 42,405 43,357 50,306 49,950 46,196
Borrowings from
Banks (3) 998 35,532 33,034 28,793 23,163 30,110 30,637 26,885 33,034 30,964 33,698
Other Demand and
Time Liabilities (4) 77 12,389 18,385 18,203 17,779 18,163 18,104 16,940 18,385 15,656 24,017
Liabilities to Others (1) 2,13,125 30,26,644 37,06,404 30,02,043 34,13,043 34,27,366 36,03,182 35,94,593 37,06,404 36,98,355 37,66,602
Aggregate Deposits (5) 1,99,643 26,94,678 32,97,074 26,92,367 30,42,973 30,47,078 32,08,229 31,85,694 32,97,074 32,96,348 33,58,383
Demand 34,823 4,40,543 5,35,930 3,77,795 4,57,245 4,55,342 5,67,863 4,70,891 5,35,930 4,72,309 4,72,939
Time (5) 1,64,820 22,54,135 27,61,144 23,14,572 25,85,728 25,91,736 26,40,367 27,14,804 27,61,144 28,24,040 28,85,444
Borrowings (6) 645 86,910 1,07,712 85,588 1,08,381 96,366 1,11,210 1,10,596 1,07,712 1,04,876 1,19,484
Other Demand and
Time Liabilities (4) 12,838 2,45,056 3,01,618 2,24,088 2,61,690 2,83,922 2,83,743 2,98,302 3,01,618 2,97,131 2,88,735
Borrowings from
Reserve Bank (7) 3,483 6,348 4,000 3,208 415 2,307 1,620 797 4,000 474 2,684
Against Usance Bills /
Promissory Notes – – – – – – – – – – –
Others (8) 3,483 6,348 4,000 3,208 415 2,307 1,620 797 4,000 474 2,684
Cash in Hand and Balances
with Reserve Bank 25,995 2,02,595 2,83,514 2,08,009 2,75,993 2,84,273 2,81,547 2,80,993 2,83,514 2,81,310 3,39,993
Cash in Hand 1,847 16,637 18,593 16,153 19,099 19,319 19,731 18,334 18,593 18,256 20,706
Balances with Reserve Bank (9) 24,147 1,85,958 2,64,921 1,91,856 2,56,894 2,64,955 2,61,815 2,62,659 2,64,921 2,63,054 3,19,286
(Rs. crore)
See ‘Notes on Tables’.
Last Reporting Friday 1990-91 2006-07 2007-08 2007 2008
(in case of March)/ May Nov. Dec. Jan. Feb. Mar. Apr. (P) May (P)
Last Friday
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 627
Money andBanking
No. 3: All Scheduled Banks - Business in India (Concld.)
(Rs. crore)
Last Reporting Friday 1990-91 2006-07 2007-08 2007 2008
(in case of March)/ May Nov. Dec. Jan. Feb. Mar. Apr. (P) May (P)
1 2 3 4 5 6 7 8 9 10 11 12
Assets with the Banking
System 6,848 87,303 1,03,411 78,398 88,280 95,225 1,00,900 93,885 1,03,411 95,624 1,01,527
Balances with Other Banks 3,347 33,868 41,310 30,882 37,090 39,422 43,628 42,047 41,310 40,938 38,893
In Current Account 1,926 14,518 16,553 12,560 12,715 14,791 14,235 15,414 16,553 14,817 14,540
In Other Accounts 1,421 19,350 24,757 18,323 24,374 24,631 29,393 26,633 24,757 26,121 24,353
Money at Call and
Short Notice 2,201 22,761 25,766 17,215 16,701 22,839 24,531 17,486 25,766 21,470 19,885
Advances to Banks (10) 902 6,516 4,157 4,957 3,985 4,755 4,097 4,852 4,157 5,330 5,044
Other Assets 398 24,159 32,177 25,344 30,504 28,209 28,643 29,501 32,177 27,885 37,705
Investment 76,831 8,21,334 10,05,952 8,43,844 9,94,568 9,53,432 10,10,393 10,22,002 10,05,952 10,49,132 10,41,819
Government Securities (11) 51,086 8,04,846 9,91,899 8,28,119 9,79,789 9,39,114 9,96,199 10,07,996 9,91,899 10,28,942 10,21,569
Other Approved Securities 25,746 16,488 14,053 15,725 14,779 14,318 14,195 14,006 14,053 20,190 20,250
Bank Credit 1,25,575 20,08,608 24,47,646 19,60,492 21,77,199 22,29,657 22,67,012 23,35,981 24,47,646 24,12,555 24,54,984
Loans, Cash-credits and
Overdrafts 1,14,982 19,19,506 23,45,470 18,82,872 20,89,092 21,39,092 21,73,189 22,40,187 23,45,470 23,11,423 23,53,554
Inland Bills-Purchased 3,532 16,414 12,988 11,866 11,278 11,092 11,486 11,837 12,988 13,161 12,535
Inland Bills-Discounted 2,409 31,948 41,400 30,732 35,264 36,091 37,202 38,797 41,400 41,777 42,946
Foreign Bills-Purchased 2,788 16,174 16,535 13,096 13,088 13,560 13,851 14,965 16,535 15,712 15,910
Foreign Bills-Discounted 1,864 24,567 31,253 21,926 28,476 29,821 31,285 30,195 31,253 30,483 30,039
Cash-Deposit Ratio 13.0 7.5 8.6 7.7 9.1 9.3 8.8 8.8 8.6 8.5 10.1
Investment-Deposit Ratio 38.5 30.5 30.5 31.3 32.7 31.3 31.5 32.1 30.5 31.8 31.0
Credit-Deposit Ratio 62.9 74.5 74.2 72.8 71.5 73.2 70.7 73.3 74.2 73.2 73.1
Last Friday
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 628
Money andBanking
See ‘Notes on Tables’.
May Nov. Dec. Jan. Feb. Mar. Apr.(P) May (P)
1 2 3 4 5 6 7 8 9 10 11 12
(Rs. crore)
Last Reporting Friday(in case of March)/Last Friday
1990-91 2006-07 2007-08 2008
No. 4: All Scheduled Commercial Banks - Business in India
Select Banking Aggregates
500
1000
1500
2000
2500
3000
0
Aggregate Deposits Bank Credit Non-food Credit
2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07
Rs.
Th
ou
san
dC
rore
s
3500
2007-08
Number of Reporting Banks 271 179 170 177 172 172 172 172 170 170 170
Liabilities to the Banking
System (1) 6,486 88,545 98,154 82,795 77,416 85,456 87,687 83,656 98,154 92,356 99,984
Demand and Time Deposits
from Banks (2), (12) 5,443 40,772 46,778 35,867 36,508 37,249 39,011 39,852 46,778 45,748 42,279
Borrowings from Banks (3) 967 35,399 32,996 28,727 23,129 30,045 30,591 26,869 32,996 30,961 33,690
Other Demand and
Time Liabilities (4) 76 12,374 18,379 18,202 17,778 18,162 18,085 16,935 18,379 15,647 24,015
Liabilities to Others (1) 2,05,600 29,40,003 36,01,799 29,15,828 33,18,081 33,29,802 35,03,878 34,92,805 36,01,799 35,89,504 36,57,817
Aggregate Deposits (5) 1,92,541 26,11,933 31,96,939 26,10,571 29,51,949 29,53,663 31,13,203 30,88,255 31,96,939 31,92,192 32,53,699
Demand 33,192 4,29,731 5,24,310 3,68,394 4,46,856 4,44,405 5,56,514 4,59,769 5,24,310 4,60,207 4,60,955
Time (5) 1,59,349 21,82,203 26,72,630 22,42,176 25,05,093 25,09,258 25,56,689 26,28,485 26,72,630 27,31,986 27,92,745
Borrowings (6) 470 85,836 1,06,504 83,842 1,07,340 95,498 1,10,103 1,09,173 1,06,504 1,03,373 1,18,581
Other Demand and
Time Liabilities (4), (13) 12,589 2,42,234 2,98,355 2,21,415 2,58,791 2,80,641 2,80,572 2,95,378 2,98,355 2,93,939 2,85,537
Borrowings from
Reserve Bank (7) 3,468 6,245 4,000 3,139 396 2,278 1,610 773 4,000 474 2,665
Against Usance Bills/
Promissory Notes – – – – – – – – – – –
Others 3,468 6,245 4,000 3,139 396 2,278 1,610 773 4,000 474 2,665
2007
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 629
Money andBanking
No. 4: All Scheduled Commercial Banks - Business in India (Concld.)
May Nov. Dec. Jan. Feb. Mar. Apr.(P) May (P)
1 2 3 4 5 6 7 8 9 1 0 1 1 1 2
(Rs. crore)
Last Reporting Friday(in case of March)/Last Friday
1990-91 2006-07 2007-08
Cash in Hand and
Balances with
Reserve Bank 25,665 1,96,361 2,75,166 2,01,888 2,68,020 2,76,415 2,73,159 2,72,002 2,75,166 2,72,318 3,30,117
Cash in Hand 1,804 16,139 18,044 15,652 18,431 18,690 19,137 17,785 18,044 17,770 20,149
Balances with Reserve
Bank (9) 23,861 1,80,222 2,57,122 1,86,236 2,49,589 2,57,725 2,54,022 2,54,217 2,57,122 2,54,548 3,09,968
Assets with the Banking
System 5,582 77,442 90,877 68,917 75,951 82,767 88,202 81,734 90,877 82,218 89,066
Balances with Other Banks 2,846 29,469 36,016 26,522 31,441 34,194 38,380 37,047 36,016 35,839 33,914
In Current Account 1,793 13,268 14,871 11,502 11,350 13,478 12,864 13,950 14,871 13,244 13,097
In Other Accounts 1,053 16,201 21,145 15,020 20,091 20,717 25,516 23,097 21,145 22,595 20,818
Money at Call and Short
Notice 1,445 18,267 19,925 13,378 11,343 17,060 18,440 11,716 19,925 14,514 13,758
Advances to Banks (10) 902 6,203 3,779 4,318 3,314 4,053 3,384 4,129 3,779 4,597 4,312
Other Assets 388 23,503 31,156 24,699 29,853 27,459 27,999 28,842 31,156 27,268 37,081
Investment 75,065 7,91,516 9,71,715 8,14,399 9,61,644 9,20,357 9,77,274 9,88,424 9,71,715 10,14,292 10,05,861
Government Securities (11) 49,998 7,76,058 9,58,661 7,99,712 9,47,888 9,07,078 9,64,071 9,75,404 9,58,661 9,95,096 9,86,645
Other Approved Securities 25,067 15,458 13,053 14,687 13,755 13,280 13,203 13,020 13,053 19,196 19,217
Bank credit (14) 1,16,301 19,31,189 23,61,914 18,83,720 20,97,008 21,49,285 21,85,898 22,54,760 23,61,914 23,29,066 23,72,369
(4,506) (46,521) (44,399) (44,864) (38,967) (41,012) (39,817) (44,311) (44,399) (41,024) (48,379)
Loans, Cash-Credits and
Overdrafts 1,05,982 18,43,871 22,61,576 18,07,734 20,10,561 20,60,396 20,93,712 21,60,613 22,61,576 22,29,850 22,72,821
Inland Bills-Purchased 3,375 15,919 12,594 11,476 10,914 10,720 11,100 11,488 12,594 12,767 12,143
Inland Bills-Discounted 2,336 31,314 40,553 30,107 34,535 35,349 36,527 38,071 40,553 40,852 42,035
Foreign Bills-Purchased 2,758 16,142 16,499 13,050 13,058 13,529 13,827 14,939 16,499 15,669 15,862
Foreign Bills-Discounted 1,851 23,944 30,691 21,352 27,940 29,291 30,733 29,649 30,691 29,928 29,508
Cash-Deposit Ratio 13.3 7.5 8.6 7.7 9.1 9.4 8.8 8.8 8.6 8.5 10.1
Investment- Deposit Ratio 39.0 30.3 30.4 31.2 32.6 31.2 31.4 32.0 30.4 31.8 30.9
Credit-Deposit Ratio 60.4 73.9 73.9 72.2 71.0 72.8 70.2 73.0 73.9 73.0 72.9
20082007
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 630
Money andBanking
No. 5: Scheduled Commercial Banks’ Investments
(Rs. crore)
Outstanding SLR Commercial Shares Issued by Bonds / Debentures Issued by Instruments Issued by
as on Securities Paper PSUs Private Others PSUs Private Others Mutual FinancialCorporate Corporate Funds Institutions
Sector Sector
1 2 3 4 5 6 7 8 9 10 11
March 22, 2002 4,38,269 8,506 2,264 4,327 – 40,733 27,132 – 5,355 29,868
March 21, 2003 5,47,546 4,041 1,639 7,591 – 48,258 33,026 – 6,455 31,066
March 19, 2004 6,77,588 3,835 1,565 7,400 41 49,720 27,966 5,232 11,930 32,988
March 18, 2005 7,39,154 3,944 1,886 10,289 44 46,939 31,994 6,980 12,744 31,557
March 31, 2006 7,17,454 4,837 2,627 10,502 41 33,018 29,550 15,153 10,410 29,203
March 30, 2007 7,91,516 9,038 2,129 16,225 74 29,232 27,641 17,787 11,761 26,568
March 28, 2008 9,72,738 13,054 3,022 23,376 294 27,482 28,442 28,780 18,478 25,598
May 11, 2007 8,13,413 7,137 2,171 16,213 79 26,155 26,171 13,857 24,097 24,018
May 25, 2007 8,14,399 6,977 1,909 17,259 75 25,392 26,177 13,367 25,683 24,079
June 8, 2007 8,18,454 6,974 1,985 17,173 68 25,435 26,617 15,526 50,984 23,670
June 22, 2007 8,41,199 6,772 2,005 17,444 68 24,905 26,304 15,329 46,908 24,208
July 6, 2007 8,49,168 6,711 2,028 19,446 105 24,909 26,414 14,894 54,837 24,756
July 20, 2007 8,53,960 5,420 1,977 19,392 148 24,238 25,950 15,203 64,775 23,674
August 3, 2007 8,67,246 5,274 2,071 18,545 152 24,497 25,525 14,095 78,827 23,663
August 17, 2007 9,04,747 5,291 2,117 18,892 171 24,450 24,867 13,092 57,987 23,612
August 31, 2007 9,03,792 5,347 2,095 18,685 198 24,339 25,306 15,630 51,030 23,968
September 14, 2007 9,10,165 6,229 2,128 18,343 198 24,739 24,522 16,473 50,186 24,106
September 28, 2007 9,09,154 7,315 1,981 18,521 193 24,899 24,512 15,600 39,379 23,908
October 12, 2007 9,47,752 6,533 1,986 18,369 191 25,580 24,702 14,648 66,571 23,363
October 26, 2007 9,47,138 6,949 2,003 18,558 185 25,688 25,598 14,875 70,276 23,621
November 9, 2007 9,46,799 7,361 1,999 18,953 184 26,143 25,744 15,933 70,753 23,963
November 23, 2007 9,63,155 10,046 2,249 19,409 181 26,128 25,520 15,281 54,422 24,290
December 7, 2007 9,55,213 8,608 2,261 19,389 182 25,775 25,782 16,611 47,132 23,632
December 21, 2007 9,35,935 8,702 2,414 21,464 180 26,310 26,374 16,281 38,680 23,145
January 4, 2008 9,63,052 9,526 2,430 22,377 332 26,352 26,664 16,479 46,524 23,217
January 18, 2008 9,53,499 12,133 2,626 22,820 329 26,692 26,769 18,327 59,605 23,945
February 1, 2008 9,50,953 12,846 2,996 24,038 319 27,579 27,590 16,573 50,525 23,413
February 15, 2008 9,82,588 13,297 3,143 24,116 315 28,005 26,635 16,911 45,995 24,158
February 29, 2008 9,88,424 12,740 3,080 23,897 303 27,932 26,565 18,796 41,346 26,039
March 14, 2008 9,82,827 11,698 3,016 23,691 299 27,622 27,170 19,167 40,386 25,352
March 28, 2008 9,71,715 13,270 3,025 23,389 294 27,935 28,700 29,230 18,824 25,942
April 11, 2008 10,00,819 11,991 3,264 23,720 345 26,424 27,877 29,146 47,974 25,679
April 25, 2008 10,14,292 10,843 3,466 23,619 318 25,775 27,161 27,537 46,965 26,741
May 9, 2008 10,13,948 10,928 3,714 23,278 303 25,077 26,469 26,867 59,700 26,551
May 23, 2008 10,20,180 10,896 3,778 23,936 276 25,522 26,944 23,703 50,868 25,828
PSUs : Public Sector Undertakings.
Note : Data on Investments are based on Statutory Section 42(2) Returns, Final data upto : March 28, 2008.
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 631
Money andBanking
See ‘Notes on Tables’.
No. 6: State Co-operative Banks _ Maintaining Accounts with the Reserve Bank of India(Rs. crore)
1990-91 2005-06 2006-07 2007 2008
Feb. Sep. Oct. Nov. Dec. Jan. Feb. 1 Feb. 15 Feb. 29
1 2 3 4 5 6 7 8 9 10 11 12 13
Number of Reporting Banks 28 31 31 31 31 31 31 31 31 31 31 31
Demand and Time LiabilitiesAggregate Deposits (1) 2,152 15,665 17,105 16,276 17,825 18,442 19,063 19,448 19,634 19,502 19,269 19,421
Demand Liabilities 1,831 6,065 7,324 6,122 6,112 6,142 6,394 6,863 6,664 6,697 6,304 6,379
Deposits
Inter-Bank 718 1,457 1,921 933 1,405 1,402 1,378 1,441 1,176 1,206 1,381 1,437
Others 794 3,101 3,571 3,203 3,498 3,565 3,525 3,971 3,885 3,838 3,502 3,517
Borrowings from Banks 181 464 914 1,147 260 339 531 309 493 463 482 475
Others 139 1,043 918 840 949 836 960 1,141 1,110 1,190 940 951
Time Liabilities 3,963 38,464 39,425 37,181 39,700 40,746 41,337 42,972 44,807 44,825 45,439 46,141
Deposits
Inter-Bank 2,545 25,561 25,540 23,818 24,925 25,423 25,376 27,050 28,635 28,732 29,239 29,794
Others 1,359 12,564 13,534 13,074 14,327 14,876 15,538 15,477 15,748 15,663 15,768 15,904
Borrowings from Banks – 12 10 10 9 9 9 9 9 8 8 8
Others 59 327 341 280 438 438 414 436 414 422 424 435
Borrowing from Reserve Bank 15 – – 21 – – 19 29 10 10 10 24
Borrowings from theState Bank and / or aNotified bank (2) andState Government 1,861 9,768 13,639 12,715 13,300 13,100 13,187 13,065 13,075 12,900 12,977 13,024
Demand 116 2,021 3,292 2,979 2,924 2,994 2,991 2,822 2,988 2,865 2,863 2,854
Time 1,745 7,747 10,347 9,736 10,376 10,106 10,196 10,243 10,087 10,034 10,114 10,170
Assets
Cash in Hand and Balanceswith Reserve Bank 334 2,499 3,054 2,217 2,924 2,890 3,297 3,225 3,450 3,379 3,512 3,605
Cash in Hand 24 146 153 139 153 149 150 156 148 149 136 146
Balance with Reserve Bank 310 2,353 2,900 2,078 2,772 2,741 3,147 3,069 3,302 3,230 3,376 3,459
Balances with Other Banks inCurrent Account 93 575 486 329 357 333 366 352 379 428 422 406
Investments in GovernmentSecurities (3) 1,058 16,472 14,146 14,895 15,044 15,615 15,897 16,142 16,424 16,848 16,771 16,808
Money at Call and Short Notice 498 5,899 6,749 5,246 5,710 6,571 7,260 8,056 8,892 8,272 8,662 7,967
Bank Credit (4) 2,553 15,589 17,017 15,918 16,241 15,585 15,420 15,768 15,782 15,803 16,037 16,173
Advances
Loans, Cash-Credits and Overdrafts 2,528 15,568 17,001 15,904 16,230 15,575 15,409 15,756 15,774 15,793 16,029 16,164
Due from Banks (5) 5,560 24,167 30,098 29,562 32,581 32,442 32,445 31,701 31,761 31,643 31,252 31,395
Bills Purchased and Discounted 25 21 16 13 11 10 11 12 8 11 8 9
Cash-Deposit Ratio 15.5 16.0 17.9 13.6 16.4 15.7 17.3 16.6 17.6 17.3 18.2 18.6
Investment-Deposit Ratio 49.2 105.2 82.7 91.5 84.4 84.7 83.4 83.0 83.7 86.4 87.0 86.5
Credit-Deposit Ratio 118.6 99.5 99.5 97.8 91.1 84.5 80.9 81.1 80.4 81.0 83.2 83.3
Last Reporting Friday(in case of March)/Last Friday/Reporting Friday
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 632
Money andBanking
No. 7 : Reserve Bank’s Standing Facilities to Scheduled Commercial Banks
@ : ‘Others’ include Collateralised Lending Facility (CLF) (withdrawn completely effective from October 5, 2002) / Additional CLF (withdrawn effective from
June 5, 2000), etc.
* : Normal Limit = 1/2 of total limit effective from November 16, 2002; 1/3 rd of the total limit effective from December 27, 2003.
** : Back-Stop Limit = 1/2 of total limit effective from November 16, 2002; 2/3 rd of the total limit effective from December 27, 2003.
***: Total limits under Normal Facility and Back-Stop facility merged in to a single facility effective from March 29, 2004.
Also see ‘Notes on Tables’.
(Rs. crore)
1 2 3 4 5 6 7 8 9
As on last reportingFriday of
Export CreditRefinance (1)
GeneralRefinance (2)
Special LiquiditySupport (3)
TotalRefinance (4)
Limit Outstanding Limit Outstanding Limit Outstanding Limit Outstanding
1996-97 6,654.40 559.97 — — 6,654.40 559.97
1997-98 2,402.96 394.52 1,115.02 0.11 3,517.98 394.63
1998-99 7,269.27 2,616.57 1,115.02 19.23 3,235.02 258.00 11,619.31 2,893.80
Mar. 1999 7,269.27 2,616.57 1,115.02 19.23 3,235.02 258.00 11,619.31 2,893.80
Apr. 1999 8,638.29 5,164.76 1,115.02 56.31 — — 9,753.31 5,221.07
As on lastreportingFriday of
Export Credit Refinance (1) Others @ TotalStanding FacilityNormal * Back Stop ** Total *** Normal * Back Stop ** Total
Limit Out-standing
Limit Out-standing
Limit Out-standing
Limit Out-standing
Limit Out-standing
Limit Out-standing
Limit Out-standing
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15=(2+4) =(3+5) =(8+10) =(9+11) =(6+12) =(7+13)
2001-02 6,060.29 3,144.11 3,025.60 49.83 9,085.89 3,193.94 837.62 422.35 218.65 — 1,056.27 422.35 10,142.16 3,616.29
2002-03 2,524.13 61.51 2,524.13 23.00 5,048.26 84.51 399.66 — — — 399.66 — 5,447.92 84.51
2003-04 1,553.25 — 3,111.17 — 4,664.42 — 399.66 — — — 399.66 — 5,064.08 —
2004-05 — — — — 4,912.13 50.00 399.66 — — — 399.66 — 5,311.79 50.00
2005-06 — — — — 6,050.63 1,567.68 — — — — — — 6,050.63 1,567.68
2006-07 — — — — 8,110.33 4,984.94 — — — — — — 8,110.33 4,984.94
2007-08 — — — — 9,103.46 2,825.00 — — — — — — 9,103.46 2,825.00
Sep. 2006 — — — — 6,963.09 1,563.75 — — — — — — 6,963.09 1,563.75
Dec. 2006 — — — — 7,200.34 1,784.23 — — — — — — 7,200.34 1,784.23
Mar. 2007 — — — — 8,110.33 4,984.94 — — — — — — 8,110.33 4,984.94
Apr. 2007 — — — — 8,871.55 3,760.22 — — — — — — 8,871.55 3,760.22
May 2007 — — — — 8,510.80 2,746.00 — — — — — — 8,510.80 2,746.00
Jun. 2007 — — — — 8,342.90 100.90 — — — — — — 8,342.90 100.90
Jul. 2007 — — — — 8,103.46 0.90 — — — — — — 8,103.46 0.90
Aug. 2007 — — — — 7,806.76 92.00 — — — — — — 7,806.76 92.00
Sep. 2007 — — — — 7,505.46 45.00 — — — — — —- 7,505.46 45.00
Oct. 2007 — — — — 7,705.45 — — — — — — — 7,705.45 —
Nov.2007 — — — — 7,836.03 169.00 — — — — — — 7,836.03 169.00
Dec. 2007 — — — — 7,818.76 779.00 — — — — — — 7,818.76 779.00
Jan. 2008 — — — — 8,413.40 3,844.07 — — — — — — 8,413.40 3,844.07
Feb. 2008 — — — — 8,709.42 172.50 — — — — — — 8,709.42 172.50
Mar. 2008 — — — — 9,103.46 2,825.00 — — — — — — 9,103.46 2,825.00
Apr. 2008 — — — — 9,509.23 474.00 — — — —— — — 9,509.23 474.00
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 633
Money andBanking
No. 8: Cheque Clearing Data
(Number in Lakh and Amount in Rs. crore)
* : MICR - Magnetic Ink Character Recognition - automated CPC (Cheque Processing Centres)** : Non MICR - Clearing done at the clearing houses where MICR Cheque Processing Centres have not been set up. The processing is done either using Magnetic
Media Based Clearing System (MMBCS) or is done manually.*** : RBI Centres (MICR) refers to all centres where RBI is the manager of Clearing House.
RBI Centres***Month/Year Total Total MICR*Centres
Total Non-MICR**Centres
Total of RBICentres
1 2=(3+4) 3=(5+22) 4 5 6 7 8
Ahmedabad Bangalore Bhopal
Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount
2001-02 9,015.0 1,25,75,254.0 5,377.0 1,09,47,391.0 3,638.0 16,27,863.0 5,377.0 1,09,47,391.0 414.0 2,07,524.0 445.0 2,69,346.0 – –
2002-03 10,139.0 1,34,24,313.0 5,980.0 1,09,78,762.0 4,159.0 24,45,551.0 5,980.0 1,09,78,762.0 434.0 2,25,060.0 485.0 3,07,577.0 – –
2003-04 10,228.0 1,15,95,960.0 6,241.0 91,78,751.0 3,987.0 24,17,209.0 6,241.0 91,78,751.0 473.0 2,80,649.0 547.0 3,75,885.0 – –
2004-05 11,668.5 1,04,58,894.9 9,414.6 93,56,252.2 2,253.9 11,02,642.7 7,384.8 84,93,320.7 525.5 3,52,696.6 601.6 4,77,810.1 59.3 47,188.1
2005-06 12,867.6 1,13,29,133.5 10,318.4 94,74,370.8 2,549.2 18,54,762.8 7,942.4 81,94,976.7 603.7 4,06,598.7 656.1 4,98,344.5 71.9 32,181.0
2006-07 13,672.8 1,20,42,425.7 11,441.0 1,04,35,436.1 2,231.8 16,06,989.5 8,309.9 85,99,494.3 594.4 4,29,955.8 702.5 5,58,675.6 71.7 52,224.6
2007-08 (P) 14,605.6 1,33,96,065.9 12,229.6 1,15,28,690.2 2,376.0 18,67,375.7 8,775.9 94,51,748.3 647.3 5,06,759.2 734.5 6,32,327.8 77.4 62,651.9
2007-08 (P)
April 1,169.0 10,20,648.7 982.6 8,58,100.5 186.4 1,62,548.3 711.0 6,94,136.3 48.2 37,977.6 60.0 52,523.2 6.2 4,796.6
May 1,178.9 11,12,303.6 990.5 8,71,552.9 188.4 2,40,750.7 705.8 7,08,984.3 50.3 36,212.7 62.3 56,277.7 6.0 4,835.0
June 1,140.3 10,20,164.4 951.9 8,87,891.6 188.4 1,32,272.7 687.2 7,30,703.4 51.1 38,572.6 61.4 48,857.2 5.8 4,512.8
July 1,225.6 10,33,767.4 1,028.1 9,17,884.1 197.6 1,15,883.3 752.0 7,65,059.7 56.8 39,463.9 61.9 52,540.1 6.7 3,844.4
August 1,215.2 9,95,281.6 1,020.9 8,75,538.0 194.3 1,19,743.6 730.4 7,16,282.5 52.5 36,681.2 62.7 49,593.2 6.8 4,326.5
September 1,106.2 9,82,442.3 913.8 8,69,312.0 192.4 1,13,130.2 657.2 7,18,007.9 48.1 36,914.0 53.5 48,357.6 6.1 4,208.3
October 1,309.6 11,18,384.8 1,099.3 9,92,996.9 210.3 125,387.9 785.8 8,17,338.5 59.5 42,892.1 61.2 50,863.0 7.1 4,865.2
November 1,180.5 11,98,037.8 979.7 9,78,282.4 200.8 2,19,755.4 701.5 8,09,893.4 52.6 44,910.1 60.0 47,361.3 6.3 5,329.8
December 1,243.0 11,49,430.4 1,044.8 10,07,810.6 198.1 1,41,619.8 737.2 8,16,611.9 55.3 44,079.8 60.5 54,352.0 5.7 5,093.8
January 1,313.9 12,99,798.0 1,101.4 11,45,967.5 212.5 1,53,830.5 793.6 9,53,207.6 62.4 51,572.2 64.5 54,470.3 7.1 6,874.4
February 1,244.1 11,56,446.5 1,043.7 9,88,547.6 200.4 1,67,899.0 744.2 7,94,535.6 54.5 43,559.4 63.4 55,496.2 7.0 5,710.0
March 1,279.4 13,09,360.4 1,073.0 11,34,806.2 206.4 1,74,554.3 770.2 9,26,987.3 56.1 53,923.5 63.0 61,635.9 6.7 8,254.9
2008-09 (P)
April 1,189.1 18,72,246.6 990.1 9,72,117.8 199.0 9,00,128.8 711.8 7,93,764.5 48.8 42,523.7 59.7 50,815.7 6.2 6,141.1
May 1,244.6 10,76,615.7 965.8 9,14,063.8 278.8 1,62,551.9 688.4 7,35,573.5 49.4 44,123.5 59.2 47,445.8 6.7 5,431.2
Total (upto
May 08) 2,433.7 29,48,862.2 1,955.9 18,86,181.6 477.8 10,62,680.6 1,400.2 15,29,338.0 98.2 86,647.2 118.9 98,261.5 12.9 11,572.3
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 634
Money andBanking
No. 8: Cheque Clearing Data (Contd.)
(Number in Lakh and Amount in Rs. crore)
RBI Centres***Month/Year
1 9 10 11 12 13 14 15
Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount
2001-02 27.0 21,625.0 – – 522.0 5,00,872.0 30.0 19,592.0 305.0 1,82,764.0 123.0 54,432.0 67.0 32,369.0
2002-03 33.0 26,349.0 – – 557.0 5,52,913.0 34.0 22,436.0 337.0 2,15,035.0 130.0 58,202.0 73.0 34,532.0
2003-04 37.0 37,136.0 – – 602.0 6,12,158.0 37.0 27,840.0 369.0 2,75,503.0 148.0 70,122.0 78.0 41,397.0
2004-05 41.8 47,252.7 112.8 1,11,091.8 735.1 7,59,883.1 42.4 32,713.9 390.2 3,01,678.8 168.0 89,086.6 87.1 47,225.8
2005-06 48.6 53,649.7 123.8 1,27,037.9 813.2 6,55,277.9 48.2 39,660.5 416.8 3,63,317.1 187.4 1,13,452.5 92.7 55,328.7
2006-07 56.2 64,833.9 140.7 1,98,205.1 803.5 6,92,201.6 55.1 49,100.5 438.9 3,95,911.4 197.8 1,37,784.8 96.9 64,396.1
2007-08 (P) 60.0 80,993.5 141.4 1,61,218.5 854.1 7,78,853.6 59.5 55,169.2 454.6 4,52,498.8 219.3 1,62,021.8 100.0 69,885.1
2007-08 (P)
April 4.6 5,831.5 11.0 14,150.3 69.8 66,324.2 4.5 4,578.5 36.9 35,342.0 17.0 12,404.9 8.3 5,508.0
May 4.9 5,938.9 11.8 15,226.9 69.3 59,764.8 4.8 4,088.7 35.6 33,432.0 17.0 12,148.7 8.6 5,774.8
June 4.8 5,694.7 11.4 11,972.4 68.7 63,265.4 4.9 4,514.6 34.8 34,164.7 16.4 12,873.3 7.9 6,244.2
July 5.0 6,288.5 11.7 13,279.9 73.3 63,481.3 4.9 4,258.1 38.4 37,798.9 18.4 13,024.8 8.2 5,548.1
August 5.4 5,905.7 11.9 13,575.2 72.9 63,566.8 5.0 3,911.1 37.8 37,093.1 17.0 11,957.0 8.3 5,397.6
September 4.5 6,429.3 10.9 11,191.7 65.8 61,810.7 4.5 4,305.6 33.6 32,219.9 17.1 11,708.9 7.6 4,810.6
October 5.4 6,434.0 12.5 14,026.7 74.9 66,808.0 5.1 4,637.9 38.9 37,455.3 19.2 14,238.1 8.9 5,990.5
November 5.0 6,400.5 11.5 12,886.3 69.1 65,667.0 4.9 4,583.7 38.6 36,183.5 18.4 14,223.6 7.8 5,521.2
December 5.0 6,080.9 11.8 12,674.3 70.2 66,549.4 5.0 4,409.5 39.1 39,326.6 18.8 13,940.1 8.2 5,745.3
January 5.3 7,942.6 12.5 14,353.3 71.8 62,658.0 5.3 4,814.9 41.2 42,302.6 21.5 15,688.9 9.2 6,575.3
February 5.1 8,446.4 12.4 12,383.0 72.5 65,503.0 5.2 4,782.7 40.7 42,347.5 19.5 13,948.2 8.5 6,069.7
March 5.2 9,600.6 12.1 15,498.5 75.9 73,455.1 5.5 6,283.9 39.1 44,832.8 19.1 15,865.3 8.6 6,699.9
2008-09 (P)
April 4.8 7,898.6 11.1 15,341.9 70.7 72,489.2 4.9 6,274.0 38.4 40,598.4 16.6 13,502.7 8.1 6,010.4
May 4.8 8,125.9 11.4 13,000.7 54.7 61,649.3 5.1 5,392.7 38.8 38,131.8 16.6 13,568.5 8.3 6,029.0
Total (upto
May, 08) 9.6 16,024.5 22.5 28,342.6 125.4 1,34,138.5 10.1 11,666.7 77.2 78,730.2 33.2 27,071.2 16.4 12,039.5
Bhubaneswar Chandigarh Chennai Guwahati Hyderabad Jaipur Kanpur
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 635
Money andBanking
No. 8: Cheque Clearing Data (Contd.)
(Number in Lakh and Amount in Rs. crore)
RBI Centres***Month/Year
1 16 17 18 19 20 21
Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount
2001-02 523.0 3,73,131.0 1,679.0 82,17,816.0 102.0 41,151.0 1,079.0 9,90,315.0 27.0 17,421.0 34.0 19,032.0
2002-03 531.0 4,19,164.0 2,019.0 76,94,748.0 109.0 46,924.0 1,164.0 13,19,625.0 37.0 19,506.0 37.0 36,691.0
2003-04 470.0 4,65,308.0 2,162.0 55,11,293.0 120.0 56,330.0 1,107.0 13,54,677.0 50.0 26,739.0 41.0 43,714.0
2004-05 599.9 5,60,659.9 2,304.1 37,53,670.3 124.4 63,495.1 1,479.3 17,73,610.1 65.0 30,861.7 48.2 44,396.1
2005-06 642.4 6,58,639.7 2,391.9 33,42,829.4 134.8 75,772.3 1,597.2 16,97,583.2 59.2 36,819.8 54.6 38,484.0
2006-07 684.2 6,82,358.0 2,518.3 33,19,090.1 145.6 92,546.6 1,690.9 17,73,548.3 56.8 47,968.8 56.2 40,693.0
2007-08 (P) 730.5 7,78,304.3 2,651.6 36,85,407.3 151.3 1,06,351.7 1,775.7 18,00,975.6 62.6 61,006.5 56.0 57,323.4
2007-08 (P)
April 57.8 58,696.5 221.0 2,29,445.8 11.3 8,695.7 145.3 1,46,705.0 4.8 6,928.5 4.5 4,228.0
May 59.9 61,399.2 208.0 2,61,566.1 11.9 8,660.5 146.0 1,34,494.9 4.7 5,352.2 4.8 3,811.2
June 57.5 62,309.8 203.1 2,80,461.1 12.0 8,428.3 137.9 1,40,266.4 5.0 4,335.6 4.6 4,230.2
July 61.0 61,348.0 231.1 3,06,618.1 12.7 7,646.3 152.2 1,41,101.1 5.2 5,217.5 4.7 3,600.6
August 62.2 59,161.4 219.2 2,74,074.2 12.8 7,849.0 146.2 1,34,970.6 5.4 3,959.9 4.5 4,260.0
September 55.0 57,083.7 194.4 2,84,887.2 11.3 7,589.8 135.5 1,38,687.4 4.9 3,760.4 4.4 4,042.7
October 61.6 60,282.9 248.1 3,32,783.2 14.1 8,763.1 159.0 1,57,435.9 5.4 5,044.4 4.9 4,818.3
November 59.3 59,713.8 206.1 3,50,427.6 12.5 8,369.6 140.0 1,38,811.1 4.9 4,530.0 4.6 4,974.2
December 62.8 66,027.1 225.5 3,29,424.9 12.6 8,327.6 146.6 1,50,380.8 5.4 4,694.2 4.7 5,505.5
January 65.3 67,906.6 242.5 4,17,848.2 13.8 10,609.2 160.5 1,76,864.6 5.8 5,393.5 4.9 7,333.1
February 60.8 65,791.2 221.7 3,00,298.8 13.1 9,534.0 149.7 1,50,895.5 5.7 5,058.4 4.6 4,711.6
March 67.3 98,584.0 230.9 3,17,572.1 13.4 11,878.5 156.8 1,90,362.4 5.5 6,731.9 4.9 5,808.1
2008-09 (P)
April 57.9 67,101.2 215.7 2,83,396.5 12.4 9,090.9 146.9 1,61,140.8 5.0 5,581.2 4.7 5,858.2
May 58.3 64,139.9 206.7 2,65,785.6 12.4 9,361.1 146.2 1,43,245.2 5.1 5,105.0 4.7 5,038.1
Total (upto
May, 08) 116.2 1,31,241.1 422.4 5,49,182.1 24.8 18,452.0 293.1 3,04,386.0 10.1 10,686.2 9.3 10,896.3
Kolkata Mumbai Nagpur New Delhi Patna Thiruvananthapuram
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 636
Money andBanking
No. 8: Cheque Clearing Data (Concld.)
(Number in Lakh and Amount in Rs. crore)
Other MICR CentresMonth/Year
1 22
Number Amount
2001-02 – –
2002-03 – –
2003-04 – –
2004-05 2,029.8 8,62,931.5
2005-06 2,375.9 12,79,394.1
2006-07 3,131.1 18,35,941.8
2007-08 (P) 3,453.7 20,76,941.9
2007-08 (P)
April 271.6 1,63,964.1
May 284.7 1,62,568.6
June 264.8 1,57,188.2
July 276.1 1,52,824.4
August 290.5 1,59,255.4
September 256.6 1,51,304.2
October 313.5 1,75,658.4
November 278.2 1,68,389.1
December 307.6 1,91,198.7
January 307.8 1,92,759.9
February 299.5 1,94,011.9
March 302.8 2,07,818.8
2008-09 (P)
April 278.2 1,78,353.3
May 277.4 1,78,490.3
Total (upto
May, 08) 555.6 3,56,843.6
Debit card4%
ECS Cr.14%
ECS Dr.14%
EFT53%
CreditCard15%
Debit card18%
ECS Cr.9%
ECS Dr.26%
Credit Card43%
EFT4%
0%
20%
40%
60%
80%
100%
2003-04 2004-05 2005-06 2006-07 2007-08 2008-09(till May 2008)
2003-04 2004-05 2005-06 2006-07 2007-08 2008-09(till May 2008)
Growth in RTGS Value
Val
ue
inR
s.C
rore
s
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
Ap
r,0
7
May
,0
7
Jun
,0
7
Jul,
07
Au
g,0
7
Sep
,0
7
Oct
,0
7
No
v,0
7
Dec
,0
7
Jan
,0
8
Feb
,0
8
Mar
,0
8
Ap
r,0
8
May
,0
8Growth in RTGS Volume
0
1
2
3
4
5
6
8
7
Ap
r,0
7
May
,0
7
Jun
,0
7
Jul,
07
Au
g,0
7
Sep
,0
7
Oct
,0
7
No
v,0
7
Dec
,0
7
Jan
,0
8
Feb
,0
8
Mar
,0
8
Ap
r,0
8
May
,0
8
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 637
Money andBanking
No. 9 A: Retail Electronic Payment Systems
(Number in Lakh and Amount in Rs. crore)
Year /Period
Total ElectronicPayments
Electronic Clearing Services (ECS)
ECS (Credit) ECS (Debit)
ElectronicFunds Transfer
(EFT/NEFT)
Card Payments
Credit Debit*
1 2=(3+4+5+6+7) 3 4 5 6 7
Number Amount Number Amount Number Amount Number Amount Number Amount Number AmountNumberof
Out-standingCards**
Numberof
Out-standingCards**
* : Debit Cards figures for 2003-04 and 2004-05 are estimated based on 2005-06 figures.** : Cards issued by banks (excluding those withdrawn/blocked).
2003-04 1,669.55 52,142.78 203.00 10,228.00 79.00 2,253.58 8.19 17,124.81 – 1,001.79 17,662.72 – 377.57 4,873.67
2004-05 2,289.04 1,08,749.83 400.51 20,179.81 153.00 2,921.24 25.49 54,601.38 – 1,294.72 25,686.36 – 415.32 5,361.04
2005-06 2,850.13 1,46,382.68 442.16 32,324.35 359.58 12,986.50 30.67 61,288.22 173.27 1,560.86 33,886.47 497.63 456.86 5,897.14
2006-07 3,787.09 2,35,693.12 690.19 83,273.09 752.02 25,440.79 47.76 77,446.31 231.23 1,695.36 41,361.31 749.76 601.77 8,171.63
2007-08 (P) 5,353.09 10,41,965.71 783.65 7,82,222.30 1,271.20 48,937.20 133.15 1,40,326.48 275.47 2,282.03 57,958.52 1,024.37 883.06 12,521.22
2007-08 (P)
April 376.45 28,346.53 60.07 8,027.76 82.63 3,040.37 6.75 12,159.06 235.03 167.35 4,258.26 758.66 59.65 861.07
May 370.93 24,451.57 38.70 3,620.43 88.98 2,942.11 7.42 12,734.62 241.29 174.70 4,296.39 784.59 61.13 858.02
June 385.26 24,170.64 52.90 7,824.70 90.56 4,586.06 7.50 6,704.94 243.98 171.86 4,190.71 795.65 62.43 864.23
July 440.52 29,912.23 89.85 11,709.17 96.57 3,231.45 8.48 9,615.62 244.89 179.50 4,450.51 819.74 66.12 905.48
August 449.29 28,259.80 81.17 11,944.00 98.47 3,310.76 8.97 7,395.73 249.48 188.37 4,600.60 849.54 72.30 1,008.71
September 414.09 28,685.38 58.41 9,575.51 103.02 4,540.73 9.60 9,301.03 251.40 174.15 4,315.04 876.52 68.91 953.07
October 493.02 37,516.39 83.98 12,401.66 111.56 4,212.86 12.28 14,583.40 256.16 207.51 5,201.23 897.07 77.69 1,117.23
November 486.38 32,899.83 75.14 12,555.05 114.79 4,348.66 13.17 9,387.33 258.74 199.44 5,348.79 922.58 83.84 1,260.00
December 467.73 38,215.50 55.40 15,273.70 116.06 5,203.72 13.07 11,143.71 262.45 202.47 5,362.94 946.86 80.72 1,231.42
January 473.89 34,522.43 52.55 7,430.35 117.75 4,561.57 14.82 15,938.36 266.33 207.24 5,450.74 967.86 81.54 1,141.40
February 505.09 697,237.84 86.58 6,75,224.00 122.81 4,756.84 15.18 10,941.22 268.75 198.93 5,183.29 996.04 81.58 1,132.49
March 490.43 37,747.57 48.88 6,635.96 128.01 4,202.06 15.90 20,421.47 275.47 210.49 5,300.00 1,024.37 87.15 1,188.09
2008-09 (P)
April 504.32 38,709.85 60.96 8,590.47 127.11 5,009.43 17.02 18,286.34 283.12 215.45 5,611.38 1,049.91 84.44 1,225.01
May 506.95 37,466.82 47.25 5,314.57 132.70 5,129.74 18.71 20,067.09 267.34 214.96 5,581.88 1,082.53 93.33 1,373.54
Total (uptoMay, 08) 1,011.27 76,176.67 108.21 13,905.04 259.81 10,139.16 35.72 38,353.43 550.46 430.42 11,193.26 2,132.45 177.78 2,599.05
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 638
Money andBanking
(Number in Lakh and Amount in Rs. crore)
* Inter-Bank Clearing Settlement pertains to the MNSB batches. MNSB settlement in RTGS started from 12 August, 2006.** The MNSB Settlement relates to the settlement of ECS, EFT, NEFT, REPO, Outright, FOREX, CBLO and Cheque Clearing at Mumbai.
No.9B: Large Value Clearing and Settlement Systems
1 2=(3+4+5) 3 4 5 6=(4+5)
Year / Period
Total
Real Time Gross Settlement System
Customer Remittance Inter-Bank RemittanceInter-Bank Clearing
settlement**Total Inter-Bank
2003-04 0.001 1,965.49 – – 0.001 1,965.49 – – 0.001 1,965.49
2004-05 4.604 40,66,184.00 0.68 2,49,662.00 3.92 3,816,522.00 – – 3.92 38,16,522.00
2005-06 17.670 1,15,40,836.25 7.13 25,70,212.29 10.54 8,970,623.96 – – 10.54 89,70,623.96
2006-07 38.80 2,46,19,179.99 24.82 71,67,807.91 13.94 11,313,346.69 0.04 61,38,025.39 13.98 1,74,51,372.08
2007-08 58.54 4,82,94,558.97 41.46 1,61,00,172.88 16.94 11,218,157.41 0.14 2,09,76,228.68 17.08 3,21,94,386.10
2007-08
April 3.30 30,52,145.05 2.06 8,37,607.28 1.23 1,109,957.75 0.01 11,04,580.02 1.24 22,14,537.77
May 3.69 30,56,182.88 2.37 9,33,089.84 1.32 875,831.15 0.01 12,47,261.89 1.32 21,23,093.04
June 3.82 31,85,137.95 2.49 12,50,113.93 1.31 816,059.70 0.02 11,18,964.32 1.33 19,35,024.02
July 3.97 33,90,128.37 2.63 13,83,382.06 1.31 840,713.46 0.02 11,66,032.85 1.33 20,06,746.31
August 4.19 39,46,479.77 2.81 11,88,033.68 1.37 983,548.72 0.01 17,74,897.37 1.39 27,58,446.09
September 4.06 41,53,981.12 2.78 12,09,224.98 1.27 910,182.26 0.01 20,34,573.88 1.28 29,44,756.14
October 4.83 49,49,173.65 3.41 13,07,702.75 1.41 846,505.29 0.01 27,94,965.61 1.43 36,41,470.90
November 5.24 40,72,777.90 3.76 13,94,946.07 1.47 887,495.28 0.01 17,90,336.55 1.48 26,77,831.83
December 5.54 39,16,030.07 4.08 14,14,048.47 1.45 791,095.44 0.01 17,10,886.16 1.46 25,01,981.60
January 6.35 51,59,519.91 4.75 17,46,044.67 1.59 1,188,764.30 0.01 22,24,710.94 1.60 34,13,475.24
February 6.38 47,01,199.15 4.81 16,37,191.34 1.56 989,586.62 0.01 20,74,421.18 1.57 30,64,007.80
March 7.16 47,11,803.16 5.51 17,98,787.80 1.64 978,417.44 0.01 19,34,597.92 1.65 29,13,015.36
2008-09
April 6.78 48,47,956.95 5.19 15,95,777.62 1.57 8,53,187.78 0.01 23,98,991.55 1.58 32,52,179.34
May 7.63 44,48,417.00 5.95 15,80,007.83 1.67 8,85,628.25 0.01 19,82,780.92 1.68 28,68,409.17
Total (uptoMay, 08) 14.41 92,96,373.95 11.14 31,75,785.44 3.24 17,38,816.03 0.02 43,81,772.48 3.27 61,20,588.51
Number Amount Number Amount Number Amount Number Amount Number Amount
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 639
Money andBanking
(Number in Lakh and Amount in Rs. crore)
No.9B: Large Value Clearing and Settlement Systems (Concld.)
Year / Period
1 7 8 9 10
CCIL Operated Systems
Government Securities SettlementForex Settlement CBLO Settlement
Outright Repo
Numberof Trades Amount
Numberof Trades Amount
Numberof Trades Amount
Numberof Trades Amount
2003-04 2.44 15,75,133.00 0.21 9,43,189.00 3.31 23,18,530.80 0.03 7,6850.70
2004-05 1.61 11,34,222.08 0.24 15,57,906.55 4.66 40,42,434.86 0.29 97,6757.10
2005-06 1.25 8,64,751.40 0.25 16,94,508.70 4.90 52,39,673.90 0.68 2,95,3133.90
2006-07 1.37 10,21,535.70 0.30 25,56,501.50 6.06 80,23,078.00 0.86 4,73,2271.30
2007-08 1.89 16,53,851.30 0.27 39,48,750.70 7.57 1,27,26,831.90 1.13 8,11,0828.60
2007-08
April 0.09 79,052.00 0.02 1,50,668.90 0.68 10,33,519.20 0.08 3,97,902.20
May 0.10 78,229.50 0.02 2,24,137.20 0.63 8,67,577.50 0.09 5,20,253.50
June 0.14 113,569.70 0.02 2,57,372.10 0.62 9,03,131.40 0.07 5,39,299.60
July 0.26 2,28,950.90 0.02 2,71,081.40 0.61 9,78,291.00 0.06 5,19,190.00
August 0.14 1,20,419.00 0.03 4,17,198.80 0.67 10,28,677.00 0.09 6,72,243.00
September 0.12 97,568.60 0.02 4,11,137.80 0.58 10,58,687.20 0.09 6,68,018.10
October 0.12 1,20,504.80 0.02 3,97,798.60 0.72 12,02,092.20 0.11 7,69,062.20
November 0.09 81,124.70 0.02 3,05,487.90 0.57 9,00,169.30 0.11 6,86,745.60
December 0.14 1,31,217.20 0.02 3,20,507.90 0.51 9,16,269.70 0.10 7,22,081.30
January 0.35 3,13,153.20 0.03 4,25,726.10 0.62 11,36,947.00 0.12 8,92,784.10
February 0.22 1,92,139.60 0.03 4,42,037.30 0.66 12,69,787.80 0.11 9,00,168.50
March 0.12 97,922.10 0.02 3,25,596.70 0.69 14,31,682.60 0.11 8,23,080.50
2008-09
April 0.12 1,08,602.80 0.02 3,44,220.20 0.56 12,06,935.70 0.11 8,93,038.50
May 0.17 1,42,728.70 0.02 3,68,236.20 0.75 12,28,186.00 0.11 9,08,156.90
Total (uptoMay, 08) 0.29 2,51,331.50 0.04 7,12,456.40 1.31 24,35,121.70 0.22 18,01,195.40
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 640
Money andBanking
Money Stock Measures
1990-9
1
1991-9
2
1992-9
3
1993-9
4
1994-9
5
1995-9
6
1996-9
7
1997-9
8
1998-9
9
1999-0
0
2000-0
1
2001-0
2
2002-0
3
2003-0
4
2004-0
5
2005-0
6
2006-0
7
M1 M3
Rs.
cro
re
2007-0
8
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
4500000
No. 10 : Money Stock Measures
(Rs. crore)
March 31/ReportingFridays of theMonth/Last ReportingFriday of theMonth
Notesin
Circula-tion (1)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
2005-06 4,21,922 6,190 2,564 17,557 4,13,119 4,06,388 6,869 4,13,256 8,26,375 5,041 8,31,416 19,03,170 27,29,545 25,969 27,55,514
2006-07 4,95,938 6,684 1,577 21,293 4,82,906 4,75,687 7,496 4,83,183 9,66,089 5,041 9,71,130 23,50,004 33,16,093 25,969 33,42,062
2007-08 5,81,577 7,656 1,668 23,425 5,67,476 5,74,408 9,069 5,83,477 11,50,953 5,041 11,55,994 28,55,769 40,06,722 25,969 40,32,691
May 11, 2007 5,20,464 6,740 1,587 18,456 5,10,334 4,10,112 7,406 4,17,519 9,27,853 5,041 9,32,894 24,01,369 33,29,223 25,969 33,55,192
May 25, 2007 5,14,502 6,854 1,602 19,037 5,03,922 4,12,047 5,391 4,17,438 9,21,360 5,041 9,26,401 24,08,298 33,29,658 25,969 33,55,627
January 2008 5,57,338 7,502 1,649 22,102 5,44,388 5,02,599 4,773 5,07,372 10,51,760 5,041 10,56,801 27,49,491 38,01,251 25,969 38,27,220
February 2008 5,66,297 7,579 1,655 21,094 5,54,437 5,06,228 5,022 5,11,250 10,65,687 5,041 10,70,728 28,08,458 38,74,145 25,969 39,00,114
March 2008 5,81,577 7,656 1,668 23,425 5,67,476 5,74,408 9,069 5,83,477 11,50,953 5,041 11,55,994 28,55,769 40,06,722 25,969 40,32,691
April 2008 6,01,629 7,722 1,668 21,347 5,89,672 5,08,719 6,192 5,14,910 11,04,582 5,041 11,09,623 29,16,135 40,20,718 25,969 40,46,687
May 9, 2008 6,12,948 7,722 1,668 21,487 6,00,851 5,04,001 6,162 5,10,163 11,11,013 5,041 11,16,054 29,49,751 40,60,765 25,969 40,86,734
May 23, 2008 6,15,694 7,818 1,668 22,216 6,02,963 5,01,857 6,223 5,08,080 11,11,044 5,041 11,16,085 29,66,465 40,77,509 25,969 41,03,478
RupeeCoins
(2)
SmallCoins
(2)
Circulation of Cashin
Handwith
Banks
Total(2+3+
4-5)
DamandDeposits
withBanks
‘Other’Deposits
withReserve
Bank(3)
Total(7+8)
M1
(6+9)Post
OfficeSav-ings
BankDepos-
its
M2
(10+11)Time
DepositswithBank
TotalPost
OfficeDepos-
its
M3
(10+13)M
4
(14+15)
Currency With the Public Deposit Money of the Public
Note : Monetary aggregates as at end-March incorporate data on i) scheduled commercial banks as on last reporting Friday and ii) the Reserve Bank of India pertainingto the last working day of the fiscal year.
Also see Notes on Tables.
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 641
Money andBanking
No. 11: Sources of Money Stock (M3)
(Rs. crore)
Source 2005-06 2006-07 2007-08 May 11, May 25,
2007 2007
1 2 3 4 5 6
1. Net Bank Credit to Government (A+B) 7,65,058 8,34,235 9,07,077 8,62,005 8,61,649
A. RBI's net credit to Government (i-ii) 6,599 2,423 -1,13,209 6,348 6,304
(i) Claims on Government (a+b) 72,044 97,512 1,16,194 87,452 93,764
(a) Central Government (1) 70,563 97,184 1,14,725 85,292 92,949
(b) State Governments 1,481 328 1,468 2,159 816
(ii) Government deposits with RBI (a+b) 65,445 95,089 2,29,403 81,103 87,461
(a) Central Government 65,404 95,048 2,29,361 81,062 87,419
(b) State Governments 41 41 41 41 41
B. Other Banks' Credit to Government 7,58,459 8,31,812 10,20,286 8,55,657 8,55,345
2. Bank Credit to Commercial Sector(A+B) 16,93,004 21,30,078 25,69,912 20,90,441 20,83,280
A. RBI's credit to commercial sector (2) 1,387 1,537 1,788 1,386 1,386
B. Other banks' credit to commercial
sector (i+ii+iii) 16,91,617 21,28,541 25,68,124 20,89,055 20,81,894
(i) Bank credit by commercial banks 15,07,077 19,31,189 23,61,914 18,88,571 18,83,720
(ii) Bank credit by co-operative banks 1,63,731 1,78,229 1,89,776 1,81,578 1,79,805
(iii) Investments by commercial and
co-operative banks in other securities 20,809 19,123 16,435 18,906 18,370
3. Net Foreign Exchange Assets of Banking
Sector (A+B) 7,26,194 9,13,179 12,95,131 8,88,363 8,77,660
A. RBI's net foreign exchange assets (i-ii)(3) 6,72,983 8,66,153 12,36,130 8,41,336 8,30,634
(i) Gross foreign assets 6,73,001 8,66,170 12,36,147 8,41,354 8,30,651
(ii) Foreign liabilities 17 17 17 17 17
B. Other banks' net foreign exchange assets 53,211 47,026 59,001 47,026 47,026
4. Government's Currency Liabilities to the Public 8,754 8,261 9,324 8,327 8,457
5. Banking Sector's net Non-monetary
Liabilities Other than Time Deposits (A+B) 4,63,464 5,69,660 7,74,723 5,19,913 5,01,387
A. Net non-monetary liabilities of RBI(3) 1,22,463 1,77,019 2,10,206 1,40,420 1,25,195
B. Net non-monetary liabilities of other banks(residual) 3,41,001 3,92,641 5,64,517 3,79,493 3,76,193
M3 (1+2+3+4-5) 27,29,545 33,16,093 40,06,722 33,29,223 33,29,658
Outstandings as on March 31/Reporting Fridays of the Month/Last Reporting Friday of the Month
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 642
Money andBanking
Notes: 1. Monetary aggregates as at end-March incorporate data on i) scheduled commercial banks as on last reporting Friday and ii) the Reserve Bank of India pertaining
to the last working day of the fiscal year.
2. Government balances as on March 31, 2008 are after closure of accounts.
Also see 'Notes on Tables'.
No. 11: Sources of Money Stock (M3) (Concld.)
(Rs. crore)
Source January February March April May 9, May 23,2008 2008 2008 2008 2008 2008
1 7 8 9 10 11 12
1. Net Bank Credit to Government (A+B) 8,45,652 8,63,969 9,07,077 8,97,164 9,17,232 9,19,540
A. RBI's net credit to Government (i-ii) -1,55,879 -1,72,322 -1,13,209 -1,60,485 -1,40,575 -1,44,323
(i) Claims on Government (a+b) 45,184 51,446 1,16,194 28,649 38,175 31,180
(a) Central Government (1) 45,128 51,446 1,14,725 28,179 37,557 30,878
(b) State Governments 56 – 1,468 471 617 303
(ii)Government deposits with RBI (a+b) 2,01,063 2,23,768 2,29,403 1,89,135 1,78,750 1,75,504
(a) Central Government 2,00,807 2,23,727 2,29,361 1,89,093 1,78,708 1,75,462
(b) State Governments 256 41 41 41 41 41
B. Other Banks' Credit to Government 10,01,531 10,36,291 10,20,286 10,57,649 10,57,807 10,63,863
2. Bank Credit to Commercial Sector(A+B) 23,71,901 24,61,193 25,69,912 25,44,359 25,62,176 25,81,278
A. RBI's credit to commercial sector (2) 1,571 1,703 1,788 1,383 1,383 1,383
B. Other banks' credit to commercial sector (i+ii+iii) 23,70,330 24,59,490 25,68,124 25,42,976 25,60,793 25,79,895
(i) Bank credit by commercial banks 21,65,563 22,54,760 23,61,914 23,29,066 23,46,656 23,64,417
(ii)Bank credit by co-operative banks 1,87,993 1,88,353 1,89,776 1,91,236 1,91,446 1,92,659
(iii) Investments by commercial and
co-operative banks in other securities 16,775 16,377 16,435 22,674 22,691 22,819
3. Net Foreign Exchange Assets of
Banking Sector (A+B) 11,47,346 12,30,975 12,95,131 13,13,863 13,50,012 14,08,896
A. RBI's net foreign exchange assets (i-ii)(3) 11,17,179 12,00,808 12,36,130 12,54,862 12,91,010 13,49,895
(i) Gross foreign assets 11,17,197 12,00,825 12,36,147 12,54,879 12,91,028 13,49,912
(ii)Foreign liabilities 17 17 17 17 17 17
B. Other banks' net foreign exchange assets 30,167 30,167 59,001 59,001 59,001 59,001
4. Government's Currency Liabilities to the Public 9,151 9,234 9,324 9,390 9,390 9,486
5. Banking Sector's net Non-monetary
Liabilities Other than Time Deposits (A+B) 5,72,801 6,91,226 7,74,723 7,44,058 7,78,045 8,41,691
A. Net non-monetary liabilities of RBI(3) 1,38,025 1,89,560 2,10,206 2,17,231 2,46,404 3,04,565
B. Net non-monetary liabilities of other
banks(residual) 4,34,776 5,01,666 5,64,517 5,26,827 5,31,641 5,37,126
M3 (1+2+3+4-5) 38,01,251 38,74,145 40,06,722 40,20,718 40,60,765 40,77,509
Outstandings as on March 31/Reporting Fridays of the Month/Last Reporting Friday of the Month
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 643
Money andBanking
Note : Data are provisional.
(Rs. crore)
Item Mar. 31 Mar. 30 May 11 May 25 Mar. 28 May 09 May 23
2006 2007 2007 2007 2008 2008 2008
1 2 3 4 5 6 7 8
Components
C.I Aggregate Deposits of Residents 20,49,773 25,44,473 25,34,331 25,48,064 31,40,004 31,63,246 31,76,145(C.I.1+C.I.2)
C.I.1 Demand Deposits 3,64,640 4,29,731 3,65,917 3,68,394 5,24,310 4,55,352 4,53,323
C.I.2 Time Deposits of Residents 16,85,133 21,14,742 21,68,414 21,79,670 26,15,695 27,07,895 27,22,823
(C.I.2.1+C.I.2.2 )
C.I.2.1 Short-term Time Deposits 7,58,310 9,51,634 9,75,786 9,80,851 11,77,063 12,18,553 12,25,270
C.I.2.1.1 Certificates of Deposits (CDs) 44,499 97,442 99,473 1,00,309 1,66,642 1,75,698 1,73,815
C.I.2.2 Long-term Time Deposits 9,26,823 11,63,108 11,92,628 11,98,818 14,38,632 14,89,342 14,97,553
C.II Call/Term Funding from Financial Institutions 83,144 85,836 87,149 83,842 1,06,504 99,469 1,03,273
Sources
S.I Domestic Credit (S.I.1+S.I.2) 23,64,241 28,65,959 28,43,725 28,41,478 35,07,759 35,67,107 35,79,546
S.I.1 Credit to the Government 7,00,742 7,76,058 7,98,232 7,99,712 9,58,661 9,94,760 10,00,887
S.I.2 Credit to the Commercial Sector 16,63,499 20,89,901 20,45,492 20,41,767 25,49,097 25,72,347 25,78,658(S.I.2.1+S.I.2.2+S.I.2.3+S.I.2.4)
S.I.2.1 Bank Credit 15,07,077 19,31,189 18,88,571 18,83,720 23,61,914 23,46,656 23,64,417
S.I.2.1.1 Non-food Credit 14,66,386 18,84,669 18,41,167 18,38,856 23,17,515 22,96,614 23,10,074
S.I.2.2 Net Credit to Primary Dealers 4,369 2,799 1,843 2,443 3,521 3,614 3,198
S.I.2.3 Investments in Other Approved Securities 16,712 15,458 15,181 14,687 13,053 19,189 19,293
S.I.2.4 Other Investments (in non-SLR Securities) 1,35,340 1,40,455 1,39,898 1,40,916 1,70,609 2,02,888 1,91,751
S.II Net Foreign Currency Assets ofCommercial Banks (S.II.1-S.II.2-S.II.3) -45,616 -40,612 -34,533 -33,994 -70,196 -80,775 -80,401
S.II.1 Foreign Currency Assets 43,494 58,754 57,263 55,390 31,189 25,813 29,466
S.II.2 Non-resident Foreign Currency RepatriableFixed Deposits 59,275 67,461 63,315 62,507 56,935 57,553 59,387
S.II.3 Overseas Foreign Currency Borrowings 29,834 31,905 28,481 26,878 44,451 49,035 50,480
S.III Net Bank Reserves (S.III.1+S.III.2-S.III.3) 1,38,619 1,90,116 1,85,791 1,98,749 2,71,166 2,87,189 2,81,573
S.III.1 Balances with the RBI 1,27,061 1,80,222 1,71,114 1,86,236 2,57,122 2,69,500 2,63,128
S.III.2 Cash in Hand 13,046 16,139 15,048 15,652 18,044 17,857 18,612
S.III.3 Loans and Advances from the RBI 1,488 6,245 371 3,139 4,000 167 166
S.IV Capital Account 1,77,727 2,02,800 2,34,631 2,25,223 2,72,622 3,07,971 3,13,066
S.V. Other items (net) (S.I+S.II+S.III-S.IV-C.I-C.II) 1,46,600 1,82,354 1,38,870 1,49,104 1,89,598 2,02,834 1,88,233
S.V.1 Other Demand & Time Liabilities (net of S.II.3) 1,58,946 2,10,329 1,97,082 1,94,537 2,53,905 2,41,030 2,38,362
S.V.2 Net Inter-Bank Liabilities (other than to PDs) 25,141 13,903 18,379 16,321 10,797 10,830 9,213
Outstandings as on
No. 11A: Commercial Bank Survey
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 644
Money andBanking
(Rs.crore)
No. 11B: Monetary Survey
Notes : 1. Data are provisional.2. Monetary Aggregates as at end-March incorporate data on i) scheduled commercial banks as on last reporting Friday and
ii) the Reserve Bank of India pertaining to the last working day of the fiscal year.3. Government balances as on March 31, 2008 are after closure of accounts.
Item Mar. 31 Mar. 31 May 11 May 25 Mar. 31 May 09 May 232006 2007 2007 2007 2008 2008 2008
1 2 3 4 5 6 7 8
Monetary Aggregates
M1 (C.I+C.II.1+C.III) 8,30,269 9,69,408 9,31,170 9,25,114 11,52,851 11,12,757 11,12,694
NM2 (M
1+C.II.2.1) 16,55,646 19,90,617 19,76,236 19,75,488 24,00,856 24,01,987 24,08,752
NM3 (NM
2+C.II.2.2+C.IV = S.I+S.II+S.III-S.IV-S.V) 27,47,585 33,24,598 33,40,688 33,43,121 40,32,699 40,77,180 40,96,096
Components
C.I Currency with the Public 4,13,143 4,82,977 5,10,364 5,03,933 5,67,615 6,00,985 6,03,116
C.II Aggregate Deposits of Residents 22,44,430 27,48,289 27,35,768 27,49,954 33,49,511 33,70,564 33,83,484(C.II.1+C.II.2)
C.II.1 Demand Deposits 4,10,258 4,78,935 4,13,399 4,15,790 5,76,167 5,05,611 5,03,354
C.II.2 Time Deposits of Residents 18,34,172 22,69,354 23,22,369 23,34,164 27,73,344 28,64,954 28,80,129(C.II.2.1+C.II.2.2)
C.II.2.1 Short-term Time Deposits 8,25,378 10,21,209 10,45,066 10,50,374 12,48,005 12,89,229 12,96,058
C.II.2.1.1 Certificates of Deposits (CDs) 44,499 97,442 99,473 1,00,309 1,66,642 1,75,698 1,73,815
C.II.2.2 Long-term Time Deposits 10,08,795 12,48,144 12,77,303 12,83,790 15,25,339 15,75,724 15,84,071
C.III 'Other' Deposits with RBI 6,869 7,496 7,406 5,391 9,069 6,162 6,223
C.IV Call/Term Funding from Financial Institutions 83,144 85,836 87,149 83,842 1,06,504 99,469 1,03,273
Sources
S.I Domestic Credit (S.I.1+S.I.2) 25,93,131 30,96,138 30,80,603 30,79,031 36,31,337 36,64,995 36,74,938
S.I.1 Net Bank Credit to the Government 7,56,094 8,25,557 8,52,789 8,53,918 8,96,064 9,05,529 9,07,878(S.I.1.1+S.I.1.2)
S.I.1.1 Net RBI credit to the Government 6,599 2,423 6,348 6,304 -1,13,209 -1,40,575 -1,44,323
S.I.1.2 Credit to the Government bythe Banking System 7,49,495 8,23,135 8,46,440 8,47,614 10,09,273 10,46,104 10,52,201
S.I.2 Bank Credit to the Commercial Sector 1837037 2270580 2227814 2225113 2735273 2759466 2767060(S.I.2.1+S.I.2.2)
S.I.2.1 RBI Credit to the Commercial Sector 4,385 1,537 1,386 1,386 1,788 1,383 1,383
S.I.2.2 Credit to the Commercial Sector by the Banking System 18,32,652 22,69,043 22,26,428 22,23,727 27,33,485 27,58,083 27,65,676
S.I.2.2.1 Other Investments ( Non-SLR Securities) 1,44,303 1,49,417 1,48,860 1,49,879 1,79,572 2,11,851 2,00,713
S.II Government's Currency Liabilities to the Public 8,754 8,261 8,327 8,457 9,324 9,390 9,486
S.III Net Foreign Exchange Assets ofthe Banking Sector (S.III.1+S.III.2) 6,27,368 8,25,541 8,06,803 7,96,640 11,65,934 12,10,235 12,69,494
S.III.1 Net Foreign Exchange Assets of the RBI 6,72,983 8,66,153 8,41,336 8,30,634 12,36,130 12,91,010 13,49,895
S.III.2 Net Foreign Currency Assets ofthe Banking System -45,616 -40,612 -34,533 -33,994 -70,196 -80,775 -80,401
S.IV Capital Account 3,18,544 3,84,250 3,77,347 3,51,091 4,75,973 5,43,539 6,05,668
S.V Other items (net) 1,63,123 2,21,092 1,77,697 1,89,916 2,97,923 2,63,901 2,52,154
Outstandings as on
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 645
Money andBanking
Note : 1. Data are provisional.
2. Government balances as on March 31, 2008 are after closure of accounts.
(Rs. crore)
No.11C: Reserve Bank of India Survey
Item Mar. 31 Mar. 31 May 11 May 25 Mar. 31 May 09 May 23
2006 2007 2007 2007 2008 2008 2008
1 2 3 4 5 6 7 8
Components
C.I Currency in Circulation 4,30,676 5,04,199 5,28,790 5,22,959 5,90,901 6,22,337 6,25,180
C.II Bankers' Deposits with the RBI 1,35,511 1,97,295 1,82,376 1,97,666 3,28,447 2,86,472 2,80,639
C.II.1 Scheduled Commercial Banks 1,27,061 1,86,322 1,71,114 1,86,236 3,11,880 2,69,500 2,63,128
C.III 'Other' Deposits with the RBI 6,869 7,496 7,406 5,391 9,069 6,162 6,223
C.IV Reserve Money (C.I+C.II+C.III = 5,73,055 7,08,990 7,18,573 7,26,016 9,28,417 9,14,971 9,12,042
S.I + S.II + S.III - S.IV - S.V)
Sources
S.I RBI's Domestic Credit (S.I.1+S.I.2+S.I.3) 13,781 11,596 9,329 12,120 -1,06,831 -1,39,025 -1,42,774
S.I.1 Net RBI credit to the Government (S.I.1.1+S.I.1.2) 6,599 2,423 6,348 6,304 -1,13,209 -1,40,575 -1,44,323
S.I.1.1 Net RBI credit to the Central Government 5,160 2,136 4,230 5,529 -1,14,636 -1,41,151 -1,44,585
(S.I.1.1.1+S.I.1.1.2+S.I.1.1.3+S.I.1.1.4-S.I.1.1.5)
S.I.1.1.1 Loans and Advances to the Central Government – – 8131 7753 – – –
S.I.1.1.2 Investments in Treasury Bills – – – – – – –
S.I.1.1.3 Investments in dated Government Securities 70,409 97,172 77,133 84,998 1,14,593 37,526 30,684
S.I.1.1.3.1 Central Government Securities 69,362 96,125 76,087 83,952 1,13,547 36,479 29,638
S.I.1.1.4 Rupee Coins 154 12 28 198 132 32 194
S.I.1.1.5 Deposits of the Central Government 65,404 95,048 81,062 87,419 2,29,361 1,78,708 1,75,462
S.I.1.2 Net RBI credit to State Governments 1,439 287 2,118 774 1,427 576 261
S.I.2 RBI's Claims on Banks 2,797 7,635 1,595 4,431 4,590 167 166
S.I.2.1 Loans and Advances to Scheduled Commercial Banks 1,488 6,310 371 3,139 4,571 167 166
S.I.3 RBI's Credit to Commercial Sector 4,385 1,537 1,386 1,386 1,788 1,383 1,383
S.I.3.1 Loans and Advances to Primary Dealers – 153 – – 405 – –
S.I.3.2 Loans and Advances to NABARD 2,998 – – – – – –
S.II Government's Currency Liabilities to the Public 8,754 8,261 8,327 8,457 9,324 9,390 9,486
S.III Net Foreign Exchange Assets of the RBI 6,72,983 8,66,153 8,41,336 8,30,634 12,36,130 12,91,010 13,49,895
S.III.1 Gold 25,674 29,573 29,051 29,051 40,124 38,141 38,141
S.III.2 Foreign Currency Assets 6,47,327 8,36,597 8,12,302 8,01,600 11,96,023 12,52,887 13,11,772
S.IV Capital Account 1,16,647 1,57,279 1,18,545 1,01,697 1,79,181 2,11,397 2,68,431
S.V Other Items (net) 5,816 19,740 21,875 23,497 31,025 35,007 36,134
Outstandings as on
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 646
Money andBanking
No. 11D: Liquidity Aggregates (Outstanding Amounts)
(Rs. Crore)
Month/Year NM3
PostalDeposits
L1
Term MoneyBorrowings
CDs TermDeposits
Total L2
L3
PublicDeposits
with NBFCs
Liabilities of Financial Institutions
1 2 3 4=(2+3) 5 6 7 8=(5+6+7) 9=(4+8) 10 11=(9+10)
2006-07
April 27,84,883 1,04,700 28,89,583 2,656 31 245 2,932 28,92,515
May 27,88,335 1,05,852 28,94,187 2,656 31 245 2,932 28,97,119
June 28,01,951 1,07,171 29,09,122 2,656 31 245 2,932 29,12,054 22,623 29,34,677
July 28,46,735 1,08,492 29,55,227 2,656 31 245 2,932 29,58,159
August 28,90,723 1,09,931 30,00,654 2,656 31 245 2,932 30,03,586
September 29,65,093 1,11,023 30,76,116 2,656 31 245 2,932 30,79,048 25,578 31,04,625
October 29,59,194 1,11,997 30,71,191 2,656 31 245 2,932 30,74,123
November 30,03,278 1,13,240 31,16,518 2,656 31 245 2,932 31,19,450
December 30,21,785 1,14,365 31,36,150 2,656 31 245 2,932 31,39,082 24,623 31,63,706
January 30,84,631 1,14,759 31,99,390 2,656 31 245 2,932 32,02,322
February 31,52,769 1,14,804 32,67,573 2,656 31 245 2,932 32,70,505
March 33,24,598 1,15,549 34,40,147 2,656 31 245 2,932 34,43,079 24,697 34,67,776
2007- 08
April 33,28,180 1,15,589 34,43,769 2,656 31 245 2,932 34,46,701
May 33,43,121 1,16,135 34,59,256 2,656 31 245 2,932 34,62,188
June 33,96,184 1,16,573 35,12,757 2,656 31 245 2,932 35,15,689 25,619 35,41,308
July 34,63,052 1,16,874 35,79,926 2,656 31 245 2,932 35,82,858
August 34,97,583 1,16,886 36,14,469 2,656 31 245 2,932 36,17,401
September 35,96,806 1,16,882 37,13,688 2,656 31 245 2,932 37,16,620 25,968 37,42,588
October 36,21,994 1,16,886 37,38,880 2,656 31 245 2,932 37,41,812
November 36,81,864 1,16,994 37,98,858 2,656 31 245 2,932 38,01,790
December 37,16,924 1,16,901 38,33,825 2,656 31 245 2,932 38,36,757 25,968 38,62,725
January 38,17,808 1,15,871 39,33,679 2,656 31 245 2,932 39,36,611
February 39,04,454 1,14,579 40,19,033 2,656 31 245 2,932 40,21,965
March 40,32,699 1,14,460 41,47,159 2,656 31 245 2,932 41,50,091 25,968 41,76,060
2008 - 09
April 40,42,653 1,14,460 41,57,113 2,656 31 245 2,932 41,60,045
May 40,96,096 1,14,460 42,10,556 2,656 31 245 2,932 42,13,488
CDs: Certificates of Deposit; L1, L
2 and L
3: Liquidity Aggregates; NBFCs: Non-Banking Financial Companies.
Notes : 1. Postal Deposits comprise post office savings bank deposits, post office time deposits, post office recurring deposits, other deposits andpost office cumulative time deposits.
2. Financial Institutions (FIs) here, comprise IFCI, EXIM Bank, IIBI, SIDBI, NABARD, NHB, TFCI and IDFC. Since October 2004, data on FIs do notinclude that of IDBI, reflecting its conversion into a banking entity.
3. Since July 2001, the term money borrowings of the FIs comprise borrowings from corporate and others.4. Since August 2002, Term Deposits include CP and Others.5. Estimates of public deposits with NBFCs are generated on the basis of returns received from all NBFCs with public deposits of Rs. 20 crore and
more as had been recommended by the Working Group.6. While L
1 and L
2 are compiled on a monthly basis, L
3 is compiled on a quarterly basis.
7. Data are provisional. Wherever data are not available, the estimates for the last available month have been repeated.
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 647
Money andBanking
See ‘Notes on Table’.
No.12: Reserve Money and its Components
(Rs. crore)
1 2 3 4 5 6
2005-06 4,30,676 17,557 6,869 1,35,511 5,73,055
2006-07 5,04,199 21,293 7,496 1,97,295 7,08,990
2007-08 5,90,901 23,425 9,069 3,28,447 9,28,417
May 4, 2007 5,25,628 – 7,046 1,97,376 7,30,050
May 11, 2007 5,28,790 18,456 7,406 1,82,376 7,18,573
May 18, 2007 5,27,049 – 5,365 1,96,176 7,28,590
May 25, 2007 5,22,959 19,037 5,391 1,97,666 7,26,016
January 2008 5,66,489 22,102 4,773 2,67,055 8,38,317
February 2008 5,75,530 21,094 5,022 2,70,106 8,50,659
March 2008 5,90,901 23,425 9,069 3,28,447 9,28,417
April 2008 6,11,019 21,347 6,192 2,71,181 8,88,392
May 2, 2008 6,13,354 – 6,254 2,98,267 9,17,875
May 9, 2008 6,22,337 21,487 6,162 2,86,472 9,14,971
May 16, 2008 6,25,934 – 6,570 3,21,958 9,54,462
May 23, 2008 6,25,180 22,216 6,223 2,80,639 9,12,042
May 30, 2008 6,22,139 – 6,724 3,27,881 9,56,743
Outstandings as on March 31/ each Friday/last reporting Friday of the month
Currency in Circulation
Total o / w cashwith banks
‘Other’ Depositswith RBI
Bankers’ Depositswith RBI
Reserve Money(2+4+5)
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 648
Money andBanking
Note : Government balances as on March 31, 2008 are after closure of accounts.
See ‘Notes on Table’.
(Rs. crore)
No.13: Sources of Reserve Money
Outstanding as onMarch 31/each Friday/last reporting Friday ofthe month
Reserve Bank’s claims on
Government(net) (1)
Commercialand Co-
operative Banks
National Bankfor Agriculture
and RuralDevelopment
CommercialSector (2)
Net ForeignExchange
Assets of RBI(3)
Government’sCurrency
Liabilitiesto the Public
Net non-monetary
Liabilitiesof RBI (3)
ReserveMoney
(2+3+4+5+6+7-8)
1 2 3 4 5 6 7 8 9
2005-06 6,599 2,797 2,998 1,387 6,72,983 8,754 1,22,463 5,73,055
2006-07 2,423 7,635 – 1,537 8,66,153 8,261 1,77,019 7,08,990
2007-08 -1,13,209 4,590 – 1,788 12,36,130 9,324 2,10,206 9,28,417
May 4, 2007 15,929 4,663 – 1,386 8,32,717 8,327 1,32,972 7,30,050
May 11, 2007 6,348 1,595 – 1,386 8,41,336 8,327 1,40,420 7,18,573
May 18, 2007 12,772 5,747 – 1,386 8,32,659 8,327 1,32,301 7,28,590
May 25, 2007 6,304 4,431 – 1,386 8,30,634 8,457 1,25,195 7,26,016
January 2008 -1,55,879 4,319 – 1,571 11,17,179 9,151 1,38,025 8,38,317
February 2008 -1,72,322 797 – 1,703 12,00,808 9,234 1,89,560 8,50,659
March 2008 -1,13,209 4,590 – 1,788 12,36,130 9,324 2,10,206 9,28,417
April 2008 -1,60,485 474 – 1,383 12,54,862 9,390 2,17,231 8,88,392
May 2, 2008 -1,37,939 467 – 1,383 12,68,096 9,390 2,23,522 9,17,875
May 9, 2008 -1,40,575 167 – 1,383 12,91,010 9,390 2,46,404 9,14,971
May 16, 2008 -1,00,147 1,189 – 1,383 13,34,884 9,390 2,92,236 9,54,462
May 23, 2008 -1,44,323 166 – 1,383 13,49,895 9,486 3,04,565 9,12,042
May 30, 2008 -1,00,575 2,684 – 1,435 13,37,636 9,486 2,93,922 9,56,743
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 649
Money andBanking
May 1, 2008 4.75 - 6.30 4.75 - 6.30 6.19 6.19
May 2, 2008 4.90 - 6.25 4.90 - 6.25 6.05 6.05
May 3, 2008 3.50 - 6.25 3.50 - 6.25 6.11 6.11
May 5, 2008 4.50 - 6.10 4.50 - 6.10 6.01 6.01
May 6, 2008 4.00 - 6.10 4.00 - 6.10 5.96 5.96
May 7, 2008 4.25 - 6.10 4.25 - 6.10 5.93 5.93
May 8, 2008 4.25 - 6.10 4.25 - 6.10 5.93 5.93
May 9, 2008 4.75 - 6.25 4.75 - 6.25 5.99 5.99
May 10, 2008 5.40 - 7.50 5.40 - 7.50 6.84 6.84
May 12, 2008 5.00 - 8.00 5.00 - 8.00 6.46 6.46
May 13, 2008 4.75 - 7.25 4.75 - 7.25 6.48 6.48
May 14, 2008 4.75 - 7.00 4.75 - 7.00 6.48 6.48
May 15, 2008 5.00 - 7.85 5.00 - 7.85 7.01 7.01
May 16, 2008 5.00 - 8.00 5.00 - 8.00 7.75 7.75
May 17, 2008 5.15 - 6.60 5.15 - 6.60 6.08 6.08
May 19, 2008 5.15 - 6.60 5.15 - 6.60 6.08 6.08
May 20, 2008 4.50 - 6.75 4.50 - 6.75 6.33 6.33
May 21, 2008 5.00 - 6.15 5.00 - 6.15 6.04 6.04
May 22, 2008 5.00 - 6.05 5.00 - 6.05 5.99 5.99
May 23, 2008 1.75 - 6.25 1.75 - 6.25 6.03 6.03
May 24, 2008 6.00 - 8.00 6.00 - 8.00 7.67 7.67
May 26, 2008 6.00 - 7.65 6.00 - 7.65 7.39 7.39
May 27, 2008 6.00 - 7.60 6.00 - 7.60 7.36 7.36
May 28, 2008 6.00 - 8.25 6.00 - 8.25 7.55 7.55
May 29, 2008 6.00 - 8.00 6.00 - 8.00 7.86 7.86
May 30, 2008 6.00 - 8.00 6.00 - 8.00 7.95 7.95
May 31, 2008 5.00 - 8.00 5.00 - 8.00 7.05 7.05
June 2, 2008 6.00 - 7.75 6.00 - 7.75 7.33 7.33
June 3, 2008 5.00 - 6.20 5.00 - 6.20 6.07 6.07
June 4, 2008 5.10 - 6.15 5.10 - 6.15 6.05 6.05
June 5, 2008 5.00 - 6.10 5.00 - 6.10 6.00 6.00
June 6, 2008 4.50 - 7.75 4.50 - 7.75 6.09 6.09
June 7, 2008 5.50 - 7.00 5.50 - 7.00 6.76 6.76
June 9, 2008 5.50 - 8.00 5.50 - 8.00 7.13 7.13
June 10, 2008 6.00 - 8.05 6.00 - 8.05 7.81 7.81
June 11, 2008 5.50 - 8.25 5.50 - 8.25 7.78 7.78
June 12, 2008 5.90 - 8.40 5.90 - 8.40 8.21 8.21
June 13, 2008 6.25 - 8.30 6.25 - 8.30 8.19 8.19
June 14, 2008 7.00 - 8.50 7.00 - 8.50 8.20 8.20
No.14: Daily Call Money Rates
Range of Rates Weighted Average RatesAs on
Borrowings Lendings Borrowings Lendings
1 2 3 4 5
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 650
Money andBanking
No. 15: Average Daily Turnover in Call Money Market
Banks Primary Dealers
Fortnight ended
Borrowings Lendings Borrowings Lendings Total
1 2 3 4 5 6
(Rs. crore)
Average Daily Call Money Turnover
Notes : 1. Data are provisional.2. Since August 6, 2005 eligible participants are Banks and Primary Dealers.
May 11, 2007 10,236 10,943 756 49 21,985
May 25, 2007 9,522 10,064 624 82 20,292
June 8, 2007 5,836 6,399 612 49 12,896
June 22, 2007 8,914 9,340 433 6 18,693
July 6, 2007 8,735 9,217 494 11 18,457
July 20, 2007 9,043 9,589 555 9 19,195
August 3, 2007 7,089 7,723 661 27 15,501
August 17, 2007 12,047 12,412 492 126 25,077
August 31, 2007 10,757 11,286 559 30 22,633
September 14, 2007 9,598 10,435 854 17 20,904
September 28, 2007 10,594 11,732 1,175 37 23,539
October 15, 2007 7,804 8,648 867 22 17,341
October 26, 2007 8,618 9,603 989 5 19,214
November 9, 2007 9,535 10,929 1,396 2 21,862
November 23, 2007 7,867 9,013 1,166 21 18,066
December 7, 2007 7,420 8,819 1,428 29 17,697
December 21, 2007 7,237 8,564 1,357 30 17,185
January 4, 2008 8,972 10,297 1,425 96 20,786
January 18, 2008 9,574 11,049 1,548 74 22,245
February 1, 2008 13,854 15,452 1,709 111 31,127
February 15, 2008 10,618 11,906 1,327 40 23,891
February 29, 2008 9,897 10,734 854 17 21,501
March 14, 2008 8,493 9,688 1,202 8 19,391
March 28, 2008 13,366 14,339 973 _ 28,678
April 11, 2008 6,289 7,285 1,055 59 14,688
April 25, 2008 9.011 10.020 1,127 117 20,275
May 9, 2008 9,706 10,560 997 143 21,406
May 23, 2008 7,970 8,910 1,032 92 18,004
June 6, 2008 9,716 10,706 1,001 11 21,435
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 651
Money andBanking
No. 16: Issue of Certificates of Deposit by Scheduled Commercial Banks
(Amount in Rs. crore)
@ : Effective discount rate range per annum.
Fortnight ended Total Range of Fortnight Total Range of Fortnight Total Range ofAmount Discount Rate ended Amount Discount Rate ended Amount Discount Rate
Outstanding (per cent) @ Outstanding (per cent) @ Outstanding (per cent) @
1 2 3 1 2 3 1 2 3
2006-07 2007-08 2008-09
April 14 38,568 6.00 - 8.90 April 13 93,808 9.50 - 11.50 April 11 1,49,986 8.00 - 9.72
28 44,059 6.00 - 8.45 27 95,980 9.40 - 11.50 25 1,50,865 7.70 - 9.96
May 12 48,515 6.50 - 7.90 May 11 97,292 10.05 - 11.50 May 9 1,53,410 7.75 - 10.20
26 50,228 6.37 - 8.67 25 99,715 7.00 - 10.82 23 1,56,780 8.00 - 10.20
June 9 53,863 5.75 - 7.96 June 8 99,287 6.13 - 10.95
23 56,390 5.50 - 8.16 22 98,337 7.00 - 10.20
July 7 57,256 6.00 - 8.70 July 6 1,02,992 6.25 - 9.69
21 59,167 4.35 - 8.21 20 1,05,317 5.50 - 10.82
August 4 64,748 6.00 - 8.62 August 3 1,03,750 6.05 - 10.75
18 65,621 4.75 - 8.50 17 1,06,350 6.87 - 8.91
September 1 66,340 4.60 - 8.50 31 1,09,224 6.87 - 10.75
15 63,864 7.13 - 8.50 September 14 1,13,892 6.87 - 10.00
29 65,274 7.25 - 8.50 28 1,18,481 6.87 - 10.00
October 13 64,482 4.75 - 8.50 October 12 1,22,142 6.87 - 10.00
27 65,764 6.00 - 8.50 26 1,24,232 6.85 - 10.00
November 10 67,694 6.75 - 8.50 November 9 1,25,653 6.87 - 9.00
24 68,911 7.50 - 8.33 23 1,27,143 6.87 - 9.03
December 8 69,664 6.00 - 8.36 December 7 1,25,327 8.05 - 9.25
22 68,619 7.25 - 8.90 21 1,23,466 8.05 - 10.00
January 5 68,928 8.26 - 9.25 January 4 1,27,154 6.87 - 9.82
19 70,149 8.00 - 9.55 18 1,29,123 7.90 - 9.21
February 2 70,727 8.41 - 9.80 February 1 1,32,395 7.90 - 9.85
16 72,795 9.40 - 10.83 14 1,35,097 6.83 - 9.75
March 2 77,971 9.90 - 11.30 29 1,39,160 9.22 - 10.27
16 92,468 10.30 - 11.25 March 14 1,43,714 7.00 - 10.48
30 93,272 10.23 - 11.90 28 1,47,792 9.00 - 10.75
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 652
Money andBanking
* : Issued at face value by companies.@ : Typical effective discount rate range per annum on issues during the fortnight.
(Amount in Rs. crore)
Fortnight ended Total Rate of Fortnight Total Rate of Fortnight Total Rate ofAmount Interest ended Amount Interest ended Amount Interest
Outstanding (per cent) @ Outstanding (per cent) @ Outstanding (per cent) @
1 2 3 1 2 3 1 2 3
2006-07 2007-08 2008-09
April 15 12,968.25 6.77 – 8.95 April 15 19,012.70 10.00–14.00 April 15 35,793.55 7.74–10.25
30 16,550.15 6.35 – 9.25 30 18,759.00 9.65–11.75 30 37,583.55 7.35–10.10
May 15 17,264.35 6.32 – 7.95 May 15 19,288.00 9.25–11.45 May 15 41,005.55 7.15–10.75
31 17,066.51 6.40 – 9.25 31 22,024.00 8.71–12.00 31 42,031.55 7.70–10.50
June 15 18,932.51 6.44 – 9.25 June 15 25,499.75 7.00–10.80
30 19,649.51 6.59 – 9.25 30 26,256.25 7.35–12.00
July 15 21,652.30 6.25 – 8.30 July 15 28,129.25 4.00–11.50
31 21,110.30 6.50 – 8.25 31 30,631.25 7.05–11.50
August 15 23,084.30 6.25 – 8.10 August 15 31,784.25 7.59–13.50
31 23,299.30 6.60 – 9.00 31 31,527.00 8.30–10.25
September 15 24,011.30 6.40 – 8.17 September 15 33,227.00 6.35–10.90
30 24,444.30 7.10 – 9.25 30 33,614.05 7.70–12.00
October 15 23,521.00 7.20 – 8.65 October 15 38,494.55 7.00–13.00
31 23,171.00 7.00 – 8.75 31 42,182.55 6.70–12.00
November 15 23,450.20 7.25 – 9.25 November 15 41,677.55 7,50–12,00
30 24,238.20 7.50 – 9.50 30 41,307.55 8.05–11.50
December 15 23,827.20 7.50 – 8.75 December 15 40,913.55 8.22–11.50
31 23,536.20 7.74–10.00 31 40,231.17 8.40–11.70
January 15 23,758.20 8.30 – 9.58 January 15 42,391.55 7.35–12.50
31 24,398.20 8.25–10.50 31 50,063.05 7.55–16.00
February 15 23,999.20 8.00–11.25 February 15 43,920.58 6.95–11.00
28 21,167.20 8.70–12.00 29 40,642.05 7.40–11.00
March 15 19,102.20 7.50–13.35 March 15 37,282.76 9.50–11.00
31 17,688.20 10.25–13.00 31 32,591.55 9.50–14.25
No. 17: Issue of Commercial Paper* By Companies
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 653
Government Accounts
GovernmentAccounts
No. 18 : Union Government Accounts at a Glance
(Amount in Rs. crore)
Item Financial Year
2008-09 2007-08 2008-09 Percentage to Budget Estimates
(Budget (Actuals) (Actuals) 2007-08 2008-09Estimates)
April - May
1 2 3 4 5 6
1. Revenue Receipts 6,02,935 25,899 36,030 5.3 6.0
2. Tax Revenue (Net) 5,07,150 21,725 31,958 5.4 6.3
3. Non-Tax Revenue 95,785 4,174 4,072 5.1 4.3
4. Capital Receipts 1,47,949 64,851 73,455 33.4 49.6
5. Recovery of Loans 4,497 349 254 23.3 5.6
6. Other Receipts 10,165 2,367 0 5.7 –
7. Borrowings and Other Liabilities 1,33,287 62,135 73,201 41.2 54.9
8. Total Receipts (1+4) 7,50,884 90,750 1,09,485 13.3 14.6
9. Non-Plan Expenditure 5,07,498 67,615 71,496 14.2 14.1
10. On Revenue Account 4,48,352 65,876 69,931 17.2 15.6
of which :
( i ) Interest Payments 1,90,807 26,221 27,229 16.5 14.3
11. On Capital Account 59,146 1,739 1,565 1.9 2.6
12. Plan Expenditure 2,43,386 23,135 37,989 11.3 15.6
13. On Revenue Account 2,09,767 19,358 33,830 11.1 16.1
14. On Capital Account 33,619 3,777 4,159 12.3 12.4
15. Total Expenditure (9+12) 7,50,884 90,750 1,09,485 13.3 14.6
16. Revenue Expenditure (10+13) 6,58,119 85,234 1,03,761 15.3 15.8
17. Capital Expenditure (11+14) 92,765 5,516 5,724 4.5 6.2
18. Revenue Deficit (16-1) 55,184 59,335 67,731 83.0 122.7
19. Fiscal Deficit {15-(1+5+6)} 1,33,287 62,135 73,201 41.2 54.9
20. Gross Primary Deficit [19-10(i)] -57,520 35,914 45,972 -4,46.3 -79.9
Notes : 1. Financial year runs from "April to March".2. Actuals are unaudited figures.
Source : Controller General of Accounts, Ministry of Finance, Government of India.
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 654
Government Securities Market
GovernmentSecuritiesMarket
No. 19: Government of India : 91 Day Treasury Bills(Outstanding at Face Value)
(Rs. crore)
Re-discounted Ad hocs
March 31/ LastFriday/ Friday
Reserve Bank of India Banks State Governments Others Foreign Central Banks
Tap*Auction Tap* Auction Tap* Auction Tap* Auction Tap* Auction
1 2 3 4 5 6 7 8 9 10 11 12
Mar. 31, 2000 — — 288 — 557 — — — 455 — 220
Mar. 31, 2001 — — 67 — 868 — — — 153 — 630
Mar. 31, 2002 — — 154 — 2,292 — 450 — 360 — 1,301
Mar. 31, 2003 — — — — 6,427 — 800 — 780 — 700
Mar. 31, 2004 — — — — 3,948 — 600 — 1,452 — 39
Mar. 31, 2005 — — — — 21,176 — 1,755 — 4,829 — 32
Mar. 31, 2006 — — — — 5,943 — 9,762 — 576 — 37
Mar. 31, 2007 — — — — 12,684 — 24,250 — 6,743 — 5
Dec. 2006 — — — — 12,521 — 15,543 — 2,538 — 5
Jan. 2007 — — — — 12,734 — 15,343 — 2,855 — 5
Feb. 2007 — — — — 12,810 — 12,793 — 5,762 — 5
Mar. 2007 — — — — 12,684 — 24,250 — 6,743 — 5
Apr. 2007 — — — — 16,126 — 24,050 — 6,927 — 5
May 2007 — — — — 14,956 — 22,303 — 9,075 — 1
Jun. 2007 — — — — 26,331 — 27,246 — 12,378 — 1
Jul. 2007 — — — — 25,736 — 32,296 — 12,764 — 1
Aug. 2007 — — — — 27,491 — 33,596 — 12,509 — —
Sep. 2007 — — — — 22,194 — 27,953 — 9,807 — —
Oct. 2007 — — — — 23,927 — 26,503 — 15,573 — —
Nov. 2007 — — — — 21,013 — 24,028 — 12,397 — —
Dec. 2007 — — — — 13,999 — 21,978 — 8,501 — 20
Jan. 2008 — — — — 11,143 — 23,278 — 6,946 — 20
Feb. 2008 — — — — 8,503 — 26,135 — 8,629 — —
Mar. 2008 — — — — 6,057 — 23,825 — 10,075 — —
Apr. 2008 — — — — 7,596 — 23,547 — 10,946 — —
Week Ended
May 2, 2008 — — — — 8,941 — 22,664 — 12,102 — —
May 9, 2008 — — — — 9,917 — 23,000 — 12,126 — —
May 16, 2008 — — — — 9.733 — 22,547 — 14,768 — —
May 23, 2008 — — — — 12,584 — 25,197 — 14,417 — —
May 30, 2008 — — — — 10,949 — 24,951 — 16,051 — —
* : The rate of discount is 4.60 per cent per annum.
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 655
GovernmentSecurities
Market
2007-08
May 30 June 1 2,000 103 6,333.30 1,350.00 60 2,000.00 1,350.00 — 3,350.00 98.19 7.3937 43,435.35
June 6 June 8 3,500 148 9,986.80 5,993.08 34 3,500.00 5,993.08 — 9,493.08 98.23 7.2274 50,928.43
June 11 June 13 3,000 119 6,492.00 — 88 3,000.00 — — 3,000.00 98.11 7.7268 53,928.43
June 13 June 15 3,500 119 9,997.75 1,600.00 47 3,500.00 1,600.00 — 5,100.00 98.10 7.7685 52,027.93
June 20 June 22 3,500 170 13,942.63 11,450.00 29 3,500.00 11,450.00 — 14,950.00 98.24 7.1858 64,356.43
June 25 June 27 5,000 190 18,850.00 — 32 5,000.00 — — 5,000.00 98.25 7.1443 69,356.43
June 27 June 29 3,500 143 11,682.00 1,100.00 52 3,500.00 1,100.00 — 4,600.00 98.19 7.3937 65,956.43
July 4 July 6 500 106 6,246.00 7,100.00 22 500.00 7,100.00 — 7,600.00 98.48 6.1908 70,356.43
July 11 July 13 2,000 133 7,253.00 250.00 36 2,000.00 250.00 — 2,250.00 98.74 5.1183 70,106.43
July 18 July 20 2,000 101 9,177.47 500.00 15 2,000.00 500.00 — 2,500.00 98.89 4.5022 70,897.08
July 25 July 27 2,000 78 6,468.08 — 32 2,000.00 — — 2,000.00 98.90 4.4612 70,797.08
Aug. 1 Aug. 3 2,000 97 4,932.24 200.00 56 2,000.00 200.00 — 2,200.00 98.41 6.4805 70,997.08
Aug. 8 Aug. 10 2,000 86 4,295.00 2,500.00 29 2,000.00 2,500.00 — 4,500.00 98.39 6.5634 73,497.08
Aug. 14 Aug. 17 2,000 94 3,450.47 303.00 61 2,000.00 303.00 — 2,303.00 98.35 6.7292 72,397.08
Aug. 22 Aug. 24 2,000 82 3,990.50 2,050.00 14 2,000.00 2,050.00 — 4,050.00 98.33 6.8121 72,896.08
Aug. 29 Aug. 31 3,500 104 7,552.50 550.00 26 3,500.00 550.00 — 4,050.00 98.26 7.1027 73,596.08
Sep. 5 Sep. 7 3,500 103 7,985.00 2,100.00 52 3,500.00 2,100.00 — 5,600.00 98.27 7.0612 69,703.00
Sep. 12 Sep. 14 3,500 110 8,870.92 4,300.00 53 3,500.00 4,300.00 — 7,800.00 98.26 7.1027 69,403.00
Sep. 19 Sep. 21 3,500 88 7,838.25 7,100.00 33 3,500.00 7,100.00 — 10,600.00 98.29 6.9781 65,053.00
Sep. 26 Sep. 28 3,500 82 4,255.14 1,000.00 69 3,500.00 1,000.00 — 4,500.00 98.24 7.1858 59,953.00
Oct . 3 Oct. 5 3,500 94 5,383.00 4,000.00 80 3,500.00 4,000.00 — 7,500.00 98.25 7.1443 59,853.00
Oct . 10 Oct. 12 3,500 117 13,193.00 1,200.00 32 3,500.00 1,200.00 — 4,700.00 98.29 6.9781 62,303.00
Oct . 17 Oct. 19 3,500 122 7,672.50 1,100.00 68 3,500.00 1,100.00 — 4,600.00 98.26 7.1027 64,403.00
Oct . 24 Oct. 26 3,500 110 7,803.33 100.00 60 3,500.00 100.00 — 3,600.00 98.28 7.0196 66,003.00
Oct. 31 Nov. 2 3,500 89 3,701.78 380.99 31 500.00 380.99 — 880.99 98.21 7.3105 64,683.99
Nov. 7 Nov. 8 3,500 98 7,154.50 600.00 3 500.00 600.00 — 1,100.00 98.21 7.3105 61,283.99
Nov. 14 Nov. 16 3,500 80 6,860.57 203.00 49 3,500.00 203.00 — 3,703.00 98.16 7.5186 62,683.99
Nov. 21 Nov. 23 2,000 69 2,437.85 970.00 15 500.00 970.00 — 1,470.00 98.16 7.5186 60,103.99
Nov. 28 Nov. 30 2,000 70 2,618.50 994.47 13 500.00 994.47 — 1,494.47 98.16 7.5186 57,548.46
No. 21: Auctions of 91 Day Government of India Treasury Bills
(Amount in Rs. crore)
Date of Date of NotifiedAuction Issue Amount
Bids Received
Number Total Face Value
Com-petitive
Non-Com-
petitive
Total Face Value
Com-petitive
Non-Com-
petitive
Number
Devolvement on
PDs/SDs*
TotalIssue
(8+9+10)
Cut-offPrice
ImplicitYield atCut-off
Price(per cent)
AmountOut-
standingas on the
Date ofIssue (Face
Value)
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Bids Accepted
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 657
GovernmentSecurities
Market
2007-08
Apr. 4 Apr. 7 1,500 88 7,005.00 — 5 1,500.00 — — 1,500.00 96.17 7.9869 17,205.69
Apr. 18 Apr. 20 1,500 67 3,085.00 524.16 23 1,500.00 524.16 — 2,024.16 96.28 7.7487 18,109.85
May 3 May 4 1,500 52 3,550.50 126.33 16 1,500.00 126.33 — 1,626.33 96.29 7.7271 19,066.67
May 16 May 18 1,500 66 3,740.00 — 21 1,500.00 — — 1,500.00 96.28 7.7487 19,248.67
May 30 Jun. 1 1,500 67 4,295.00 235.95 44 1,500.00 235.95 — 1,735.95 96.34 7.619 18,711.44
Jun. 11 Jun. 13 2,000 113 7,145.00 — 56 2,000.00 — — 2,000.00 96.25 7.8136 20,711.44
Jun. 13 Jun. 15 2,500 114 9,925.00 — 15 2,500.00 — — 2,500.00 96.25 7.8136 21,711.44
Jun. 27 Jun. 29 2,500 120 11,687.00 — 33 2,500.00 — — 2,500.00 96.32 7.6622 23,701.44
Jul. 11 Jul. 13 1,500 78 4,005.67 — 30 1,500.00 — — 1,500.00 97.07 6.0535 23,301.44
Jul. 25 Jul. 27 1,500 71 4,085.00 900.00 15 1,500.00 900.00 — 2,400.00 97.18 5.8196 25,141.44
Aug. 8 Aug. 10 1,500 52 1,985.00 500.00 47 1,500.00 500.00 — 2,000.00 96.50 7.2738 25,641.44
Aug. 22 Aug. 24 1,500 69 2,235.00 1,500.00 54 1,500.00 1,500.00 — 3,000.00 96.41 7.4678 27,141.44
Sep. 5 Sep. 7 2,500 105 4,573.00 855.00 62 2,500.00 855.00 — 3,355.00 96.44 7.4031 28,496.44
Sep. 19 Sep. 21 2,500 102 9,980.00 — 38 2,500.00 — — 2,500.00 96.51 7.2523 30,141.44
Oct. 3 Oct. 5 2,500 71 4,990.00 — 48 2,500.00 — — 2,500.00 96.48 7.3169 31,141.44
Oct. 17 Oct. 19 2,500 98 4,815.00 500.00 79 2,500.00 500.00 — 3,000.00 96.42 7.4462 32,117.28
Oct. 31 Nov. 2 2,500 75 3,165.00 — 18 500.00 — — 500.00 96.36 7.5758 30,990.95
Nov. 14 Nov. 16 2,500 81 3,071.00 — 14 500.00 — — 500.00 96.35 7.5974 29,990.95
Nov. 28 Nov. 30 1,500 71 2,310.00 — 18 500.00 — — 500.00 96.30 7.7054 28,755.00
Dec. 12 Dec. 14 500 53 2,535.30 125.00 5 500.00 125.00 — 625.00 96.35 7.5974 24,880.00
Dec. 26 Dec. 28 500 57 2,135.50 — 22 500.00 — — 500.00 96.35 7.5974 22,880.00
Jan. 9 Jan. 11 1,500 62 3,102.00 — 29 1,500.00 — — 1,500.00 96.52 7.2308 22,880.00
Jan. 23 Jan. 25 2,500 60 2,855.00 — 41 2,105.00 — — 2,105.00 96.51 7.2523 22,585.00
Feb. 6 Feb. 8 1,500 60 3,267.00 — 26 1,500.00 0.00 — 1,500.00 96.50 7.2738 22,085.00
Feb. 20 Feb. 22 500 40 1,822.00 — 12 500.00 0.00 — 500.00 96.38 7.5326 19,585.00
Mar. 5 Mar. 7 500 57 1,827.50 855.00 34 500.00 855.00 — 1,355.00 96.38 7.5326 17,585.00
Mar. 19 Mar. 24 500 42 2,340.00 1,200.00 6 500.00 1,200.00 — 1,700.00 96.46 7.3600 16,785.00
Apr. 2 Apr. 4 500 52 2,095.00 — 2 500.00 — — 500.00 96.54 7.1877 14,785.00
Apr. 16 Apr. 17 3,000 77 2,663.00 1,500.00 28 500.00 1,500.00 — 2,000.00 96.35 7.5974 13,785.00
Apr. 30 May 2 1000 84 4,430.25 750.00 8 1,000.00 750.00 — 1,750.00 96.42 7.4462 15,035.00
May 14 May 16 2000 85 3,431.00 553.00 61 2,000.00 553.00 — 2,553.00 96.36 7.5758 17,088.00
May 28 May 30 500 52 1,872.00 700.00 6 500.00 700.00 — 1,200.00 96.38 7.5326 17,788.00
No. 22: Auctions of 182-day Government of India Treasury Bills
(Amount in Rs. crore)
Date of Date of NotifiedAuction Issue Amount
Bids Received
Number Total Face Value
Com-petitive
Non-Com-
petitive
Total Face Value
Com-petitive
Non-Com-
petitive
Number
Devolve-ment on
PDs/
TotalIssue
(8+9+10)
Cut-offPrice
ImplicitYield atCut-off
Price(per cent)
AmountOut-
standingas on the
Date ofIssue (Face
Value)
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Bids Accepted
Notes : 1. Outstanding amount is net of redemption during the week.
2. The presentation of implicit yield at cut-off price has been changed from actual/364-day count convention to actual/365-day count convention fromauction dated April 6, 2005.
3. The auctions of 182-day Treasury Bills (TBs) which were discontinued effective May 14, 2001 have been reintroduced from April 6, 2005 onwards.
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 658
GovernmentSecuritiesMarket
2007-08
Jun. 6 Jun. 8 3,000 120 10,936.40 118.54 28 3,000 118.54 — 3,118.54 92.88 7.6900 55,744.37
Jun. 20 Jun. 22 3,000 131 12,910.00 495.96 47 3,000 495.96 — 3,495.96 92.91 7.6500 56,324.50
Jul. 4 Jul. 6 1,000 93 6,255.00 — 20 1,000 — — 1,000.00 93.33 7.1663 55,324.50
Jul. 18 Jul. 20 2,000 96 7,415.49 583.43 25 2,000 583.43 — 2,583.43 93.84 6.5824 55,627.43
Aug. 1 Aug. 3 2,000 84 4,675.00 — 43 2,000 — — 2,000.00 93.26 7.2470 55,627.43
Aug. 14 Aug. 17 2,000 104 4,685.00 — 33 2,000 — — 2,000.00 93.05 7.4896 55,619.43
Aug. 29 Aug. 31 2,000 115 5,415.00 33.27 39 2,000 33.27 — 2,033.27 93.02 7.5244 55,642.70
Sep. 12 Sep. 14 3,000 133 11,145.00 — 30 3,000 — — 3,000.00 93.07 7.4665 56,542.70
Sep. 26 Sep. 28 3,000 97 5,846.00 375.00 66 3,000 375.00 — 3,375.00 93.04 7.5012 57,317.70
Oct. 10 Oct. 12 3,000 154 11,231.50 — 31 3,000 — — 3,000.00 93.15 7.3739 58,300.50
Oct. 24 Oct. 26 3,000 125 8,141.00 24.00 36 3,000 24.00 — 3,024.00 93.16 7.3624 60,039.50
Nov. 7 Nov. 8 3,000 92 4,425.00 — 64 3,000 — — 3,000.00 92.82 7.7567 61,039.50
Nov. 21 Nov. 23 2,000 90 4,550.00 — 17 1,000 — — 1,000.00 92.83 7.7450 60,039.50
Dec. 5 Dec. 7 2,000 97 5,711.70 — 50 2,000 — — 2,000.00 92.86 7.7101 60,039.50
Dec. 19 Dec. 20 1,000 79 4,485.00 250.00 18 1,000 250.00 — 1,250.00 92.90 7.6636 59,039.50
Jan. 2 Jan. 4 1,000 98 6,415.00 — 8 1,000 — — 1,000.00 93.14 7.3855 58,034.40
Jan. 16 Jan. 18 3,000 118 6,897.00 118.75 59 3,000 118.75 — 3,118.75 93.14 7.3855 59,595.95
Jan. 30 Feb. 1 2,000 75 3,185.00 — 42 2,000 — — 2,000.00 93.05 7.4896 60,345.95
Feb. 13 Feb. 15 3,000 114 9,149.00 503.70 46 3,000 503.70 — 3,503.70 93.06 7.4780 61,753.65
Feb. 27 Feb. 29 1,000 71 3,690.00 — 14 1,000 — — 1,000.00 93.00 7.5476 60,753.65
Mar. 12 Mar. 14 1,000 85 5,816.82 272.65 5 1,000 272.65 — 1,272.65 93.09 7.4433 59,755.30
Mar. 26 Mar. 28 1,000 79 5,573.36 — 5 1,000 — — 1,000.00 93.17 7.3508 57,205.30
Apr. 9 Apr. 11 2,000 95 4,697.50 — 44 2,000 — — 2,000.00 93.15 7.3739 57,075.30
Apr. 23 Apr. 25 2,000 102 4,735.00 — 55 2,000 — — 2,000.00 92.88 7.6869 56,775.30
May 7 May 9 3500 166 9,640.50 650.00 68 3,500.00 650.00 — 4,150.00 93.00 7.5476 58,925.30
May 21 May 23 1000 109 4,100.00 1,500.00 42 1,000.00 1,500.00 — 2,500.00 92.90 7.6636 59,425.30
No. 23: Auctions of 364-day Government of India Treasury Bills
Date of Date of NotifiedAuction Issue Amount
Bids Received
Number Total Face Value
Com-petitive
Non-Com-
petitive
Total Face Value
Com-petitive
Non-Com-
petitive
Number
Devolve-ment on
PDs/SDs*
TotalIssue
(8+9+10)
Cut-offPrice
ImplicitYield atCut-off
Price(per cent)
AmountOut-
standingas on the
Date ofIssue (Face
Value)
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Bids Accepted
(Amount in Rs. crore)
* : Effective from auction dated May 19, 1999, devolvement would be on RBI only.Notes : 1. Outstanding amount is net of redemption during the week.
2. The presentation of implicit yield at cut-off price has been changed from actual/364-day count convention to actual/365-day count convention fromauction dated October 27, 2004.
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 659
GovernmentSecurities
Market
No. 24: Turnover in Government Securities Market (Face Value) at Mumbai @
(Rs. crore)
@ : Based on SGL outright transactions in government securities in secondary market at Mumbai. It excludes repo transactions.
+ : Turnover upto the last Friday of the month over the last Friday of preceding month.
* : RBI’s Sales and Purchases include transactions in other offices also. It excludes transactions relating to the Government of India and the Welfare Commissioner, Bhopal.
1 2 3 4 5 6 7
Week / Month + Govt. of IndiaDated Securities
State Govt.Securities
Treasury Bills
91 Day 182 Day 364 Day
RBI*
2006-07
April 1,10,559.28 851.16 2,193.88 2,046.40 16,666.50 922.00
May 1,00,542.72 4,781.64 6,217.52 4,076.30 10,766.88 1,453.00
June 77,255.06 2,395.66 5,996.84 8,689.56 12,871.16 883.00
July 65,538.70 1,376.06 5,206.80 3,761.72 8,127.34 387.88
August 1,48,081.02 1,048.40 10,290.66 8,646.20 12,898.72 166.48
September 2,84,464.66 1,893.48 8,821.54 6,014.18 17,127.28 279.19
October 1,22,101.80 776.32 5,898.98 3,134.06 9,134.16 233.42
November 2,57.667.60 1,358.46 4,857.48 8,209.80 13,484.26 151.08
December 2,39,765.16 3,072.80 6,087.18 2,928.06 9,965.98 58.44
January 1,40,660.36 1,319.26 6,006.94 3,306.44 6,204.12 551.14
February 1,13,360.08 1,362.28 4,998.06 2,854.74 4,948.44 72.88
March 1,10,983.52 4,861.96 5,968.82 4,739.42 6,464.76 1,405.99
2007-08
April 1,29,393.26 3,090.88 9,866.80 2,869.22 5,782.54 333.23
May 1,14,658.96 2,481.32 7,160.10 1,498.68 3,183.70 680.35
June 2,20,172.02 2,078.77 29,236.33 7,998.44 10,091.95 266.57
July 3,83,106.46 1,906.39 19,820.37 3,291.27 22,143.25 715.20
August 2,41,706.99 2,514.20 11,899.44 6,877.99 13,643.66 482.50
September 1,74,533.46 1,201.42 5,521.12 8,768.86 10,539.40 428.36
October 1,45,814.85 1,714.00 22,191.33 13,299.05 20,733.58 531.41
November 1,73,573.07 3,058.32 8,788.32 6,219.26 14,338.14 193.03
December 2,12,467.87 2,344.34 5,998.32 2,498.72 13,450.44 5,372.60
January 5,54,272.55 4,412.28 5,581.92 6,000.66 21,903.31 5,344.63
February 4,34,802.32 4,730.56 2,810.06 4,485.10 11,915.60 2,998.80
March 1,72,568.68 1,962.38 2,892.25 2,054.68 8,168.54 3,429.97
2008-09
April 1,63,277.17 2,403.36 8,859.65 2,530.12 8,201.96 1,590.93
Week-Ended
May 2, 2008 60,950.32 888.74 1,663.98 188.00 630.16 90.42
May 9, 2008 86,551.41 10,047.54 3,076.56 1,020.30 1,750.84 –
May 16, 2008 82,645.87 251.04 2,490.22 446.86 956.10 174.61
May 23, 2008 38,587.66 100.30 3,392.51 712.60 1,036.00 34.95
May 30, 2008 49,619.59 511.32 914.63 158.88 280.00 50.89
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 660
GovernmentSecuritiesMarket
No. 25: Repo / Reverse Repo Auctions Under Liquidity Adjustment Facility
(Amount in Rs. crore)
LAFDate
Repo/Reverse
RepoPeriod
(Day(s))
REPO (Injection) REVERSE REPO (Absorption) Net Injection(+)/
Absorption (–)of liquidity[ (6)–(11) ]
OutstandingAmount @
Bids Received Bids Accepted Cut-offRate (%)
Bids Received Bids Accepted Cut-offRate (%)
Number Amount Number Amount Number AmountNumber Amount
1 2 3 4 5 6 7 8 9 10 11 12 13 14
May 2, 2008 3 – – – – – 23 20,250 23 20,250 6.00 –20,250 20,250
May 5, 2008 1 – – – – – 29 33,065 29 33,065 6.00 –33,065 33,065
May 6, 2008 1 – – – – – 42 53,430 42 53,430 6.00 –53,430 53,430
May 7, 2008 1 – – – – – 47 49,505 47 49,505 6.00 –49,505 49,505
May 8, 2008 1 – – – – – 44 46,625 44 46,625 6.00 –46,625 46,625
May 9, 2008 3 – – – – – 30 23,050 30 23,050 6.00 –23,050 23,050
May 12, 2008 1 – – – – – 7 4,270 7 4,270 6.00 –4,270 4,270
May 13, 2008 1 – – – – – 7 2,430 7 2,430 6.00 –2,430 2,430
May 14, 2008 1 – – – – – 5 2,405 5 2,405 6.00 –2,405 2,405
May 15, 2008 1 1 180 1 180 7.75 5 1,635 5 1,635 6.00 –1,455 1,455
May 16, 2008 4 12 20,705 12 20,705 7.75 4 1,065 4 1,065 6.00 19,640 –19,640
May 20, 2008 1 – – – – – 19 23,175 19 23,175 6.00 –23,175 23,175
May 21, 2008 1 – – – – – 19 27,095 19 27,095 6.00 –27,095 27,095
May 22, 2008 1 – – – – – 32 36,205 32 36,205 6.00 –36,205 36,205
May 23, 2008 3 – – – – – 28 29,610 28 29,610 6.00 –29,610 29,610
May 26, 2008 1 1 5,000 1 5,000 7.75 5 780 5 780 6.00 4,220 –4,220
May 27, 2008 1 1 13,000 1 13,000 7.75 3 225 3 225 6.00 12,775 –12,775
May 28, 2008 1 2 215 2 215 7.75 2 185 2 185 6.00 30 –30
May 29, 2008 1 22 20,790 22 20,790 7.75 – – – – – 20,790 –20,790
May 30, 2008 3 11 9,630 11 9,630 7.75 1 30 1 30 6.00 9,600 –9,600
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 661
GovernmentSecurities
Market
No. 26: Open Market Operations of Reserve Bank of India*
(Rs. crore)
* : Excluding transactions of RBI with the Government of India and the Welfare Commissioner, Bhopal.
Month End Government of India Dated Securities – Face Value Treasury Bills
Purchase Sale Net Purchases (+) Purchase Sale Net Purchases (+)/ Net Sales (–) / Net Sales (–)
1 2 3 4 5 6 7
2005-06April 2005 — 263.33 –263.33 — — —May 2005 — 686.46 –686.46 — — —June 2005 — 832.91 –832.91 — — —July 2005 — 323.66 –323.66 — — —August 2005 — 121.19 –121.19 — — —September 2005 — 255.85 –255.85 — — —October 2005 — 123.68 –123.68 — — —November 2005 — 107.92 –107.92 — — —December 2005 — 29.51 –29.51 — — —January 2006 — 674.41 –674.41 — — —February 2006 215.00 522.56 –307.56 — — —March 2006 525.00 711.23 –186.23 — — —
2006-07April 2006 405.00 516.80 –111.80 — — —May 2006 85.00 1,386.74 –1,301.74 — — —June 2006 55.00 809.88 –754.88 — — —July 2006 25.00 374.36 –349.36 — — —August 2006 80.00 127.64 –47.64 — — —September 2006 40.00 237.24 –197.24 — — —October 2006 — 191.10 –191.10 — — —November 2006 10.00 140.20 –130.20 — — —December 2006 15.00 36.41 –21.41 — — —January 2007 — 571.36 –571.36 — — —February 2007 — 118.09 –118.09 — — —March 2007 5.00 1,335.56 –1,330.56 — — —
Year / Month Government of India Dated Securities – Face Value Treasury bills
Purchase Sale Purchase Sale
Market State Market State Market State Market StateGovernments Governments Governments Governments
1 2 3 4 5 6 7 8 9 10 112007-08April 10.00 — — 332.24 –322.24 — — — — —May — — — 742.80 –742.80 — — — — —June — — — 254.86 –254.86 — — — — —July 25.00 — — 656.74 –631.74 — — — — —August — — — 456.28 –456.28 — — — — —September 15.00 — — 413.35 –398.35 — — — — —October — — — 539.93 –539.93 — — — — —November — — — 184.51 –184.51 — — — — —December 5,485.00 — — 167.44 5,317.56 — — — — —January 2,535.00 — — 2,577.82 _42.82 — — — — —February 2,660.00 — — 290.27 2,369.73 — — — — —March 2,780.00 — — 970.93 1,809.07 — — — — —
2008-09April 745.58 — — 861.19 _115.61 — — — — —May 127.50 — — 216.63 _89.13 — — — — —
Net
purchase
(+)/netsale (-)
Net
purchase
(+)/netsale (–)
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 662
GovernmentSecuritiesMarket
1 2 3 4 5 6 7 8 9 10 11 12
I May 2, 2008
a. Amount 400.00 3,450.07 2,783.33 730.00 – 261.98 4,727.42 2,532.27 10,620.27 4,969.77 444.37
b. YTM *
Min. 8.3641 7.6620 7.8137 7.9047 – 7.9033 7.9094 7.9251 7.8960 8.2873 6.0500
Max. 8.3641 8.5300 8.0208 8.0539 – 8.0862 8.2499 8.1989 8.2024 9.2606 8.4874
II May 9, 2008
a. Amount 420.07 5,371.00 3,486.62 190.00 100.00 395.02 7,517.69 3,316.33 16,844.62 5,634.37 5,023.78
b. YTM *
Min. 8.0449 7.6053 7.7009 7.9015 8.8008 7.7743 7.7954 7.8467 7.7759 8.1171 7.9300
Max. 8.2590 7.8061 7.8379 8.8113 8.8468 7.8732 8.9488 8.0504 7.9304 9.1429 8.4009
III May 16, 2008
a. Amount 75.00 3,531.00 1,590.00 – 50.00 215.10 13,171.85 1,517.93 15,986.82 5,184.74 125.52
b. YTM *
Min. 7.7730 7.5386 7.7275 – 8.9504 7.8017 7.8393 7.8555 7.7693 7.9685 7.9500
Max. 8.2200 7.8006 7.8244 – 8.9504 7.8520 7.9942 7.9797 8.0783 9.0421 8.3061
IV May 23, 2008
a. Amount 50.00 1,381.50 165.00 – 41.71 2,535.21 6,539.10 547.00 5,406.59 2,627.72 50.15
b. YTM *
Min. 8.3100 7.7134 7.7921 – 8.9299 7.8768 7.9360 7.9408 7.8343 8.1608 8.2984
Max. 8.3100 7.8861 7.9209 – 8.9299 8.0455 8.1420 8.1993 8.0484 9.0800 8.3500
IV May 30, 2008
a. Amount – 1,665.00 155.71 50.00 – 1,095.78 3,090.69 440.31 16,000.34 2,311.96 255.66
b. YTM *
Min. – 7.7786 7.9064 8.0455 – 7.9992 7.8760 8.0725 8.0085 8.2350 8.4025
Max. – 8.5000 7.9559 8.0455 – 8.0834 8.1904 8.2078 8.3372 9.0850 8.6693
No. 27 A : Secondary Market Outright Transactions in Government dated Securities (Face Value)(Amount in Rs. Crore)
State Govt.Securities
Government of India Dated Securities - Maturing in the Year
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-17 2017-18 2018-19 Beyond2019
Week ended
* Minimum and maximum YTMs (% PA) indicative have been given excluding transactions of non-standard lot size (less than Rs.5 Crore).
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 663
GovernmentSecurities
Market
No. 27 B: Secondary Market Outright Transactions in Treasury Bills(Amount in crore, YTM in per cent per annum)
Week ended Treasury Bills Residual Maturity in days
up to 14 days 15-91 days 92-182 days 183 - 364 days
1 2 3 4 5
I May 2, 2008
a. Amount 145.00 831.99 59.00 205.08
b. YTM *
Min. 5.7510 6.2500 7.3483 7.3000
Max. 6.4016 7.3521 7.4402 7.6000
II May 9, 2008
a. Amount 100.00 1,953.58 560.15 310.12
b. YTM *
Min. 5.4987 5.4996 7.2301 7.3301
Max. 6.5016 7.3521 7.4601 7.7500
III May 16, 2008
a. Amount 80.00 1,275.11 254.73 336.75
b. YTM *
Min. 5.4996 6.6000 7.2801 7.3650
Max. 6.5500 7.3937 7.5758 7.5100
IV May 23, 2008
a. Amount 105.00 1,826.26 399.30 240.00
b. YTM *
Min. 5.5991 5.5509 7.4500 7.5940
Max. 7.0007 7.5502 7.5099 7.6200
IV May 30, 2008
a. Amount 59.34 482.41 100.00 35.00
b. YTM *
Min. 5.6003 7.3000 7.4801 7.5000
Max. 7.0007 7.5000 7.5100 7.6001
* Minimum and maximum YTMs (% PA) indicative have been given excluding transactions of non-standard lot size (less than Rs.5 Crore).
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 664
GovernmentSecuritiesMarket
No. 27 C: Month-end Yield to Maturity of SGL Transactions in Central GovernmentDated Securities for Various Residual Maturities
(Per cent)
Term toMaturity(in years)
1 2 3 4 5 6 7 8 9 10 11 12 13
1 7.5803 7.1362 7.6839 7.6836 7.6895 7.7597 7.6573 7.4307 7.4481 7.4252 7.7279 7.8502
2 7.6867 7.2619 7.7159 7.7759 7.7266 7.8157 7.6615 7.5106 7.5449 7.5140 7.8050 7.9675
3 7.8031 7.3610 7.7479 7.8006 7.7420 7.8257 7.6656 7.5426 7.5749 7.5433 7.8901 7.9923
4 7.8106 7.3621 7.7774 7.8014 7.7529 7.8349 7.6698 7.5281 7.5699 7.5429 7.9165 8.0172
5 7.9072 7.3980 7.7944 7.8022 7.7639 7.8441 7.6740 7.5137 7.5649 7.5424 7.9151 8.0421
6 8.0046 7.5420 7.8114 7.8100 7.7825 7.8542 7.6944 7.5061 7.6111 7.5534 7.9217 8.0743
7 8.0843 7.6543 7.8577 7.8680 7.8189 7.8672 7.7159 7.5084 7.6674 7.5640 7.9326 8.1091
8 8.0946 7.6890 7.9041 7.8750 7.8356 7.8802 7.7371 7.5180 7.5376 7.5742 7.9595 8.1430
9 8.1234 7.8113 7.9103 7.8902 7.8464 7.8937 7.7727 7.5375 7.5760 7.5816 7.9691 8.1348
10 8.1559 7.9108 7.9194 7.9155 7.8699 7.9218 7.8057 7.5737 7.6268 7.6367 8.0181 8.1069
11 8.1871 7.9338 7.9463 7.9762 7.9217 7.9727 7.8411 7.6318 7.6775 7.7147 8.0914 8.2966
12 8.2182 7.9568 7.9732 8.0369 7.9735 8.0236 7.8765 7.6900 7.7282 7.7928 8.1647 8.3057
13 8.2493 7.9798 8.0002 8.0976 8.0252 8.0745 7.9118 7.7482 7.7789 7.8708 8.2380 8.3148
14 8.2789 8.0028 8.0271 8.1583 8.0770 8.1254 7.9472 7.7492 7.8277 7.8804 8.2975 8.3240
15 8.2940 8.0265 8.0540 8.1915 8.1135 8.1523 8.0368 7.7489 7.8371 7.8321 8.3047 8.3331
16 8.3092 8.0529 8.0810 8.2079 8.1325 8.1728 8.0733 7.7585 7.8494 7.8492 8.3119 8.3422
17 8.3243 8.0793 8.1079 8.2242 8.1515 8.1934 8.0782 7.7682 7.8618 7.8664 8.3191 8.3514
18 8.3395 8.1057 8.1349 8.2406 8.1704 8.2139 8.0831 7.7779 7.8741 7.8836 8.3263 8.3605
19 8.3547 8.1321 8.1618 8.2569 8.1894 8.2345 8.0880 7.7875 7.8865 7.9008 8.3334 8.3696
20 8.3698 8.1585 8.1887 8.2733 8.2083 8.2550 8.0929 7.7972 7.8988 7.9180 8.3406 8.3788
21 8.3850 8.1849 8.2157 8.2897 8.2273 8.2756 8.0977 7.8068 7.9111 7.9352 8.3478 8.3879
22 8.4001 8.2114 8.2426 8.3060 8.2462 8.2961 8.1026 7.8165 7.9235 7.9523 8.3550 8.3970
23 8.4153 8.2378 8.2696 8.3224 8.2652 8.3167 8.1075 7.8261 7.9358 7.9695 8.3622 8.4062
24 8.4304 8.2642 8.2965 8.3387 8.2841 8.3372 8.1124 7.8358 7.9482 7.9867 8.3694 8.4153
25 8.4456 8.2906 8.3232 8.3551 8.3002 8.3516 8.1159 7.8431 7.9603 7.9988 8.3766 8.4244
26 8.4607 8.2954 8.3232 8.3714 8.3024 8.3483 8.1168 7.8473 7.9723 8.0072 8.3838 8.4336
27 8.4759 8.2983 8.3232 8.3878 8.3047 8.3449 8.1176 7.8515 7.9843 8.0155 8.3910 8.4427
28 8.4911 8.3013 8.3232 8.4041 8.3069 8.3415 8.1185 7.8557 7.9964 8.0239 8.3982 8.4518
29 8.5062 8.3043 8.3231 8.4205 8.3092 8.3381 8.1193 7.8599 8.0084 8.0323 8.4053 8.4610
30 – – – – – – – – – – – –
Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
2007 2008
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 665
GovernmentSecurities
Market
No. 28: Redemption Yield on Government of India Securities Based on SGL Transactions*
Sr.No
Nomenclature of the loan 2005-06 2006-07 2007-08 2007 2008
( per cent per annum)
April May February March April May
1 2 3 4 5 6 7 8 9 10 11
A) Terminable Under 5 years1 6.00% 2008 .. .. .. .. .. .. .. ..2 9.50% 2008 6.59 7.14 7.32 .. 7.76 .. .. .. ..3 10.80 % 2008 6.56 6.65 7.43 .. .. .. 7.51 ..4 11.40 % 2008 6.40 7.22 7.26 8.02 7.92 7.37 7.675 11.50 % 2008 6.38 7.08 7.81 .. 7.90 8.69 .. .. ..6 12.00 % 2008 6.41 7.04 7.60 7.82 7.82 7.35 8.70 .. ..7 12.10 % 2008 6.62 7.54 7.86 .. 7.81 .. 7.35 .. ..8 12.15 % 2008 6.32 7.75 .. .. .. .. .. .. ..9 12.22 % 2008 6.35 6.86 .. .. .. .. .. .. ..10 12.25 % 2008 6.55 7.07 8.15 .. 8.99 9.93 7.41 7.26 ..11 5.48% 2009 6.87 6.88 7.63 .. .. 7.41 7.48 7.70 7.7312 6.65 % 2009 6.54 7.51 7.66 8.04 8.01 7.46 7.50 7.75 7.7413 6.99 % 2009 .. .. .. .. .. .. .. .. ..14 7.00 % 2009 6.73 7.50 8.09 .. 8.38 8.00 8.62 .. ..15 11.50 % 2009 6.71 7.52 7.95 .. .. 8.67 .. .. ..16 11.99 % 2009 6.59 7.25 7.65 8.06 8.03 7.70 7.5117 5.87 % 2010 6.57 .. 7.63 .. .. 7.43 7.51 7.78 7.8118 6.00% 2010 .. .. .. .. .. .. .. .. ..19 6.20% 2010 .. .. .. .. .. .. .. .. ..20 7.50 % 2010 6.89 7.77 7.35 .. .. 7.43 7.73 7.66 ..21 7.55% 2010 6.69 7.42 7.69 8.09 8.05 7.42 7.51 7.64 7.8222 8.75 % 2010 6.95 7.98 .. .. .. .. .. .. ..23 11.30 % 2010 6.85 7.39 7.70 8.19 7.49 7.54 8.18 7.8624 11.50 % 2010 6.85 7.43 7.70 8.11 7.62 7.58 7.57 7.8125 12.25 % 2010 6.86 7.45 7.55 8.15 7.51 7.48 7.86 7.8226 12.29 % 2010 6.85 7.50 7.78 8.11 8.12 7.55 7.55 7.5827 5.03% 2011 .. .. .. .. .. .. .. .. ..28 6.57% 2011 - - 7.37 - .. 7.45 .. 7.98 7.8029 8.00 % 2011 7.10 7.86 7.93 .. .. .. .. ..30 9.39% 2011 6.86 7.52 7.78 8.14 8.09 7.60 7.53 8.06 7.9831 10.95 % 2011 6.96 7.33 7.94 .. 8.15 7.68 .. .. 7.9332 11.50 % 2011 6.98 7.43 7.82 .. .. .. 7.71 .. ..33 12.00 % 2011 7.03 7.97 7.95 8.00 8.15 .. 7.71 .. ..34 12.32 % 2011 6.89 7.59 7.85 10.55 .. 7.61 .. 8.38 ..35 6.72% 2012 6.51 6.93 7.87 .. .. 8.52 .. .. ..36 6.85% 2012 6.86 7.58 7.80 8.14 .. 7.56 7.59 .. ..37 7.40% 2012 6.95 7.55 7.83 8.08 8.10 7.44 7.74 7.59 ..38 9.40% 2012 6.96 7.60 7.87 .. .. 7.55 7.72 8.14 ..39 10.25 % 2012 7.06 7.88 8.08 8.54 .. .. 7.60 7.78 ..40 11.03 % 2012 7.02 7.81 8.10 9.00 8.21 7.66 7.95 .. ..B) Between 5 & 10 Years41 7.27% 2013 6.98 7.58 7.66 8.02 .. 7.48 7.53 7.97 7.9142 9.00 % 2013 7.06 7.86 8.25 .. .. .. .. .. ..43 9.81% 2013 7.11 7.85 8.11 .. .. .. .. .. ..44 12.40 % 2013 7.17 7.93 7.99 8.61 7.61 7.70 8.07 7.9645 6.72% 2014 7.05 8.05 7.89 .. .. .. .. .. ..46 7.37% 2014 7.04 7.74 7.86 8.10 8.13 7.52 7.60 7.85 7.9347 10.00 % 2014 7.22 7.71 8.09 8.55 .. 7.52 7.37 .. 8.8048 10.50 % 2014 7.28 7.83 7.85 8.32 .. 7.67 7.50 .. ..49 11.83 % 2014 7.17 7.84 7.94 8.14 8.26 7.59 7.73 8.00 7.9250 7.38 % 2015 7.06 7.70 7.95 8.11 8.15 7.48 7.61 8.04 7.99
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 666
GovernmentSecuritiesMarket
No. 28: Redemption Yield on Government of India Securities Based on SGL Transactions* (concld.)(per cent per annum)
* : Monthly redemption yield is computed from April 2000 as the mean of the daily weighted average yields of the transactions in each traded security. Theweight is calculated as the share of the transaction in a given security in the aggregated value of transactions in the said security.Prior to April 2000, the redemption yield was not weighted and was computed as an average of daily prices of each security.
@ : GOI Securities issued with call and put options exercisable on or after 5 years from the date of issue.- : Indicates that the relevant security was not available for trading... : Indicates that trading in the relevant security was nil/negligible during the month.
Sr.No
Nomenclature of the loan 2005-06 2006-07 2007-08 2007 2008
April May February March April May
1 2 3 4 5 6 7 8 9 10 11
51 9.85% 2015 7.24 7.76 8.01 8.25 8.20 .. 7.40 .. ..52 10.47 % 2015 7.22 7.59 8.06 .. 8.32 .. .. .. ..53 10.79 % 2015 7.22 7.65 8.02 .. .. .. .. .. ..54 11.43 % 2015 7.19 7.92 8.06 8.29 8.32 .. .. .. 8.5155 11.50 % 2015 7.27 7.91 8.12 8.41 8.35 7.80 7.72 8.05 7.8956 5.59% 2016 7.17 7.66 8.18 .. .. .. .. 8.2957 7.59% 2016 - 7.79 7.91 8.10 8.17 7.59 7.69 .. 8.0358 10.71% 2016 7.26 7.95 7.89 7.4359 12.30 % 2016 7.26 8.21 8.41 10.37 .. 8.20 8.05 .. 8.6660 7.46% 2017 7.25 7.81 7.88 8.18 8.21 7.54 7.58 8.09 8.1161 7.49 % 2017 7.25 7.82 7.87 .. 8.17 7.53 7.61 7.95 8.1062 7.99% 2017 - - 7.85 .. .. 7.53 7.65 8.04 8.0263 8.07 % 2017 7.22 7.80 7.93 8.08 8.12 7.51 7.75 8.05 8.00C) Between 10 & 15 Years64 5.69% 2018 7.29 7.95 7.99 8.32 8.37 7.69 7.74 8.0465 6.25 % 2018 7.23 7.91 8.03 8.23 8.34 7.68 7.77 7.84 8.0866 8.24%2018 .. .. .. .. .. .. .. 8.12 7.9467 10.45% 2018 7.34 8.05 8.19 .. 8.43 .. .. .. ..68 12.60 % 2018 7.61 7.91 .. .. .. .. .. .. ..69 5.64% 2019 7.27 8.12 8.07 8.28 8.37 7.59 7.87 8.17 8.1870 6.05% 2019 7.27 7.91 8.11 8.21 8.26 7.62 7.89 7.91 8.0471 10.03% 2019 7.38 7.83 8.22 .. 8.27 .. .. .. ..72 6.35% 2020 7.33 7.95 8.12 8.31 8.25 7.97 7.87 8.01 8.3473 10.70 % 2020 7.46 8.00 8.48 8.27 .. .. .. .. 8.6674 11.60% 2020 7.36 7.73 8.00 .. .. 7.62 .. .. ..75 7.94% 2021 - 8.07 8.11 8.22 8.25 7.57 7.74 8.33 8.1976 10.25% 2021 7.46 8.07 8.11 8.03 8.34 7.92 7.89 8.2377 5.87% 2022 7.51 8.02 6.87 8.21 .. .. .. 6.18 8.2778 8.08 % 2022 .. .. 7.90 .. .. .. 7.90 .. ..79 8.13 % 2022 .. .. 7.90 .. .. .. 7.90 .. ..80 8.20 % 2022 - - 7.95 .. .. 7.71 7.90 8.36 8.1881 8.35% 2022 7.41 8.02 7.99 8.25 8.30 7.72 7.86 8.38 8.19D) Over15 years82 6.17% 2023 7.38 8.01 8.18 8.25 8.38 7.94 7.91 8.14 8.3383 6.30% 2023 7.36 8.01 8.08 8.34 8.15 7.92 .. ..84 10.18% 2026 7.49 7.86 8.26 8.52 8.22 8.48 8.05 .. ..85 8.24% 2027 - 8.19 8.06 .. .. .. .. .. ..86 8.26 % 2027 .. .. 8.21 .. .. .. 8.21 .. ..87 6.01% 2028 7.38 8.02 8.28 8.38 8.45 7.90 8.03 8.49 8.6288 6.13% 2028 7.42 8.02 8.31 .. 8.51 7.92 8.01 8.32 8.3089 7.95% 2032 7.57 8.07 8.19 8.39 8.30 7.84 8.02 8.60 8.3790 8.28% 2032 .. .. .. .. .. .. .. .. 8.4891 8.32 % 2032 .. .. 7.94 .. .. 7.94 .. .. ..92 7.5% 2034 7.54 8.19 8.38 8.46 8.73 8.11 8.06 .. 8.6493 7.40% 2035 7.55 8.14 8.27 8.39 .. 7.90 8.07 .. 8.5194 8.33% 2036 - 8.13 8.28 8.48 8.50 7.85 8.14 8.58 8.39
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 667
Production
Production
Sr.No.
Industry Weight Annual Monthly
2005-06 2006-07 2007-08 (P) April
2007 2008 (P)
Source : Central Statistical Organisation, Government of India.
1 2 3 4 5 6 7 8
General Index 100.00 221.5 247.1 267.5 250.7 268.3
I. Sectoral Classification
1 Mining and Quarrying 10.47 154.9 163.2 171.5 161.2 175.0
2 Manufacturing 79.36 234.2 263.5 286.5 267.1 287.0
3 Electricity 10.17 190.9 204.7 217.7 215.2 218.2
II. Use-Based Classification
1 Basic Goods 35.57 189.8 209.3 223.9 212.8 222.6
2 Capital Goods 9.26 265.8 314.2 367.3 278.4 318.0
3 Intermediate Goods 26.51 216.4 242.4 263.8 249.2 259.7
4 Consumer Goods 28.66 251.4 276.8 293.1 290.9 316.8
4(a) Consumer Durables 5.36 349.9 382.0 378.0 341.8 360.6
4(b) Consumer Non-Durables 23.30 228.8 252.6 273.5 279.2 306.7
No. 29: Group-Wise Index Number of Industrial Production(Base : 1993-94=100)
Per
cen
t
Growth in IIP: Use-based Classification
Mining Manufacturing Electricity General
Per
cen
t
Sectoral Growth of Industrial Production
April 2007 April 2008
BasicGoods
CapitalGoods
IntermediateGoods
ConsumerGoods
ConsumerDurables
ConsumerNon-durables
2.6
12.4
8.7
11.3
8.67.5
1.4
7.0
0
2
4
6
8
10
12
14
8.6
10.9 10.6
14.7
2.4
18.7
4.6
14.2
4.2
8.9
5.5
9.8
0
5
10
15
20
April 2007 April 2008
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 668
Production
No. 30 : IIP - Seventeen Major Industry Groups of Manufacturing Sector(Base : 1993-94=100)
Source : Central Statistical Organisation, Government of India.
Growth Performance of Manufacturing Industries
A B C D E F G H I J K L M N O
A Food products
B Beverages, tobacco and related products
C Cotton textiles
D Wool, silk and man-made fibre textiles
E Jute and other vegetable fibre textiles
(except Cotton)
F Textile products (including wearing apparel)
G Wood and wood products, furniture & fixtures
H Paper and paper products and printing, publishing and allied industries
I Leather and leather & fur products
J Chemicals and Chemical Products
(except products of petroleum & coal)
K Rubber, plastic, petroleum and coal products
L Non-metallic mineral products
M Basic metal and alloy industries
N Metal products and parts (except machinery and
equipment)
O Machinery and equipment other than
transport equipment
P Transport equipment and parts
Q Other manufacturing industries
Per
cen
t
P Q-20
-5
10
25
40
55
April 2007 April 2008
53.7
-9.9
5.2
9.6
-0.6
17.8
12.4
58.6
1.0
12.1
7.2
15.5
7.6
17.7
3.0
12.4
4.7
-6.8-6.3
30.7
2.7 4.0
-2.0
6.3
2.0
10.2
15.4
0.6 1.85.1 6.3
9.4 11.4
6.3
Indus-tryGroup
Industry Weight Annual Monthly
2005-06 2006-07 2007-08 (P) April
2007 2008 (P)
1 2 3 4 5 6 7 8
Manufacturing Index 79.36 234.2 263.5 286.5 267.1 287.020-21 Food Products 9.08 170.6 185.2 196.9 227.0 212.822 Beverages, Tobacco and Related Products 2.38 400.3 444.5 497.1 457.0 597.523 Cotton Textiles 5.52 137.0 157.3 164.0 159.1 163.424 Wool, Silk and Man-made Fibre Textiles 2.26 248.9 268.4 280.8 252.0 262.125 Jute and Other Vegetable Fibre Textiles
(Except Cotton) 0.59 107.7 90.7 120.7 122.7 110.526 Textile Products (Including Wearing Apparel) 2.54 255.5 285.0 295.4 309.0 302.827 Wood and Wood Products, Furniture and Fixtures 2.70 70.5 91.0 126.4 107.2 113.928 Paper and Paper Products and Printing, Publishing
and Allied Industires 2.65 228.6 248.6 255.3 243.9 248.729 Leather and Leather & Fur Products 1.14 149.3 150.2 167.8 134.8 148.530 Chemicals and Chemical Products
(Except Products of Petroleum and Coal) 14.00 258.5 283.4 313.3 297.4 343.331 Rubber, Plastic, Petroleum and Coal Products 5.73 200.5 226.3 246.3 233.7 235.132 Non-metallic Mineral Products 4.40 271.1 305.8 323.4 316.3 321.933 Basic Metal and Alloy Industries 7.45 227.0 278.9 312.7 289.7 304.434 Metal Products and Parts, Except
Machinery and Equipment 2.81 164.4 183.2 172.9 146.5 155.835-36 Machinery and Equipment Other Than
Transport Equipment 9.57 312.8 357.1 390.9 333.6 364.837 Transport Equipment and Parts 3.98 319.7 367.7 378.1 333.3 371.438 Other Manufacturing Industries 2.56 276.9 298.4 357.4 262.0 278.6
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 669
Capital Market
Capital Market
(Amount in Rs. crore)
Security & Type of Issue 2006-07 2007-08 April 2007 April 2008(April-March) (April-March)
No. of Amount No. of Amount No. of Amount No. of AmountIssues Issues Issues Issues
1 2 3 4 5 6 7 8 9
1) Equity Shares (a+b) 114 29,756.0 111 56,848.3 4 702.7 2 438.9
(109) (19,732.9) (103) (54,732.4) (4) (622.4) (2) (432.5)
a) Prospectus 81 27,175.0 85 47,477.5 4 702.7 1 14.0
(81) (17,639.6) (83) (46,138.8) (4) (622.4) (1) (10.0)
b) Rights 33 2,581.0 26 9,370.8 – – 1 424.9
(28) (2,093.3) (20) (8,593.6) (-) (-) (1) (422.5)
2) Preference Shares (a+b) – – 1 5,480.8 – – – –
a) Prospectus – – – – – – – –
b) Rights – – 1 5,480.8 – – – –
3) Debentures (a+b) 3 847.0 2 808.8 – – – –
a) Prospectus – – – – – – – –
b) Rights 3 847.0 2 808.8 – – – –
of which:
I) Convertible (a+b) – – 1 205.9 – – – –
a) Prospectus – – – – – – – –
b) Rights – – 1 205.9 – – – –
II) Non-Convertible (a+b) 3 847.0 1 602.9 – – – –
a) Prospectus – – – – – – – –
b) Rights 3 847.0 1 602.9 – – – –
4) Bonds (a+b) – – 1 500.0 – – – –
a) Prospectus – – 1 500.0 – – – –
b) Rights – – – – – – – –
5) Total (1+2+3+4) 117 30,603.0 115 63,637.9 4 702.7 2 438.9
a) Prospectus 81 27,175.0 86 47,977.5 4 702.7 1 14.0
b) Rights 36 3,428.0 29 15,660.4 – – 1 424.9
Note : Figures in brackets indicate data in respect of premium on capital issues which are included in respective totals.
Source : Data are compiled from prospectus/circulars/advertisements issued by companies, replies given by the companies to the Reserve Bank's questionnaire,information received from SEBI, stock exchanges, press reports, etc.
Also see 'Notes on Tables'.
No.31: New Capital Issues By Non-Government Public Limited Companies
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 670
Capital Market
No. 32: Index Numbers of Ordinary Share Prices
1 2 3 4 5 6 7 8 9 10
Year / Month
*: NSE - 50, i.e., Nifty has been rechristened as ‘S & P CNX Nifty’ with effect from July 28, 1998.Sources : 1. Bombay Stock Exchange Ltd.
2. National Stock Exchange of India Ltd.
BSE Sensitive Index(Base: 1978-79=100)
BSE - 100(Base: 1983-84=100)
S&P CNX Nifty *(Base: Nov 3, 1995=1000)
Average High Low Average High Low Average High Low
2005-06 8280.08 11307.04 6134.86 4393.54 5904.17 3310.14 2513.44 3418.95 1902.50
2006-07 12277.33 14652.09 8929.44 6242.73 7413.22 4535.00 3572.44 4224.25 2632.80
2007-08 16568.89 20873.33 12455.37 8691.47 11509.96 6287.69 4896.60 6287.85 3633.60
May 2007 14156.47 14544.46 13765.46 7244.49 7468.70 7015.37 4184.39 4295.80 4066.80
June 2007 14334.30 14650.51 14003.03 7392.34 7605.37 7188.38 4222.17 4318.30 4113.05
July 2007 15253.42 15794.92 14664.26 7897.30 8155.29 7625.71 4474.18 4620.75 4313.75
August 2007 14779.05 15318.60 13989.11 7594.81 7897.92 7179.39 4301.36 4464.00 4074.90
September 2007 16046.02 17291.10 15422.05 8292.69 8967.41 7924.29 4659.92 5021.35 4474.75
October 2007 18500.31 19977.67 17328.62 9587.50 10391.19 8998.60 5456.62 5905.90 5068.95
November 2007 19259.55 19976.23 18526.32 10211.50 10531.67 9868.75 5748.58 5937.90 5519.35
December 2007 19827.28 20375.87 19079.64 10795.30 11154.28 10422.15 5963.57 6159.30 5742.30
January 2008 19325.65 20873.33 16729.94 10526.54 11509.96 8895.64 5756.35 6287.85 4899.30
February 2008 17727.54 18663.16 16608.01 9435.60 9969.59 8785.88 5201.56 5483.90 4838.25
March 2008 15838.38 16677.88 14809.49 8363.58 8907.23 7828.01 4769.50 4953.00 4503.10
April 2008 16290.99 17378.46 15343.12 8627.59 9240.57 8095.02 4901.91 5195.50 4647.00
May 2008 16945.65 17600.12 16275.59 8982.20 9348.64 8621.84 5028.66 5228.20 4835.30
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 671
Capital Market
No. 33: Volume in Corporate Debt Traded at NSE*(Rs. crore)
Week / Month / Year ( April-March ) Volume
1 2
2004 - 05 17,521.27
2005 - 06 10,619.36
2006 - 07 6,639.78
2007 - 08 8,576.11
2007 - 08
April 2007 550.52
May 2007 716.98
June 2007 769.88
July 2007 1,344.21
August 2007 616.47
September 2007 606.03
October 2007 601.11
November 2007 259.64
December 2007 277.94
January 2008 1,987.67
February 2008 352.68
March 2008 492.98
2008 - 09
April 2008 443.76
May 2008 530.84
Week ended
April 4, 2008 155.17
April 11, 2008 130.22
April 17, 2008 65.51
April 25, 2008 106.25
May 2, 2008 100.50
May 9, 2008 275.04
May 16, 2008 42.84
May 23, 2008 58.93
May 30, 2008 123.91
* Excluding trade in commercial papers.Source : National Stock Exchange of India Ltd.
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 672
Capital Market
No. 34 : Assistance Sanctioned and Disbursed by All-India Financial Institutions
(Rs. crore)
Note : Data are provisional. Monthly data are not adjusted for inter-institutional flows.Source : Industrial Development Bank of India.
1 2 3 4 5
April-September April-March
2003-04 2004-05 2002-03 2003-04
Sanctions
All-India Development Banks 9,831.9 12,860.0 22,318.1 23,444.3
1. IDBI 2,860.2 6,314.4 5,898.2 5,630.8
2. IFCI 132.1 — 2,005.8 1,451.9
3. SIDBI 2,607.9 2,991.8 10,903.7 8,223.7
4. IIBI 1,392.8 0.9 1,206.4 2,411.9
5. IDFC 2,838.9 3,552.9 2,304.0 5,726.0
Investment Institutions 13,025.1 7,805.5 5,666.5 29,479.2
6. LIC 12,291.1 7,135.3 4,341.5 27,748.0
7. GIC 324.3 93.0 369.3 674.0
8. National Ins. Co. Ltd. 115.6 87.3 200.0 373.0
9. New India Ass. Co Ltd. 84.1 179.3 138.0 199.1
10. Oriental Ins. Co. Ltd. 93.3 28.2 123.9 134.8
11. United India Ins. Co. Ltd. 116.7 282.4 493.8 350.3
Total 22,857.0 20,665.5 27,984.6 52,923.5
Disbursements
All India Development Banks 5,750.2 5,027.1 17,225.2 14,056.6
1. IDBI 637.2 2,085.1 6,614.9 4,409.1
2. IFCI 176.3 43.8 1,779.9 279.0
3. SIDBI 1,742.2 1,358.3 6,789.5 4,412.7
4. IIBI 1,216.5 7.6 1,091.9 2,251.8
5. IDFC 978.0 1,532.3 949.0 2,704.0
Investment Institutions 4,615.6 5,421.3 7,487.6 17,400.2
6. LIC 3,829.2 4,871.0 6,205.7 15,781.6
7. GIC 328.4 108.0 328.4 657.7
8. National Ins. Co. Ltd. 118.4 17.3 177.6 224.4
9. New India Ass. Co Ltd. 85.6 115.2 78.0 195.6
10. Oriental Ins. Co. Ltd. 135.0 27.4 241.5 187.1
11. United India Ins. Co. Ltd. 119.0 282.4 456.4 353.8
Total 10,365.8 10,448.4 24,712.8 31,456.8
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 673
Prices
No.35: Monthly Average Prices of Gold and Silver in Mumbai
2000-01 4,474 7,868
2001-02 4,579 7,447
2002-03 5,332 7,991
2003-04 5,719 8,722
2004-05 6,145 10,681
2005-06 6,901 11,829
2006-07 9,240 19,057
2007-08 9,996 19,427
June 2006 8,952 16,752
July 2006 9,559 17,786
August 2006 9,469 18,982
September 2006 8,998 18,587
October 2006 8,695 18,264
November 2006 9,140 19,351
December 2006 9,133 19,913
January 2007 9,069 19,356
February 2007 9,545 20,324
March 2007 9,370 19,494
April 2007 9,321 19,677
May 2007 8,878 18,537
June 2007 8,707 18,287
July 2007 8,741 17,815
August 2007 8,836 17,407
September 2007 9,311 17,651
October 2007 9,691 18,385
November 2007 10,340 19,573
December 2007 10,311 19,056
January 2008 11,291 20,405
February 2008 11,888 21,979
March 2008 12,632 24,357
April 2008 11,810 23,474
May 2008 12,143 23,796
June 2008 12,369 24,213
Source : Bombay Bullion Association Ltd.
Month / Year Standard Gold Silver
(Rs. per 10 grams) (Rs. per kilogram)
1 2 3
Prices
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 674
Prices
No. 36: Consumer Price Index Numbers for Industrial Workers - All India and Selected Centres
(Base : 2001=100)
1 2 3 4 5 6 7 8 9 10 11 12
Centre 1990-91 2006-07 2007-08 @
2007NewLinking
Factor (1)Nov. Dec. Jan. Feb. Mar. Apr. May
All India (2) 4.63 193 125 133 134 134 134 135 137 138 139
Ahmedabad 4.62 196 123 131 132 132 131 132 133 135 134
Alwaye(Ernakulam) 4.52 176 127 133 133 135 137 136 136 140 140
Asansol 4.37 189 128 141 143 144 142 144 146 148 149
Bangalore 4.51 183 128 138 138 139 142 142 143 145 144
Bhavnagar 4.76 198 122 131 131 130 131 131 131 133 134
Bhopal 4.83 196 130 136 137 136 136 136 140 143 143
Chandigarh 5.26 189 127 132 133 132 133 134 136 138 138
Chennai 4.95 189 119 126 126 127 128 128 129 131 131
Coimbatore 4.49 178 121 129 128 129 130 132 133 134 133
Delhi 5.60 201 124 130 130 129 128 129 132 134 135
Faridabad 4.79 187 124 133 135 134 134 135 139 140 141
Guwahati 4.80 195 117 120 123 123 122 121 119 125 124
Howrah 5.42 212 124 132 134 133 132 134 134 135 137
Hyderabad 4.79 182 118 125 125 125 127 127 128 129 130
Jaipur 4.25 190 130 136 137 137 138 139 141 143 141
Jamshedpur 4.23 187 128 134 135 134 135 136 138 138 139
Kolkata 5.12 203 123 134 137 136 135 136 137 139 139
Ludhiana 4.12 193 131 136 136 134 136 137 142 145 143
Madurai 4.51 192 117 123 124 125 125 125 127 130 131
Monghyr-Jamalpur 4.30 189 128 136 142 139 136 136 140 140 140
Mumbai 5.18 201 128 136 137 138 137 138 140 141 142
Mundakayam 4.37 184 126 132 131 134 135 137 138 142 144
Nagpur 4.68 201 134 142 142 142 141 142 148 149 149
Pondicherry 4.88 204 125 133 133 134 137 136 138 142 142
Rourkela 4.03 179 127 140 145 143 143 141 141 144 147
Saharanpur (Kanpur)* 4.50 195 127 133 133 133 133 134 137 138 138
Solapur 4.73 197 127 141 144 145 144 143 143 147 147
Srinagar 5.62 184 120 126 127 125 128 128 128 128 128
@ : Base 1982=100Note : New series of Consumer Price Index for Industrial Workers with base 2001 = 100 was released in January 2006 by Labour Bureau, Shimla. Linking
Factors betwen old and new series as published by the Labour Bureau are reproduced in column 2.For (1) and (2) See ‘Notes on Tables’.Source : Labour Bureau, Ministry of Labour, Government of India.
2008
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 675
Prices
No. 37: Consumer Price Index Numbers for Urban Non-manualEmployees _ All-India and Selected Centres
(Base : 1984-85=100)
See ‘Notes on Tables’.Source : Central Statistical Organisation, Government of India.
Centre 1990-91 2006-07 2007-08 2007 2008
Mar. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
1 2 3 4 5 6 7 8 9 10 11 12
All India (1) 161 486 515 498 516 520 519 518 520 523 528
Mumbai 154 478 504 490 502 506 508 510 509 510 513
Delhi 156 499 521 508 522 528 523 523 525 529 532
Kolkata 164 439 476 449 481 486 480 479 479 482 484
Chennai 168 569 605 585 606 607 609 607 610 611 618
Hyderabad 164 526 560 541 558 561 565 564 564 568 574
Bangalore 161 513 546 527 545 544 547 551 559 563 566
Lucknow 158 465 484 471 488 487 482 480 480 486 492
Ahmedabad 153 426 449 435 450 454 453 454 452 453 459
Jaipur 165 477 515 491 517 519 521 519 527 532 545
Patna 167 451 484 466 490 494 495 492 496 496 501
Srinagar 150 475 513 496 511 517 515 513 524 528 538
Thiruvananthapuram 152 507 535 512 528 530 535 542 548 552 555
Cuttack 154 479 507 492 507 511 512 510 510 509 510
Bhopal 166 458 482 461 481 488 490 488 490 493 502
Chandigarh 176 637 665 649 672 672 669 666 668 671 678
Shillong 179 499 565 528 566 571 572 571 580 582 584
Shimla 163 490 511 506 517 519 511 508 507 508 513
Jammu 161 480 511 492 512 514 512 507 515 523 533
Amritsar 152 402 423 412 431 433 425 422 423 427 431
Kozhikode (Calicut) 150 447 465 452 462 464 469 469 473 475 483
Kanpur 165 450 481 462 490 489 483 479 478 483 489
Indore 170 485 507 490 513 515 510 507 510 516 526
Pune 162 509 547 517 546 549 555 555 554 560 563
Jabalpur 164 437 467 452 473 476 473 471 467 471 478
Jodhpur 168 465 487 476 490 492 489 490 489 492 501
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 676
Prices
No. 38: Consumer Price Index Numbers for Agricultural / Rural Labourers
A : Consumer Price Index Numbers For Agricultural Labourers(Base : July 1986 - June 1987 = 100)
State 1990-91(1) Linking 2005-06 2006-07 2007 2008
Factor (2) May Dec. Jan. Feb. Mar. Apr. May
1 2 3 4 5 6 7 8 9 10 11 12
All India 830 5.89 358 388 395 413 413 417 423 429 431
Andhra Pradesh 657 4.84 371 401 408 427 426 430 435 441 445
Assam 854 (3) 362 388 395 416 410 412 417 423 424
Bihar 858 6.22 347 384 385 411 409 413 416 422 419
Gujarat 742 5.34 369 403 413 421 419 422 425 426 427
Haryana (5) 376 403 413 441 441 448 459 461 460
Himachal Pradesh (5) 343 367 372 375 369 370 370 377 375
Jammu & Kashmir 843 5.98 359 392 402 408 409 414 418 419 420
Karnataka 807 5.81 341 367 383 402 404 405 409 418 421
Kerala 939 6.56 356 374 380 399 404 405 411 420 425
Madhya Pradesh 862 6.04 352 388 392 409 406 409 418 426 427
Maharashtra 801 5.85 368 402 411 428 431 431 437 442 443
Manipur (5) 328 337 348 362 366 366 370 373 378
Meghalaya (5) 382 410 418 438 439 435 441 444 450
Orissa 830 6.05 334 365 370 398 392 397 401 408 413
Punjab 930 (4) 380 417 423 435 436 445 454 465 465
Rajasthan 885 6.15 377 413 424 434 437 440 447 450 453
Tamil Nadu 784 5.67 355 371 382 398 401 406 412 418 423
Tripura (5) 351 383 389 413 404 399 404 410 410
Uttar Pradesh 960 6.60 371 408 416 424 423 431 441 447 446
West Bengal 842 5.73 342 365 370 391 390 394 402 410 409
See 'Notes on Tables'.
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 677
Prices
No. 38: Consumer Price Index Numbers for Agricultural / Rural Labourers
B : Consumer Price Index Numbers For Rural Labourers(Base : July 1986 - June 1987 = 100)
Source : Labour Bureau, Ministry of Labour, Government of India.
State 1995-96 (7) 2005-06 2006-07 2007 2008
May Nov. Dec. Jan. Feb. Mar. Apr. May
1 2 3 4 5 6 7 8 9 10 11 12
All India 240 360 389 396 414 413 414 417 423 429 431
Andhra Pradesh 244 371 401 408 426 426 425 429 434 439 444
Assam 243 364 390 399 423 419 413 415 419 425 426
Bihar 223 348 384 386 413 411 409 413 417 422 419
Gujarat 241 371 403 413 425 422 419 422 425 427 428
Haryana 237 378 404 413 441 439 439 446 457 459 458
Himachal Pradesh 221 350 377 383 392 385 379 381 384 392 390
Jammu & Kashmir 225 359 393 403 413 409 410 415 419 420 421
Karnataka 250 341 367 383 403 403 405 405 409 418 421
Kerala 260 359 378 384 395 401 405 407 412 420 425
Madhya Pradesh 239 358 392 396 410 412 410 413 421 429 430
Maharashtra 247 368 400 409 423 424 427 427 433 438 438
Manipur 245 328 338 349 365 363 367 367 370 374 379
Meghalaya 250 379 408 416 440 435 436 433 439 442 448
Orissa 236 335 366 371 398 398 393 398 401 408 413
Punjab 247 384 419 425 441 437 439 446 454 464 465
Rajasthan 239 375 412 422 431 432 436 438 445 448 450
Tamil Nadu 244 355 370 380 394 397 400 405 410 417 422
Tripura 219 344 373 378 403 406 397 393 397 404 404
Uttar Pradesh 231 372 409 417 429 424 424 432 441 448 446
West Bengal 232 346 368 373 399 394 393 397 405 412 411
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 678
Prices
No. 39: Index Numbers of Wholesale Prices in India - by Groups and Sub-Groups (Averages)
(Base : 1993-94 = 100)
1 2 3 4 5 6 7 8 9 10 11 12
Weight 1994-95 2006-07 2007-08 2007
Mar. Oct. Nov. Dec. Jan. Feb. Mar.
Average of months/ Average ofweeks ended Saturday
April-March
ALL COMMODITIES 100.000 112.6 206.1 215.9 209.8 215.2 215.9 216.4 218.2 219.9 225.5
I. PRIMARY ARTICLES 22.025 115.8 208.6 224.8 214.6 223.9 223.9 222.5 224.6 230.6 235.9
(A) Food Articles 15.402 112.8 210.3 222.1 214.0 223.3 223.0 220.1 219.7 222.1 226.7
a. Foodgrains (Cereals+Pulses) 5.009 114.7 205.9 215.6 211.1 216.3 216.9 216.3 217.7 219.1 222.3
a1. Cereals 4.406 113.6 199.3 211.8 205.8 212.6 213.9 213.7 215.7 217.2 219.2
a2. Pulses 0.603 122.2 253.8 243.2 250.4 243.2 239.2 235.2 232.1 232.9 244.8
b. Fruits & Vegetables 2.917 108.0 227.9 236.5 222.3 242.3 234.2 222.1 218.5 220.3 236.1
b1. Vegetables 1.459 110.4 197.9 224.4 178.0 231.3 218.1 198.7 186.8 181.6 203.0
b2. Fruits 1.458 105.7 258.0 248.6 266.6 253.3 250.4 245.7 250.2 259.1 269.3
c. Milk 4.367 110.3 195.8 212.6 201.2 213.9 216.1 216.1 216.1 218.2 219.5
d. Eggs, Meat & Fish 2.208 116.1 226.9 238.7 236.6 234.0 237.2 234.6 233.1 240.1 241.3
e. Condiments & Spices 0.662 126.2 227.9 239.3 232.5 243.9 242.8 242.8 243.0 242.0 242.2
f. Other Food Articles 0.239 111.6 154.3 155.4 149.0 154.3 154.6 154.6 154.6 158.3 161.5
(B) Non-Food Articles 6.138 124.2 188.2 212.2 200.0 209.5 210.3 211.8 217.3 221.6 227.6
a. Fibres 1.523 150.0 155.9 179.1 160.8 176.1 177.1 180.7 185.0 186.5 193.2
b. Oil seeds 2.666 118.5 175.7 218.3 199.7 212.9 213.3 215.8 225.6 235.4 244.5
c. Other Non-Food Articles 1.949 112.0 230.6 229.7 231.0 231.0 232.0 230.5 231.2 229.9 231.2
(C) Minerals 0.485 104.9 413.2 469.5 420.0 424.8 424.7 433.8 471.1 613.0 630.2
a. Metallic Minerals 0.297 103.8 598.7 687.7 608.1 618.2 618.2 626.6 691.6 916.1 941.2
b. Other Minerals 0.188 106.7 120.4 124.8 123.0 119.3 119.2 129.3 122.9 134.2 138.9
II. Fuel, Power, Light & Lubricants 14.226 108.9 324.9 327.2 319.8 323.7 327.1 331.7 334.5 335.3 341.5
a. Coal Mining 1.753 105.1 231.6 238.0 231.6 231.6 231.6 243.8 251.9 251.9 253.6
b. Minerals Oils 6.990 106.1 388.1 392.0 379.1 386.9 393.7 400.1 403.5 405.2 414.6
c. Electricity 5.484 113.6 271.7 273.1 272.4 272.7 272.7 272.7 272.9 272.9 276.5
Monthly Movement in the Index ofWPI - All Commodities
175
185
195
205
215
225
235
Ap
r.
May
Jun
e
July
Au
g.
Sep
.
Oct
.
No
v.
Dec
.
Jan
Feb
.
Mar
.
Monthly Movement in the Index ofWPI - Primary Articles
Ap
r.
May
Jun
e
July
Au
g.
Sep
.
Oct
.
No
v.
Dec
.
Jan
Feb
.
Mar
.
2005-06 2006-07 2007-082005-06 2006-07 2007-08
175
185
195
205
215
225
235245
2008
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 679
Prices
No. 39 : Index Numbers of Wholesale Prices in India - by Groups and Sub-Groups (Averages) (Contd.)
(Base : 1993-94 = 100)
III MANUFACTURED PRODUCTS 63.749 112.3 179.0 188.0 183.5 188.0 188.3 188.6 190.0 190.4 196.1
(A) Food Products 11.538 114.1 182.5 190.4 185.2 189.6 191.3 192.3 196.5 197.6 201.8
a. Dairy Products 0.687 117.0 217.3 232.6 219.9 231.9 236.1 237.0 241.0 241.1 240.6
b. Canning, Preserving &
Processing of Fish 0.047 100.0 283.7 293.8 289.5 293.8 293.8 293.8 293.8 293.8 293.8
c. Grain Mill Products 1.033 103.7 219.6 230.4 230.9 234.7 238.2 235.7 238.3 240.0 240.4
d. Bakery Products 0.441 107.7 184.3 195.5 192.2 192.2 194.9 201.0 201.0 201.4 201.3
e. Sugar, Khandsari & Gur 3.929 119.1 179.8 155.2 164.3 156.4 152.7 151.4 151.6 152.3 154.8
f. Manufacture of Common Salts 0.021 104.8 223.0 222.4 220.0 218.3 219.1 218.3 233.2 234.1 234.7
g. Cocoa, Chocolate,
Sugar & Confectionery 0.087 118.3 183.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1
h. Edible Oils 2.775 110.9 154.6 175.4 163.6 172.3 174.9 176.6 182.5 186.8 196.2
i. Oil Cakes 1.416 121.6 196.6 256.6 224.3 249.7 263.2 270.8 288.1 286.4 295.5
j. Tea & Coffee Proccessing 0.967 104.4 178.9 193.8 188.6 197.0 197.0 197.1 195.4 193.9 193.9
k. Other Food Products n.e.c. 0.154 111.6 198.1 218.9 201.4 214.7 214.8 220.7 233.1 234.0 235.0
(B) Beverages, Tobacco &
Tobacco Products 1.339 118.3 243.5 268.5 256.3 269.5 273.8 272.1 274.0 273.9 276.1
a. Wine Industries 0.269 150.2 288.7 309.3 306.9 309.9 310.9 310.5 310.9 310.9 310.9
b. Malt Liquor 0.043 109.1 204.1 198.0 202.7 197.0 197.0 197.0 197.0 197.0 197.0
c. Soft Drinks &
Carbonated Water 0.053 109.1 176.3 187.6 186.7 188.1 188.1 188.1 188.1 188.1 188.1
d. Manufacture of Bidi,
Cigarettes, Tobacco & Zarda 0.975 110.4 236.4 264.8 248.4 265.9 271.6 269.3 271.8 271.7 274.7
1 2 3 4 5 6 7 8 9 10 11 12
Weight 1994-95 2006-07 2007-08 2007 2008
Mar. Oct. Nov. Dec. Jan. Feb. Mar.
Average of months/ Average ofweeks ended Saturday
April-March
290
310
330
350
250
270
Ap
r.
May
Jun
e
July
Au
g.
Sep
.
Oct
.
No
v.
Dec
.
Jan
Feb
.
Mar
.
Ap
r.
May
Jun
e
July
Au
g.
Sep
.
Oct
.
No
v.
Dec
.
Jan
Feb
.
160
170
Mar
.
Monthly Movement in the Index ofWPI - Manufactured Products
Monthly Movement in the Index of theWPI - Fuel, Power, Light & Lubricants
2005-06 2006-07 2007-08 2005-06 2006-07 2007-08
180
190
200
150
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 680
Prices
No. 39 : Index Numbers of Wholesale Prices in India - by Groups and Sub-Groups (Averages) (Contd.)
(Base : 1993-94 = 100)
(C) Textiles 9.800 118.2 132.3 130.9 133.2 132.2 131.1 128.2 127.9 127.8 128.7
a. Cotton Textiles 4.215 132.7 159.1 156.3 159.9 158.3 155.9 150.5 149.9 150.6 151.4
a1. Cotton Yarn 3.312 136.2 156.4 153.0 157.3 155.8 152.5 145.7 145.0 145.9 146.9
a2. Cotton Cloth (Mills) 0.903 119.9 169.4 168.4 169.4 167.5 167.9 167.9 168.0 168.0 167.9
b. Man Made Textiles 4.719 105.9 96.2 97.4 96.1 98.8 98.3 97.0 97.2 96.6 98.0
b1. Man Made Fibre 4.406 105.6 93.4 94.8 93.2 96.3 95.8 94.4 94.6 94.0 95.5
b2. Man Made Cloth 0.313 109.9 136.2 134.4 136.3 133.8 133.8 133.8 133.0 133.0 133.0
c. Woolen Textiles 0.190 132.6 174.1 170.6 170.3 170.9 170.9 170.9 170.9 170.9 170.9
d. Jute, Hemp & Mesta Textiles 0.376 110.3 217.3 205.6 239.4 199.6 203.2 206.2 201.4 198.5 197.5
e. Other Misc. Textiles 0.300 109.0 189.8 182.7 184.9 182.1 182.6 183.1 181.6 181.7 181.6
(D) Wood & Wood Products 0.173 110.9 206.4 215.9 215.6 215.9 215.9 215.9 215.9 215.9 215.9
(E) Paper & Paper Products 2.044 106.1 190.7 194.2 192.6 194.8 194.7 194.7 194.9 195.3 194.6
a. Paper & pulp 1.229 108.7 170.2 175.5 172.9 176.3 176.2 176.2 176.6 177.4 176.7
b. Manufacture of Boards 0.237 110.9 165.6 164.3 163.4 164.8 164.8 164.8 164.8 164.8 162.5
c. Printing & Publishing ofNewspapers, Periodicals, etc 0.578 98.5 244.6 246.2 246.3 246.3 246.3 246.3 246.0 245.9 245.7
(F) Leather & Leather Products 1.019 109.7 159.4 166.1 164.9 167.3 167.3 167.3 166.6 164.4 164.4
(G) Rubber & Plastic Products 2.388 106.4 148.2 159.0 152.8 160.2 161.0 162.4 163.6 163.6 163.6
a. Tyres & Tubes 1.286 104.1 141.5 156.8 146.3 160.2 160.7 161.9 162.8 162.8 162.8
a1. Tyres 1.144 103.4 130.4 143.5 133.2 147.7 148.2 148.7 148.8 148.8 148.8
a2. Tubes 0.142 110.0 231.4 264.2 251.9 261.2 261.2 268.8 275.7 275.7 275.7
b. Plastic Products 0.937 106.8 146.7 154.2 152.7 152.6 154.0 155.8 157.7 157.7 157.7
c. Other Rubber & PlasticProducts 0.165 121.0 209.8 203.0 203.8 202.8 202.8 202.8 202.8 202.8 202.8
(H) Chemicals & Chemical Products 11.931 116.6 193.9 204.8 198.4 204.8 204.8 206.6 208.3 208.9 210.5
a. Basic Heavy Inorganic Chemicals 1.446 112.2 171.0 190.3 166.3 192.5 190.9 201.5 213.5 216.8 220.9
b. Basic Heavy Organic Chemicals 0.455 118.7 180.2 176.4 182.3 168.5 170.3 176.9 172.3 174.1 178.8
c. Fertilisers & Pesticides 4.164 117.7 171.6 173.7 171.3 173.5 173.7 173.7 174.2 174.2 178.3
c1. Fertilisers 3.689 115.8 177.2 180.8 178.1 180.6 180.8 180.8 181.4 181.4 186.0
c2. Pesticides 0.475 132.5 127.9 118.5 118.2 118.5 118.5 118.5 118.5 118.5 118.5
d. Paints, Varnishes & Lacquers 0.496 101.3 128.1 143.0 129.7 146.4 146.3 146.1 146.1 146.1 146.1
e. Dyestuffs & Indigo 0.175 108.4 105.8 111.2 105.2 112.7 112.7 112.7 112.7 112.7 116.6
f. Drugs & Medicines 2.532 129.4 293.1 314.9 308.8 315.6 315.6 315.5 315.4 315.5 312.3
g. Perfumes, Cosmetics,Toiletries, etc. 0.978 118.0 223.6 239.7 235.4 238.5 238.6 242.0 242.2 242.3 242.3
h. Turpentine, SyntheticResins, Plastic Material, etc. 0.746 107.6 133.4 143.4 138.6 144.6 145.9 141.2 142.6 143.7 144.3
i. Matches, Explosives &Other Chemicals n.e.c. 0.940 98.3 136.0 144.3 141.1 142.2 142.2 146.2 148.0 148.0 149.0
1 2 3 4 5 6 7 8 9 10 11 12
Weight 1994-95 2006-07 2007-08 2007 2008
Mar. Oct. Nov. Dec. Jan. Feb. Mar.
Average of months/ Average ofweeks ended Saturday
April-March
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 681
Prices
Source : Office of the Economic Adviser,Ministry of Commerce & Industry,Government of India.
No. 39: Index Numbers of Wholesale Prices in India - by Groups and Sub-Groups (Averages) (Concld.)
(Base : 1993-94 = 100)
(I) Non-Metallic Mineral Products 2.516 110.9 191.8 208.8 201.9 210.6 210.4 210.2 211.6 212.1 213.8
a. Structural Clay Products 0.230 100.0 195.2 212.8 197.1 211.7 211.7 211.7 217.3 219.4 219.4
b. Glass, Eartahernware,Chinaware & their Products 0.237 113.3 160.7 167.9 168.6 168.6 168.6 166.8 166.4 166.4 166.4
c. Cement 1.731 112.4 197.3 217.5 210.7 220.0 219.7 219.7 221.1 220.9 221.0
d. Cement, Slate & GraphiteProducts 0.319 108.8 182.9 189.1 182.3 189.7 189.7 189.7 189.7 193.3 205.9
(J) Basic Metals Alloys &Metals Products 8.342 108.4 233.3 249.8 241.9 247.4 247.5 247.2 248.3 249.6 282.9
a. Basic Metals & Alloys 6.206 107.0 236.3 256.3 242.8 253.5 254.1 254.4 256.2 258.9 303.1
a1. Iron & Steel 3.637 106.0 254.4 280.0 261.9 277.6 278.4 279.2 279.9 281.7 337.7
a2. Foundries for Casting,Forging & Structurals 0.896 106.7 228.5 245.2 236.5 242.1 242.1 242.1 242.5 246.4 288.9
a3. Pipes, Wires Drawing &Others 1.589 109.5 204.1 213.5 207.4 209.9 210.5 210.1 214.9 219.2 239.6
a4. Ferro Alloys 0.085 104.5 148.5 155.5 150.7 156.2 156.2 156.2 156.2 156.2 156.2
b. Non-Ferrous Metals 1.466 115.9 258.3 265.1 278.8 263.3 260.9 257.6 256.8 252.1 254.8
b1. Aluminium 0.853 114.7 253.6 248.7 269.5 241.4 241.4 241.4 241.4 241.4 243.1
b2. Other Non-Ferrous Metals 0.613 117.7 264.8 288.0 291.7 293.8 288.0 280.2 278.2 266.9 271.0
c. Metal Products 0.669 105.0 149.8 155.9 153.8 156.8 156.8 156.8 156.8 157.4 157.4
(K) Machinery & Machine Tools 8.363 106.0 155.6 166.6 161.9 167.5 167.7 167.4 167.7 167.7 168.0
a. Non-Electrical Machinery& Parts 3.379 108.6 194.8 199.5 196.6 200.4 200.5 200.7 200.9 201.0 201.0
a1. Heavy Machinery & Parts 1.822 111.0 201.8 207.3 203.7 208.9 209.0 208.9 208.9 209.1 209.6
a2. Industrial Machinery forTextiles, etc. 0.568 108.5 255.2 260.5 256.5 260.9 260.9 260.9 261.1 261.2 259.1
a3. Refrigeration & OtherNon-Electrical Machinery 0.989 104.3 147.3 150.2 149.1 150.0 150.2 150.8 151.5 151.6 151.7
b. Electrical Machinery 4.985 104.2 129.0 144.3 138.4 145.3 145.5 144.9 145.2 145.2 145.7
b1. Electrical IndustrialMachinery 1.811 105.2 150.4 160.9 153.8 162.0 162.0 162.3 163.3 163.3 163.2
b2. Wires & Cables 1.076 109.0 179.0 230.3 125.1 233.8 234.2 231.0 231.0 231.0 233.2
b3. Dry & Wet Batteries 0.275 105.8 148.5 163.3 159.8 163.4 165.1 165.0 165.0 165.0 165.0
b4. Electrical Apparatus &Appliances 1.823 100.1 75.3 74.2 74.7 73.7 73.7 73.7 73.7 73.7 73.7
(L) Transport Equipment & Parts 4.295 107.4 162.4 166.9 163.5 165.9 166.2 170.4 170.9 171.0 170.7
a. Locomotives, Railway Wagons& Parts 0.318 105.3 125.2 131.6 122.2 135.3 135.3 135.3 135.3 135.3 135.3
b. Motor Vehicles, Motorcycles,Scooters, Bicycles & Parts 3.977 107.6 165.4 169.7 166.8 168.3 168.7 173.2 173.7 173.8 173.4
1 2 3 4 5 6 7 8 9 10 11 12
Weight 1994-95 2006-07 2007-08 2007 2008
Mar. Oct. Nov. Dec. Jan. Feb. Mar.
Average of months/ Average ofweeks ended Saturday
April-March
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 682
Prices
See ‘Notes on Tables’.
No. 40: Index Numbers of Wholesale Prices in India - by Groups and Sub-groups( Month-end / Year-end)
(Base : 1993-94 = 100)
ALL COMMODITIES 100.000 117.1 206.6 216.2 212.3 216.7 219.0 220.9 226.7 227.7 231.1
I. PRIMARY ARTICLES 22.025 120.8 209.6 225.5 220.8 221.8 228.4 233.5 236.8 238.6 243.4
(A) Food Articles 15.402 114.9 211.1 222.5 220.3 219.0 220.8 224.7 228.2 230.4 234.2
a. Foodgrains
(Cereals+Pulses) 5.009 118.9 206.5 216.1 210.8 216.9 218.8 219.5 224.0 222.6 223.8
a1. Cereals 4.406 118.2 199.8 212.4 205.9 214.7 217.0 217.3 220.6 219.7 221.2
a2. Pulses 0.603 123.9 255.2 243.1 247.0 233.0 232.3 235.9 248.5 243.9 242.6
b. Fruits & Vegetables 2.917 103.1 228.6 237.3 243.9 216.6 221.1 233.3 239.8 247.1 255.7
b1. Vegetables 1.459 95.0 199.1 226.3 224.1 192.2 188.4 200.3 205.5 228.7 227.5
b2. Fruits 1.458 111.2 258.2 248.4 263.8 241.0 253.9 266.4 274.2 265.6 284.0
c. Milk 4.367 111.3 196.5 213.1 206.1 216.1 216.1 218.2 220.3 221.6 222.9
d. Eggs, Meat & Fish 2.208 122.1 227.6 238.5 244.3 233.0 233.7 240.0 242.0 244.0 249.8
e. Condiments & Spices 0.662 131.6 230.0 239.2 226.6 240.8 247.0 242.9 239.0 244.9 256.6
f. Other Food Articles 0.239 127.4 154.8 155.9 153.2 154.6 154.6 158.7 162.0 183.1 187.4
(B) Non-Food Articles 6.138 136.9 189.6 212.6 204.0 212.2 218.4 224.4 227.2 228.2 235.8
a. Fibres 1.523 168.7 157.0 179.3 169.5 181.0 186.5 187.6 194.3 199.4 214.4
b. Oil seeds 2.666 127.8 178.0 219.2 204.5 216.0 227.4 240.9 242.9 240.3 247.1
c. Other Non-Food
Articles 1.949 124.4 231.0 229.9 230.4 231.4 231.1 230.6 231.3 234.1 237.0
(C) Minerals 0.485 104.2 416.9 481.7 448.7 433.8 594.8 630.2 630.1 630.2 630.1
a. Metallic Minerals 0.297 102.5 604.7 707.9 656.1 626.6 894.9 941.2 941.2 941.2 941.2
b. Other Minerals 0.188 107.0 120.4 124.6 121.2 129.3 120.8 138.9 138.8 138.9 138.8
II. Fuel, Power,Light
& Lubricants 14.226 109.1 324.0 327.4 322.1 332.7 334.8 336.9 341.8 342.5 347.2
a. Coal Mining 1.753 106.2 231.6 238.6 231.6 251.9 251.9 251.9 254.4 251.9 254.4
b. Minerals Oils 6.990 106.2 388.3 392.3 383.6 400.0 404.1 408.5 415.0 416.9 426.0
c. Electricity 5.484 113.6 271.6 273.0 272.7 272.7 272.9 272.9 276.5 276.5 276.4
III. Manufactured
Products 63.749 117.6 179.3 188.1 184.9 189.0 189.9 190.7 197.5 198.3 201.0
(A) Food Products 11.538 113.2 182.9 190.8 183.4 193.5 196.3 198.0 203.6 202.8 206.8
a. Dairy Products 0.687 129.0 217.7 233.4 224.1 237.4 240.8 241.0 240.3 240.5 248.5
b. Canning, Preserving
& Processing of Fish 0.047 100.0 284.0 293.8 293.8 293.8 293.8 293.8 293.8 293.8 293.8
Last Week of month / year Weight 1994-95 2006-07 2007-08 2007 2008ended Saturday April - March May Dec. Jan. Feb. Mar. Apr.(P) May.(P)
1 2 3 4 5 6 7 8 9 10 11 12
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 683
Prices
No. 40: Index Numbers of Wholesale Prices in India - by Groups and Sub-groups( Month-end / Year-end) (Contd.)
(Base : 1993-94 = 100)
c. Grain Mill Products 1.033 109.0 219.6 230.5 217.8 235.5 238.0 240.0 240.7 240.7 240.9
d. Bakery Products 0.441 111.0 184.8 195.6 192.2 201.3 199.9 201.3 201.3 201.3 201.3
e. Sugar, Khandsari & Gur 3.929 109.5 179.2 155.4 158.2 151.5 152.0 151.8 158.3 157.9 156.6
f. Manufacture ofCommon Salts 0.021 114.1 222.8 222.4 218.0 218.3 232.2 234.1 234.7 234.7 232.6
g. Cocoa, Chocolate, Sugar& Confectionery 0.087 124.1 183.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1
h. Edible Oils 2.775 118.4 155.1 175.8 166.6 176.8 181.4 189.2 196.2 187.9 189.4
i. Oil Cakes 1.416 118.3 199.8 257.9 226.3 281.6 285.5 286.3 300.0 311.1 340.0
j. Tea & Coffee Proccessing 0.967 99.5 179.6 194.4 189.4 193.6 199.7 193.9 193.9 193.9 193.9
k. Other FoodProducts n.e.c. 0.154 117.3 198.4 219.0 214.7 222.9 230.3 234.0 236.6 234.0 238.1
(B) Beverages, Tobacco &Tobacco Products 1.339 124.3 243.9 269.2 264.9 273.8 273.9 273.9 276.7 276.7 285.6
a. Wine Industries 0.269 163.5 289.8 309.4 306.9 310.9 310.9 310.9 310.9 310.9 310.9
b. Malt Liquor 0.043 125.5 204.0 198.1 203.7 197.0 197.0 197.0 197.0 197.0 215.7
c. Soft Drinks &
Carbonated Water 0.053 109.1 176.2 187.6 186.7 188.1 188.1 188.1 188.1 188.1 188.1
d. Manufacture of Bidi,Cigarettes, Tobacco &Zarda 0.975 114.2 236.6 265.6 260.2 271.6 271.7 271.7 275.5 275.6 286.9
(C) Textiles 9.800 128.1 132.3 130.6 133.1 127.2 127.9 128.1 127.8 126.6 134.4
a. Cotton Textiles 4.215 148.3 159.1 155.6 160.5 148.6 150.6 151.6 149.1 148.7 162.3
a1. Cotton Yarn 3.312 152.1 156.3 152.1 158.0 143.3 145.8 147.1 144.0 143.5 159.9
a2. Cotton Cloth (Mills) 0.903 134.4 169.4 168.4 169.8 167.9 168.0 168.0 167.9 167.9 171.2
b. Man Made Textiles 4.719 110.9 96.2 97.4 97.9 96.5 96.7 96.5 98.3 95.8 99.5
b1. Man Made Fibre 4.406 110.6 93.3 94.8 95.2 93.9 94.1 93.9 95.8 93.2 97.0
b2. Man Made Cloth 0.313 114.7 136.2 134.4 136.2 133.8 133.0 133.0 133.0 133.0 134.5
c. Woolen Textiles 0.190 139.9 173.4 170.7 170.3 170.9 170.9 170.9 170.9 170.9 170.9
d. Jute, Hemp & MestaTextiles 0.376 120.5 218.4 204.1 207.6 205.1 200.2 196.2 195.6 199.8 204.6
e. Other Misc. Textiles 0.300 117.9 189.3 182.8 184.7 183.3 181.6 181.7 181.6 181.6 181.6
(D) Wood & Wood Products 0.173 113.3 205.9 215.9 215.9 215.9 215.9 215.9 215.9 215.9 237.0
(E) Paper & Paper Products 2.044 117.0 190.9 194.3 192.7 194.7 194.8 195.3 194.5 195.2 199.4
a. Paper & pulp 1.229 122.9 170.4 175.7 172.9 176.2 176.7 177.4 177.0 177.4 184.1
b. Manufacture of Boards 0.237 113.0 165.6 164.3 164.3 164.8 164.8 164.8 160.9 164.8 165.8
c. Printing & Publishing ofNewspapers,Periodicals, etc. 0.578 106.2 244.7 246.2 246.3 246.3 245.6 246.0 245.6 245.6 245.6
Last Week of month / year Weight 1994-95 2006-07 2007-08 2007 2008ended Saturday April - March May Dec. Jan. Feb. Mar. Apr.(P) May.(P)
1 2 3 4 5 6 7 8 9 10 11 12
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 684
Prices
No. 40: Index Numbers of Wholesale Prices in India - by Groups and Sub-groups( Month-end / Year-end) (Contd.)
(Base : 1993-94 = 100)
Last Week of month / year Weight 1994-95 2006-07 2007-08 2007 2008ended Saturday April - March May Dec. Jan. Feb. Mar. Apr.(P) May.(P)
1 2 3 4 5 6 7 8 9 10 11 12
(F) Leather & Leather Products 1.019 117.8 159.7 166.1 164.7 167.3 164.4 164.4 164.4 164.4 166.5
(G) Rubber & Plastic Products 2.388 117.0 148.8 159.1 155.0 163.5 163.6 163.6 163.6 163.6 163.9
a. Tyres & Tubes 1.286 119.6 142.3 156.9 150.2 162.6 162.8 162.8 162.8 162.8 163.2
a1. Tyres 1.144 120.3 131.0 143.6 136.8 148.8 148.8 148.8 148.8 148.8 149.3
a2. Tubes 0.142 114.1 233.6 264.5 258.0 273.8 275.7 275.7 275.7 275.7 275.7
b. Plastic Products 0.937 108.8 147.0 154.3 153.0 157.7 157.7 157.7 157.7 157.7 158.0
c. Other Rubber & Plastic
Products 0.165 143.9 209.5 203.0 203.8 202.8 202.8 202.8 202.8 202.8 202.8
(H) Chemicals & Chemical
Products 11.931 121.6 194.1 205.0 201.9 208.0 208.3 209.2 210.9 210.3 213.5
a. Basic Heavy Inorganic
Chemicals 1.446 125.6 170.8 191.7 169.6 212.1 213.6 219.0 221.3 229.3 228.9
b. Basic Heavy Organic
Chemicals 0.455 131.4 180.1 176.4 180.8 180.8 171.6 174.1 178.6 184.8 187.0
c. Fertilisers & Pesticides 4.164 123.0 171.5 173.8 172.6 173.7 174.2 174.3 179.3 174.2 181.0
c1. Fertilisers 3.689 121.8 177.3 180.9 179.6 180.8 181.4 181.5 187.1 181.4 188.5
c2. Pesticides 0.475 132.5 126.2 118.5 118.6 118.5 118.5 118.5 118.5 118.5 123.0
d. Paints, Varnishes &
Lacquers 0.496 101.4 128.3 143.1 137.1 146.1 146.1 146.1 146.1 146.1 146.1
e. Dyestuffs & Indigo 0.175 115.0 105.6 111.2 105.2 112.7 112.7 112.7 116.6 115.6 120.4
f. Drugs & Medicines 2.532 132.9 294.1 314.9 315.4 315.4 315.5 315.5 312.3 311.2 311.2
g. Perfumes, Cosmetics,
Toiletries, etc. 0.978 119.0 224.0 239.7 238.4 242.0 242.3 242.3 242.3 242.3 242.3
h. Turpentine, Synthetic
Resins, Plastic
Material, etc. 0.746 111.9 132.9 143.7 148.4 141.2 142.5 143.7 144.2 145.0 154.1
i. Matches, Explosives &
Other Chemicals n.e.c. 0.940 96.3 136.1 144.2 142.6 146.2 148.0 148.0 149.0 151.8 153.2
(I) Non-Metallic Mineral
Products 2.516 122.4 192.0 209.0 204.4 210.3 211.4 212.5 214.7 215.0 213.5
a. Structural Clay Products 0.230 101.4 195.3 213.5 211.7 211.7 218.6 219.4 219.4 219.4 219.4
b. Glass, Earthernware,
Chinaware & Their
Products 0.237 126.3 160.6 167.9 168.6 166.4 166.4 166.4 166.4 166.4 166.4
c. Cement 1.731 126.9 197.6 217.6 212.4 219.9 220.6 220.8 221.2 221.6 219.2
d. Cement, Slate & Graphite
Products 0.319 110.3 183.0 189.7 182.3 189.7 189.7 196.8 211.9 211.9 213.2
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 685
Prices
No. 40: Index Numbers of Wholesale Prices in India - by Groups and Sub-groups( Month-end / Year-end) (Concld.)
(Base : 1993-94 = 100)
Source: Office of the Economic Adviser, Ministry of Commerce & Industry, Government of India.
Last Week of month / year Weight 1994-95 2006-07 2007-08 2007 2008
ended Saturday April - March May Dec. Jan. Feb. Mar. Apr.(P) May.(P)
1 2 3 4 5 6 7 8 9 10 11 12
(J) Basic Metals Alloys &
Metals Products 8.342 115.6 233.8 250.0 244.7 247.1 248.5 250.2 291.6 297.1 292.5
a. Basic Metals & Alloys 6.206 112.7 236.8 256.7 247.3 254.4 256.7 259.7 314.9 321.7 315.9
a1. Iron & Steel 3.637 112.6 255.0 280.6 268.6 279.1 280.1 282.8 352.8 360.6 352.4
a2. Foundries for Casting,
Forging & Structurals 0.896 113.5 228.6 245.6 238.3 242.1 243.5 246.4 298.7 298.7 298.7
a3. Pipes, Wires Drawing
& Others 1.589 112.9 204.3 213.8 208.5 210.1 215.8 219.9 245.6 253.6 249.7
a4. Ferro Alloys 0.085 102.9 148.5 155.5 154.1 156.2 156.2 156.2 156.2 175.3 175.3
b. Non-Ferrous Metals 1.466 130.8 259.5 264.5 275.2 257.5 255.7 252.6 254.0 256.8 254.9
b1. Aluminium 0.853 132.4 254.3 248.2 258.4 241.4 241.4 241.4 244.3 250.8 250.8
b2. Other Non-Ferrous Metals 0.613 128.6 266.7 287.2 298.6 279.9 275.6 268.3 267.6 265.2 260.7
c. Metal Products 0.669 108.7 150.0 155.9 153.8 156.8 156.8 157.4 157.4 157.4 157.4
(K) Machinery & Machine Tools 8.363 109.0 155.9 166.7 164.8 167.6 167.7 167.7 167.9 170.9 172.8
a. Non-Electrical
Machinery & Parts 3.379 111.1 195.1 199.6 198.1 201.0 200.9 201.0 201.0 205.1 207.5
a1. Heavy Machinery & Parts 1.822 114.8 202.0 207.3 205.4 208.9 208.9 209.1 209.6 216.8 219.9
a2. Industrial Machinery
for Textiles, etc. 0.568 108.4 255.3 260.6 259.9 260.9 261.2 261.2 259.1 260.0 259.0
a3. Refrigeration & Other
Non-Electrical Machinery 0.989 106.0 147.6 150.4 149.0 151.9 151.6 151.6 151.9 151.9 155.2
b. Electrical Machinery 4.985 107.5 129.4 144.5 142.2 144.9 145.2 145.2 145.5 147.7 149.2
b1. Electrical Industrial
Machinery 1.811 108.8 150.5 161.1 154.7 162.4 163.3 163.3 162.8 163.8 164.0
b2. Wires & Cables 1.076 119.0 180.8 230.6 229.7 231.0 231.0 231.0 233.2 241.7 247.6
b3. Dry & Wet Batteries 0.275 109.7 148.9 163.5 161.6 165.0 165.0 165.0 165.0 165.0 167.9
b4. Electrical Apparatus
& Appliances 1.823 99.2 75.3 74.2 75.2 73.7 73.7 73.7 73.7 73.7 73.7
(L) Transport Equipment & Parts 4.295 110.6 162.5 166.8 163.7 170.6 171.0 171.0 169.7 171.4 173.6
a. Locomotives, Railway
Wagons & Parts 0.318 105.4 125.0 131.9 122.2 135.3 135.3 135.3 135.3 141.8 141.8
b. Motor Vehicles, Motorcycles,
Scooters, Bicycles & Parts 3.977 111.0 165.5 169.6 167.0 173.4 173.8 173.8 172.4 173.8 176.1
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 686
Trade andBalance ofPayments
Trade and Balance of Payments
1 2 3 4 5 6 7 8 9 10
Year / Month Rupees Crore US Dollar Million SDR Million
Export Import Balance Export Import Balance Export Import Balance
No. 41: Foreign Trade (Annual and Monthly)
2002-03 255,137 297,206 -42,069 52,719 61,412 -8,693 39,785 46,345 -6,5602003-04 293,367 359,108 -65,741 63,843 78,149 -14,307 44,663 54,672 -10,0092004-05 375,340 501,065 -125,725 83,536 111,517 -27,981 56,081 74,866 -18,7852005-06 456,418 660,409 -203,991 103,091 149,166 -46,075 70,774 102,405 -31,6322006-07 571,779 840,506 -268,727 126,361 185,749 -59,388 85,018 124,975 -39,9572007-08 625,471 949,134 -323,663 155,355 235,747 -80,392 99,835 151,496 -51,6622006-07 RApril 38,612 56,342 -17,729 8,590 12,535 -3,944 5,915 8,630 -2,716May 45,588 64,963 -19,375 10,040 14,307 -4,267 6,741 9,606 -2,865June 47,920 64,683 -16,764 10,405 14,044 -3,640 7,040 9,502 -2,463July 48,934 67,558 -18,624 10,533 14,542 -4,009 7,128 9,841 -2,713August 49,649 68,658 -19,009 10,669 14,753 -4,085 7,173 9,920 -2,746September 49,486 77,611 -28,125 10,730 16,829 -6,099 7,242 11,358 -4,116October 44,589 76,047 -31,458 9,807 16,725 -6,919 6,655 11,350 -4,695November 43,943 68,812 -24,868 9,798 15,342 -5,545 6,580 10,304 -3,724December 47,368 66,848 -19,479 10,612 14,977 -4,364 7,038 9,932 -2,894January 48,357 60,992 -12,636 10,908 13,758 -2,850 7,294 9,200 -1,906February 46,484 62,470 -15,986 10,527 14,147 -3,620 7,030 9,448 -2,418March 56,628 75,445 -18,817 12,862 17,136 -4,274 8,534 11,370 -2,8362007-08 RApril 46,164 74,895 -28,731 10,953 17,769 -6,817 7,196 11,675 -4,479May 49,794 78,760 -28,966 12,210 19,313 -7,103 8,046 12,726 -4,680June 48,400 79,200 -30,800 11,870 19,424 -7,554 7,855 12,853 -4,999July 50,331 74,091 -23,759 12,454 18,333 -5,879 8,144 11,989 -3,845August 51,491 80,460 -28,969 12,614 19,710 -7,096 8,245 12,884 -4,639September 50,243 68,616 -18,373 12,455 17,010 -4,555 8,069 11,019 -2,951October 57,641 83,472 -25,831 14,588 21,126 -6,538 9,360 13,554 -4,195November 50,461 80,343 -29,882 12,796 20,373 -7,577 8,065 12,841 -4,776December 49,965 73,360 -23,395 12,669 18,601 -5,932 8,033 11,794 -3,761January 58,267 88,786 -30,519 14,798 22,550 -7,752 9,343 14,237 -4,894February 58,861 82,477 -23,616 14,814 20,758 -5,944 9,344 13,093 -3,749March 65,711 93,525 -27,814 16,283 23,175 -6,892 9,969 14,188 -4,2202008-09 PApril 57,633 97,151 -39,518 14,400 24,274 -9,874 8,801 14,836 -6,035
Source : DGCI & S and Ministry of Commerce & Industry. R: Revised.Notes : 1. Data conversion has been done using period average exchange rates. 2. Monthly data may not add up to the annual data on account of revision in monthly figures.Also see 'Notes on Tables'.
19
90
-91
19
91
-92
19
92
-93
19
93
-94
19
94
-95
19
95
-96
19
96
-97
19
97
-98
19
98
-99
19
99
-00
20
00
-01
20
01
-02
20
02
-03
20
03
-04
20
04
-05
20
05
-06
20
06
-07
US
$B
illi
on
Foreign Trade
-50
0
50
100
150
200
-100
Export Import Balance
20
07
-08
250
300
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 687
Trade andBalance ofPayments
No. 42: India’s Overall Balance of Payments
A. CURRENT ACCOUNTI. MERCHANDISE 637,190 999,286 -362,096 579,128 865,404 -286,276II. INVISIBLES (a+b+c) 583,424 291,685 291,739 519,425 278,492 240,933
a) Services 352,315 201,392 150,923 343,895 200,291 143,604i) Travel 45,524 37,083 8,441 41,127 30,253 10,874ii) Transportation 38,156 46,665 -8,509 36,394 36,504 -110iii) Insurance 6,371 4,186 2,185 5,434 2,903 2,531iv) G.n.i.e. 1,334 1,544 -210 1,130 1,825 -695v) Miscellaneous 260,930 111,914 149,016 259,810 128,806 131,004
of whichSoftware Services 161,968 13,081 148,887 141,356 10,212 131,144Business Services 66,878 66,923 -45 86,928 76,929 9,999Financial Services 12,392 11,438 954 13,062 9,352 3,710Communication Services 9,797 3,368 6,429 9,506 2,980 6,526
b) Transfers 173,995 9,334 164,661 133,530 6,423 127,107i) Official 3,029 2,077 952 2,877 1,858 1,019ii) Private 170,966 7,257 163,709 130,653 4,565 126,088
c) Income 57,114 80,959 -23,845 42,000 71,778 -29,778i) Investment Income 55,397 76,543 -21,146 40,218 67,483 -27,265ii) Compensation of Employees 1,717 4,416 -2,699 1,782 4,295 -2,513
Total Current Account (I+II) 1,220,614 1,290,971 -70,357 1,098,553 1,143,896 -45,343B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 1,084,072 903,920 180,152 598,106 527,663 70,443a) Foreign Direct Investment (i+ii) 140,240 77,901 62,339 103,610 65,057 38,553
i. In India 130,252 506 129,746 99,646 385 99,261Equity 101,215 438 100,777 74,354 385 73,969Reinvested Earnings 27,714 – 27,714 23,029 – 23,029Other Capital 1,323 68 1,255 2,263 – 2,263
ii. Abroad 9,988 77,395 -67,407 3,964 64,672 -60,708Equity 9,988 60,167 -50,179 3,964 54,634 -50,670Reinvested Earnings – 4,363 -4,363 – 4,868 -4,868Other Capital – 12,865 -12,865 – 5,170 -5,170
b) Portfolio Investment 943,832 826,019 117,813 494,496 462,606 31,890In India 942,872 825,718 117,154 494,102 462,472 31,630Abroad 960 301 659 394 134 260
2. Loans (a+b+c) 335,471 166,843 168,628 246,908 136,279 110,629a) External Assistance 17,022 8,557 8,465 16,961 9,024 7,937
i) By India 97 113 -16 73 163 -90ii) To India 16,925 8,444 8,481 16,888 8,861 8,027
b) Commercial Borrowings (MT<) 120,173 30,856 89,317 94,332 21,736 72,596i) By India 6,245 6,303 -58 2,936 4,290 -1,354ii) To India 113,928 24,553 89,375 91,396 17,446 73,950
c) Short Term to India 198,276 127,430 70,846 135,615 105,519 30,096i) Suppliers' Credit >180 days & Buyers' Credit 171,182 127,430 43,752 115,125 100,196 14,929ii) Suppliers' Credit up to 180 days 27,094 – 27,094 20,490 5,323 15,167
3. Banking Capital (a+b) 223,654 176,507 47,147 167,494 159,017 8,477a) Commercial Banks 223,338 174,793 48,545 165,656 158,660 6,996
i) Assets 78,365 50,733 27,632 64,972 80,726 -15,754ii) Liabilities 144,973 124,060 20,913 100,684 77,934 22,750
of which: Non-Resident Deposits 117,757 117,051 706 89,950 70,376 19,574b) Others 316 1,714 -1,398 1,838 357 1,481
4. Rupee Debt Service – 488 -488 – 725 -7255. Other Capital 75,956 37,492 38,464 34,540 16,975 17,565Total Capital Account (1to5) 1,719,153 1,285,250 433,903 1,047,048 840,659 206,389
C. Errors & Omissions 6,143 – 6,143 2,588 – 2,588D. Overall Balance (Total Capital Account, Current Account 2,945,910 2,576,221 369,689 2,148,189 1,984,555 163,634
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 369,689 -369,689 – 163,634 -163,634
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 369,689 -369,689 – 163,634 -163,634
2007-08 P 2006-07 PR
Credit Debit Net Credit Debit Net
(Rs. Crore)
1 2 3 4 5 6 7
Items
P: Preliminary PR : Partially Revised. R. : Revised.Also see ‘Notes on Tables’.
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 688
Trade andBalance ofPayments
2005-06 R 2004-05 R
Credit Debit Net Credit Debit Net
(Rs. Crore)
1 8 9 10 11 12 13
Items
A. CURRENT ACCOUNTI. MERCHANDISE 465,748 695,412 -229,664 381,785 533,550 -151,765II. INVISIBLES (a+b+c) 397,660 211,733 185,927 311,550 171,959 139,591
a) Services 255,668 153,057 102,611 193,711 124,880 68,831i) Travel 34,871 29,432 5,439 29,858 23,571 6,287ii) Transportation 28,023 36,928 -8,905 21,021 20,363 658iii) Insurance 4,694 4,965 -271 3,913 3,249 664iv) G.n.i.e. 1,396 2,343 -947 1,797 1,843 -46v) Miscellaneous 186,684 79,389 107,295 137,122 75,854 61,268
of whichSoftware Services 104,632 5,954 98,678 79,404 3,579 75,825Business Services 41,356 34,428 6,928 23,067 32,807 -9,740Financial Services 5,355 4,265 1,090 2,279 3,735 -1,456Communication Services 7,000 1,285 5,715 6,191 3,298 2,893
b) Transfers 113,566 4,134 109,432 97,201 4,066 93,135i) Official 2,970 2,103 867 2,762 1,598 1,164ii) Private 110,596 2,031 108,565 94,439 2,468 91,971
c) Income 28,426 54,542 -26,116 20,638 43,013 -22,375i) Investment Income 27,633 51,112 -23,479 18,538 36,947 -18,409ii) Compensation of Employees 793 3,430 -2,637 2,100 6,066 -3,966
Total Current Account (I+II) 863,408 907,145 -43,737 693,335 705,509 -12,174B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 342,778 273,996 68,782 210,205 152,148 58,057a) Foreign Direct Investment (i+ii) 40,690 27,265 13,425 27,392 10,647 16,745
i. In India 39,730 273 39,457 27,234 287 26,947Equity 26,512 273 26,239 17,028 287 16,741Reinvested Earnings 12,220 – 12,220 8,555 – 8,555Other Capital 998 – 998 1,651 – 1,651
ii. Abroad 960 26,992 -26,032 158 10,360 -10,202Equity 960 17,678 -16,718 158 7,517 -7,359Reinvested Earnings – 4,834 -4,834 – 1,114 -1,114Other Capital – 4,480 -4,480 – 1,729 -1,729
b) Portfolio Investment 302,088 246,731 55,357 182,813 141,501 41,312In India 302,088 246,731 55,357 182,813 141,394 41,419Abroad – – – – 107 -107
2. Loans (a+b+c) 174,729 140,332 34,397 135,685 87,090 48,595a) External Assistance 16,133 8,541 7,592 16,988 8,463 8,525
i) By India 106 390 -284 108 576 -468ii) To India 16,027 8,151 7,876 16,880 7,887 8,993
b) Commercial Borrowings (MT<) 63,476 52,971 10,505 40,679 17,566 23,113i) By India – 1,105 -1,105 – 1,036 -1,036ii) To India 63,476 51,866 11,610 40,679 16,530 24,149
c) Short Term to India 95,120 78,820 16,300 78,018 61,061 16,957i) Suppliers' Credit >180 days & Buyers' Credit 85,766 78,114 7,652 78,018 61,061 16,957ii) Suppliers' Credit up to 180 days 9,354 706 8,648 – – –
3. Banking Capital (a+b) 95,988 90,193 5,795 65,278 48,238 17,040a) Commercial Banks 91,200 89,569 1,631 64,038 46,532 17,506
i) Assets 3,369 17,711 -14,342 2,276 2,481 -205ii) Liabilities 87,831 71,858 15,973 61,762 44,051 17,711
of which: Non-Resident Deposits 79,190 66,733 12,457 36,225 40,664 -4,439b) Others 4,788 624 4,164 1,240 1,706 -466
4. Rupee Debt Service – 2,557 -2,557 – 1,858 -1,8585. Other Capital 26,451 20,903 5,548 30,507 26,974 3,533Total Capital Account (1to5) 639,946 527,981 111,965 441,675 316,308 125,367
C. Errors & Omissions – 2,332 -2,332 2,714 – 2,714D. Overall Balance (Total Capital Account, Current Account 1,503,354 1,437,458 65,896 1,137,724 1,021,817 115,907
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 65,896 -65,896 – 115,907 -115,907
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 65,896 -65,896 – 115,907 -115,907
No. 42: India’s Overall Balance of Payments (Contd.)
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 689
Trade andBalance ofPayments
Apr.-Jun. 2007 PR Jul.-Sep. 2007 PR
Credit Debit Net Credit Debit Net
(Rs. Crore)
1 14 15 16 17 18 19
Items
A. CURRENT ACCOUNTI. MERCHANDISE 147,421 232,781 -85,360 152,354 235,325 -82,971II. INVISIBLES (a+b+c) 119,993 60,615 59,378 130,984 68,049 62,935
a) Services 77,620 41,627 35,993 76,718 45,886 30,832i) Travel 8,610 7,756 854 9,110 8,522 588ii) Transportation 7,855 10,276 -2,421 8,117 10,747 -2,630iii) Insurance 1,522 759 763 1,325 1,179 146iv) G.n.i.e. 396 462 -66 288 539 -251v) Miscellaneous 59,237 22,374 36,863 57,878 24,899 32,979
of whichSoftware Services 36,435 3,282 33,153 34,649 3,578 31,071Business Services 16,411 13,170 3,241 15,489 14,759 730Financial Services 2,598 2,528 70 2,837 2,521 316Communication Services 2,115 825 1,290 2,598 762 1,836
b) Transfers 32,786 1,785 31,001 39,236 1,690 37,546i) Official 631 684 -53 644 454 190ii) Private 32,155 1,101 31,054 38,592 1,236 37,356
c) Income 9,587 17,203 -7,616 15,030 20,473 -5,443i) Investment Income 9,298 16,387 -7,089 14,613 19,241 -4,628ii) Compensation of Employees 289 816 -527 417 1,232 -815
Total Current Account (I+II) 267,414 293,396 -25,982 283,338 303,374 -20,036B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 174,986 133,275 41,711 217,732 162,278 55,454a) Foreign Direct Investment (i+ii) 31,985 21,026 10,959 20,453 9,073 11,380
i. In India 28,864 87 28,777 17,227 77 17,150Equity 21,310 87 21,223 9,791 77 9,714Reinvested Earnings 7,096 – 7,096 6,974 – 6,974Other Capital 458 – 458 462 – 462
ii. Abroad 3,121 20,939 -17,818 3,226 8,996 -5,770Equity 3,121 18,065 -14,944 3,226 6,743 -3,517Reinvested Earnings – 1,117 -1,117 – 1,098 -1,098Other Capital – 1,757 -1,757 – 1,155 -1,155
b) Portfolio Investment 143,001 112,249 30,752 197,279 153,205 44,074In India 142,758 112,224 30,534 197,255 153,108 44,147Abroad 243 25 218 24 97 -73
2. Loans (a+b+c) 68,339 31,084 37,255 80,753 42,296 38,457a) External Assistance 3,019 2,025 994 3,983 2,087 1,896
i) By India 25 29 -4 24 28 -4ii) To India 2,994 1,996 998 3,959 2,059 1,900
b) Commercial Borrowings (MT<) 34,113 5,291 28,822 25,190 8,429 16,761i) By India 1,464 1,196 268 1,844 2,038 -194ii) To India 32,649 4,095 28,554 23,346 6,391 16,955
c) Short Term to India 31,207 23,768 7,439 51,580 31,780 19,800i) Suppliers' Credit >180 days & Buyers' Credit 28,382 23,768 4,614 44,626 31,780 12,846ii) Suppliers' Credit up to180 days 2,825 – 2,825 6,954 – 6,954
3. Banking Capital (a+b) 35,260 39,049 -3,789 55,409 28,490 26,919a) Commercial Banks 35,260 39,024 -3,764 55,312 28,202 27,110
i) Assets 10,486 11,797 -1,311 17,847 1,451 16,396ii) Liabilities 24,774 27,227 -2,453 37,465 26,751 10,714
of which : Non-Resident Deposits 21,619 23,462 -1,843 28,100 26,605 1,495b) Others – 25 -25 97 288 -191
4. Rupee Debt Service – 177 -177 – 8 -85. Other Capital 4,070 7,546 -3,476 30,171 13,373 16,798Total Capital Account (1to5) 282,655 211,131 71,524 384,065 246,445 137,620
C. Errors & Omissions 641 – 641 895 – 895D. Overall Balance (Total Capital Account, Current Account 550,710 504,527 46,183 668,298 549,819 118,479
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 46,183 -46,183 – 118,479 -118,479
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 46,183 -46,183 – 118,479 -118,479
No. 42: India’s Overall Balance of Payments (Contd.)
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 690
Trade andBalance ofPayments
Oct.- Dec. 2007 PR Jan.-Mar. 2008 P
Credit Debit Net Credit Debit Net
(Rs. Crore)
1 20 21 22 23 24 25
Items
No. 42: India’s Overall Balance of Payments (Contd.)
A. CURRENT ACCOUNTI. MERCHANDISE 166,863 265,882 -99,019 170,552 265,298 -94,746II. INVISIBLES (a+b+c) 152,971 74,145 78,826 179,476 88,876 90,600
a) Services 94,184 53,025 41,159 103,793 60,854 42,939i) Travel 13,397 9,826 3,571 14,407 10,979 3,428ii) Transportation 10,509 11,665 -1,156 11,675 13,977 -2,302iii) Insurance 1,760 1,006 754 1,764 1,242 522iv) G.n.i.e. 355 292 63 295 251 44v) Miscellaneous 68,163 30,236 37,927 75,652 34,405 41,247
of whichSoftware Services 39,889 3,358 36,531 50,995 2,863 48,132Business Services 16,736 17,427 -691 18,242 21,567 -3,325Financial Services 3,449 3,303 146 3,508 3,086 422Communication Services 2,376 718 1,658 2,708 1,063 1,645
b) Transfers 44,814 1,933 42,881 57,159 3,926 53,233i) Official 770 477 293 984 462 522ii) Private 44,044 1,456 42,588 56,175 3,464 52,711
c) Income 13,973 19,187 -5,214 18,524 24,096 -5,572i) Investment Income 13,559 18,141 -4,582 17,927 22,774 -4,847ii) Compensation of Employees 414 1,046 -632 597 1,322 -725
Total Current Account (I+II) 319,834 340,027 -20,193 350,028 354,174 -4,146B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 338,856 266,281 72,575 352,498 342,086 10,412a) Foreign Direct Investment (i+ii) 30,946 16,231 14,715 56,856 31,571 25,285
i. In India 29,356 170 29,186 54,805 172 54,633Equity 22,162 170 21,992 47,952 104 47,848Reinvested Earnings 6,791 – 6,791 6,853 – 6,853Other Capital 403 – 403 – 68 -68
ii. Abroad 1,590 16,061 -14,471 2,051 31,399 -29,348Equity 1,590 13,784 -12,194 2,051 21,575 -19,524Reinvested Earnings – 1,069 -1,069 – 1,079 -1,079Other Capital – 1,208 -1,208 – 8,745 -8,745
b) Portfolio Investment 307,910 250,050 57,860 295,642 310,515 -14,873In India 307,436 249,975 57,461 295,423 310,411 -14,988Abroad 474 75 399 219 104 115
2. Loans (a+b+c) 87,078 41,823 45,255 99,301 51,640 47,661a) External Assistance 4,377 2,147 2,230 5,643 2,298 3,345
i) By India 24 28 -4 24 28 -4ii) To India 4,353 2,119 2,234 5,619 2,270 3,349
b) Commercial Borrowings (MT<) 33,191 8,678 24,513 27,679 8,458 19,221i) By India 1,436 1,504 -68 1,501 1,565 -64ii) To India 31,755 7,174 24,581 26,178 6,893 19,285
c) Short Term to India 49,510 30,998 18,512 65,979 40,884 25,095i) Suppliers' Credit >180 days & Buyers' Credit 40,374 30,998 9,376 57,800 40,884 16,916ii) Suppliers' Credit up to180 days 9,136 – 9,136 8,179 – 8,179
3. Banking Capital (a+b) 49,612 48,795 817 83,373 60,173 23,200a) Commercial Banks 49,600 47,406 2,194 83,166 60,161 23,005
i) Assets 22,241 15,544 6,697 27,791 21,941 5,850ii) Liabilities 27,359 31,862 -4,503 55,375 38,220 17,155
of which : Non-Resident Deposits 25,414 28,780 -3,366 42,624 38,204 4,420b) Others 12 1,389 -1,377 207 12 195
4. Rupee Debt Service – – – – 303 -3035. Other Capital 18,559 13,690 4,869 23,156 2,883 20,273Total Capital Account (1to5) 494,105 370,589 123,516 558,328 457,085 101,243
C. Errors & Omissions 2,192 – 2,192 2,415 – 2,415D. Overall Balance (Total Capital Account, Current Account 816,131 710,616 105,515 910,771 811,259 99,512
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 105,515 -105,515 – 99,512 -99,512
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 105,515 -105,515 – 99,512 -99,512
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 691
Apr.-Jun 2006 PR Jul.-Sep. 2006 PR
Credit Debit Net Credit Debit Net
(Rs. Crore)
1 26 27 28 29 30 31
Items
No. 42: India’s Overall Balance of Payments (Contd.)
A. CURRENT ACCOUNTI. MERCHANDISE 134,657 212,035 -77,378 147,625 225,328 -77,703II. INVISIBLES (a+b+c) 113,431 54,537 58,894 115,708 67,102 48,606
a) Services 72,998 38,537 34,461 78,681 46,602 32,079i) Travel 7,766 6,766 1,000 8,328 8,402 -74ii) Transportation 7,798 9,081 -1,283 9,320 9,172 148iii) Insurance 1,082 587 495 1,461 714 747iv) G.n.i.e. 182 359 -177 283 566 -283v) Miscellaneous 56,170 21,744 34,426 59,289 27,748 31,541
of whichSoftware Services 32,007 1,887 30,120 33,020 1,878 31,142Business Services 17,547 11,922 5,625 18,989 15,209 3,780Financial Services 2,692 1,369 1,323 1,591 1,516 75Communication Services 1,864 464 1,400 2,996 774 2,222
b) Transfers 32,603 1,350 31,253 26,677 1,706 24,971i) Official 314 409 -95 561 496 65ii) Private 32,289 941 31,348 26,116 1,210 24,906
c) Income 7,830 14,650 -6,820 10,350 18,794 -8,444i) Investment Income 7,544 13,759 -6,215 10,002 17,737 -7,735ii) Compensation of Employees 286 891 -605 348 1,057 -709
Total Current Account (I+II) 248,088 266,572 -18,484 263,333 292,430 -29,097B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 153,864 148,984 4,880 104,268 80,796 23,472a) Foreign Direct Investment (i+ii) 13,714 6,533 7,181 21,080 7,577 13,503
i. In India 13,423 36 13,387 19,995 9 19,986Equity 8,849 36 8,813 13,382 9 13,373Reinvested Earnings 4,529 – 4,529 6,330 – 6,330Other Capital 45 – 45 283 – 283
ii. Abroad 291 6,497 -6,206 1,085 7,568 -6,483Equity 291 4,233 -3,942 1,085 5,551 -4,466Reinvested Earnings – 1,223 -1,223 – 1,247 -1,247Other Capital – 1,041 -1,041 – 770 -770
b) Portfolio Investment 140,150 142,451 -2,301 83,188 73,219 9,969In India 140,055 142,446 -2,391 83,137 73,214 9,923Abroad 95 5 90 51 5 46
2. Loans (a+b+c) 52,287 28,619 23,668 52,061 29,890 22,171a) External Assistance 2,619 2,396 223 3,650 2,087 1,563
i) By India 18 41 -23 19 42 -23ii) To India 2,601 2,355 246 3,631 2,045 1,586
b) Commercial Borrowings (MT<) 22,972 4,902 18,070 12,428 4,261 8,167i) By India 396 1,014 -618 529 788 -259ii) To India 22,576 3,888 18,688 11,899 3,473 8,426
c) Short Term to India 26,696 21,321 5,375 35,983 23,542 12,441i) Suppliers' Credit >180 days & Buyers' Credit 23,108 21,321 1,787 30,507 23,542 6,965ii) Suppliers' Credit up to180 days 3,588 – 3,588 5,476 – 5,476
3. Banking Capital (a+b) 45,057 22,044 23,013 26,682 34,648 -7,966a) Commercial Banks 44,730 22,044 22,686 26,682 34,444 -7,762
i) Assets 23,904 8,535 15,369 7,271 16,475 -9,204ii) Total Liabilities 20,826 13,509 7,317 19,411 17,969 1,442
of which: Non-Resident Deposits 19,307 13,387 5,920 19,406 15,196 4,210b) Others 327 – 327 – 204 -204
4. Rupee Debt Service – 305 -305 – – –5. Other Capital 496 4,570 -4,074 5,611 2,574 3,037Total Capital Account (1to5) 251,704 204,522 47,182 188,622 147,908 40,714
C. Errors & Omissions 308 – 308 – 1,091 -1,091D. Overall Balance (Total Capital Account, Current Account 500,100 471,094 29,006 451,955 441,429 10,526
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 29,006 -29,006 – 10,526 -10,526
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 29,006 -29,006 – 10,526 -10,526
Trade andBalance ofPayments
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 692
Oct.- Dec. 2006 PR Jan.-Mar. 2007 PR
Credit Debit Net Credit Debit Net
(Rs. Crore)
1 32 33 34 35 36 37
Items
No. 42: India’s Overall Balance of Payments (Concld.)
A. CURRENT ACCOUNTI. MERCHANDISE 139,151 213,496 -74,345 157,695 214,545 -56,850II. INVISIBLES (a+b+c) 132,524 74,723 57,801 157,762 82,130 75,632
a) Services 87,076 54,534 32,542 105,140 60,618 44,522i) Travel 11,790 7,368 4,422 13,243 7,717 5,526ii) Transportation 9,465 9,456 9 9,811 8,795 1,016iii) Insurance 1,318 904 414 1,573 698 875iv) G.n.i.e. 391 436 -45 274 464 -190v) Miscellaneous 64,112 36,370 27,742 80,239 42,944 37,295
of whichSoftware Services 34,197 3,077 31,120 42,132 3,370 38,762Business Services 23,482 20,207 3,275 26,910 29,591 -2,681Financial Services 2,339 1,237 1,102 6,440 5,230 1,210Communication Services 2,168 1,075 1,093 2,478 667 1,811
b) Transfers 35,034 1,534 33,500 39,216 1,833 37,383i) Official 1,291 436 855 711 517 194ii) Private 33,743 1,098 32,645 38,505 1,316 37,189
c) Income 10,414 18,655 -8,241 13,406 19,679 -6,273i) Investment Income 9,955 17,598 -7,643 12,717 18,389 -5,672ii) Compensation of Employees 459 1,057 -598 689 1,290 -601
Total Current Account (I+II) 271,675 288,219 -16,544 315,457 296,675 18,782B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 173,320 143,369 29,951 166,654 154,514 12,140a) Foreign Direct Investment (i+ii) 44,494 30,597 13,897 24,322 20,350 3,972
i. In India 43,770 31 43,739 22,458 309 22,149Equity 36,901 31 36,870 15,222 309 14,913Reinvested Earnings 6,140 – 6,140 6,030 – 6,030Other Capital 729 – 729 1,206 – 1,206
ii. Abroad 724 30,566 -29,842 1,864 20,041 -18,177Equity 724 27,764 -27,040 1,864 17,086 -15,222Reinvested Earnings – 1,210 -1,210 – 1,188 -1,188Other Capital – 1,592 -1,592 – 1,767 -1,767
b) Portfolio Investment 128,826 112,772 16,054 142,332 134,164 8,168In India 128,768 112,745 16,023 142,142 134,067 8,075Abroad 58 27 31 190 97 93
2. Loans (a+b+c) 66,446 37,175 29,271 76,114 40,595 35,519a) External Assistance 5,002 2,226 2,776 5,690 2,315 3,375
i) By India 18 40 -22 18 40 -22ii) To India 4,984 2,186 2,798 5,672 2,275 3,397
b) Commercial Borrowings (MT<) 24,557 6,217 18,340 34,375 6,356 28,019i) By India 2,011 1,552 459 – 936 -936ii) To India 22,546 4,665 17,881 34,375 5,420 28,955
c) Short Term to India 36,887 28,732 8,155 36,049 31,924 4,125i) Suppliers' Credit >180 days & Buyers' Credit 25,461 28,732 -3,271 36,049 26,601 9,448ii) Suppliers' Credit up to180 days 11,426 – 11,426 – 5,323 -5,323
3. Banking Capital (a+b) 32,209 46,213 -14,004 63,546 56,112 7,434a) Commercial Banks 31,237 46,060 -14,823 63,007 56,112 6,895
i) Assets 2,501 20,378 -17,877 31,296 35,338 -4,042ii) Total Liabilities 28,736 25,682 3,054 31,711 20,774 10,937
of which: Non-Resident Deposits 28,453 21,871 6,582 22,784 19,922 2,862b) Others 972 153 819 539 – 539
4. Rupee Debt Service – 9 -9 – 411 -4115. Other Capital 7,760 3,563 4,197 20,673 6,268 14,405Total Capital Account (1to5) 279,735 230,329 49,406 326,987 257,900 69,087
C. Errors & Omissions 899 – 899 2,472 – 2,472D. Overall Balance (Total Capital Account, Current Account 552,309 518,548 33,761 644,916 554,575 90,341
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 33,761 -33,761 – 90,341 -90,341
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 33,761 -33,761 – 90,341 -90,341
Trade andBalance ofPayments
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 693
Trade andBalance ofPayments
1 2 3 4 5 6 7
2007-08 P 2006-07 PR
Credit Debit Net Credit Debit Net
(US $ million)
P: Preliminary PR : Partially Revised. R. : Revised.Also see ‘Notes on Tables’.
A. CURRENT ACCOUNTI. MERCHANDISE 158,461 248,521 -90,060 128,083 191,254 -63,171II. INVISIBLES (a+b+c) 145,257 72,600 72,657 115,074 61,669 53,405
a) Services 87,687 50,137 37,550 76,181 44,371 31,810i) Travel 11,349 9,231 2,118 9,123 6,685 2,438ii) Transportation 9,503 11,610 -2,107 8,050 8,068 -18iii) Insurance 1,585 1,042 543 1,202 642 560iv) G.n.i.e. 331 382 -51 250 403 -153v) Miscellaneous 64,919 27,872 37,047 57,556 28,573 28,983
of whichSoftware Services 40,300 3,249 37,051 31,300 2,267 29,033Business Services 16,624 16,668 -44 19,266 17,093 2,173Financial Services 3,085 2,847 238 2,913 2,087 826Communication Services 2,436 837 1,599 2,099 659 1,440
b) Transfers 43,343 2,326 41,017 29,589 1,421 28,168i) Official 754 515 239 638 411 227ii) Private 42,589 1,811 40,778 28,951 1,010 27,941
c) Income 14,227 20,137 -5,910 9,304 15,877 -6,573i) Investment Income 13,799 19,038 -5,239 8,908 14,926 -6,018ii) Compensation of Employees 428 1,099 -671 396 951 -555
Total Current Account (I+II) 303,718 321,121 -17,403 243,157 252,923 -9,766B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 270,554 225,748 44,806 132,581 117,040 15,541a) Foreign Direct Investment (i+ii) 34,924 19,379 15,545 22,959 14,480 8,479
i. In India 32,453 126 32,327 22,078 87 21,991Equity 25,242 109 25,133 16,481 87 16,394Reinvested Earnings 6,884 – 6,884 5,091 – 5,091Other Capital 327 17 310 506 – 506
ii. Abroad 2,471 19,253 -16,782 881 14,393 -13,512Equity 2,471 14,956 -12,485 881 12,168 -11,287Reinvested Earnings – 1,084 -1,084 – 1,076 -1,076Other Capital – 3,213 -3,213 – 1,149 -1,149
b) Portfolio Investment 235,630 206,369 29,261 109,622 102,560 7,062In India 235,390 206,294 29,096 109,534 102,530 7,004Abroad 240 75 165 88 30 58
2. Loans (a+b+c) 83,503 41,541 41,962 54,728 30,194 24,534a) External Assistance 4,241 2,127 2,114 3,763 1,996 1,767
i) By India 24 28 -4 16 36 -20ii) To India 4,217 2,099 2,118 3,747 1,960 1,787
b) Commercial Borrowings (MT<) 29,851 7,686 22,165 20,973 4,818 16,155i) By India 1,551 1,567 -16 648 950 -302ii) To India 28,300 6,119 22,181 20,325 3,868 16,457
c) Short Term to India 49,411 31,728 17,683 29,992 23,380 6,612i) Suppliers' Credit >180 days & Buyers' Credit 42,641 31,728 10,913 25,482 22,175 3,307ii) Suppliers' Credit up to180 days 6,770 – 6,770 4,510 1,205 3,305
3. Banking Capital (a+b) 55,733 43,976 11,757 37,209 35,296 1,913a) Commercial Banks 55,654 43,544 12,110 36,799 35,218 1,581
i) Assets 19,562 12,668 6,894 14,466 17,960 -3,494ii) Liabilities 36,092 30,876 5,216 22,333 17,258 5,075
of which: Non-Resident Deposits 29,321 29,142 179 19,914 15,593 4,321b) Others 79 432 -353 410 78 332
4. Rupee Debt Service – 121 -121 – 162 -1625. Other Capital 18,950 9,323 9,627 7,724 3,771 3,953Total Capital Account (1to5) 428,740 320,709 108,031 232,242 186,463 45,779
C. Errors & Omissions 1,536 – 1,536 593 – 593D. Overall Balance (Total Capital Account, Current Account 733,994 641,830 92,164 475,992 439,386 36,606
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 92,164 -92,164 – 36,606 -36,606
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 92,164 -92,164 – 36,606 -36,606
No. 43 : India’s Overall Balance of Payments
Items
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 694
Trade andBalance ofPayments
1 8 9 10 11 12 13
2005-06 R 2004-05 R
Credit Debit Net Credit Debit Net
(US $ million)
No. 43: India’s Overall Balance of Payments (Contd.)
Items
A. CURRENT ACCOUNTI. MERCHANDISE 105,152 157,056 -51,904 85,206 118,908 -33,702II. INVISIBLES (a+b+c) 89,687 47,685 42,002 69,533 38,301 31,232
a) Services 57,659 34,489 23,170 43,249 27,823 15,426i) Travel 7,853 6,638 1,215 6,666 5,249 1,417ii) Transportation 6,325 8,337 -2,012 4,683 4,539 144iii) Insurance 1,062 1,116 -54 870 722 148iv) G.n.i.e. 314 529 -215 401 411 -10v) Miscellaneous 42,105 17,869 24,236 30,629 16,902 13,727
of whichSoftware Services 23,600 1,338 22,262 17,700 800 16,900Business Services 9,307 7,748 1,559 5,167 7,318 -2,151Financial Services 1,209 965 244 512 832 -320Communication Services 1,575 289 1,286 1,384 738 646
b) Transfers 25,620 933 24,687 21,691 906 20,785i) Official 669 475 194 616 356 260ii) Private 24,951 458 24,493 21,075 550 20,525
c) Income 6,408 12,263 -5,855 4,593 9,572 -4,979i) Investment Income 6,229 11,491 -5,262 4,124 8,219 -4,095ii) Compensation of Employees 179 772 -593 469 1,353 -884
Total Current Account (I+II) 194,839 204,741 -9,902 154,739 157,209 -2,470B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 77,298 61,770 15,528 46,934 33,934 13,000a) Foreign Direct Investment (i+ii) 9,178 6,144 3,034 6,087 2,374 3,713
i. In India 8,962 61 8,901 6,052 65 5,987Equity 5,976 61 5,915 3,779 65 3,714Reinvested Earnings 2,760 – 2,760 1,904 – 1,904Other Capital 226 – 226 369 – 369
ii. Abroad 216 6,083 -5,867 35 2,309 -2,274Equity 216 3,982 -3,766 35 1,672 -1,637Reinvested Earnings – 1,092 -1,092 – 248 -248Other Capital – 1,009 -1,009 – 389 -389
b) Portfolio Investment 68,120 55,626 12,494 40,847 31,560 9,287In India 68,120 55,626 12,494 40,847 31,536 9,311Abroad – – – – 24 -24
2. Loans (a+b+c) 39,479 31,570 7,909 30,287 19,378 10,909a) External Assistance 3,631 1,929 1,702 3,809 1,886 1,923
i) By India 24 88 -64 24 128 -104ii) To India 3,607 1,841 1,766 3,785 1,758 2,027
b) Commercial Borrowings (MT<) 14,343 11,835 2,508 9,084 3,890 5,194i) By India – 251 -251 – 232 -232ii) To India 14,343 11,584 2,759 9,084 3,658 5,426
c) Short Term to India 21,505 17,806 3,699 17,394 13,602 3,792i) Suppliers' Credit >180 days & Buyers' Credit 19,372 17,647 1,725 17,394 13,602 3,792ii) Suppliers' Credit up to180 days 2,133 159 1,974 – – –
3. Banking Capital (a+b) 21,658 20,285 1,373 14,581 10,707 3,874a) Commercial Banks 20,586 20,144 442 14,304 10,325 3,979
i) Assets 772 3,947 -3,175 505 552 -47ii) Liabilities 19,814 16,197 3,617 13,799 9,773 4,026
of which: Non-Resident Deposits 17,835 15,046 2,789 8,071 9,035 -964b) Others 1,072 141 931 277 382 -105
4. Rupee Debt Service – 572 -572 – 417 -4175. Other Capital 5,941 4,709 1,232 6,737 6,081 656Total Capital Account (1to5) 144,376 118,906 25,470 98,539 70,517 28,022
C. Errors & Omissions – 516 -516 607 – 607D. Overall Balance (Total Capital Account, Current Account 339,215 324,163 15,052 253,885 227,726 26,159
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 15,052 -15,052 – 26,159 -26,159
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 15,052 -15,052 – 26,159 -26,159
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 695
Trade andBalance ofPayments
1 14 15 16 17 18 19
Apr.-Jun. 2007 PR Jul.-Sep. 2007 PR
Credit Debit Net Credit Debit Net
(US $ million)
No. 43: India’s Overall Balance of Payments (Contd.)
Items
A. CURRENT ACCOUNTI. MERCHANDISE 35,752 56,453 -20,701 37,595 58,069 -20,474II. INVISIBLES (a+b+c) 29,100 14,700 14,400 32,322 16,792 15,530
a) Services 18,824 10,095 8,729 18,931 11,323 7,608i) Travel 2,088 1,881 207 2,248 2,103 145ii) Transportation 1,905 2,492 -587 2,003 2,652 -649iii) Insurance 369 184 185 327 291 36iv) G.n.i.e. 96 112 -16 71 133 -62v) Miscellaneous 14,366 5,426 8,940 14,282 6,144 8,138
of whichSoftware Services 8,836 796 8,040 8,550 883 7,667Business Services 3,980 3,194 786 3,822 3,642 180Financial Services 630 613 17 700 622 78Communication Services 513 200 313 641 188 453
b) Transfers 7,951 433 7,518 9,682 417 9,265i) Official 153 166 -13 159 112 47ii) Private 7,798 267 7,531 9,523 305 9,218
c) Income 2,325 4,172 -1,847 3,709 5,052 -1,343i) Investment Income 2,255 3,974 -1,719 3,606 4,748 -1,142ii) Compensation of Employees 70 198 -128 103 304 -201
Total Current Account (I+II) 64,852 71,153 -6,301 69,917 74,861 -4,944B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 42,437 32,321 10,116 53,728 40,044 13,684a) Foreign Direct Investment (i+ii) 7,757 5,099 2,658 5,047 2,239 2,808
i. In India 7,000 21 6,979 4,251 19 4,232Equity 5,168 21 5,147 2,416 19 2,397Reinvested Earnings 1,721 – 1,721 1,721 – 1,721Other Capital 111 – 111 114 – 114
ii. Abroad 757 5,078 -4,321 796 2,220 -1,424Equity 757 4,381 -3,624 796 1,664 -868Reinvested Earnings – 271 -271 – 271 -271Other Capital – 426 -426 – 285 -285
b) Portfolio Investment 34,680 27,222 7,458 48,681 37,805 10,876In India 34,621 27,216 7,405 48,675 37,781 10,894Abroad 59 6 53 6 24 -18
2. Loans (a+b+c) 16,573 7,538 9,035 19,927 10,437 9,490a) External Assistance 732 491 241 983 515 468
i) By India 6 7 -1 6 7 -1ii) To India 726 484 242 977 508 469
b) Commercial Borrowings (MT<) 8,273 1,283 6,990 6,216 2,080 4,136i) By India 355 290 65 455 503 -48ii) To India 7,918 993 6,925 5,761 1,577 4,184
c) Short Term to India 7,568 5,764 1,804 12,728 7,842 4,886i) Suppliers' Credit >180 days & Buyers' Credit 6,883 5,764 1,119 11,012 7,842 3,170ii) Suppliers' Credit up to180 days 685 – 685 1,716 – 1,716
3. Banking Capital (a+b) 8,551 9,470 -919 13,673 7,030 6,643a) Commercial Banks 8,551 9,464 -913 13,649 6,959 6,690
i) Assets 2,543 2,861 -318 4,404 358 4,046ii) Liabilities 6,008 6,603 -595 9,245 6,601 2,644
of which: Non-Resident Deposits 5,243 5,690 -447 6,934 6,565 369b) Others – 6 -6 24 71 -47
4. Rupee Debt Service – 43 -43 – 2 -25. Other Capital 987 1,830 -843 7,445 3,300 4,145Total Capital Account (1to5) 68,548 51,202 17,346 94,773 60,813 33,960
C. Errors & Omissions 155 – 155 220 – 220D. Overall Balance (Total Capital Account, Current Account 133,555 122,355 11,200 164,910 135,674 29,236
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 11,200 -11,200 – 29,236 -29,236
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 11,200 -11,200 – 29,236 -29,236
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 696
Trade andBalance ofPayments
1 20 21 22 23 24 25
Oct.-Dec. 2007 PR Jan.-Mar. 2008 P
Credit Debit Net Credit Debit Net
(US $ million)
No. 43: India’s Overall Balance of Payments (Contd.)
Items
A. CURRENT ACCOUNTI. MERCHANDISE 42,284 67,376 -25,092 42,830 66,623 -23,793II. INVISIBLES (a+b+c) 38,764 18,789 19,975 45,071 22,319 22,752
a) Services 23,867 13,437 10,430 26,065 15,282 10,783i) Travel 3,395 2,490 905 3,618 2,757 861ii) Transportation 2,663 2,956 -293 2,932 3,510 -578iii) Insurance 446 255 191 443 312 131iv) G.n.i.e. 90 74 16 74 63 11v) Miscellaneous 17,273 7,662 9,611 18,998 8,640 10,358
of whichSoftware Services 10,108 851 9,257 12,806 719 12,087Business Services 4,241 4,416 -175 4,581 5,416 -835Financial Services 874 837 37 881 775 106Communication Services 602 182 420 680 267 413
b) Transfers 11,356 490 10,866 14,354 986 13,368i) Official 195 121 74 247 116 131ii) Private 11,161 369 10,792 14,107 870 13,237
c) Income 3,541 4,862 -1,321 4,652 6,051 -1,399i) Investment Income 3,436 4,597 -1,161 4,502 5,719 -1,217ii) Compensation of Employees 105 265 -160 150 332 -182
Total Current Account (I+II) 81,048 86,165 -5,117 87,901 88,942 -1,041B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 85,868 67,477 18,391 88,521 85,906 2,615a) Foreign Direct Investment (i+ii) 7,842 4,113 3,729 14,278 7,928 6,350
i. In India 7,439 43 7,396 13,763 43 13,720Equity 5,616 43 5,573 12,042 26 12,016Reinvested Earnings 1,721 – 1,721 1,721 – 1,721Other Capital 102 – 102 – 17 -17
ii. Abroad 403 4,070 -3,667 515 7,885 -7,370Equity 403 3,493 -3,090 515 5,418 -4,903Reinvested Earnings – 271 -271 – 271 -271Other Capital – 306 -306 – 2,196 -2,196
b) Portfolio Investment 78,026 63,364 14,662 74,243 77,978 -3,735In India 77,906 63,345 14,561 74,188 77,952 -3,764Abroad 120 19 101 55 26 29
2. Loans (a+b+c) 22,066 10,598 11,468 24,937 12,968 11,969a) External Assistance 1,109 544 565 1,417 577 840
i) By India 6 7 -1 6 7 -1ii) To India 1,103 537 566 1,411 570 841
b) Commercial Borrowings (MT<) 8,411 2,199 6,212 6,951 2,124 4,827i) By India 364 381 -17 377 393 -16ii) To India 8,047 1,818 6,229 6,574 1,731 4,843
c) Short Term to India 12,546 7,855 4,691 16,569 10,267 6,302i) Suppliers' Credit >180 days & Buyers' Credit 10,231 7,855 2,376 14,515 10,267 4,248ii) Suppliers' Credit up to180 days 2,315 – 2,315 2,054 – 2,054
3. Banking Capital (a+b) 12,572 12,365 207 20,937 15,111 5,826a) Commercial Banks 12,569 12,013 556 20,885 15,108 5,777
i) Assets 5,636 3,939 1,697 6,979 5,510 1,469ii) Liabilities 6,933 8,074 -1,141 13,906 9,598 4,308
of which: Non-Resident Deposits 6,440 7,293 -853 10,704 9,594 1,110b) Others 3 352 -349 52 3 49
4. Rupee Debt Service – – – – 76 -765. Other Capital 4,703 3,469 1,234 5,815 724 5,091Total Capital Account (1to5) 125,209 93,909 31,300 140,210 114,785 25,425
C. Errors & Omissions 555 – 555 606 – 606D. Overall Balance (Total Capital Account, Current Account 206,812 180,074 26,738 228,717 203,727 24,990
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 26,738 -26,738 – 24,990 -24,990
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 26,738 -26,738 – 24,990 -24,990
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 697
1 26 27 28 29 30 31
Apr.-Jun. 2006 PR Jul.-Sep. 2006 PR
Credit Debit Net Credit Debit Net
(US $ million)
No. 43: India’s Overall Balance of Payments (Contd.)
Items
A. CURRENT ACCOUNTI. MERCHANDISE 29,614 46,631 -17,017 31,836 48,593 -16,757II. INVISIBLES (a+b+c) 24,946 11,994 12,952 24,953 14,471 10,482
a) Services 16,054 8,475 7,579 16,968 10,050 6,918i) Travel 1,708 1,488 220 1,796 1,812 -16ii) Transportation 1,715 1,997 -282 2,010 1,978 32iii) Insurance 238 129 109 315 154 161iv) G.n.i.e. 40 79 -39 61 122 -61v) Miscellaneous 12,353 4,782 7,571 12,786 5,984 6,802
of whichSoftware Services 7,039 415 6,624 7,121 405 6,716Business Services 3,859 2,622 1,237 4,095 3,280 815Financial Services 592 301 291 343 327 16Communication Services 410 102 308 646 167 479
b) Transfers 7,170 297 6,873 5,753 368 5,385i) Official 69 90 -21 121 107 14ii) Private 7,101 207 6,894 5,632 261 5,371
c) Income 1,722 3,222 -1,500 2,232 4,053 -1,821i) Investment Income 1,659 3,026 -1,367 2,157 3,825 -1,668ii) Compensation of Employees 63 196 -133 75 228 -153
Total Current Account (I+II) 54,560 58,625 -4,065 56,789 63,064 -6,275B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 33,838 32,765 1,073 22,486 17,424 5,062a) Foreign Direct Investment (i+ii) 3,016 1,437 1,579 4,546 1,634 2,912
i. In India 2,952 8 2,944 4,312 2 4,310Equity 1,946 8 1,938 2,886 2 2,884Reinvested Earnings 996 – 996 1,365 – 1,365Other Capital 10 – 10 61 – 61
ii. Abroad 64 1,429 -1,365 234 1,632 -1,398Equity 64 931 -867 234 1,197 -963Reinvested Earnings – 269 -269 – 269 -269Other Capital – 229 -229 – 166 -166
b) Portfolio Investment 30,822 31,328 -506 17,940 15,790 2,150In India 30,801 31,327 -526 17,929 15,789 2,140Abroad 21 1 20 11 1 10
2. Loans (a+b+c) 11,499 6,294 5,205 11,227 6,446 4,781a) External Assistance 576 527 49 787 450 337
i) By India 4 9 -5 4 9 -5ii) To India 572 518 54 783 441 342
b) Commercial Borrowings (MT<) 5,052 1,078 3,974 2,680 919 1,761i) By India 87 223 -136 114 170 -56ii) To India 4,965 855 4,110 2,566 749 1,817
c) Short Term to India 5,871 4,689 1,182 7,760 5,077 2,683i) Suppliers' Credit >180 days & Buyers' Credit 5,082 4,689 393 6,579 5,077 1,502ii) Suppliers' Credit up to180 days 789 – 789 1,181 – 1,181
3. Banking Capital (a+b) 9,909 4,848 5,061 5,754 7,472 -1,718a) Commercial Banks 9,837 4,848 4,989 5,754 7,428 -1,674
i) Assets 5,257 1,877 3,380 1,568 3,553 -1,985ii) Liabilities 4,580 2,971 1,609 4,186 3,875 311
of which: Non-Resident Deposits 4,246 2,944 1,302 4,185 3,277 908b) Others 72 – 72 – 44 -44
4. Rupee Debt Service – 67 -67 – – –5. Other Capital 109 1,005 -896 1,210 555 655Total Capital Account (1to5) 55,355 44,979 10,376 40,677 31,897 8,780
C. Errors & Omissions 68 – 68 – 235 -235D. Overall Balance (Total Capital Account, Current Account 109,983 103,604 6,379 97,466 95,196 2,270
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 6,379 -6,379 – 2,270 -2,270
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 6,379 -6,379 – 2,270 -2,270
Trade andBalance ofPayments
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 698
1 32 33 34 35 36 37
Oct.-Dec. 2006 PR Jan.-Mar. 2007 PR
Credit Debit Net Credit Debit Net
(US $ million)
No. 43: India’s Overall Balance of Payments (Concld.)
Items
A. CURRENT ACCOUNTI. MERCHANDISE 30,933 47,460 -16,527 35,700 48,570 -12,870II. INVISIBLES (a+b+c) 29,460 16,611 12,849 35,715 18,593 17,122
a) Services 19,357 12,123 7,234 23,802 13,723 10,079i) Travel 2,621 1,638 983 2,998 1,747 1,251ii) Transportation 2,104 2,102 2 2,221 1,991 230iii) Insurance 293 201 92 356 158 198iv) G.n.i.e. 87 97 -10 62 105 -43v) Miscellaneous 14,252 8,085 6,167 18,165 9,722 8,443
of whichSoftware Services 7,602 684 6,918 9,538 763 8,775Business Services 5,220 4,492 728 6,092 6,699 -607Financial Services 520 275 245 1,458 1,184 274Communication Services 482 239 243 561 151 410
b) Transfers 7,788 341 7,447 8,878 415 8,463i) Official 287 97 190 161 117 44ii) Private 7,501 244 7,257 8,717 298 8,419
c) Income 2,315 4,147 -1,832 3,035 4,455 -1,420i) Investment Income 2,213 3,912 -1,699 2,879 4,163 -1,284ii) Compensation of Employees 102 235 -133 156 292 -136
Total Current Account (I+II) 60,393 64,071 -3,678 71,415 67,163 4,252B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 38,529 31,871 6,658 37,728 34,980 2,748a) Foreign Direct Investment (i+ii) 9,891 6,802 3,089 5,506 4,607 899
i. In India 9,730 7 9,723 5,084 70 5,014Equity 8,203 7 8,196 3,446 70 3,376Reinvested Earnings 1,365 – 1,365 1,365 – 1,365Other Capital 162 – 162 273 – 273
ii. Abroad 161 6,795 -6,634 422 4,537 -4,115Equity 161 6,172 -6,011 422 3,868 -3,446Reinvested Earnings – 269 -269 – 269 -269Other Capital – 354 -354 – 400 -400
b) Portfolio Investment 28,638 25,069 3,569 32,222 30,373 1,849In India 28,625 25,063 3,562 32,179 30,351 1,828Abroad 13 6 7 43 22 21
2. Loans (a+b+c) 14,771 8,264 6,507 17,231 9,190 8,041a) External Assistance 1,112 495 617 1,288 524 764
i) By India 4 9 -5 4 9 -5ii) To India 1,108 486 622 1,284 515 769
b) Commercial Borrowings (MT<) 5,459 1,382 4,077 7,782 1,439 6,343i) By India 447 345 102 – 212 -212ii) To India 5,012 1,037 3,975 7,782 1,227 6,555
c) Short Term to India 8,200 6,387 1,813 8,161 7,227 934i) Suppliers' Credit >180 days & Buyers' Credit 5,660 6,387 -727 8,161 6,022 2,139ii) Suppliers' Credit up to180 days 2,540 – 2,540 – 1,205 -1,205
3. Banking Capital (a+b) 7,160 10,273 -3,113 14,386 12,703 1,683a) Commercial Banks 6,944 10,239 -3,295 14,264 12,703 1,561
i) Assets 556 4,530 -3,974 7,085 8,000 -915ii) Liabilities 6,388 5,709 679 7,179 4,703 2,476
of which: Non-Resident Deposits 6,325 4,862 1,463 5,158 4,510 648b) Others 216 34 182 122 – 122
4. Rupee Debt Service – 2 -2 – 93 -935. Other Capital 1,725 792 933 4,680 1,419 3,261Total Capital Account (1to5) 62,185 51,202 10,983 74,025 58,385 15,640
C. Errors & Omissions 200 – 200 560 – 560D. Overall Balance (Total Capital Account, Current Account 122,778 115,273 7,505 146,000 125,548 20,452
and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii) – 7,505 -7,505 – 20,452 -20,452
i) I.M.F. – – – – – –ii) Foreign Exchange Reserves ( Increase - / Decrease +) – 7,505 -7,505 – 20,452 -20,452
Trade andBalance ofPayments
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 699
Trade andBalance ofPayments
No. 44: Foreign Exchange Reserves
See ‘Notes on Tables’
End ofForeign Currency
AssetsGold SDRs
Reserve TranchePosition in IMF
Total
Rupeescrore
Rupeescrore
Rupeescrore
Rupeescrore
Rupeescrore
In millionsof US $
In millionsof US $
In millionsof SDRs
In millionsof US $
In millionsof US $
In millionsof US $
1 2 3 4 5 6 7 8 9 10 11= 12 =(2+4+7+9) (3+5+8+10)
2002-03 3,41,476 71,890 16,785 3,534 3 19 4 3,190 672 3,61,470 76,1002003-04 4,66,215 107,448 18,216 4,198 2 10 2 5,688 1,311 4,90,129 112,9592004-05 5,93,121 135,571 19,686 4,500 3 20 5 6,289 1,438 6,19,116 141,5142005-06 6,47,327 145,108 25,674 5,755 2 12 3 3,374 756 6,76,387 151,6222006-07 8,36,597 191,924 29,573 6,784 1 8 2 2,044 469 8,68,222 199,1792007-08 11,96,023 299,230 40,124 10,039 11 74 18 1,744 436 12,37,965 309,7232007-08April 8,12,995 196,899 29,051 7,036 7 45 11 1,910 463 8,44,001 204,409May 8,17,440 200,697 28,147 6,911 1 6 1 1,870 459 8,47,463 208,068June 8,39,913 206,114 27,655 6,787 1 6 1 1,875 460 8,69,449 213,362July 8,88,680 219,753 27,850 6,887 8 49 12 1,840 455 9,18,419 227,107August 9,07,301 221,509 28,186 6,881 1 9 2 1,866 455 9,37,362 228,847September 9,53,581 239,955 29,275 7,367 1 8 2 1,740 438 9,84,604 247,762October 10,08,271 256,427 30,712 7,811 8 52 13 1,735 441 10,40,770 264,692November 10,50,165 264,725 33,151 8,357 2 13 3 1,727 435 10,85,056 273,520December 10,50,485 266,553 32,819 8,328 2 13 3 1,703 432 10,85,020 275,316January 11,17,080 283,595 36,236 9,199 6 36 9 1,720 437 11,55,072 293,240February 11,62,671 291,250 38,154 9,558 - 1 - 1,705 427 12,02,531 301,235March 11,96,023 299,230 40,124 10,039 11 74 18 1,744 436 12,37,965 309,7232008-09April 12,30,896 304,225 38,141 9,427 11 74 18 1,961 485 12,71,072 314,155May 12,98,464 304,875 39,190 9,202 7 47 11 2,242 526 13,39,943 314,614
May. 2, 2008 12,29,973 302,576 38,141 9,427 11 74 18 1,946 479 12,70,134 312,500May. 9, 2008 12,52,887 302,776 38,141 9,427 11 75 18 1,980 479 12,93,083 312,700May. 16, 2008 12,96,760 304,118 38,141 9,427 7 47 11 2,240 525 13,37,188 314,081May. 23, 2008 13,11,772 306,203 38,141 9,427 7 47 11 2,272 530 13,52,232 316,171May. 30, 2008 12,98,464 304,875 39,190 9,202 7 47 11 2,242 526 13,39,943 314,614Jun. 6, 2008 13,09,030 305,920 39,190 9,202 7 47 11 2,253 527 13,50,520 315,660Jun. 13, 2008 12,90,196 300,955 39,190 9,202 7 47 11 2,226 519 13,31,659 310,687
Foreign Exchange Reserves
0
50
100
150
200
250
300
350
19
90
-91
19
91
-92
19
92
-93
19
93
-94
19
94
-95
19
95
-96
19
96
-97
19
97
-98
19
98
-99
19
99
-00
20
00
-01
20
01
-02
20
02
-03
20
03
-04
20
04
-05
20
05
-06
20
06
-07
20
07
-08
US
$B
illi
on
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 700
Trade andBalance ofPayments
(US $ million)(As at end - March )
SCHEME 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
1. FCNR(A) * 7,051 4,255 2,306 1 _ _ _ _ _ _ _ _ _ _
2. FCNR(B) ** 3,063 5,720 7,496 8,467 7,835 8,172 9,076 9,673 10,199 10,961 11,452 13,064 15,129 14,1683. NR(E)RA 4,556 3,916 4,983 5,637 6,045 6,758 7,147 8,449 14,923 20,559 21,291 22,070 24,495 26,7164. NR(NR)RD + 2,486 3,542 5,604 6,262 6,618 6,754 6,849 7,052 3,407 1,746 232 _ _ _
5. NRO _ _ _ _ _ _ _ _ _ _ _ 1,148 1,616 2,788
Total 17,156 17,433 20,389 20,367 20,498 21,684 23,072 25,174 28,529 33,266 32,975 36,282 41,240 43,672
@ : All figures are inclusive of accrued interest. * : withdrawn effective August 1994. ** Introduced in May 1993.+ Introduced in June 1992 and discontinued w.e.f April 2002. - : Not availableNote: 1. FCNR(A) : Foreign Currency Non-Resident (Accounts). 2. FCNR(B) : Foreign Currency Non-Resident (Banks).
3. NR(E)RA : Non-Resident(External) Rupee Account. 4. NR(NR)RD : Non-Resident(Non-Repatriable) Rupee Deposits.5. NRO : Non-Resident Ordinary Rupee Account.6. Figures in the brackets represent inflows(+) outflows (–) during the corresponding month/period of the previous year.
(US $ million)
(US $ million)
(US $ million)
Inflow (+) /Outflow (-)During the Month
SCHEME
1 2 3 4 5 6 7 8 9 10 11 12 13
2007-08 End Month
Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
1. FCNR(B) ** 15,170 15,124 15,319 15,397 15,234 15,362 15,386 15,261 14,758 14,459 14,284 14,1682. NR(E)RA 25,675 25,694 25,438 25,801 25,377 26,284 26,397 26,149 26,078 26,726 26,389 26,7163. NRO 1,739 1,767 1,846 1,887 2,134 2,033 2,063 2,108 2,198 2,439 2,620 2,788Total 42,584 42,585 42,603 43,085 42,745 43,679 43,846 43,518 43,034 43,624 43,293 43,672
No. 45: NRI Deposits-Outstanding and Inflows (+) /Outflows (-) @
Inflow (+) /Outflow (-) During the Month
SCHEME
1 2 3 4 5 6 7 8 9 10 11 12 13 14
1. FCNR(B) 41 -46 195 78 -163 128 24 -125 -503 -299 -174 -116 -960(232) (181) (83) (120) (145) (81) (139) (200) (411) (89) (96) (288) (2,065)
2. NR(E)RA -320 -265 -167 187 -122 126 -40 -205 -154 587 45 437 109(21) (294) (420) (139) (99) (213) -(1) (375) (112) (135) -(36) (59) (1,830)
3. NRO 22 9 85 29 269 -164 19 49 82 237 216 177 1,030(49) (23) -(2) (25) (60) (26) (17) (32) (179) -(69) (44) (42) (426)
Total -257 -302 113 294 -16 90 3 -281 -575 525 87 498 179(302) (498) (501) (284) (304) (320) (155) (607) (702) (155) (104) (389) (4,321)
Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr-Mar
(US $ million)
2007-08
SCHEME
2008-09 (P) (End Month)
Apr. May1 2 31. FCNR(B) ** 13,996 13,8382. NR(E)RA 26,531 25,2893. NRO 2,980 2,937Total 43,507 42,064
SCHEME
2008-09 (P)
Apr. May Apr.-May1 2 3 41. FCNR(B) -172 -158 -330
(41) -(46) -(5)2. NR(E)RA -133 412 279
-(320) -(265) -(585)3. NRO 198 145 343
(22) (9) (31)
Total -107 399 292-(257) -(302) -(559)
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 701
Trade andBalance ofPayments
* : Relates to acquisition of shares of Indian companies by non-residents under Section 6 of FEMA, 1999. Data on such acquisitions have been included aspart of FDI since January 1996.
** : Represents inflow of funds (net) by Foreign Institutional Investors (FIIs).# : Figures for equity capital of unincorporated bodies for 2006-07 and 2007-08 are estimates.# # : Represents the amount raised by Indian Corporates through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs).+ : Data for 2006-07 and 2007-08 are estimated as average of previous two years. ++: Data pertain to inter company debt transactions of FDI entities.Notes : 1. Data on FDI have been revised since 2000-01 with expanded coverage to approach international best practices.
2. These data, therefore, are not comparable with FDI data for previous years. Also see ‘Notes on Tables ‘of Table No 42&43.3. Monthly data on components of FDI as per expanded coverage are not available.
No. 46: Foreign Investment Inflows
Item 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 (P) 2007-08(P)1 2 3 4 5 6 7 8 9 10 11 12 13 14
(US $ million)
A. Direct Investment (I+II+III) 2,144 2,821 3,557 2,462 2,155 4,029 6,130 5,035 4,322 6,051 8,961 22,079 32,435I. Equity (a+b+c+d+e) 2,144 2,821 3,557 2,462 2,155 2,400 4,095 2,764 2,229 3,778 5,975 16,482 25,241 a. Government (SIA/FIPB) 1,249 1,922 2,754 1,821 1,410 1,456 2,221 919 928 1,062 1,126 2,156 2,298 b. RBI 169 135 202 179 171 454 767 739 534 1,258 2,233 7,151 17,129 c. NRI 715 639 241 62 84 67 35 – – – – – d. Acquisition of shares * 11 125 360 400 490 362 881 916 735 930 2,181 6,278 5,148 e. Equity capital of unincorporated bodies # .. .. .. .. .. 61 191 190 32 528 435 897 666II. Reinvested earnings + .. .. .. .. .. 1,350 1,645 1,833 1,460 1,904 2,760 5,091 6,884III. Other capital ++ .. .. .. .. .. 279 390 438 633 369 226 506 310B. Portfolio Investment (a+b+c) 2,748 3,312 1,828 -61 3,026 2,760 2,021 979 11,377 9,315 12,492 7,003 29,395 a. GDRs/ADRs # # 683 1,366 645 270 768 831 477 600 459 613 2,552 3,776 8,769 b. FIIs ** 2,009 1,926 979 -390 2,135 1,847 1,505 377 10,918 8,686 9,926 3,225 20,328 c. Offshore funds and others 56 20 204 59 123 82 39 2 - 16 14 2 298 Total (A+B) 4,892 6,133 5,385 2,401 5,181 6,789 8,151 6,014 15,699 15,366 21,453 29,082 61,830
(US $ million)
(US $ million)
2007-08 (P)Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
1 2 3 4 5 6 7 8 9 10 11 12 13
A. Direct Investment (I+II+III) 1,643 2,120 1,238 705 831 713 2,027 1,864 1,558 1,767 5,670 4,438I. Equity (a+b+c+d+e) 1,643 2,120 1,238 705 831 713 2,027 1,864 1,558 1,767 5,670 4,438
a. Government (SIA/FIPB) 76 847 177 177 76 117 95 82 127 221 259 44b. RBI 699 1,050 912 515 512 201 1,710 965 1,385 884 4,704 3,591c. NRI – – – – – – – – – – – –d. Acquisition of shares * 868 223 149 13 243 395 222 817 46 662 707 803e. Equity capital of unincorporated bodies # .. .. .. .. .. .. .. .. .. .. .. ..
II. Reinvested earnings + .. .. .. .. .. .. .. .. .. .. .. ..III. Other capital ++ .. .. .. .. .. .. .. .. .. .. .. ..B. Portfolio Investment (a+b+c) 1,974 1,852 3,664 6,713 -2,875 7,081 9,564 -107 5,294 6,739 -8,904 -1,600 a. GDRs/ADRs # # 11 5 300 2,028 448 1 2,731 158 2,708 249 87 43 b. FIIs ** 1,963 1,847 3,279 4,685 -3,323 7,057 6,833 -265 2,396 6,490 -8,991 -1,643 c. Offshore funds and others – – 85 – – 23 – – 190 – – – Total (A+B) 3,617 3,972 4,902 7,418 -2,044 7,794 11,591 1,757 6,852 8,506 -3,234 2,838
Item
2008-09 (P)Item Apr. May Apr.-May1 2 3 4
A. Direct Investment (I+II+III) 3,749 3,932 7,681I. Equity (a+b+c+d+e) 3,749 3,932 7,681 a. Government (SIA/FIPB) 851 65 916 b. RBI 1,819 3,091 4,910 c. NRI – – – d. Acquisition of shares * 1,079 776 1,855 e. Equity capital of unincorporated bodies # .. .. ..II. Reinvested earnings + .. .. ..III. Other capital ++ .. .. ..B. Portfolio Investment (a+b+c) -880 -288 -1,168 a. GDRs/ADRs # # 552 446 998 b. FIIs ** -1,432 -734 -2,166 c. Offshore funds and others – – –Total (A+B) 2,869 3,644 6,513
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 702
- : Not available
** : Include items such as Education, Tours and Travels.
Note : Under Liberalised Remittance Scheme (LRS), currently, the residents are permitted to remit up to an amount of US $ 2,00,000 per financial year (April-
March) for any permitted current or capital account transactions or a combination of both with effect from September 26, 2007. The LRS Scheme was
introduced in February 2004 to facilitate resident individuals to freely remit up to US $ 25,000 per calendar year, which was enhanced to US $ 50,000
per financial year in December 2006; to US $ 1,00,000 per financial year in May 2007; and to US $ 2,00,000 per financial year in September 2007.
No. 46 A: Outward Remittances under the Liberalised Remittance Scheme forResident Individuals
(US $ million)
Trade andBalance ofPayments
(US $ million)
Purpose April 2008
1 2
1. Deposit 3.4
2. Purchase of immovable property 7.7
3. Investment in equity/debt 13.3
4. Gift 8.8
5. Donations 0.1
6. Others** 16.8
Total ( 1 to 6) 50.5
Purpose 2004-05 2005-06 2006-07 2007-08
1 2 3 4 5
1. Deposit 9.1 23.1 19.7 24.0
2. Purchase of immovable property 0.5 1.9 8.5 39.5
3. Investment in equity/debt - - 20.7 144.7
4. Gift - - 7.4 70.3
5. Donations - - 0.1 1.6
6. Others** - - 16.4 160.4
Total (1 to 6) 9.6 25.0 72.8 440.5
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 703
Trade andBalance ofPayments
+ : Market closed.FEDAI : Foreign Exchange Dealers’ Association of India.Note : Euro Reference rate was announced by RBI with effect from January 1, 2002.Source : FEDAI for FEDAI rates.
No.47: Daily Foreign Exchange Spot Rates
(Rupees per Unit of Foreign Currency)
FEDAI Indicative RatesRBI’s Reference RateRs. Per Foreign Currency
US Dollar EuroUS Dollar Pound Sterling Euro One Hundred
Japanese Yen
Buying Selling Buying Selling Buying Selling Buying Selling
1 2 3 4 5 6 7 8 9 10 11
May 1, 2008 +
May 2, 2008 40.6500 62.7800 40.6500 40.6600 80.3925 80.4325 62.8525 62.8775 38.8175 38.8450
May 5, 2008 40.5500 62.7400 40.5450 40.5550 80.1825 80.2225 62.7425 62.7700 38.5475 38.5725
May 6, 2008 40.6900 63.0800 40.6800 40.6900 80.2100 80.2400 63.0650 63.0900 38.7625 38.7775
May 7, 2008 41.2000 63.7600 41.1900 41.2000 80.9875 81.0275 63.7500 63.7725 39.1875 39.2150
May 8, 2008 41.7900 64.0100 41.7700 41.7800 81.5600 81.5925 64.0375 64.0650 40.0750 40.1000
May 9, 2008 41.3800 63.8900 41.4200 41.4300 80.8150 80.8500 63.9150 63.9475 40.0000 40.0125
May 12, 2008 41.6800 64.1300 41.6800 41.6900 81.2300 81.2675 64.1550 64.1825 40.3100 40.3375
May 13, 2008 42.1600 65.5400 42.1400 42.1500 82.2575 82.2850 65.5100 65.5300 40.6250 40.6425
May 14, 2008 42.3300 65.4600 42.3150 42.3250 82.2700 82.3000 65.4775 65.5075 40.3350 40.3550
May 15, 2008 42.4000 65.8400 42.3900 42.4000 82.5325 82.5700 65.8400 65.8675 40.4825 40.5125
May 16, 2008 42.6400 66.0000 42.6550 42.6650 83.0450 83.0825 66.0050 66.0325 40.8075 40.8250
May 19, 2008 +
May 20, 2008 42.6700 66.3900 42.6650 42.6750 83.3800 83.4125 66.3950 66.4225 41.0400 41.0625
May 21, 2008 42.7200 66.9000 42.7100 42.7200 83.9325 83.9625 66.8500 66.8825 41.3250 41.3550
May 22, 2008 43.1500 68.1000 43.1500 43.1600 85.0650 85.1075 68.0725 68.0975 41.8200 41.8425
May 23, 2008 42.8400 67.3200 42.8300 42.8400 84.8200 84.8575 67.3325 67.3525 41.1200 41.1450
May 26, 2008 42.5600 67.0800 42.5600 42.5700 84.2850 84.3225 67.1125 67.1450 41.2125 41.2250
May 27, 2008 42.8900 67.6100 42.8700 42.8800 84.7625 84.7950 67.5750 67.6050 41.2725 41.2875
May 28, 2008 42.8500 67.3600 42.8400 42.8500 84.7375 84.7700 67.3450 67.3725 41.1925 41.2050
May 29, 2008 42.7700 66.6500 42.7600 42.7700 84.3100 84.3475 66.6450 66.6700 40.7125 40.7300
May 30, 2008 42.5900 65.9900 42.5800 42.5900 84.1500 84.1825 65.9650 65.9850 40.3950 40.4275
Date
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 704
Trade andBalance ofPayments
No.48: Sale/Purchase of U.S. Dollar by the Reserve Bank of India
(+) : Implies Purchase including purchase leg under swaps and outright forwards. (
_) : Implies Sales including sale leg under swaps and outright forwards.
Note : This table is based on value dates.
2007-08
April 2007 2,055.00 – (+) 2,055.00 (+) 8,835.47 (+) 2,055.00 (+) 8,835.47 –
May 2007 4,426.00 – (+) 4,426.00 (+) 17,959.97 (+) 6,481.00 (+) 26,795.44 –
June 2007 3,192.00 – (+) 3,192.00 (+) 12,995.99 (+) 9,673.00 (+) 39,791.42 –
July 2007 11,428.00 – (+)11,428.00 (+) 46,143.00 (+) 21,101.00 (+) 85,934.81 –
August 2007 1,815.00 – (+) 1,815.00 (+) 7,333.69 (+) 22,916.00 (+) 93,268.50 –
September 2007 11,867.00 – (+)11,867.00 (+) 47,418.00 (+) 34,783.00 (+) 1,40,686.87 –
October 2007 12,544.00 – (+)12,544.00 (+) 49,581.07 (+) 47,327.00 (+) 1,90,267.94 (+) 4,990.00
November 2007 7,827.00 – (+) 7,827.00 (+) 30,796.87 (+) 55,154.00 (+) 2,21,064.81 (+) 7,553.00
December 2007 2,731.00 – (+) 2,731.00 (+) 10,772.86 (+) 57,885.00 (+) 2,31,837.66 (+) 8,238.00
January 2008 13,625.00 – (+)13,625.00 (+) 53,612.82 (+) 71,510.00 (+) 2,85,450.48 (+) 16,629.00
February 2008 3,884.00 – (+) 3,884.00 (+) 15,424.17 (+) 75,394.00 (+) 3,00,874.65 (+) 16,178.00
March 2008 4,302.00 1493.00 (+) 2809.00 (+) 11,178.90 (+) 78,203.00 (+) 3,12,053.55 (+) 14,735.00
1 2 3 4 5 6 7 8
Month Foreign Currency(US $ Million)
Rs. equivalentat contract rate
(Rs. crore)
Outstanding NetForward Sales (-)/
Purchase (+)at the end of
month(US $ Million)
(US $ Million) (Rs. crore)
Cumulative(over end-April 2007)
Purchase Sale Net(+) (-) (+/-)
1 2 3 4 5 6 7 8
Month Foreign Currency(US $ Million)
Rs. equivalentat contract rate
(Rs. crore)
Outstanding NetForward Sales (-)/
Purchase (+)at the end of
month(US $ Million)
(US $ Million) (Rs. crore)
Cumulative(over end-April 2008)
Purchase Sale Net(+) (–) (+/–)
2008-09
April 2008 4,325.00 – (+) 4,325.00 (+) 17,237.89 (+) 4,325.00 (+) 17,237.89 (+) 17,095.00
May 2008 1,625.00 1,477.00 (+) 148.00 (+) 118.51 (+) 4,473.00 (+) 17,356.40 (+) 15,470.00
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 705
Trade andBalance ofPayments
No. 49 : Turnover in Foreign Exchange Market
(US $ million)
Position Date
FCY : Foreign Currency. NIR : Indian Rupees.Note : Data relate to sales and purchases of foreign exchange on account of merchant and inter-bank transactions. Data are provisional.
1 2 3 4 5 6 7 8 9 10 11 12 13
Merchant
FCY / INR FCY / FCY
Inter-bank
FCY / INR FCY / FCY
Spot Forward Forward Spot Forward ForwardCancellation Cancellation
Spot Swap Forward Spot Swap Forward
PurchasesMay 1 2008 40 47 27 – – 6 37 84 – 115 66 4May 2 2008 2,438 1,452 255 1,334 1,903 1,917 5,009 6,320 790 5,328 2,102 890May 5 2008 2,103 780 411 552 1,232 1,086 4,282 5,669 653 3,864 1,446 449May 6 2008 1,917 1,095 422 660 712 778 4,538 5,910 526 4,366 1,000 52May 7 2008 1,711 1,451 369 359 835 2,202 5,625 4,366 494 4,363 1,496 91May 8 2008 2,348 1,947 742 628 775 841 5,765 5,446 701 4,398 1,596 221May 9 2008 2,446 1,730 779 329 823 842 6,206 5,618 544 3,766 1,414 220May 12 2008 4,640 1,450 519 423 805 819 5,315 6,020 307 3,810 1,435 57May 13 2008 1,827 1,479 588 682 680 645 4,911 5,618 528 4,135 1,266 186May 14 2008 1,986 2,111 1,196 852 1,051 673 6,147 5,696 721 4,000 1,741 148May 15 2008 2,018 1,990 808 1,135 622 1,271 5,331 7,377 632 4,361 1,316 89May 16 2008 1,801 1,422 1,044 652 1,120 903 4,989 6,351 1,869 3,331 1,938 179May 19 2008 87 62 16 – 2 2 170 100 92 231 230 –May 20 2008 2,146 1,112 589 543 1,572 1,151 4,676 5,675 262 5,997 2,636 217May 21 2008 2,308 1,127 940 511 1,048 908 6,315 5,648 270 3,437 1,223 144May 22 2008 1,727 1,433 505 249 1,228 958 4,397 3,929 1,033 3,344 1,612 770May 23 2008 2,030 1,371 1,025 245 964 817 4,952 4,427 503 3,682 1,051 691May 26 2008 1,189 1,502 789 315 331 244 3,687 3,588 463 1,294 532 70May 27 2008 1,758 927 585 618 870 655 6,622 6,416 171 2,804 1,555 360May 28 2008 3,759 1,555 1,498 666 1,251 1,232 5,011 6,033 732 5,281 1,954 297May 29 2008 2,459 1,505 386 648 1,193 1,118 5,078 7,372 1,094 4,595 1,615 504May 30 2008 2,067 2,695 1,465 326 719 654 5,727 8,449 875 3,013 1,641 153
SalesMay 1 2008 35 14 2 – – 5 45 94 – 116 68 –May 2 2008 2,142 1,549 535 946 1,845 2,122 4,826 6,921 970 5,363 2,102 906May 5 2008 2,342 811 396 506 1,309 1,042 4,015 5,734 652 3,881 1,382 466May 6 2008 2,119 1,393 536 687 725 764 4,566 6,109 612 4,322 1,082 72May 7 2008 1,796 2,214 370 341 822 1,107 4,943 4,618 758 4,372 1,502 109May 8 2008 2,718 2,496 546 565 736 911 5,385 5,949 867 4,547 1,648 198May 9 2008 2,189 2,559 1,023 310 1,560 704 6,495 6,102 533 3,695 1,588 218May 12 2008 2,029 2,148 648 508 693 842 5,069 7,105 332 3,855 1,458 47May 13 2008 2,273 1,446 553 537 651 848 4,651 5,930 573 4,008 1,412 221May 14 2008 1,978 2,664 602 685 957 949 6,008 5,237 778 3,946 1,568 173May 15 2008 1,989 1,918 621 1,109 479 1,427 5,109 6,643 668 4,396 1,249 242May 16 2008 1,820 2,086 635 727 849 1,107 4,873 6,725 1,748 3,375 1,942 186May 19 2008 187 53 9 – 1 4 113 135 44 234 228 11May 20 2008 2,213 1,289 451 618 1,258 1,467 4,456 5,920 519 6,031 2,565 202May 21 2008 2,321 1,701 479 432 962 1,036 5,627 5,467 413 3,466 1,234 169May 22 2008 2429 1,610 499 254 1,046 1,148 4,135 4,171 892 3,237 1,488 841May 23 2008 2,284 1,150 745 237 997 822 4,530 4,375 749 3,689 1,059 755May 26 2008 1,326 1,224 567 263 379 252 4,029 3,546 467 1,332 569 61May 27 2008 2,706 1,009 748 470 667 982 5,508 5,843 262 2,757 1,531 336May 28 2008 2,875 2,352 904 673 1,034 1,279 5,210 7,162 649 5,266 2,095 348May 29 2008 2,373 1,402 893 669 1,184 1,096 4,667 7,120 1,366 4,407 1,854 559May 30 2008 2,752 2,064 1,812 340 563 817 5,690 8,170 766 3,026 2,011 153
CURRENT
STATISTICS
RBIMonthly BulletinJuly 2008S 706
Trade andBalance ofPayments
Table 50: Indices of Real Effective Exchange Rate (REER) and Nominal EffectiveExchange Rate (NEER) of the Indian Rupee
(36-Currency Export and Trade Based Weights)(Base: 1993-94=100)*
* For “Note on Methodology” and time series data on the indices presented here, please see December 2005 issue of this Bulletin.
1993-94 100.00 100.00 100.00 100.00
1994-95 104.32 98.91 104.88 98.18
1995-96 98.19 91.54 100.10 90.94
1996-97 96.83 89.27 98.95 89.03
1997-98 100.77 92.04 103.07 91.97
1998-99 93.04 89.05 94.34 90.34
1999-00 95.99 91.02 95.28 90.42
2000-01 100.09 92.12 98.67 90.12
2001-02 100.86 91.58 98.59 89.08
2002-03 98.18 89.12 95.99 87.01
2003-04 99.56 87.14 99.07 87.89
2004-05 100.09 87.31 98.30 88.41
2005-06 102.35 89.85 100.54 91.17
2006-07(P) 98.43 85.89 97.34 87.46
2007-08 (P) 105.73 92.47 104.73 95.29
REER NEER REER NEER
1 2 3 4 5
Year Trade Based Weights Export Based Weights
REER NEER REER NEER1 2 3 4 5
Year Trade Based Weights Export Based Weights
2006-07 (P)
April 98.17 87.73 97.11 89.17May 96.39 85.43 95.60 87.11June 96.53 85.11 95.50 86.60July 95.70 84.22 94.72 85.73August 95.59 83.61 94.59 85.12September 97.96 84.65 96.71 86.04October 99.91 86.18 98.56 87.52November 100.27 86.50 99.17 88.11December 99.05 85.89 98.09 87.67January 100.59 87.05 99.37 88.71February 100.49 87.21 99.30 88.86March 100.50 87.11 99.30 88.84
2007-08 (P)
April 103.46 91.80 102.50 92.89May 106.84 94.69 105.83 95.83June 106.82 93.24 105.61 96.07July 106.90 93.09 105.80 96.08August 106.29 92.65 105.09 95.52September 106.88 92.91 105.77 95.92October 107.02 93.50 106.02 96.72November 105.54 92.48 104.65 95.82December 105.93 92.92 104.88 96.10January 105.97 92.56 104.98 95.91February 104.72 91.42 103.81 94.80March 102.43 88.34 101.81 91.85
2008-09 (P)
April 102.15 88.77 102.39 92.38May 98.42 84.86 98.49 88.15
Indices of REER and NEER of the Indian Rupee(Trade Based Weights)
Indices of REER and NEER of the Indian Rupee(Export Based Weights)
19
93
-94
19
94
-95
19
95
-96
19
96
-97
19
97
-98
19
98
-99
20
00
-01
20
01
-02
20
02
-03
20
03
-04
20
04
-05
20
05
-06
20
06
-07
(P)
20
07
-08
(P)
19
99
-00
80
85
90
95
100
105
110REER NEER
19
93
-94
19
94
-95
19
95
-96
19
96
-97
19
97
-98
19
98
-99
20
00
-01
20
01
-02
20
02
-03
20
03
-04
20
04
-05
20
05
-06
20
06
-07
(P)
20
07
-08
(P)
19
99
-00
80
85
90
95
100
105
110REER NEER
CURRENT
STATISTICS
RBIMonthly Bulletin
July 2008 S 707
Trade andBalance ofPayments
1993-94 100.00 100.00 143.96 94.771994-95 96.96 105.82 139.52 100.241995-96 88.56 101.27 127.44 95.931996-97 86.85 101.11 124.97 95.781997-98 87.94 104.41 126.54 98.911998-99 77.49 96.14 111.50 91.081999-00 77.16 97.69 111.03 92.542000-01 77.43 102.82 111.42 97.402001-02 76.04 102.71 109.43 97.292002-03 71.27 97.68 102.56 92.532003-04 69.97 99.17 100.68 93.942004-05 69.58 101.78 100.12 96.422005-06 72.28 107.30 104.02 101.642006-07 69.49 105.57 100.00 100.002007-08 (P) 74.17 114.09 106.73 108.08
2006-07 April 71.63 105.86 103.08 100.28May 69.39 103.70 99.85 98.23June 68.79 103.19 98.99 97.75July 68.14 102.31 98.06 96.92August 67.65 102.26 97.35 96.87September 68.40 104.88 98.43 99.35October 69.66 107.34 100.24 101.68November 69.90 107.92 100.59 102.23December 69.38 106.52 99.84 100.90January 70.32 107.69 101.20 102.01February 70.42 107.67 101.33 102.00March 70.23 107.46 101.07 101.80
2007-08 (P) April 72.74 111.63 104.67 105.75May 75.19 115.73 108.20 109.63June 75.37 115.22 108.46 109.15July 75.15 115.10 108.15 109.04August 74.44 114.10 107.13 108.08September 74.64 115.03 107.41 108.97October 75.45 115.79 108.58 109.69November (P) 74.34 113.90 106.97 107.89December (P) 74.65 114.52 107.42 108.48January (P) 74.31 114.23 106.93 108.21February (P) 73.41 113.06 105.64 107.10March (P) 70.38 110.87 101.28 105.02
2008-09 (P) April (P) 70.63 111.52 101.64 105.64May (P) 67.48 107.90 97.11 102.22
As onMay 23, 2008 (P) 65.97 105.55 94.93 99.99May 30, 2008 (P) 66.69 106.80 95.97 101.17June 6, 2008 (P) 66.37 106.89 95.51 101.25June 13, 2008 (P) 66.51 109.02 95.71 103.27June 20 , 2008 (P) 66.15 108.43 95.19 102.71
(6-Currency Trade Based Weights)
Year/Month/Day Base:1993-94 (April-March) =100 Base:2006-2007 (April-March) =100NEER REER NEER REER
Table 51: Indices of Real Effective Exchange Rate (REER) and Nominal EffectiveExchange Rate (NEER) of the Indian Rupee
Notes : 1. Rise in indices indicate appreciation of rupee and vice versa.2. For “Note on Methodology” on the indices presented here, please see December 2005 issue of this Bulletin.3. Base year 2005-06 is a moving one, which gets updated every year.
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BSR-1A, BSR-1B & BSR-2 forms.)
4. Banking Statistics Basic Statistical Returns 1 & 2 do 2004 420 59 �
Vol. 1 to 31, 1972 to 2002 DISC 1 & 2 475 * 27 *
5. Banking Statistics-Summary Tables, do
i) March 1995 1997 25 *
ii) March 1996 1998 25 *
iii) March 1997 1999 25 *
iv) March 1998 1999 25 *
v) March 1999 2000 25 *
vi) March 2000 2001 25 *
6. Banking Statistics - Quarterly Handout # do
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ii) March 1991 1991 10 * £
iii) June 1991 1991 12 * £
iv) September 1991 1991 15 * £
v) December 1991 1991 12 * £
vi) 1992 (3 Issues) 1992 75 *
vii) 1993 (4 Issues) 1993 120 *
viii) 1994 (4 Issues) 1994 120 *
ix) 1995 (4 Issues) 1995 120 *
x) 1996 (4 Issues) 1996 120 *
xi) 1997 (4 Issues) 1997 100 *
xii) 1998 (4 Issues) 1998 100 *
xiii) 1999 (4 Issues) 1999 100 *
xiv) 2000 (4 Issues) 2000 100 *
xv) 2001 (4 Issues) 2001 100 *
xvi) 2002 (4 Issues) 2002 100 *
xvii) 2003 (4 Issues) 2003 100 *
xviii) 2004 (4 Issues) 2004 140 *
xix) 2005 (4 Issues) 2005 140 *
xxx) 2006 (4 Issues) 2006 140 *
Name changed w.e.f. Sept. 2003 issue as Quarterly Statistics on
Deposits and Credit of Scheduled Commercial Banks.
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7. Banking Statistics - Bank Credit DESACSi) June 1987 1989 20 * £
ii) December 1987 - June 1988 1989 40 * £iii) December 1988 1989 20 * £iv) June 1989 1989 25 * £
8. Banking Statistics 1972-95 do 1998 120 *9. Branch Banking Statistics - Vol. 1 March 1999 do 1999 130 * 4010. Branch Banking Statistics - Vol. 2 March 2001 do 2001 130 * 40
50 **11. Branch Banking Statistics - Vol. 3 March 2002 (On CD-ROM) do 2003 300 * 4012. Branch Banking Statistics - Vol. 3 March 2002 do 2003 185 * 4013. Statistical Tables Relating to Banks in India do
i) 1988-89 1993 106 £ 12123 *
ii) 1990-91 1999 130180 * 50
iii) 1992-93 1998 135 £ 50200 *
iv) 1994-95 1997 125 45185 *
v) 1995-96 1998 125 45185 *
vi) 1996-97 1999 130 50180 *
vii) 1997-98 1999 130 50180 *
viii) 1998-99 1999 130 50180 *
ix) 1999-00 2000 175 50225 *
x) 2000-01 (a) Print version 2001 150 50200 *
(b) CD-ROM 2001 150 50225 *
xi) 2001-02 (a) Print version 2002 150 50200 *
(b) CD-ROM 2002 100150 * 50
xii) 2002-03 (a) Print version 2003 200 50 *250 *
(b) CD-ROM 2003 200 50 *250 *
xiii) 2003-04 (a) Print version 2004 230 25 �280 * 15 *
(b) CD-ROM 2004 175 25 �225 * 15 *
xiv) 2004-05 (a) Print version 2005 190 55 �240 * 20*
(b) CD-ROM 200 55 �250 * 20*
xv) 2005-06 (a) Print version 2006 250 55 �300 * 20*
(b) CD-ROM 200 55 �250 * 20*
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14. Selected Banking Indicators, 1947-1997 (Print Version) DESACS 1998 45 15
105 *
(a) CD 1998 50
15. Selected Banking Indicators 1981 to 2002 do 2003 320 75
460 *
16. Selected Banking Indicators 1981 to 2002 (On CD-ROM) do 2003 250 75
300 *
17. Quarterly Statistics on Deposits and Credit of Scheduled do 2004 185 55 �
Commercial Banks 1981-2003 (on CD-ROM) 240 * 20 *
18. Annual Accounts of Scheduled Commercial Banks (Including do 2002 200 50
Regional Rural Banks) 1989-90 to 2000-01 (on CD-ROM) 250 *
19. Directory of Commercial Bank Offices in India Vol. 1-0 do 2000 500 * £ 100
December 2000 (on CD-ROM)
20. Directory of Commercial Bank offices in India Vol. 2 do 2003 200 * £ 40 *
September 2003 (On CD-ROM)
21. All-India Debt and Investment Survey 1981-82 do
i) Assets and liabilities of households as on 30th June 1981 1987 75 15
85 *
60 **
ii) Statistical tables relating to capital expenditure and 1987 125 £ 25
capital formation of households during the year ended 135 *
30th June 1982 100 **
iii) Statistical tables relating to cash borrowings and repayments 1990 100 £ 32
of households during July 1981 to June 1982 and cash dues 110 *
outstanding as on 30th June 1982 80 **
22. A Profile of Banks
i) 2004-05 do 2005 100 20 *
130 *
ii) 2005-06 2006 90 55 �
120 * 20 *
C. Public/Private Limited Companies
1. Selected Financial Statistics Public Ltd. Companies do 2001 350 * 70
1974-75 To 1999-2000. (Selected Industries) on CD-ROM
2. Selected Financial Statistics Public Ltd. Companies 1974-75 to do
1999-2000 (Selected Industries)
1974-75 To 1982-1983 Vol.I 2001 1700
1982-83 To 1990-1991 Vol.II 2001 700 * 140 1500
1990-91 To 1999-2000 Vol.III 2001 2000
3. Selected financial and other ratios-public limited companies do
1980-81 to 1987-88 Vol.I 1990 45 £ 15
Vol.II 1990 60 £ 20
1988-89 to 1990-91 (Part I) 1996 90 £ 50
4. Selected financial & other ratios-private limited companies do 1996 80 45
1988-89 to 1990-91 (Part II)
5. Private Corporate Business Sector in India Selected Financial do 2000 300 * 60
Statistics from 1950-51 to 1997-98 (All-Industries) (Print Version)
(a) CD-ROM 500 * 100
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D. Reports of Committees/Working Groups
1. Study group on deployment of resources by State and Central UBD 1982 25 * £
co-operative banks (Hate committee report)
2. Capital formation and savings in India 1950-51 to 1979-80 DEAP 1982 18 £ 400 21
Report of the working group on savings (Raj committee report)
3. Report of the working group to consider feasibility of DBOD 1983 7 £ 200 19
introducing MICR/OCR technology for cheque processing (Amt. rounded off)
(Damle committee report)
4. Report of the committee to review the working of the DEAP 1985 35 £ 10
monetary system (Sukhamoy Chakravarty committee report) 25 **
5. Report of the committee to consider final accounts of banks DBOD 1985 56 £ 500 22
(Ghosh committee report)
6. Report of the committee on agricultural productivity in Eastern India DEAP
(Sen Committee Report) Vol. I 1985 70 * £ 15
(Hard Bound) Vol. II 1985 85 * £ 20
7. Report of the working group on the money market CPC 1987 15 *
(Vaghul committee report)
8. Report of the committee to review the working of credit IECD 1988 10 * 10
authorisation scheme (Marathe committee report)
9. Co-ordination between term lending institutions and IECD 1988 10 * 1
commercial banks (Bucher committee report)
10. Report of the working group to review the system of cash credit do 1988 12 * £
(Chore committee report)
11. Report of the study group to frame guidelines for follow-up of do 1988 16 * £
bank credit (Tandon committee report)
12. Report of the study group for examining introduction of factoring do 1989 30 *
services in India (Kalyansundaram committee report)
13. Report of the committee on computerization in banks DESACS 1989 40 £ 500 22
(Rangarajan committee report)
14. Report of the Committee on Financial System DBOD 1991 (Reprint) 60 £ 170 19
(Narasimham Committee Report)
15. Report of the working group on financial companies DFC 1992 30 £ 300 20
(Shah committee report)
16. Report of the task force on money market mutual funds CPC 1992 10 * £ 5
(Basu committee report)
17. Report of the committee on the licensing of new urban co-operative UBD 1992 40 400 21
banks (Marathe committee report) (Hindi Edition)
18. Report of the committee to examine the legal and other IECD 1993 (Reprint) 90 £ 500 22
difficulties faced by banks and financial institutions in rehabilitation
of sick industrial undertakings and suggestremedial measures
including changes in the law (Tiwari committee report)
19. Report of the committee on structure of export credit do 1993 36 25 200 19
(Sundaram committee report) (English & Hindi Edition)
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20. Report of the committee to review the system of lending under IECD 1993 50 £
consortium arrangement (Shetty committee report)
21. Report of the committee to examine the adequacy of RPCD 1993 (Reprint) 55 9 300 20
institutional credit to the SSI sector & related aspects
(Nayak committee report)
22. Review of the agricultural credit system in India do 1993 (Reprint) 270 80
(Khusro committee report) 315 *
23. Report of the committee to enquire into securities transactions of PRD 1994 85 £
banks and financial institutions (Jankiraman committee report) 100 *
24. Committee on technology issues relating to payments system, DIT 1994 50 *£ 20
cheque clearing and securities settlement in the banking industry
(Saraf committee report) (Hindi Edition)
25. Report of the committee to study the problems of sick/weak units IECD 1994 69 £
in leather industry and to suggest measures to overcome them
(Balsubramanian committee report)
26. Report of the working group for examining the schemes and FED 1995 50 *£ 10
incentives available to NRIs for investment in India
(Sodhani Committee Report)
27. Report of the expert group for designing a supervisory framework DBOD 1996 35 307 21
for non-banking financial companies (Khanna Committee Report)
28. Report of the committee for proposing legislation on DIT 1996 150 15 333 21
electronic funds transfer and other electronic payments
(Shere Committee Report)
29. Report of the Committee on Capital Account Convertibility DEIO 1997 100 * 35
(Tarapore Committee Report)
30. Money Supply : Analystics and Methodology of Compilation- DEAP 1998 35 £ 20
Report of the working group (Reddy Committee Report)
31. Report of the high level Committee on agricultural credit through RPCD 1998 30 £ 200 19
commercial banks(Gupta Committee Report)
32. Report of the high level Committee on credit to SSI do 1998 50 £ 10 277 20
(Kapur Committee Report)
33. Report of the Technical Committee on external debt DEAP 1998 20 *£ 15
(Nair Committee Report)
34. Report of the Committee on Banking Sector Reforms DBOD 1998 32 244 20
(Narasimham Committee Report)
35. Report of the Working Group on Euro DEIO 1998 100 £ 30
(Subramanyam Committee Report)
36. Report of the Committee on Hedging through International FED 1998 100 * 50
Commodity Exchange (Gupta Committee Report)
37. Report of the Committee on Tecnnology Upgradation in the DIT 1999 100 * 25
Banking Sector (Vasudevan Committee Report)
38. Report of the High Power Committee on Urban Co-operative Banks UBD 1999 80 490 22
(Madhava Rao Committee Report)
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39. Report of the Advisory Group on Payment and Settlement System MPD 2000 40 * 15
Part (I) June 2000 30 **
40. Report of the Advisory Group on Payment and Settlement do 2000 20 * 10
System (Part II) 15 **
41. Report of the Advisory Group on Payment and Settlement do 2001 20 * 10
System (Part III) 15 **
42. Report of the Advisory Group on “Transparency in Monetary do 2001 45 * 20
and Financial Policies”. 35 **
43. Report of the Advisory Group on Corporate Governance do 2001 40 * 15
30 **
44. Report of the Advisory Group on Fiscal Transperency do 2001 30 *
20 ** 15
45. Report of the Advisory Group on Data Dissemination do 2001 35 * 20
25 **
46. Report of the Advisory Group on Banking Supervision do 2001 90 * 40
60 **
47. Report of the Advisory Group on Securities Market Regulation do 2001 25 * 10
20 **
48. Report of the Advisory group on Bankruptcy Laws (Volume-I & II) do 2001 90 * 45
75 **
49 . Report of the Advisory Group on Insurance Regulation do 2001 35 * 20
25 **
50 Report of the Advisory group on Accounting & Auditing do 2001 40 * 20
51. Report of the Technical Group on Market Integrity do 2002 65 * 20
50 **
52 Standing Committee on International Financial Standards and do 2002 200 * 60
Codes on CD-ROM 150 **
53. Report of the Standing Committee on International Financial do 2002 65 * 20
Standards and Codes 50 **
54. The Standing Advisory Committee for Urban Co-operative Banks UBD
i) First meeting 1983 5 200 19
ii) Second meeting 1984 6 £ 200 19
iii) Third meeting 1985 6 200 19
iv) Fourth meeting 1985 9 300 20
v) Fifth meeting 1986 9 £ 200 19
vi) Sixth meeting 1988 12 £ 200 19
vii) Seventh meeting 1989 12 200 19
viii) Eighth meeting 1990 21 300 20
ix) Ninth meeting (Bilingual edition) 1992 24 200 19
x) Tenth meeting 1994 95 300 20
xi) Eleventh meeting 1995 90 300 20
xii) Twelfth meeting 1996 52 100 19
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xi
E. Manuals1. Manual for urban co-operative banks UBD 1984 15 £ 400 212. Manual on costing exercise in commercial banks MSD 1987 5 £ 200 193. Manual on costing exercises in private sector and
urban banks (Reprint) do 1989 27 £ 200 194. RBI-Exchange Control Manual- (Reprint of 1993 edition) (Vol.I & II) FED 1998 400 £ 2200 39
(updated upto July, 1998)i) RBI - Exchange Control Manual on floppy Disc - size 3.5 1999 400 £
(Upadated upto June, 1999)ii) RBI - Exchange Control Manual - on C.D. Rom 1999 400 £
(updated upto 31st May, 2000)
F. Compendium of Circulars1. i) Compendium of A.D. (M.A. Series) circulars No. 1 do 1997 75 £
ii) Compendium of A.D. (M.A. Series) circulars No. 2 1998 120 £iii) Compendium of A.D. (M.A. Series) circulars No. 3 1999 200
2. A. D. (M.A. Series) Circular No. 11 Foreign Exchange do 2000 185 900 26Management Act 1999
3. CPC / MPD Circularsi) August 1970 to December 1981 - Vol. I MPD 1989 75 *
ii) January 1982 to March 1989 - Vol.II 1989 75 *iii) April 1989 to April 1995 Vol.III 1996 200 1530 33
4. i) Circulars on Monetary and Credit Policy Vol. 4 do 2002 165 * 50(From May 1995 to April 1997) 130 **
ii) Circular on Monetary and Credit Policy Vol. No. 5 2002 235 70(From May 1997 to March 1999) 422 *
372 **185 ***
iii) Circulars on Monetary and Credit Policy 2003 900 170Vol. No. 6. Part I & II 1300 *(from April 1999 to March 2003) (English & Hindi) 1100 **A set of four books 700 ***
iv) Circulars on Monetary and Credit Policy Vol. No. 6 2003 400 * 80(from April 1999 to March 2003) On CD-Rom 300 **
v) Circulars on Monetary and Credit Policy Vol. No. 7 2004 250 25 �(from April 2003 to March 2004) (English & Hindi) 275 * 20 *
200 **vi) Circulars on Monetary and Credit Policy Vol. No. 7 2004 180 15 �
(from April 2003 to March 2004) (On CD-Rom) 200 * 12 *140 **
vii) Circulars on Monetary and Credit Policy Vol. No. 8 2005(from April 2004 to March 2005) 375 30 *(a) Print Version (Billingual) 400 *
280 **(b) CD-ROM 180 15 *
200 *140 **
viii) Compendium of MPD Circulars - Vol. 9 2006 480 35 *(April 2005 - March 2006) (Billingual) 500 *
375 **
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5. IECD circulars IECD
i) July 1978 to June 1986 bilingual (Vol.I & II) 1993 250 10 2114 39
ii) 1986-89 1990 70 1325 31
iii) 1989-94 (Vol. I&II) 1995 250 £ 2295 40
iv) 1994-95 1995 80 700 24
v) 1995-96 1996 55 380 21
vi) 1996-97 1997 65 445 22
6. Rural Planning and Credit Department (RPCD) Circulars RPCD
(Bilingual edition)
i) July 1994 to June 1995 (Vol. X) 1998 180
200 *
ii) July 1995 to June 1996 (Vol. XI) 180 £
200 *
iii) July 1996 to June 1997 (Vol. XII) 1999 180
200 *
iv) July 1997 to June 1998 (Vol. XIII) 1999 180
200 *
v) July 1998 to June 1999 (Vol. XIV) 2000 180
200 *
vii) July 1999 to June 2000 (Vo. XV) 2001 210
240 *
7. Compendium of Circulars on Small Scale Industries do 2000 120 25
150 *
8. RPCD Circular (on CD-ROM) (1st July 1982 to 31 March 2004) do 2004 120
150 *
9. RPCD Circulars on Small Scale Industries (upto 30-09-2004) do 2004 120
on CD-ROM 150 *
10. UBD circulars UBD
i) June 1985 1986 115 274 20
ii) 1985-1992 (Vol.I & II) 1995 250 3195 49
iii) 1992-1994 1995 165 1792 35
iv) 1995-96 1997 55 735 25
11. i) Compendium of Instructions/Guidelines issued by RBI do 2000 85 742 25
for Primary Co-operative Banks (July 1996-December 1997)
ii) Compendium of Instructions/Guidelines issued by RBI for 2003 100 £ 1032 68
Primary Co-operative Banks (January 1998-December 1999)
iii) Compendium of Instructions/Guidelines issued by RBI for 2003 120 £ 1300 68
Primary Co-operative Banks (January 2000-December 2001)
G. Memorandum
1. Memorandum of Exchange Control Manual, 1993 containing FED
detailed procedural instructions
a) Relating to general insurance in India (GIM) 1994 20 70 19
b) Relating to channeling transactions through Asian Clearing 1996 20 70 19
Union (ACM)
c) Relating to co-operative/commercial banks (other than authorised 1994 20 £
dealers) authorised to maintain non-resident rupee accounts (ABM)
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d) Memorandum of Instructions to full-fledged money FED 1999 30 £ 110 19
changers (FLM)
e) Memorandum of Instructions to restricted money 1999 30 £ 90 19
changers (RLM)
f) Memorandum of Instruction on project & service exports (PEM) 1997 40 £ 280 20
2. Memorandum of Exchange Control Regulations Relating to do 2002 30 26
general insurance in India (GIM)
3. Memorandum of instructions to Authorised Money Changers (AMC) do 2002 30
4. Memorandum of Procedure for channelling transaction through do 2003 30 21
Asian Clearing Union (ACU) Memorandum ACM
5. Memorandum of Instructions on Project and Service Exports (PEM) do 2003 40
H. Reserve Bank of India Occasional Papers DEAP –
(Quarterly)
i) 1987 to 1989 (Yearly four issues) 30 * @ £ 10 @
ii) 1990 to 1995 (Yearly four issues) 35 * @ £ 25 @
iii) 1996 (Yearly four issues) 35 * @ 25 @
iv) 1997 (Three issues) 35 * @ 25 @
v) (Combined issue June-September, 1997) 70 * @ 50 @
vi) 1998 (Yearly four issues) 40 * @ 25 @
vii) 1999 (Yearly 3 issues) 50 * @ 30 @
viii) 2000 (Yearly 2 issues) Summer - Vol. 21 No. 1 80 * @ 45 @
ix) (Monsoon & Winter Combined Issue) - Vol. 21 No. 2 & 3 80 * @ 45 @
x) 2001 Vol. 22 Nos. 1, 2 & 3 (Combined Issue) 80 * @ 45 @
xi) 2003 Vol. 24 Nos. 1 & 2 (Summer & Monsoon Combined Issue) 80 * @ £ 45 * @
xii) 2003 Vol. 24 No. 3 (Winter) 80 * @ 45 * @
xiii) 2004 Vol. 25 No. 1, 2 & 3 (Summer, Monsoon & Winter Combined Issue) 80 * @ 45 * @
xiv) 2006 Vol. 27 No.1 and 2 (Summer and Monsoon Combined Issue) 80 * @ 45 * @
xv) 2006 Vol. 27 No. 3 (Winter) 80 * @ 45 * @
xvi) 2007 Vol. 28 No. 1 (Summer) 80 * @ 45 * @
xvii) 2007 Vol. 28 No. 2 (Monsoon) 80 * @ 45 * @
I. Others Important Publications
1. Small Scale Industries-Policy & Guidelines RPCD 1997 20 200 19
2. Regulatory Framework for Non-Banking Financial Companies DNBS 1998 40 £ 365 21
3. Question/Answer New NBFC Policy do 1998 10 50 19
4. Payment Systems in India DIT 1998 60 * 10
150 *
5. Mechanised Cheque Processing Using MICR Technology do 1999 50 *£
Procedural Guidelines.
6. Mechanised Cheque Processing using MICR Technology do 2002 50 *
Procedural Guidelines. (Second Edition)
7. Indian Financial Network Banking Applications Message do 2000 100 *
Formats (INFINET)
8. Indian Financial Network (INFINET) Banking Applications Messages do 2002 100 *
Formats Vol. II
9. Balance of Payments compilation DEAP 1987 45 * 30
10. New Series on Wholesale Price Index Numbers do 1990 11 * £
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11. India’s Balance of Payments monograph – 1948-49 to 1988-89 DEAP 1993 90 £ 40
12. Centenary Commemorative Volume do 1996 100 25 400 21
(C.D. Deshmukh Memorial Lecture series)
13. 50 years of Central Banking : Governors Speak do 1997 400 800 25
14. Indian Economy – Basic Statistics – 1997 do 1997 4
15. External Debt-Management : Issues, Lessons and do 1999 250 * 20
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16. Foreign Collaboration in Indian Industry - Sixth Survey Report do 1999 60 * 20
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18. Exchange facilities for foreign travel FED 1996 8 £ 35 19
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20. Indian Overseas Investment Handbook of Policies and Procedures do 1998 100 £
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21. Facilities for Non-resident Indians do 1999 35 £ 8
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22. RBI Remittance Facilities Scheme - 1975 DGBA 1989 3 £ 25
23. Karyalayeen Shabdavli (English-Hindi) DAPM 1994 15 166 19
24. Directory of Bank Offices 1993 (English) DBOD 1996 485
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25. Computer Paribhasha Kosh (Hindi) do 1999 100 528 23
26. Your Guide to Money Matters DCM 1999 5 £ 44
27. The Paper & The Promise: A Brief History of Currency & do 2001 100 £ 15 36
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28. Functions and Working of RBI (Hindi) CO 1984 30 £ 719 25
29. RBI 50 years - 1935-85 do 1985 50 £ 15 428 22
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31. Banking Glossary (English-Hindi) do 2003 50 5 24
32. Reserve Bank of India Functions and working RBI Staff 2001 120 68
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xv
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Dear Reader,With a view to improving the format and content of RBI Bulletin, we approach you
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Readers' Views on the Monthly Bulletin
(3) Please indicate, with reference to the answer given for (2) above, your suggestionsfor improvements in regard to items other than the 'Current Statistics’ portion of theBulletin.
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Editor
RBI
WEBSITES
Reserve Bank of India Websites
To facilitate quicker access to RBI documents available on the RBI Website(URL : www.rbi.org.in), frequently accessed documents have been given a special URL. Bykeying-in the URL which can also be saved in 'Favourites`, the visitor can directly reachthe desired document on the RBI site.
Advance release calenders relating to data categories pertaining to: (i) analyticalaccounts of the banking sector, (ii) analytical accounts of the central bank, (iii) shareprice index. (iv) balance of payments, (v) international reserves, and (vi) exchange ratesunder the Special Data Dissemination Standards (SDDS) of the IMF are also posted onthe RBI Website (http://www.rbi.org.in).
The documents available on special URL are:
• Weekly Statistical Supplement: www.wss.rbi.org.in
• RBI Bulletin: www.bulletin.rbi.org.in
• Monetary and Credit Policy: www.cpolicy.rbi.org.in
• 8.5% Government of India Relief Bonds: www.goirb.rbi.org.in
• RBI Notifications: www.notifics.rbi.org.in
• RBI Press Release: www.pr.rbi.org.in
• RBI Speeches: www.speeches.rbi.org.in
• RBI Annual Report: www.annualreport.rbi.org.in
• Credit information Review: www.cir.rbi.org.in
• Report on Trend and Progress of Banking in India: www.bankreport.rbi.org.in
• FAQS: www.faqs.rbi.org.in
• Committee Reports: www.reports.rbi.org.in
• FII List: www.fiilist.rbi.org.in
• Facilities for Non-Resident Indians: www.nri.rbi.org.in
• SDDS-National Summary Data Page-India: www.nsdp.rbi.org.in
• Foreign Exchange Management Act. 1999: www.fema.rbi.org.in
• NBFC Notifications: www.nbfc.rbi.org.in
• Master Circulars: www.mastercirculars.rbi.org.in
• List of suit filed accounts: www.defaulters.rbi.org.in
• Currency Museum: www.museum.rbi.org.in
• Electronics Clearing Service: www.ecs.rbi.org.in
• Exchange Control Manual: www.ecm.rbi.org.in
• Y2K: www.y2k.rbi.org.in
• Data base on Indian Economy: https://cdbmsi.reservebank.org.in
— Editor
RBI
WEBSITES
— Editor
RBI provides Web based Access to its Database on Indian Economy
The Reserve Bank of India has released a number of long time series data on
several aspects of Indian economy covering key macro economic aggregates to the
public in user-friendly manner through dynamic web based application.
Objective : The Database on Indian Economy is built for the convenience of re-
searchers. analysts and other users. It is created to provide the public with an access to
the published data series. with additional details on some series as available in the
Reserve Bank of India‘s enterprise wide data warehouse.
Coverage : Data available on published time series. can be accessed through a
completely browser based software include data on:
• financial sector.
• real sector.
• financial market.
• external sector.
• public finance and
• corporate finance
Features :
• All the data series are accompanied with data definitions, i.e. metadata. which
allow the user to view the definitions/concepts of the underlying variables:
• The data definitions provides search feature:
• Extract data through standard reports which allows the users to select and view
the preformatted reports or
• Dynamic 'data query'. which enables user to define list of data series and al-
lows the user to choose the time period for data extraction.
• Data files can be downloaded in the form of CSV / pdf format.
Access : The data can be accessed from the home page of the RBI website
(www.rbi.org.in) through the static headline "Database on Indian Economy" List of data
series available on the site is available on the homepage of the site, i.e. Database on
Indian Economy.
This list will be progressively enlarged on the basis of feedback received and
availability of relevant data series in the RBI data warehouse. Feedback may please
be sent to [email protected] or through the feedback option on the home
page of the website.