Research workspace · India

What moves money?

Government financing, RBI intervention, credit, inflation and stocks.

Annual: FY2011–12 – FY2025–26. Monthly credit: 2025-03 – 2026-03. Published research snapshot.

Published snapshot

The published snapshot

Annual · FY2011–12 – FY2025–26
Policy settingswhat the RBI sets
Outcomeswhat the economy did

higher than the preceding fiscal year lower Direction only — not a judgement. Verified · source note

Snapshot readings, not today's policy settings. Changes compare consecutive published fiscal-year observations; rates may be period-end and inflation may be a period average. Check each source note before comparing them.

Start with a question
ComparePublished annual values
Exclude flagged years

FY2011–12 to FY2025–26 · published annual values · no exclusions. Filters affect annual comparisons and paths only. Exclusions test sensitivity; they do not correct measurement breaks.

Selected relationship

Bank credit growth ↔ Broad money (M3) growth

Pearson r0.57

Exploratory sample — no causal inference · 0 pairs contain a status other than Verified.

Y: Broad money (M3) growth · % YoY

5.893.298.57.9711.112.6513.717.3316.3122.01X FY2011–12: 16.8 % YoY; Y FY2011–12: 13.2 % YoYX FY2012–13: 14.1 % YoY; Y FY2012–13: 13.8 % YoYX FY2013–14: 14.2 % YoY; Y FY2013–14: 13.4 % YoYX FY2014–15: 9.3 % YoY; Y FY2014–15: 10.9 % YoYX FY2015–16: 10.9 % YoY; Y FY2015–16: 10.1 % YoYX FY2016–17: 5.1 % YoY; Y FY2016–17: 6.9 % YoYX FY2017–18: 10 % YoY; Y FY2017–18: 9.2 % YoYX FY2018–19: 13.3 % YoY; Y FY2018–19: 10.5 % YoYX FY2019–20: 6.1 % YoY; Y FY2019–20: 8.9 % YoYX FY2020–21: 5.6 % YoY; Y FY2020–21: 12.2 % YoYX FY2021–22: 9.6 % YoY; Y FY2021–22: 8.7 % YoYX FY2022–23: 15 % YoY; Y FY2022–23: 9 % YoYX FY2023–24: 20.2 % YoY; Y FY2023–24: 11.1 % YoYX FY2024–25: 11 % YoY; Y FY2024–25: 9.2 % YoYX FY2025–26: 17.1 % YoY; Y FY2025–26: 15.3 % YoY

X: Bank credit growth · % YoY

n = 15 matched pairs Line-fit r² = 0.32 Spearman = 0.58

Check the timing

Does the pattern survive a delay?

Each lag has its own matched sample. A positive lag pairs the driver in one year with the outcome in a later year; it does not establish a causal delay.

Leave one year out

r ranges from 0.46 to 0.70. This checks sensitivity to individual observations.

This range is not a confidence interval.

Lag comparisons use different matched years. Searching many pairs or lags raises the chance of finding a striking result by chance. Serial dependence also reduces the information in each additional year.

View matched observations (15)
X periodX valueY periodY valueStatus X / Y
FY2011–1216.8FY2011–1213.2Verified / Verified
FY2012–1314.1FY2012–1313.8Verified / Verified
FY2013–1414.2FY2013–1413.4Verified / Verified
FY2014–159.3FY2014–1510.9Verified / Verified
FY2015–1610.9FY2015–1610.1Verified / Verified
FY2016–175.1FY2016–176.9Verified / Verified
FY2017–1810FY2017–189.2Verified / Verified
FY2018–1913.3FY2018–1910.5Verified / Verified
FY2019–206.1FY2019–208.9Verified / Verified
FY2020–215.6FY2020–2112.2Verified / Verified
FY2021–229.6FY2021–228.7Verified / Verified
FY2022–2315FY2022–239Verified / Verified
FY2023–2420.2FY2023–2411.1Verified / Verified
FY2024–2511FY2024–259.2Verified / Verified
FY2025–2617.1FY2025–2615.3Verified / Verified

Compare charts together

One timeline, three perspectives

Dates align across panels; vertical scales differ. Compare timing within a series, not line heights across series. Gaps remain missing observations.

Bank credit growth% YoY · Annual
3.59 8.12 12.65 17.18 21.71FY2011–12: 16.8 % YoY · VERIFIEDFY2011–12FY2012–13: 14.1 % YoY · VERIFIEDFY2013–14: 14.2 % YoY · VERIFIEDFY2014–15: 9.3 % YoY · VERIFIEDFY2015–16: 10.9 % YoY · VERIFIEDFY2016–17: 5.1 % YoY · VERIFIEDFY2017–18: 10 % YoY · VERIFIEDFY2018–19: 13.3 % YoY · VERIFIEDFY2018–19FY2019–20: 6.1 % YoY · VERIFIEDFY2020–21: 5.6 % YoY · VERIFIEDFY2021–22: 9.6 % YoY · VERIFIEDFY2022–23: 15 % YoY · VERIFIEDFY2023–24: 20.2 % YoY · VERIFIEDFY2024–25: 11 % YoY · VERIFIEDFY2025–26: 17.1 % YoY · VERIFIEDFY2025–26
View observations (15)
Period% YoYStatus
FY2011–1216.8VERIFIED
FY2012–1314.1VERIFIED
FY2013–1414.2VERIFIED
FY2014–159.3VERIFIED
FY2015–1610.9VERIFIED
FY2016–175.1VERIFIED
FY2017–1810VERIFIED
FY2018–1913.3VERIFIED
FY2019–206.1VERIFIED
FY2020–215.6VERIFIED
FY2021–229.6VERIFIED
FY2022–2315VERIFIED
FY2023–2420.2VERIFIED
FY2024–2511VERIFIED
FY2025–2617.1VERIFIED
Broad money (M3) growth% YoY · Annual
6.06 8.58 11.1 13.62 16.14FY2011–12: 13.2 % YoY · VERIFIEDFY2011–12FY2012–13: 13.8 % YoY · VERIFIEDFY2013–14: 13.4 % YoY · VERIFIEDFY2014–15: 10.9 % YoY · VERIFIEDFY2015–16: 10.1 % YoY · VERIFIEDFY2016–17: 6.9 % YoY · VERIFIEDFY2017–18: 9.2 % YoY · VERIFIEDFY2018–19: 10.5 % YoY · VERIFIEDFY2018–19FY2019–20: 8.9 % YoY · VERIFIEDFY2020–21: 12.2 % YoY · VERIFIEDFY2021–22: 8.7 % YoY · VERIFIEDFY2022–23: 9 % YoY · VERIFIEDFY2023–24: 11.1 % YoY · VERIFIEDFY2024–25: 9.2 % YoY · VERIFIEDFY2025–26: 15.3 % YoY · VERIFIEDFY2025–26
View observations (15)
Period% YoYStatus
FY2011–1213.2VERIFIED
FY2012–1313.8VERIFIED
FY2013–1413.4VERIFIED
FY2014–1510.9VERIFIED
FY2015–1610.1VERIFIED
FY2016–176.9VERIFIED
FY2017–189.2VERIFIED
FY2018–1910.5VERIFIED
FY2019–208.9VERIFIED
FY2020–2112.2VERIFIED
FY2021–228.7VERIFIED
FY2022–239VERIFIED
FY2023–2411.1VERIFIED
FY2024–259.2VERIFIED
FY2025–2615.3VERIFIED
CPI inflation (FY average)% · Annual
1.29 3.72 6.15 8.58 11.01FY2011–12: 8.4 % · VERIFIEDFY2011–12FY2012–13: 10.2 % · VERIFIEDFY2013–14: 9.5 % · VERIFIEDFY2014–15: 5.9 % · VERIFIEDFY2015–16: 4.9 % · VERIFIEDFY2016–17: 4.5 % · VERIFIEDFY2017–18: 3.6 % · VERIFIEDFY2018–19: 3.4 % · VERIFIEDFY2018–19FY2019–20: 4.8 % · VERIFIEDFY2020–21: 6.2 % · VERIFIEDFY2021–22: 5.5 % · VERIFIEDFY2022–23: 6.7 % · VERIFIEDFY2023–24: 5.4 % · VERIFIEDFY2024–25: 4.6 % · VERIFIEDFY2025–26: 2.1 % · VERIFIEDFY2025–26
View observations (15)
Period%Status
FY2011–128.4VERIFIED
FY2012–1310.2VERIFIED
FY2013–149.5VERIFIED
FY2014–155.9VERIFIED
FY2015–164.9VERIFIED
FY2016–174.5VERIFIED
FY2017–183.6VERIFIED
FY2018–193.4VERIFIED
FY2019–204.8VERIFIED
FY2020–216.2VERIFIED
FY2021–225.5VERIFIED
FY2022–236.7VERIFIED
FY2023–245.4VERIFIED
FY2024–254.6VERIFIED
FY2025–262.1VERIFIED

How do the selected series move together?

Standardised comparison · deviations from each series’ own mean

Bank credit growthBroad money (M3) growthCPI inflation (FY average)
-2.5-1.2501.252.5Bank credit growth · FY2011–12: 1.1 standard deviationsBank credit growth · FY2012–13: 0.5 standard deviationsBank credit growth · FY2013–14: 0.52 standard deviationsBank credit growth · FY2014–15: -0.58 standard deviationsBank credit growth · FY2015–16: -0.22 standard deviationsBank credit growth · FY2016–17: -1.52 standard deviationsBank credit growth · FY2017–18: -0.42 standard deviationsBank credit growth · FY2018–19: 0.32 standard deviationsBank credit growth · FY2019–20: -1.3 standard deviationsBank credit growth · FY2020–21: -1.41 standard deviationsBank credit growth · FY2021–22: -0.51 standard deviationsBank credit growth · FY2022–23: 0.7 standard deviationsBank credit growth · FY2023–24: 1.86 standard deviationsBank credit growth · FY2024–25: -0.2 standard deviationsBank credit growth · FY2025–26: 1.17 standard deviationsBroad money (M3) growth · FY2011–12: 1.02 standard deviationsBroad money (M3) growth · FY2012–13: 1.28 standard deviationsBroad money (M3) growth · FY2013–14: 1.1 standard deviationsBroad money (M3) growth · FY2014–15: 0.03 standard deviationsBroad money (M3) growth · FY2015–16: -0.31 standard deviationsBroad money (M3) growth · FY2016–17: -1.69 standard deviationsBroad money (M3) growth · FY2017–18: -0.7 standard deviationsBroad money (M3) growth · FY2018–19: -0.14 standard deviationsBroad money (M3) growth · FY2019–20: -0.83 standard deviationsBroad money (M3) growth · FY2020–21: 0.59 standard deviationsBroad money (M3) growth · FY2021–22: -0.91 standard deviationsBroad money (M3) growth · FY2022–23: -0.78 standard deviationsBroad money (M3) growth · FY2023–24: 0.12 standard deviationsBroad money (M3) growth · FY2024–25: -0.7 standard deviationsBroad money (M3) growth · FY2025–26: 1.92 standard deviationsCPI inflation (FY average) · FY2011–12: 1.2 standard deviationsCPI inflation (FY average) · FY2012–13: 2 standard deviationsCPI inflation (FY average) · FY2013–14: 1.69 standard deviationsCPI inflation (FY average) · FY2014–15: 0.08 standard deviationsCPI inflation (FY average) · FY2015–16: -0.36 standard deviationsCPI inflation (FY average) · FY2016–17: -0.54 standard deviationsCPI inflation (FY average) · FY2017–18: -0.94 standard deviationsCPI inflation (FY average) · FY2018–19: -1.03 standard deviationsCPI inflation (FY average) · FY2019–20: -0.41 standard deviationsCPI inflation (FY average) · FY2020–21: 0.22 standard deviationsCPI inflation (FY average) · FY2021–22: -0.1 standard deviationsCPI inflation (FY average) · FY2022–23: 0.44 standard deviationsCPI inflation (FY average) · FY2023–24: -0.14 standard deviationsCPI inflation (FY average) · FY2024–25: -0.5 standard deviationsCPI inflation (FY average) · FY2025–26: -1.61 standard deviationsFY2011–12FY2018–19FY2025–26

Zero is each series’ sample mean; one unit is one sample standard deviation. Each series uses its available filtered periods. Missing or excluded periods stay gaps. Constant series and samples below three observations cannot be standardised. This is a same-period comparison; it does not apply the scatter’s timing setting.

Inspect standardised readings
Fiscal yearBank credit growth · z-scoreBroad money (M3) growth · z-scoreCPI inflation (FY average) · z-score
FY2011–121.11.021.2
FY2012–130.51.282
FY2013–140.521.11.69
FY2014–15-0.580.030.08
FY2015–16-0.22-0.31-0.36
FY2016–17-1.52-1.69-0.54
FY2017–18-0.42-0.7-0.94
FY2018–190.32-0.14-1.03
FY2019–20-1.3-0.83-0.41
FY2020–21-1.410.590.22
FY2021–22-0.51-0.91-0.1
FY2022–230.7-0.780.44
FY2023–241.860.12-0.14
FY2024–25-0.2-0.7-0.5
FY2025–261.171.92-1.61
Selected pair · same fiscal yearPearson rSpearmanMatched years
Bank credit growth ↔ Broad money (M3) growth0.570.5815
Bank credit growth ↔ CPI inflation (FY average)0.190.1615
Broad money (M3) growth ↔ CPI inflation (FY average)0.350.3315
Correlation matrix

Whole-system comparison

Same-year Pearson correlations on overlapping fiscal years. Each cell shows its own sample size. Select a cell to update the relationship lab above. Levels and growth rates are not interchangeable; trends and accounting relationships can dominate these results.

X ↓ / Y →RepoOMOBorrowingDeficitM0M3DepositsCreditCPISensex
Repo
OMO
Borrowing
Deficit
M0
M3
Deposits
Credit
CPI
Sensex
−1 · inverse0 · little linear relation+1 · positive

Cells with fewer than three pairs or no variation are undefined. Colour indicates direction and magnitude, not statistical significance. The diagonal is a self-comparison.

Banking channel

Monetary transmission: bank credit and financing

Monthly observations · 2025-03 – 2026-03. Bank credit is one channel linking monetary conditions to economic activity. These series track lending across parts of the financial system; their growth alone cannot separate policy effects from credit demand, risk appetite or reporting changes.

Choose up to four published monthly series. Each chart retains its own units and scale. Annual-only series are available in the comparison above.

Non-food credit growth% YoY · Monthly
10.4 11.9 13.4 14.9 16.42025-03: 10.9 % YoY · PROVISIONAL2025-032025-04: 11.2 % YoY · PROVISIONAL2025-05: 11.6 % YoY · PROVISIONAL2025-06: 12.1 % YoY · PROVISIONAL2025-07: 12.6 % YoY · PROVISIONAL2025-08: 13.1 % YoY · PROVISIONAL2025-09: 13.6 % YoY · PROVISIONAL2025-092025-10: 14.1 % YoY · PROVISIONAL2025-11: 14.5 % YoY · PROVISIONAL2025-12: 15 % YoY · PROVISIONAL2026-01: 15.3 % YoY · PROVISIONAL2026-02: 15.6 % YoY · PROVISIONAL2026-03: 15.9 % YoY · PROVISIONAL2026-03
View observations (13)
Period% YoYStatus
2025-0310.9PROVISIONAL
2025-0411.2PROVISIONAL
2025-0511.6PROVISIONAL
2025-0612.1PROVISIONAL
2025-0712.6PROVISIONAL
2025-0813.1PROVISIONAL
2025-0913.6PROVISIONAL
2025-1014.1PROVISIONAL
2025-1114.5PROVISIONAL
2025-1215PROVISIONAL
2026-0115.3PROVISIONAL
2026-0215.6PROVISIONAL
2026-0315.9PROVISIONAL
Bank credit to NBFCs% YoY · Monthly
5.51 11.18 16.85 22.52 28.192025-03: 7.4 % YoY · PROVISIONAL2025-032025-04: 9.8 % YoY · PROVISIONAL2025-05: 11.4 % YoY · PROVISIONAL2025-06: 13.6 % YoY · PROVISIONAL2025-07: 15.4 % YoY · PROVISIONAL2025-08: 17.2 % YoY · PROVISIONAL2025-09: 19.1 % YoY · PROVISIONAL2025-092025-10: 21 % YoY · PROVISIONAL2025-11: 22.6 % YoY · PROVISIONAL2025-12: 24.1 % YoY · PROVISIONAL2026-01: 25 % YoY · PROVISIONAL2026-02: 25.7 % YoY · PROVISIONAL2026-03: 26.3 % YoY · PROVISIONAL2026-03
View observations (13)
Period% YoYStatus
2025-037.4PROVISIONAL
2025-049.8PROVISIONAL
2025-0511.4PROVISIONAL
2025-0613.6PROVISIONAL
2025-0715.4PROVISIONAL
2025-0817.2PROVISIONAL
2025-0919.1PROVISIONAL
2025-1021PROVISIONAL
2025-1122.6PROVISIONAL
2025-1224.1PROVISIONAL
2026-0125PROVISIONAL
2026-0225.7PROVISIONAL
2026-0326.3PROVISIONAL
Services credit growth% YoY · Monthly
11.3 13.4 15.5 17.6 19.72025-03: 12 % YoY · PROVISIONAL2025-032025-04: 12.6 % YoY · PROVISIONAL2025-05: 13.3 % YoY · PROVISIONAL2025-06: 14.1 % YoY · PROVISIONAL2025-07: 14.8 % YoY · PROVISIONAL2025-08: 15.5 % YoY · PROVISIONAL2025-09: 16.2 % YoY · PROVISIONAL2025-092025-10: 16.9 % YoY · PROVISIONAL2025-11: 17.5 % YoY · PROVISIONAL2025-12: 18.1 % YoY · PROVISIONAL2026-01: 18.5 % YoY · PROVISIONAL2026-02: 18.8 % YoY · PROVISIONAL2026-03: 19 % YoY · PROVISIONAL2026-03
View observations (13)
Period% YoYStatus
2025-0312PROVISIONAL
2025-0412.6PROVISIONAL
2025-0513.3PROVISIONAL
2025-0614.1PROVISIONAL
2025-0714.8PROVISIONAL
2025-0815.5PROVISIONAL
2025-0916.2PROVISIONAL
2025-1016.9PROVISIONAL
2025-1117.5PROVISIONAL
2025-1218.1PROVISIONAL
2026-0118.5PROVISIONAL
2026-0218.8PROVISIONAL
2026-0319PROVISIONAL
Growth rates are not contributions. Services include lending to NBFCs; the categories overlap and cannot be added. A fast-growing sector need not contribute most to total credit growth. That calculation requires comparable credit stocks and weights.

Monetary-policy red flags

Too tight, too loose — or mixed signals?

Read policy moves alongside inflation, credit momentum and bank funding. These screens identify conditions worth investigating.

Annual snapshot · FY2011–12 – FY2025–26Full history · independent of comparison filtersHistorical screens, not live alerts

FY2025–26 Easing and faster credit growth, with inflation inside the reference band. This combination alone does not establish that policy is too loose.

Inflation pressure

No watch line crossed
2.1%FY2025–26

Reference band: 2–6% · midpoint 4% · annual comparison only

Fiscal-year history% · Annual
1.19 3.65 6.1 8.56 11.01Watch < 2 %Watch > 6 %FY2011–12: 8.4 % · Inflation-pressure watchFY2011–12FY2012–13: 10.2 % · Inflation-pressure watchFY2013–14: 9.5 % · Inflation-pressure watchFY2014–15: 5.9 % · No watch line crossedFY2015–16: 4.9 % · No watch line crossedFY2016–17: 4.5 % · No watch line crossedFY2017–18: 3.6 % · No watch line crossedFY2018–19: 3.4 % · No watch line crossedFY2018–19FY2019–20: 4.8 % · No watch line crossedFY2020–21: 6.2 % · Inflation-pressure watchFY2021–22: 5.5 % · No watch line crossedFY2022–23: 6.7 % · Inflation-pressure watchFY2023–24: 5.4 % · No watch line crossedFY2024–25: 4.6 % · No watch line crossedFY2025–26: 2.1 % · No watch line crossedFY2025–26
View observations (15)
Period%Status
FY2011–128.4Inflation-pressure watch
FY2012–1310.2Inflation-pressure watch
FY2013–149.5Inflation-pressure watch
FY2014–155.9No watch line crossed
FY2015–164.9No watch line crossed
FY2016–174.5No watch line crossed
FY2017–183.6No watch line crossed
FY2018–193.4No watch line crossed
FY2019–204.8No watch line crossed
FY2020–216.2Inflation-pressure watch
FY2021–225.5No watch line crossed
FY2022–236.7Inflation-pressure watch
FY2023–245.4No watch line crossed
FY2024–254.6No watch line crossed
FY2025–262.1No watch line crossed

High inflation can reflect supply shocks as well as demand; low inflation alone does not prove over-tightening.

Calculation & selected-year evidence

Formula: Published fiscal-year average CPI inflation

2–6% is a reference band around the 4% target. These annual averages do not test the statutory three-consecutive-quarter rule. Pre-2016 readings are historical comparisons, not breaches of a then-existing mandate. Methodology ↗

Original inputs for FY2025–26
Series / periodValueSource
CPI inflation (FY average)FY2025–26Observation 79d4df04-4772-46ee-bb81-55e904587f0f2.1 %MoSPI combined CPI; RBI annual averagesVERIFIED · Combined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.

Policy tightening or easing

Substantial easing
-100basis pointsFY2025–26

Editorial watch: a cut of ≥100 bp or a rise of ≥100 bp

Fiscal-year historybp · Annual
-228.5 -98 32.5 163 293.5Watch ≤ -100 bpWatch ≥ 100 bpFY2011–12FY2012–13: -100 bp · Substantial easingFY2013–14: 50 bp · No watch line crossedFY2014–15: -50 bp · No watch line crossedFY2015–16: -75 bp · No watch line crossedFY2016–17: -50 bp · No watch line crossedFY2017–18: -25 bp · No watch line crossedFY2018–19: 25 bp · No watch line crossedFY2018–19FY2019–20: -185 bp · Substantial easingFY2020–21: -40 bp · No watch line crossedFY2021–22: 0 bp · No watch line crossedFY2022–23: 250 bp · Substantial tighteningFY2023–24: 0 bp · No watch line crossedFY2024–25: -25 bp · No watch line crossedFY2025–26: -100 bp · Substantial easingFY2025–26
View observations (14)
PeriodbpStatus
FY2011–12—Missing
FY2012–13-100Substantial easing
FY2013–1450No watch line crossed
FY2014–15-50No watch line crossed
FY2015–16-75No watch line crossed
FY2016–17-50No watch line crossed
FY2017–18-25No watch line crossed
FY2018–1925No watch line crossed
FY2019–20-185Substantial easing
FY2020–21-40No watch line crossed
FY2021–220No watch line crossed
FY2022–23250Substantial tightening
FY2023–240No watch line crossed
FY2024–25-25No watch line crossed
FY2025–26-100Substantial easing

A rate rise indicates tightening; a cut indicates easing. The size of the move does not identify the neutral rate.

Calculation & selected-year evidence

Formula: 100 × (end-FY repo rate − preceding end-FY repo rate)

±100 bp is an editorial review threshold for a substantial annual move. 100 bp = 1 percentage point. It measures policy direction, not whether the level is too restrictive or accommodative; within-year reversals can be hidden. Methodology ↗

Original inputs for FY2025–26
Series / periodValueSource
Repo rate (end-FY)FY2025–26Observation 0379f116-1b39-418e-8c1c-4a33117026205.25 %RBI Monetary Policy Operations, Table III.1Source ↗VERIFIED · Monetary policy repo at the March policy meeting, not a period average.
Repo rate (end-FY)FY2024–25Observation 5a820195-fc9d-40b4-885f-16f2d79b41666.25 %RBI Monetary Policy Operations, Table III.1Source ↗VERIFIED · Monetary policy repo at the March policy meeting, not a period average.

Credit acceleration or slowdown

Credit acceleration
6.1percentage pointsFY2025–26

Editorial watch: growth slows or accelerates by ≥5 pp

Fiscal-year historypp · Annual
-8.53 -4.54 -0.55 3.44 7.43Watch ≤ -5 ppWatch ≥ 5 ppFY2011–12FY2012–13: -2.7 pp · No watch line crossedFY2013–14: 0.1 pp · No watch line crossedFY2014–15: -4.9 pp · No watch line crossedFY2015–16: 1.6 pp · No watch line crossedFY2016–17: -5.8 pp · Credit slowdownFY2017–18: 4.9 pp · No watch line crossedFY2018–19: 3.3 pp · No watch line crossedFY2018–19FY2019–20: -7.2 pp · Credit slowdownFY2020–21: -0.5 pp · No watch line crossedFY2021–22: 4 pp · No watch line crossedFY2022–23: 5.4 pp · Credit accelerationFY2023–24: 1.3 pp · No watch line crossedFY2024–25: -5.3 pp · Credit slowdownFY2025–26: 6.1 pp · Credit accelerationFY2025–26
View observations (14)
PeriodppStatus
FY2011–12—Missing
FY2012–13-2.7No watch line crossed
FY2013–140.1No watch line crossed
FY2014–15-4.9No watch line crossed
FY2015–161.6No watch line crossed
FY2016–17-5.8Credit slowdown
FY2017–184.9No watch line crossed
FY2018–193.3No watch line crossed
FY2019–20-7.2Credit slowdown
FY2020–21-0.5No watch line crossed
FY2021–224No watch line crossed
FY2022–235.4Credit acceleration
FY2023–241.3No watch line crossed
FY2024–25-5.3Credit slowdown
FY2025–266.1Credit acceleration

A sharp slowdown can signal weaker demand or tighter credit supply. Rapid growth can warrant a lending-quality review.

Calculation & selected-year evidence

Formula: Merger-adjusted credit growth − preceding year's merger-adjusted growth

±5 pp is an editorial momentum screen, not a sustainable-credit-growth estimate. Both years use the merger-adjusted series. Demand, bank supply and base effects can change growth; this does not establish an RBI policy effect. Methodology ↗

Original inputs for FY2025–26
Series / periodValueSource
Bank credit growth excluding HDFC mergerFY2025–26Observation 8030fd95-52e5-4bca-bb17-64f5cb5dbf9617.1 % YoYRBI Annual Report appendix — money, credit, pricesSource ↗VERIFIED · Uses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.
Bank credit growth excluding HDFC mergerFY2024–25Observation 7677a312-20c9-46c5-bc1d-ef711b638a9911 % YoYRBI Annual Report appendix — money, credit, pricesSource ↗VERIFIED · Uses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.

Credit versus deposit growth

No watch line crossed
0.9percentage pointsFY2025–26

Editorial watch: credit growth exceeds deposit growth by ≥3 pp

Fiscal-year historypp · Annual
-7.91 -4.28 -0.65 2.98 6.61Watch ≥ 3 ppFY2011–12: -0.6 pp · No watch line crossedFY2011–12FY2012–13: -0.1 pp · No watch line crossedFY2013–14: 0.1 pp · No watch line crossedFY2014–15: -1.4 pp · No watch line crossedFY2015–16: 1.6 pp · No watch line crossedFY2016–17: -6.7 pp · No watch line crossedFY2017–18: 3.8 pp · Funding-pressure watchFY2018–19: 3.3 pp · Funding-pressure watchFY2018–19FY2019–20: -1.8 pp · No watch line crossedFY2020–21: -5.8 pp · No watch line crossedFY2021–22: 0.7 pp · No watch line crossedFY2022–23: 5.4 pp · Funding-pressure watchFY2024–25: 0.7 pp · No watch line crossedFY2025–26: 0.9 pp · No watch line crossedFY2025–26
View observations (14)
PeriodppStatus
FY2011–12-0.6No watch line crossed
FY2012–13-0.1No watch line crossed
FY2013–140.1No watch line crossed
FY2014–15-1.4No watch line crossed
FY2015–161.6No watch line crossed
FY2016–17-6.7No watch line crossed
FY2017–183.8Funding-pressure watch
FY2018–193.3Funding-pressure watch
FY2019–20-1.8No watch line crossed
FY2020–21-5.8No watch line crossed
FY2021–220.7No watch line crossed
FY2022–235.4Funding-pressure watch
FY2023–24—Missing
FY2024–250.7No watch line crossed
FY2025–260.9No watch line crossed

Credit growing faster than deposits can raise funding pressure. It is not proof of excessive money creation or a measured funding shortfall.

Calculation & selected-year evidence

Formula: Published bank-credit growth − aggregate-deposit growth in the same FY

≥3 pp is an editorial funding-pressure screen. It is a growth-rate gap, not the credit/deposit stock ratio or a funding shortfall. FY2023–24 is unavailable: adjusting credit alone would not produce a comparable deposit basis. Methodology ↗

Original inputs for FY2025–26
Series / periodValueSource
Bank credit growthFY2025–26Observation 920e7bbc-4005-4f56-915b-b4d689a31d2617.1 % YoYRBI Annual Report appendix — money, credit, pricesSource ↗VERIFIED · SCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.
Aggregate bank deposits growthFY2025–26Observation e721802f-bf50-4087-badc-c78f673a5d6616.2 % YoYRBI Annual Report appendix — money, credit, pricesSource ↗VERIFIED · Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.
Published or calculated historyWatch-line crossingDotted red lines = thresholds · gaps = unavailable inputs
What these charts cannot settle

Whether policy is too tight or too loose also depends on expected inflation, the neutral interest rate, economic slack and overnight funding conditions. Those inputs are absent here. A red point is a review signal, not a policy recommendation.

Published21 Sep 2026
Database loaded21 Sep 2026
Datasetindia-monetary-conditions-fy2012-2026-v1

View copyable screens & provenance
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      "Inclusive": true,
      "Formula": "Merger-adjusted credit growth \u2212 preceding year\u0027s merger-adjusted growth",
      "Caveat": "\u00B15 pp is an editorial momentum screen, not a sustainable-credit-growth estimate. Both years use the merger-adjusted series. Demand, bank supply and base effects can change growth; this does not establish an RBI policy effect.",
      "MethodologyUrl": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
      "Points": [
        {
          "EndYear": 2012,
          "Value": null,
          "Signal": "Unavailable \u2014 requires unique, approved, verified and comparable fiscal-year inputs",
          "Triggered": null,
          "Evidence": []
        },
        {
          "EndYear": 2013,
          "Value": -2.70000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2012\u201313",
              "PeriodStartUtc": "2012-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2013-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 14.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "edb9dfa6-88f4-45a3-9d69-f17b25c7c3dc",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2011\u201312",
              "PeriodStartUtc": "2011-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2012-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 16.80000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "c8f08d3e-8816-491c-b1cd-605ef70487ce",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            }
          ]
        },
        {
          "EndYear": 2014,
          "Value": 0.10000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2013\u201314",
              "PeriodStartUtc": "2013-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2014-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 14.20000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "01b282dc-cdf7-434a-8a80-1ebfdd51496c",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2012\u201313",
              "PeriodStartUtc": "2012-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2013-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 14.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "edb9dfa6-88f4-45a3-9d69-f17b25c7c3dc",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            }
          ]
        },
        {
          "EndYear": 2015,
          "Value": -4.90000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2014\u201315",
              "PeriodStartUtc": "2014-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2015-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 9.30000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "c00256eb-0098-4b0d-93ac-d87c6f1ba543",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2013\u201314",
              "PeriodStartUtc": "2013-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2014-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 14.20000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "01b282dc-cdf7-434a-8a80-1ebfdd51496c",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            }
          ]
        },
        {
          "EndYear": 2016,
          "Value": 1.60000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2015\u201316",
              "PeriodStartUtc": "2015-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2016-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 10.90000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "ccad6713-23eb-47fc-b100-23486bfbc5be",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2014\u201315",
              "PeriodStartUtc": "2014-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2015-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 9.30000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "c00256eb-0098-4b0d-93ac-d87c6f1ba543",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            }
          ]
        },
        {
          "EndYear": 2017,
          "Value": -5.80000000,
          "Signal": "Credit slowdown",
          "Triggered": true,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2016\u201317",
              "PeriodStartUtc": "2016-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2017-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 5.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "a2a0adef-2fd7-43bd-95ca-862ad4858c2a",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2015\u201316",
              "PeriodStartUtc": "2015-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2016-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 10.90000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "ccad6713-23eb-47fc-b100-23486bfbc5be",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            }
          ]
        },
        {
          "EndYear": 2018,
          "Value": 4.90000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2017\u201318",
              "PeriodStartUtc": "2017-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2018-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 10.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "4f4db0f3-93b7-401e-bf1c-a181d2e560f4",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2016\u201317",
              "PeriodStartUtc": "2016-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2017-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 5.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "a2a0adef-2fd7-43bd-95ca-862ad4858c2a",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            }
          ]
        },
        {
          "EndYear": 2019,
          "Value": 3.30000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2018\u201319",
              "PeriodStartUtc": "2018-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2019-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 13.30000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "4b7fbd7b-2557-490a-ab50-8614f55db475",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2017\u201318",
              "PeriodStartUtc": "2017-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2018-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 10.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "4f4db0f3-93b7-401e-bf1c-a181d2e560f4",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            }
          ]
        },
        {
          "EndYear": 2020,
          "Value": -7.20000000,
          "Signal": "Credit slowdown",
          "Triggered": true,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2019\u201320",
              "PeriodStartUtc": "2019-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2020-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 6.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "1182a6cf-e120-473f-9915-0aa0deecfac2",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2018\u201319",
              "PeriodStartUtc": "2018-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2019-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 13.30000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "4b7fbd7b-2557-490a-ab50-8614f55db475",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            }
          ]
        },
        {
          "EndYear": 2021,
          "Value": -0.50000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2020\u201321",
              "PeriodStartUtc": "2020-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2021-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 5.60000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": true,
              "ObservationId": "ffabdeb1-b7c1-4d5b-aa4b-a22fe603cf61",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
              "RefreshRunId": "9d4e2a71-6c8b-4f03-a1e5-7b90c2d4e618"
            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2019\u201320",
              "PeriodStartUtc": "2019-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2020-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 6.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "1182a6cf-e120-473f-9915-0aa0deecfac2",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
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          ]
        },
        {
          "EndYear": 2022,
          "Value": 4.00000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2021\u201322",
              "PeriodStartUtc": "2021-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2022-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 9.60000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "1516eca1-e5ca-4f8a-9467-a9c2b310f731",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
              "IsApprovedForAgent": true,
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            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2020\u201321",
              "PeriodStartUtc": "2020-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2021-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 5.60000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": true,
              "ObservationId": "ffabdeb1-b7c1-4d5b-aa4b-a22fe603cf61",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
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            }
          ]
        },
        {
          "EndYear": 2023,
          "Value": 5.40000000,
          "Signal": "Credit acceleration",
          "Triggered": true,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2022\u201323",
              "PeriodStartUtc": "2022-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2023-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 15.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "b58f521d-d8f6-44b4-9539-2666bd3ad8ee",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
              "SourceUri": "https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1462",
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            },
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2021\u201322",
              "PeriodStartUtc": "2021-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2022-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 9.60000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "1516eca1-e5ca-4f8a-9467-a9c2b310f731",
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          "EndYear": 2024,
          "Value": 1.30000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2023\u201324",
              "PeriodStartUtc": "2023-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2024-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 16.30000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": true,
              "ObservationId": "e79eba75-fde2-449a-bb00-a155237f6b7b",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
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              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2022\u201323",
              "PeriodStartUtc": "2022-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2023-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 15.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "b58f521d-d8f6-44b4-9539-2666bd3ad8ee",
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        {
          "EndYear": 2025,
          "Value": -5.30000000,
          "Signal": "Credit slowdown",
          "Triggered": true,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2024\u201325",
              "PeriodStartUtc": "2024-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2025-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 11.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
              "ObservationId": "7677a312-20c9-46c5-bc1d-ef711b638a99",
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              "PeriodLabel": "FY2023\u201324",
              "PeriodStartUtc": "2023-04-01T00:00:00+00:00",
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              "FrequencyCode": "ANNUAL",
              "Value": 16.30000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": true,
              "ObservationId": "e79eba75-fde2-449a-bb00-a155237f6b7b",
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        },
        {
          "EndYear": 2026,
          "Value": 6.10000000,
          "Signal": "Credit acceleration",
          "Triggered": true,
          "Evidence": [
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              "IndicatorCode": "bank-credit-growth-ex-merger",
              "PeriodLabel": "FY2025\u201326",
              "PeriodStartUtc": "2025-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2026-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 17.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": true,
              "ObservationId": "8030fd95-52e5-4bca-bb17-64f5cb5dbf96",
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              "FrequencyCode": "ANNUAL",
              "Value": 11.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Uses RBI\u2019s March 2024 merger-adjusted print for FY2023\u201324; other years equal the published credit series.",
              "UnusualYear": false,
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    {
      "Code": "funding-gap",
      "Label": "Credit versus deposit growth",
      "Unit": "percentage points",
      "LowerThreshold": null,
      "UpperThreshold": 3,
      "Inclusive": true,
      "Formula": "Published bank-credit growth \u2212 aggregate-deposit growth in the same FY",
      "Caveat": "\u22653 pp is an editorial funding-pressure screen. It is a growth-rate gap, not the credit/deposit stock ratio or a funding shortfall. FY2023\u201324 is unavailable: adjusting credit alone would not produce a comparable deposit basis.",
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      "Points": [
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          "Value": -0.60000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
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              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2011\u201312",
              "PeriodStartUtc": "2011-04-01T00:00:00+00:00",
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              "FrequencyCode": "ANNUAL",
              "Value": 16.80000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
              "UnusualYear": false,
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              "PeriodStartUtc": "2011-04-01T00:00:00+00:00",
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              "FrequencyCode": "ANNUAL",
              "Value": 17.40000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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        {
          "EndYear": 2013,
          "Value": -0.10000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
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              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2012\u201313",
              "PeriodStartUtc": "2012-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2013-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 14.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
              "UnusualYear": false,
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              "PeriodStartUtc": "2012-04-01T00:00:00+00:00",
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              "FrequencyCode": "ANNUAL",
              "Value": 14.20000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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              "ObservationId": "24335af2-bd70-4110-8bb7-b6e533a05045",
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        {
          "EndYear": 2014,
          "Value": 0.10000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
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              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2013\u201314",
              "PeriodStartUtc": "2013-04-01T00:00:00+00:00",
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              "FrequencyCode": "ANNUAL",
              "Value": 14.20000000,
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              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
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              "ObservationId": "56f11e8a-e536-4b22-9a51-ca9c0d469aa3",
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              "PeriodLabel": "FY2013\u201314",
              "PeriodStartUtc": "2013-04-01T00:00:00+00:00",
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              "FrequencyCode": "ANNUAL",
              "Value": 14.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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              "ObservationId": "f8bbe1cf-3195-4cf1-9033-1e4c3d0beaba",
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        {
          "EndYear": 2015,
          "Value": -1.40000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
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              "PeriodLabel": "FY2014\u201315",
              "PeriodStartUtc": "2014-04-01T00:00:00+00:00",
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              "Value": 9.30000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
              "UnusualYear": false,
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            {
              "IndicatorCode": "deposits-growth",
              "PeriodLabel": "FY2014\u201315",
              "PeriodStartUtc": "2014-04-01T00:00:00+00:00",
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              "FrequencyCode": "ANNUAL",
              "Value": 10.70000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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        {
          "EndYear": 2016,
          "Value": 1.60000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
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              "FrequencyCode": "ANNUAL",
              "Value": 10.90000000,
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              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
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              "FrequencyCode": "ANNUAL",
              "Value": 9.30000000,
              "UnitCode": "PERCENT_YOY",
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              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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          "Value": -6.70000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
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              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
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              "Value": 11.80000000,
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              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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          "Value": 3.80000000,
          "Signal": "Funding-pressure watch",
          "Triggered": true,
          "Evidence": [
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              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
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              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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          "Signal": "Funding-pressure watch",
          "Triggered": true,
          "Evidence": [
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              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
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              "FrequencyCode": "ANNUAL",
              "Value": 10.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2019\u201320",
              "PeriodStartUtc": "2019-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2020-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 6.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
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              "PeriodStartUtc": "2019-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2020-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 7.90000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
              "UnusualYear": false,
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          "EndYear": 2021,
          "Value": -5.80000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2020\u201321",
              "PeriodStartUtc": "2020-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2021-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 5.60000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
              "UnusualYear": true,
              "ObservationId": "b3595182-2198-4921-bca9-192c7938cd4b",
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              "PeriodStartUtc": "2020-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2021-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 11.40000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
              "UnusualYear": true,
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          "EndYear": 2022,
          "Value": 0.70000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2021\u201322",
              "PeriodStartUtc": "2021-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2022-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 9.60000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
              "UnusualYear": false,
              "ObservationId": "afa05310-2df8-4674-961f-dfa9159f256e",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
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              "PeriodLabel": "FY2021\u201322",
              "PeriodStartUtc": "2021-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2022-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 8.90000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
              "UnusualYear": false,
              "ObservationId": "9115ca0c-597b-4fd5-afd0-2b9ac109fa49",
              "SourceName": "RBI Annual Report appendix \u2014 money, credit, prices",
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        },
        {
          "EndYear": 2023,
          "Value": 5.40000000,
          "Signal": "Funding-pressure watch",
          "Triggered": true,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2022\u201323",
              "PeriodStartUtc": "2022-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2023-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 15.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
              "UnusualYear": false,
              "ObservationId": "c07b5a07-8cef-41b8-9332-891c494f21d5",
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              "PeriodLabel": "FY2022\u201323",
              "PeriodStartUtc": "2022-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2023-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 9.60000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
              "UnusualYear": false,
              "ObservationId": "04118b62-2073-40c3-97d1-67a3e630dcbf",
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        },
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          "EndYear": 2024,
          "Value": null,
          "Signal": "Unavailable \u2014 FY2023\u201324 merger distorts the credit/deposit comparison",
          "Triggered": null,
          "Evidence": []
        },
        {
          "EndYear": 2025,
          "Value": 0.70000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2024\u201325",
              "PeriodStartUtc": "2024-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2025-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 11.00000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
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              "PeriodLabel": "FY2024\u201325",
              "PeriodStartUtc": "2024-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2025-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 10.30000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
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          "Value": 0.90000000,
          "Signal": "No watch line crossed",
          "Triggered": false,
          "Evidence": [
            {
              "IndicatorCode": "bank-credit-growth",
              "PeriodLabel": "FY2025\u201326",
              "PeriodStartUtc": "2025-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2026-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 17.10000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "SCB bank credit. FY2023\u201324 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.",
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              "PeriodStartUtc": "2025-04-01T00:00:00+00:00",
              "PeriodEndUtc": "2026-03-31T00:00:00+00:00",
              "FrequencyCode": "ANNUAL",
              "Value": 16.20000000,
              "UnitCode": "PERCENT_YOY",
              "DataStatus": "VERIFIED",
              "SourceNote": "Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.",
              "UnusualYear": true,
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}

Calculation lineage

A traceable research record

Copy the observations with periods, units, status and source provenance.

Snapshot published21 Sep 2026, 19:47 UTC
Database loaded21 Sep 2026, 19:47 UTC
Dataset versionindia-monetary-conditions-fy2012-2026-v1

FY denotes April–March. Annual flow totals, period-end rates, growth rates and period averages answer different questions. Net OMO is not total system liquidity; gross government borrowing includes refinancing and is not the same as the fiscal deficit. Source notes record cut-offs, estimates and changes in definition.

What would establish monetary transmission?

Add the policy-to-market link (the overnight call rate relative to repo), lending and deposit rates, and bank balance-sheet conditions. To test effects on output or inflation, use comparable vintages, a justified lag structure and controls for supply shocks and policy responses. This desk currently provides descriptive evidence, not that identification strategy.

Repo rate (end-FY)Annual · % · Verified

RBI Monetary Policy Operations, Table III.1Open source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: Monetary policy repo at the March policy meeting, not a period average.

PeriodValue (%)StatusObservation note
FY2011–128.5VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2012–137.5VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2013–148VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2014–157.5VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2015–166.75VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2016–176.25VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2017–186VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2018–196.25VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2019–204.4VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2020–214VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2021–224VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2022–236.5VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2023–246.5VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2024–256.25VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
FY2025–265.25VerifiedMonetary policy repo at the March policy meeting, not a period average.Source ↗
Cash reserve ratio (end-FY)Annual · % · Verified

RBI Monetary Policy Operations, Table III.1Open source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: A required-reserve ratio. A cut releases existing balances; it is not newly printed money.

PeriodValue (%)StatusObservation note
FY2011–124.75VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2012–134VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2013–144VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2014–154VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2015–164VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2016–174VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2017–184VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2018–194VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2019–203VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2020–213VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2021–224VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2022–234.5VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2023–244.5VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2024–254VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
FY2025–263VerifiedA required-reserve ratio. A cut releases existing balances; it is not newly printed money.Source ↗
RBI net OMO purchasesAnnual · ₹ lakh crore · Verified

RBI Monetary Policy Operations, Table III.1Open source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: Net secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.

PeriodValue (₹ lakh crore)StatusObservation note
FY2011–120.96EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2012–131.54EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2013–140.52EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2014–151.11EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2015–161.1EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2016–171.04EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2017–181.36EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2018–19-0.29EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2019–201.18EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2020–213.13VerifiedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2021–22-0.47EstimatedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2022–23-0.3VerifiedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2023–24-0.2VerifiedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2024–252.6VerifiedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
FY2025–268.78VerifiedNet secondary-market government-security purchases. Negative = net sales. ₹1 lakh crore = ₹1 trillion. Not a direct addition to M3.Source ↗
Gross dated government borrowingAnnual · ₹ lakh crore · Verified

RBI Public Debt Management, Table VII.1Open source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: Central government dated securities. Includes refinancing, so it is not all fresh programme spending.

PeriodValue (₹ lakh crore)StatusObservation note
FY2011–125.1EstimatedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2012–135.58EstimatedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2013–145.79EstimatedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2014–155.92VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2015–165.85VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2016–175.82VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2017–185.88VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2018–195.71VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2019–207.1VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2020–2113.7VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2021–228.91VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2022–2314.21VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2023–2415.43VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2024–2514.01VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
FY2025–2614.61VerifiedCentral government dated securities. Includes refinancing, so it is not all fresh programme spending.Source ↗
Central fiscal deficit / GDPAnnual · % of GDP · Verified

RBI Handbook of Statistics — key fiscal indicators

FY2011–12 – FY2025–26 · 15 observations. Latest note: Headline deficit ratio, not the full fiscal impulse and not identical to dated issuance.

PeriodValue (% of GDP)StatusObservation note
FY2011–125.7VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2012–134.9VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2013–144.5VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2014–154.1VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2015–163.9VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2016–173.5VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2017–183.5VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2018–193.4VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2019–204.6VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2020–219.2VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2021–226.7VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2022–236.4VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2023–245.6VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2024–254.8VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
FY2025–264.4VerifiedHeadline deficit ratio, not the full fiscal impulse and not identical to dated issuance.
Reserve money (M0) growthAnnual · % YoY · Verified

RBI Annual Report appendix — money, credit, pricesOpen source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: Unadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.

PeriodValue (% YoY)StatusObservation note
FY2011–1212.3VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2012–1310.1VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2013–1414.4VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2014–1511.3VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2015–1613.1VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2016–17-5.8VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2017–1827.3VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2018–1914.5VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2019–2014.5VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2020–2116.2VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2021–2210.3VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2022–237.8VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2023–246.7VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2024–255.8VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
FY2025–266VerifiedUnadjusted year-on-year. FY2025–26 is 6.0% unadjusted and 10.8% after the CRR adjustment in the analytical chapter.Source ↗
Narrow money (M1) growthAnnual · % YoY · Verified

RBI Annual Report appendix — money, credit, pricesOpen source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: FY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.

PeriodValue (% YoY)StatusObservation note
FY2011–126VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2012–139.2VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2013–148.1VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2014–1511.3VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2015–1613.5VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2016–17-3.9VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2017–1821.8VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2018–196.8VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2019–2011.2VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2020–2116.2VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2021–2210.7VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2022–237.6VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2023–247.8VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2024–259.4VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
FY2025–2622.3VerifiedFY2025–26 appendix reading is 22.3%; keep it separate from the chapter comparison until dates are reconciled.Source ↗
Broad money (M3) growthAnnual · % YoY · Verified

RBI Annual Report appendix — money, credit, pricesOpen source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: FY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.

PeriodValue (% YoY)StatusObservation note
FY2011–1213.2VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2012–1313.8VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2013–1413.4VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2014–1510.9VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2015–1610.1VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2016–176.9VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2017–189.2VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2018–1910.5VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2019–208.9VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2020–2112.2VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2021–228.7VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2022–239VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2023–2411.1VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2024–259.2VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
FY2025–2615.3VerifiedFY2025–26 appendix 15.3%; economic chapter 13.0%. This panel uses the appendix vintage.Source ↗
Aggregate bank deposits growthAnnual · % YoY · Verified

RBI Annual Report appendix — money, credit, pricesOpen source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: Scheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.

PeriodValue (% YoY)StatusObservation note
FY2011–1217.4VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2012–1314.2VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2013–1414.1VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2014–1510.7VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2015–169.3VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2016–1711.8VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2017–186.2VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2018–1910VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2019–207.9VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2020–2111.4VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2021–228.9VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2022–239.6VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2023–2412.9VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2024–2510.3VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
FY2025–2616.2VerifiedScheduled commercial bank aggregate deposits. Coverage differs from the monetary-survey deposit counterpart.Source ↗
Bank credit growthAnnual · % YoY · Verified

RBI Annual Report appendix — money, credit, pricesOpen source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: SCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.

PeriodValue (% YoY)StatusObservation note
FY2011–1216.8VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2012–1314.1VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2013–1414.2VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2014–159.3VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2015–1610.9VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2016–175.1VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2017–1810VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2018–1913.3VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2019–206.1VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2020–215.6VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2021–229.6VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2022–2315VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2023–2420.2VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2024–2511VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
FY2025–2617.1VerifiedSCB bank credit. FY2023–24 includes the HDFC merger (20.2%); RBI also reported 16.3% excluding it.Source ↗
Bank credit growth excluding HDFC mergerAnnual · % YoY · Verified

RBI Annual Report appendix — money, credit, pricesOpen source ↗

FY2011–12 – FY2025–26 · 15 observations. Latest note: Uses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.

PeriodValue (% YoY)StatusObservation note
FY2011–1216.8VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2012–1314.1VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2013–1414.2VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2014–159.3VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2015–1610.9VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2016–175.1VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2017–1810VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2018–1913.3VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2019–206.1VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2020–215.6VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2021–229.6VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2022–2315VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2023–2416.3VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2024–2511VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
FY2025–2617.1VerifiedUses RBI’s March 2024 merger-adjusted print for FY2023–24; other years equal the published credit series.Source ↗
CPI inflation (FY average)Annual · % · Verified

MoSPI combined CPI; RBI annual averages

FY2011–12 – FY2025–26 · 15 observations. Latest note: Combined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.

PeriodValue (%)StatusObservation note
FY2011–128.4VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2012–1310.2VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2013–149.5VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2014–155.9VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2015–164.9VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2016–174.5VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2017–183.6VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2018–193.4VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2019–204.8VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2020–216.2VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2021–225.5VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2022–236.7VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2023–245.4VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2024–254.6VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
FY2025–262.1VerifiedCombined CPI, April–March average. FY2025–26 uses the 2.1% analytical-chapter print.
Sensex fiscal-year price returnAnnual · % · Verified

RBI capital-market appendix / BSE Sensex fiscal-year close

FY2011–12 – FY2025–26 · 15 observations. Latest note: Full-year price return, excluding dividends. Episode description, not an event-study estimate.

PeriodValue (%)StatusObservation note
FY2011–12-10.5VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2012–138.2VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2013–1418.8VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2014–1524.9VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2015–16-9.4VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2016–1716.9VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2017–1811.3VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2018–1917.3VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2019–20-23.8VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2020–2168VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2021–2218.3VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2022–230.7VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2023–2424.9VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2024–255.1VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
FY2025–26-7.1VerifiedFull-year price return, excluding dividends. Episode description, not an event-study estimate.
USD/INR (FY average)Annual · INR per USD · Verified

RBI reference rate (period average)

FY2011–12 – FY2025–26 · 15 observations. Latest note: Rupees per US dollar. A higher number is a weaker rupee.

PeriodValue (INR per USD)StatusObservation note
FY2011–1251.16VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2012–1354.39VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2013–1460.5VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2014–1562.59VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2015–1666.33VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2016–1764.84VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2017–1865.04VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2018–1969.17VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2019–2075.39VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2020–2172.42VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2021–2275.81VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2022–2382.22VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2023–2483.37VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2024–2585.58VerifiedRupees per US dollar. A higher number is a weaker rupee.
FY2025–2686.63VerifiedRupees per US dollar. A higher number is a weaker rupee.
10-year G-sec yield (FY average)Annual · % · Verified

RBI / CCIL 10-year government security

FY2011–12 – FY2025–26 · 15 observations. Latest note: Period-average secondary-market yield. Duration risk is not in this series.

PeriodValue (%)StatusObservation note
FY2011–128.57VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2012–138.12VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2013–148.83VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2014–157.8VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2015–167.5VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2016–176.9VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2017–187.4VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2018–197.35VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2019–206.14VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2020–216.18VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2021–226.84VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2022–237.36VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2023–247.06VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2024–256.69VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
FY2025–266.58VerifiedPeriod-average secondary-market yield. Duration risk is not in this series.
Non-food credit growthMonthly · % YoY · Provisional

RBI Annual Report appendix — money, credit, pricesOpen source ↗

2025-03 – 2026-03 · 13 observations. Latest note: Sector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.

PeriodValue (% YoY)StatusObservation note
2025-0310.9ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-0411.2ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-0511.6ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-0612.1ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-0712.6ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-0813.1ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-0913.6ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-1014.1ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-1114.5ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2025-1215ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2026-0115.3ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2026-0215.6ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
2026-0315.9ProvisionalSector table (about 41 banks, ~95% of non-food credit). Not interchangeable with appendix SCB credit.Source ↗
Agriculture credit growthMonthly · % YoY · Provisional

RBI Annual Report appendix — money, credit, pricesOpen source ↗

2025-03 – 2026-03 · 13 observations. Latest note: No methodology note supplied.

PeriodValue (% YoY)StatusObservation note
2025-038.4ProvisionalSource ↗
2025-048.8ProvisionalSource ↗
2025-059.2ProvisionalSource ↗
2025-069.7ProvisionalSource ↗
2025-0710.3ProvisionalSource ↗
2025-0810.8ProvisionalSource ↗
2025-0911.4ProvisionalSource ↗
2025-1012ProvisionalSource ↗
2025-1112.5ProvisionalSource ↗
2025-1213ProvisionalSource ↗
2026-0113.3ProvisionalSource ↗
2026-0213.5ProvisionalSource ↗
2026-0313.7ProvisionalSource ↗
Industry credit growthMonthly · % YoY · Provisional

RBI Annual Report appendix — money, credit, pricesOpen source ↗

2025-03 – 2026-03 · 13 observations. Latest note: No methodology note supplied.

PeriodValue (% YoY)StatusObservation note
2025-037.1ProvisionalSource ↗
2025-047.6ProvisionalSource ↗
2025-058.2ProvisionalSource ↗
2025-069ProvisionalSource ↗
2025-079.8ProvisionalSource ↗
2025-0810.5ProvisionalSource ↗
2025-0911.2ProvisionalSource ↗
2025-1012ProvisionalSource ↗
2025-1112.6ProvisionalSource ↗
2025-1213.2ProvisionalSource ↗
2026-0113.5ProvisionalSource ↗
2026-0213.7ProvisionalSource ↗
2026-0313.9ProvisionalSource ↗
Services credit growthMonthly · % YoY · Provisional

RBI Annual Report appendix — money, credit, pricesOpen source ↗

2025-03 – 2026-03 · 13 observations. Latest note: NBFC loans are part of services; do not add overlapping series.

PeriodValue (% YoY)StatusObservation note
2025-0312ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-0412.6ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-0513.3ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-0614.1ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-0714.8ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-0815.5ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-0916.2ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-1016.9ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-1117.5ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2025-1218.1ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2026-0118.5ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2026-0218.8ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
2026-0319ProvisionalNBFC loans are part of services; do not add overlapping series.Source ↗
Personal loan growthMonthly · % YoY · Provisional

RBI Annual Report appendix — money, credit, pricesOpen source ↗

2025-03 – 2026-03 · 13 observations. Latest note: Housing and vehicle loans sit inside personal loans.

PeriodValue (% YoY)StatusObservation note
2025-0311.7ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-0412.1ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-0512.6ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-0613.2ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-0713.7ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-0814.2ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-0914.6ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-1015.1ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-1115.4ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2025-1215.7ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2026-0115.9ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2026-0216.1ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
2026-0316.2ProvisionalHousing and vehicle loans sit inside personal loans.Source ↗
Bank credit to NBFCsMonthly · % YoY · Provisional

RBI Annual Report appendix — money, credit, pricesOpen source ↗

2025-03 – 2026-03 · 13 observations. Latest note: April 2025 reversal of the extra NBFC risk weight overlaps this acceleration.

PeriodValue (% YoY)StatusObservation note
2025-037.4ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-049.8ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-0511.4ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-0613.6ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-0715.4ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-0817.2ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-0919.1ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-1021ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-1122.6ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2025-1224.1ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2026-0125ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2026-0225.7ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
2026-0326.3ProvisionalApril 2025 reversal of the extra NBFC risk weight overlaps this acceleration.Source ↗
Housing loan growthMonthly · % YoY · Provisional

RBI Annual Report appendix — money, credit, pricesOpen source ↗

2025-03 – 2026-03 · 13 observations. Latest note: No methodology note supplied.

PeriodValue (% YoY)StatusObservation note
2025-0312.1ProvisionalSource ↗
2025-0412.2ProvisionalSource ↗
2025-0512.3ProvisionalSource ↗
2025-0612.4ProvisionalSource ↗
2025-0712.5ProvisionalSource ↗
2025-0812.5ProvisionalSource ↗
2025-0912.6ProvisionalSource ↗
2025-1012.7ProvisionalSource ↗
2025-1112.7ProvisionalSource ↗
2025-1212.8ProvisionalSource ↗
2026-0112.8ProvisionalSource ↗
2026-0212.9ProvisionalSource ↗
2026-0312.9ProvisionalSource ↗
Vehicle loan growthMonthly · % YoY · Provisional

RBI Annual Report appendix — money, credit, pricesOpen source ↗

2025-03 – 2026-03 · 13 observations. Latest note: No methodology note supplied.

PeriodValue (% YoY)StatusObservation note
2025-036.8ProvisionalSource ↗
2025-047.6ProvisionalSource ↗
2025-058.5ProvisionalSource ↗
2025-069.6ProvisionalSource ↗
2025-0710.5ProvisionalSource ↗
2025-0811.4ProvisionalSource ↗
2025-0912.4ProvisionalSource ↗
2025-1013.3ProvisionalSource ↗
2025-1114.1ProvisionalSource ↗
2025-1214.9ProvisionalSource ↗
2026-0115.8ProvisionalSource ↗
2026-0216.4ProvisionalSource ↗
2026-0316.8ProvisionalSource ↗
Repo rate (month-end)Monthly · % · Verified

RBI Monetary Policy Operations, Table III.1Open source ↗

2025-03 – 2026-03 · 13 observations. Latest note: No methodology note supplied.

PeriodValue (%)StatusObservation note
2025-036.25VerifiedSource ↗
2025-046VerifiedSource ↗
2025-056VerifiedSource ↗
2025-065.5VerifiedSource ↗
2025-075.5VerifiedSource ↗
2025-085.5VerifiedSource ↗
2025-095.5VerifiedSource ↗
2025-105.5VerifiedSource ↗
2025-115.5VerifiedSource ↗
2025-125.25VerifiedSource ↗
2026-015.25VerifiedSource ↗
2026-025.25VerifiedSource ↗
2026-035.25VerifiedSource ↗
CRR (month-end)Monthly · % · Verified

RBI Monetary Policy Operations, Table III.1Open source ↗

2025-03 – 2026-03 · 13 observations. Latest note: Cut in four tranches from 4% to 3% between September and December 2025.

PeriodValue (%)StatusObservation note
2025-034VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-044VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-054VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-064VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-074VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-084VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-093.75VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-103.5VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-113.25VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2025-123VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2026-013VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2026-023VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
2026-033VerifiedCut in four tranches from 4% to 3% between September and December 2025.Source ↗
View copyable data and provenance

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