Contents - Reserve Bank of India

RBIMonthly Bulletin

January 2009

ContentsSpeechesMitigating Spillovers and Contagion – Lessons 1

from the Global Financial Crisis

by D. Subbarao

The Global Financial Turmoil and Challenges 9

for the Indian Economy

by D. Subbarao

ArticlesIndia’s Balance of Payments Developments during the 21

Second Quarter (July-September 2008) of 2008-09

Finances of State Governments – 2008-09: Highlights 47

South-West Monsoon-2008 : An Overview 83

(June 1 to September 30, 2008)

International Trade in Banking Services, 2006-07 91

Performance of Private Corporate Business Sector 117

during the First Half of 2008-09

Indian Investment Abroad in Joint Ventures and Wholly 135

Owned Subsidiaries: 2008-09 (April-September)

India’s Foreign Trade: 2008-09 (April-October) 145

Other ItemsPress Releases 159

Regulatory and Other Measures 161

Foreign Exchange Developments 165

Current Statistics

Publications

RBI Websites

EDITORIAL COMMITTEE

Amal Kanti RayBalwant SinghR. K. PattnaikJanak RajK. U. B. Rao

EDITOR

Rekha Misra

The Reserve Bank of India Bulletin is issuedmonthly by the Department ofEconomic Analysis and Policy,Reserve Bank of India, under the direction ofthe Editorial Committee.The Central Board of the Bank is notresponsible for interpretations andopinions expressed. In the case of signedarticles, the responsibility is that of theauthor.

© Reserve Bank of India 2009

All rights reserved.Reproduction is permitted provided anacknowledgement of the source is made.

For the subscriptions of Bulletin, please referSection “Important Recent Publications of theReserve Bank of India”.

The Reserve Bank of India Bulletin can also beaccessed through Internet athttp://www.bulletin.rbi.org.in

SpeechesMitigating Spillovers and Contagion – Lessons

from the Global Financial Crisis

by D. Subbarao

The Global Financial Turmoil and Challenges

for the Indian Economy

by D. Subbarao

RBIMonthly Bulletin

January 2009

SPEECH

Mitigating Spilloversand Contagion –

Lessons from theGlobal Financial

Crisis

D. Subbarao

RBIMonthly Bulletin

January 2009 1

1. On behalf of the Reserve Bank of India,

it is my pleasure and privilege to welcome

all of you international delegates to India,

to this wonderful city of Hyderabad, and to

this RBI-BIS Seminar on “Mitigating

Spillovers and Contagion - Lessons from the

Global Financial Crisis”.

Seminar Context

2. This seminar is the second successive

BIS seminar to be organised by the RBI, and

marks an important milestone in the

intellectual collaboration between the Bank

for International Settlements (BIS) and the

Reserve Bank of India (RBI). I want to thank

the management of BIS for giving us the

opportunity of hosting this seminar.

3. I understand the theme for this

seminar, “Mitigating Spillovers and

Contagion - Lessons from the Global

Financial Crisis” was set several months

ago. The global financial crisis has since

become front page news. It is a tribute to

the planners of this seminar, particularly

Mr. Mar Gudmundsson of BIS and my

predecessor as Governor of RBI, Dr.Y.V.

Reddy, that in narrowing down to this topic

they foresaw, ahead of many of us, the

depth and sweep of the crisis.

Global Financial and EconomicOutlook

4. The global financial situation continues

to be uncertain and unsettled. What started

off as a sub-prime crisis in the US housing

mortgage sector has turned successively

into a global banking crisis, global financial

crisis and now a global economic crisis. Text

book economics often cite housing as a

* Speech delivered by Dr. D. Subbarao, Governor, ReserveBank of India at the RBI-BIS Seminar on “MitigatingSpillovers and Contagion – Lessons from the GlobalFinancial Crisis” at Hyderabad on December 4, 2008.

Mitigating Spillovers andContagion – Lessons from theGlobal Financial Crisis*

D. Subbarao

SPEECH

Mitigating Spilloversand Contagion –Lessons from theGlobal FinancialCrisis

D. Subbarao

RBIMonthly BulletinJanuary 20092

prime example of a non-tradeable good. It

is paradoxical that a quintessentially non-

tradable good as housing has triggered a

crisis of global dimensions. Such is the

depth and sweep of financial globalisation.

By far, the most dominant FAQ today is

whether the worst in terms of the financial

sector meltdown, in particular failure of

financial institutions, is behind us. No one

is really willing to take a definitive call on

this, which is a sign of the increasing

number of unknown unknowns.

5. The global economic outlook has

deteriorated sharply over the last two

months. Many economists are now

predicting the worst global recession since

the 1970s. In its World Economic Outlook,

published in early October, the IMF forecast

global growth of 3.9 per cent in 2008, and

of 3.0 per cent in 2009. The IMF has since

revised its forecast for global growth

downwards to 3.7 per cent for 2008, and 2.2

per cent for 2009. Notably, advanced

economies, as a group, are projected to

contract by 0.3 per cent in 2009. If this

gloomy outcome were indeed to come true,

2009 will mark the first year on record when

emerging economies will account for more

than 100 per cent of world growth.

Emerging Economies

6. Emerging economies may be the sole

contributors to global growth in 2009, but

they too are hit hard by the crisis. Ironically,

even as late as six months ago, it was

intellectually fashionable to subscribe to the

‘decoupling theory’– that even if advanced

countries went into a downturn, emerging

economies will at worst be affected only

marginally, and can largely steam ahead on

their own. In a rapidly globalising world,

the decoupling theory was never totally

persuasive; given the evidence of the last

few months - capital flow reversals, sharp

widening of spreads on sovereign and

corporate debt, and abrupt currency

depreciations - the decoupling theory has

almost completely lost credibility. Growth

prospects of emerging economies have most

definitively been undermined by the

ongoing crisis with, of course, considerable

variations across countries. The IMF

revised its growth forecast for emerging

economies for 2009 from its early October

figure of 6.1 per cent to 5.1 per cent. Clearly

emerging economies have a painful

adjustment to make.

Impact of the Crisis on India

7. India too is having to weather the

negative impact of the crisis. Even as

consumption and domestic investment

continue to be the key drivers of our

growth, India’s integration into the world

has been on the increase. Going by the

common measure of globalisation, India’s

two way trade (merchandise exports plus

imports), as a proportion of GDP, grew from

21.2 per cent in 1997/98, the year of the

Asian crisis, to 34.7 per cent in 2007/08. If

we take an expanded measure of

globalisation, that is the ratio of gross

current account and gross capital flows to

GDP, this ratio has increased from 46.8 per

cent in 1997/98 to 117.0 per cent in 2007/

08. These numbers are clear evidence of

India’s increasing integration into the

world economy over the last 10 years.

8. No revolution in human history has

been totally benign. So, it is the case with

SPEECH



Crisis

D. Subbarao

RBIMonthly Bulletin

January 2009 3

headline inflation, as measured by the

wholesale price index, has fallen sharply,

and the decline has been sustained for the

past three weeks, pointing to a faster than

expected reduction in inflation. Clearly,

falling commodity prices have been the key

drivers behind the disinflation; however,

some contribution has also come from

slowing domestic demand. To be sure,

consumer price inflation for the months of

September and October did increase. This is

possibly owing to the firm trend in food

articles inflation and the higher weight of

food articles in measures of consumer price

inflation. Historically there has been a

correlation between wholesale and consumer

price inflation, and given this correlation,

consumer price inflation too can be

expected to soften in the months ahead.

11. The Reserve Bank’s monetary policy

stance has always been to balance growth,

inflation and financial stability concerns.

When inflation surged earlier this year, the

RBI had moved quickly to tighten policy.

Then again, reflecting the unfolding global

situation and expectation of decline in

inflation, RBI has adjusted its monetary

stance over the last couple of months. The

endeavour of our monetary stance has been

to manage liquidity – both domestic and

forex liquidity – and to ensure that credit

continues to flow for productive activities.

12. I do not intend to go into a detailed

cataloguing of all the measures we have

taken, but I do want to mention that we

have instituted both aggregate measures as

well as sector specific measures. Although,

we remain vulnerable to global financial and

economic developments, the measures

taken so far have eased the liquidity and

globalisation; globalisation comes with costs

and benefits. Managing globalisation

requires that we minimise the costs and

maximise the benefits. India has

undoubtedly benefited from integrating

into the world. By corollary, we also need

to manage the downside ramifications of

integrating into the world, as indeed

evidenced by the current context.

9. The Indian banking system is not

directly exposed to the sub-prime mortgage

assets. It has very limited indirect exposure

to the US mortgage market, or to the failed

institutions or stressed assets. Indian

banks, both in the public sector and in the

private sector, are financially sound, well

capitalised and well regulated. Even so,

India is experiencing the knock-on effects

of the global crisis, through the monetary,

financial and real channels. Our financial

markets – equity markets, money markets,

forex markets and credit markets – have all

come under pressure mainly because of

what we have begun to call ‘the substitution

effect’. As credit lines and credit channels

overseas went dry, some of the credit

demand earlier met by overseas financing

is shifting to the domestic credit sector,

putting pressure on domestic resources.

The reversal of capital flows taking place as

part of the global de-leveraging process has

put pressure on our forex marke t s .

Together, the global credit crunch and de-

leveraging were reflected at home in the

sharp fluctuation in the overnight money

market rates in October 2008 and the

depreciation of the rupee.

10. The outlook for India, going forward,

is mixed. There is evidence of economic

activity slowing down. At the same time,

SPEECH


D. Subbarao


credit flow situations considerably. I must

also add that in managing the impact of the

global crisis, we have been mindful that no

policy initiative is totally costless. Managing

this delicate balance between costs and

benefits has been one of our challenges.

13. Going forward, developments in the

real economy, financial markets and global

commodity prices point to a period of

moderation in growth with declining

inflation. The fundamentals of our

economy continue to be strong. Once calm

and confidence are restored in the global

markets, economic activity in India will

recover sharply. But a period of painful

adjustment is inevitable.

14. The Reserve Bank’s policy endeavour

will be to ensure an orderly adjustment, and

to minimise the pain of its impact. In

particular, we will try to maintain a

comfortable liquidity position, see that the

weighted average overnight money market

rate is maintained within the repo-reverse

repo corridor and ensure conditions

conducive for flow of credit to productive

sectors, particularly the stressed export and

small and medium industry sectors. We

hope that all economic agents will plan their

business activities on the basis of this

assurance.

Lessons from the Crisis

15. The crisis is by no means over.

Drawing lessons may therefore appear a bit

premature. There may yet be surprises.

Even so, it will be instructive to put our

minds together to understand how we got

here and how we may avoid the mistakes

and excesses in the future. It will be

presumptuous on my part to anticipate the

whole gamut of issues that you will bring

to the discussion. Given your collective

experience and expertise, that will indeed

be a rich contribution. But I want to take

this opportunity to raise some of the more

important debates thrown up by this crisis.

I will refer to five debates.

1st debate: How do we manageglobal imbalances?

16. In popular perception, the collapse of

Lehman Brothers on 15 September 2008 will

remain as the trigger for the global crisis.

At one level, that many well be true. Indeed,

for several years ahead, I can see ourselves

furiously debating the famous

counterfactual, “If Lehman had not been

allowed to fail, …..”.

17. However, if only we look a little deeper,

we will trace the origins of the crisis to the

build up of global imbalances during the 90s

and this first decade of this century. There

is of course a separate debate on what caused

the build up of imbalances? Is it excess

consumption of the US, or is it the savings

glut in emerging Asia with the US helping

out as the ‘consumer of the last resort’?

18. Be that as it may, there is little

disagreement over the mega trends that lead

to the imbalances. First, there was the

globalisation of labour. Emerging Asia

added nearly three billion to the world pool

of labour as it integrated into the world

through the 90s. What this did was to

reduce production costs at the aggregate

level and increase Asia’s comparative

advantage. In a manner of speaking, Asia

produced and America consumed. Asian

economies ran up huge surpluses on their

trade accounts which were mirrored by

SPEECH



Crisis

D. Subbarao

RBIMonthly Bulletin

January 2009 5

current account deficits in the US. This

geographical savings – consumption

imbalance was inherently fragile, but we

refused to acknowledge it. Instead, we

lulled ourselves into believing that we have

entered, what Mervyn King of Bank of

England famously called NICE era - ‘non-

inflationary consistently expansionary’ era.

It is these imbalances that generated easy

liquidity and low interest rates which in

turn encouraged under-pricing of risk and

deterioration in credit quality.

19. So, the debating issue is, can we

prevent global imbalances from building up

in the future? There is an argument that

global imbalances are inevitable given the

demographic profile of the world. Emerging

economies typically have younger

populations with a higher marginal

propensity to save. Conversely, advanced

countries with ageing populations have a

higher marginal propensity to consume. If

the demand for, and supply of, savings at

the global level is structurally so well

matched, how do we prevent a recurrence

of global imbalances?

2nd debate: Is self-insurance aviable option for emergingeconomies?

20. Writing in the Business Standard last

week, Arvind Subramanian of the Peterson

Institute for International Economics had

raised the issue of self insurance –

accumulation of foreign reserves – as a

buffer against financial crises. Following

the Asian crisis, East Asian countries built

up huge reserves as a deliberate policy of

self insurance. China and India too built

up reserves, with an important difference

though. China’s reserves derive from

current account surpluses and are therefore

an unencumbered asset, whereas India’s

reserves have been built up from capital

flows, and are therefore encumbered by

liabilities. It is this war chest of reserves

that has given the muscle to the emerging

economies to withstand the worst impact

of the ongoing crisis.

21. Self-insurance, of course, is not

costless, as Subramanian himself argues.

Reserves should ideally be built through

current account surpluses. This implies

greater reliance on the external sector,

particularly exports. But such reliance on

exports can become a liability if export

demand shrinks which can happen for

reasons exogenous to the emerging

economy. There is obviously a trade off

here. Self-insurance, as defined by reserve

build up through aggressive exports, offers

protection against financial contagion, but it

also makes the economy vulnerable to trade

contagion. How do we balance this trade off

between vulnerability to financial contagion

and vulnerability to trade contagion?

22. Another relevant issue is that self-

insurance may not be necessary, indeed

may be redundant, if international

collective arrangements - regional or

multilateral – can provide easy, quick and

unconditional liquidity during a crisis. For

example, the motivation for self-insurance

will be less compelling if the recently

instituted IMF’s Short-term Liquidity

Facility for Market Access Countries or the

swap facility offered to select countries by

the US Federal Reserve become more

common and can be accessed with relatively

low transaction costs.

SPEECH


D. Subbarao


23. So, the second debating issue I want to

raise is the following: “Is self-insurance a

viable policy option for emerging

economies?”

3rd debate: How do we reformfinancial sector regulation?

24. By far the most contentious and most

voluble debate triggered by the crisis has

been about the flaws in the regulatory

architecture. Several issues have come to

the fore. I will mention just a few. How

can complex derivative products which

transmitted risks across the system be made

more transparent? What are the financial

stability implications of structured products

like credit derivatives? Are exchange traded

derivatives better than over the counter

(OTC) derivatives? How do we eliminate the

drawbacks of the “originate – to –

distribute” model? Is universal banking, the

model that the United States has now

turned to, appropriate? Can we apply the

same regulatory regime for both wholesale

and retail banks?

25. The burden of all the above questions

is to identify the drawbacks in the present

regulatory regimes and indicate possible

solutions. There is no doubt that we must

pursue all these questions. In doing so, I

would urge that we remember two things.

The first thing to remember is that no one

size fits all. For example, universal banking

may be good in some countries and in some

situations, and not so in others. The second

thing to remember is that some regulations

arguably have been behind the curve. There

is no denying that regulations have to keep

pace with innovations. But in doing so, we

must be mindful of the risks of over

tightening regulations so much that they

stifle innovation.

26. While on the subject of reforming

regulation, there is also the larger question

of risk modelling. True, the probability of

risk follows a normal distribution –

popularly called the bell curve. But our

regulatory regimes have been tailored to

respond to the central, higher probability

portion of the bell curve. Typically, we

ignored the black swan lying in the long tail

of the curve. We now know from the

benefit of hindsight that this was a fatal

flaw. The black swan represents the low

probability, high risk events that pose

systemic risk. While our regulatory regimes

were tailored to address institutional

failures, they were not equipped to address

systemic failures.

27. So, the issues for debate are the

following. What are the flaws of the current

regulatory regimes? How do we fix them?

In what ways can international cooperation

be fostered in this regard? How do we

address the black swan systemic risk

events?

4th debate: How do we addressregulatory arbitrage?

28. Around the world, regulations

governing the banking system have typically

been quite stringent on the premise that the

interests of the depositors need to be

protected. But under the very nose of the

regulators grew a very extensive and

complex network of a ‘shadow banking

system’, comprising hedge funds, broker-

dealers, private equity funds, structured

investment vehicles and conduits and

money market funds. This shadow banking

SPEECH



Crisis

D. Subbarao

RBIMonthly Bulletin

January 2009 7

system was typically highly leveraged, and

had an extensive nexus with the banking

system. However, the shadow banking

system suffered much lighter regulation.

This ‘regulatory arbitrage’ encouraged loose

practices, hunt for quick yields and non-

transparent and risky financial products.

When the systems began to unravel, it was

realised that many of these institutions in

the shadow banking system pose as much

of a systemic risk as banks. The moral of

the story is that if an institution is ‘too big

to be allowed to fail’, it is also too big to be

let off with loose regulations.

29. So, the question for debate is, how do

we address the problem of regulatory

arbitrage?

5th debate: How do we keep thefinancial sector in line with the realsector?

30. Last, and perhaps most important, let

me turn to the debate surrounding the

efficiency gains of financial engineering.

We got ourselves into believing that

significant value could be created by slicing

and dicing securities. Illustratively, we

believed that financial alchemy could turn

the ‘lead’ of sub-prime mortgages into gold

and platinum of ‘AAA’ securities. In many

ways, the malady was worse. We failed to

learn from earlier crises. We should have

learnt that the modern financial system

with its deregulated markets, highly

leveraged players and large capital flows was

dangerously fragile. We should have seen

the crisis incubating behind the dazzle of

financial alchemy. We should have noticed

the regulatory systems getting lax and

behind the curve. Instead what happened

was just the opposite. The complexity,

sophistication and finesse associated with

it gave the financial sector a larger than life

profile. Lulled by the seemingly benign

economic environment, we deluded

ourselves into believing that for every real

life problem, no matter how complex, there

is a financial sector solution.

31. Forgotten in the euphoria of financial

alchemy is the basic tenet that the financial

sector has no standing of its own; it derives

its strength and resilience from the real

economy. It is the real sector that should drive

the financial sector, not the other way round.

32. So, the issue for debate is, how do we

keep the financial sector in line with the

real sector?

Summary and Conclusion

33. That brings me to the close of the five

debates relating to the lessons from the

global financial crises. To summarise, the

five debates I have raised are the following:

i) How do we manage global imbalances?

ii) Is self-insurance a viable option for

emerging economies?

iii) How do we reform financial sector

regulation?

iv) How do we address regulatory

arbitrage?

v) How do we keep the financial sector in

line with the real sector?

34. I am aware that there are several other

important issues beyond what I have

raised. I hope and trust that we will have

an opportunity to discuss all these issues.

I wish you all a rewarding learning

experience over the next two days.

SPEECH

The Global FinancialTurmoil and Challengesfor the Indian Economy

D. Subbarao

RBIMonthly Bulletin

January 2009 9

It is my pleasure to be here this evening

and to be able to share my thoughts with

an exclusive gathering of bankers. Since this

is an in-house meeting and we are

professional colleagues, I propose to be

frank and forthright. I am glad to know that

the Bankers’ Club in Kolkata has been

recently revived and is engaged in

promoting professional interaction within

the banking community.

2. The global financial crisis is now the

staple of front page news. Banks around the

world, including those in India, are in the

forefront of managing the challenge of crisis

resolution. Since it is so topical, I would like

to take this opportunity to share my

perspective on the current global turmoil,

its impact on India, the outlook for the

Indian economy and the challenges that lie

ahead for the Indian banking system, in

particular.

Global Financial Outlook

3. The global financial situation continues

to be uncertain and unsettled. What started

off as a sub-prime crisis in the US housing

mortgage sector has turned successively into

a global banking crisis, global financial crisis

and now a global economic crisis. Text book

economics often cites housing as a prime

example of a non-tradable good. It is

paradoxical that a quintessentially non-

tradable good as housing has triggered a crisis

of global dimensions. This crisis is also the

first of a kind in the sense that it is the first

financial crisis since the Great Depression

that originated in the advanced economies

and rapidly engulfed the whole world. Such

is the depth and sweep of financial

globalisation. By far, the most frequently* Speech by Dr. D. Subbarao, Governor, Reserve Bank ofIndia at the Bankers’ Club, Kolkata on December 10, 2008.

The Global FinancialTurmoil and Challengesfor the Indian Economy*

D. Subbarao

SPEECH


D. Subbarao


asked question (FAQ) today is whether the

worst – in terms of the financial sector

meltdown, and in particular, failure of

financial institutions – is behind us. No one

is really willing to take a definitive call on

this, which is a sign of the increasing number

of unknown unknowns.

4. Even as recently as six months ago,

there was a view that the fallout of the crisis

will remain confined to the financial sector

and that, at the most, there would only be a

shallow recession in the advanced

economies. These expectations, as it now

turns out, have been belied. The contagion

has traversed from the financial to the real

sector; and it now looks like the recession

will be deeper and the recovery longer than

earlier anticipated.

Global Economic Outlook

5. Many economists are now predicting

that this ‘Great Recession’ of 2008/09 will be

the worst global recession since the 1930s.

The IMF made its customary forecast for

global growth in the World Economic

Outlook published in October 2008. By early

November, the IMF had revised its forecast

for global growth downwards – from 3.9 per

cent to 3.7 per cent for 2008, and from 3.0

per cent to 2.2 per cent for 2009. There are

two inferences that follow from this. First,

that the global situation has deteriorated

rapidly, in a space of less than two months.

Second, that 2009 is going to be a more

challenging year than 2008.

Emerging Economies

6. Ironically, even as late as six months

ago, it was intellectually fashionable to

subscribe to the ‘decoupling theory’– that

even if advanced countries went into a

downturn, emerging economies will, at

worst, be affected only marginally, and will

largely steam ahead on their own. In a

rapidly globalising world, the decoupling

theory was never very persuasive; given the

evidence of the last few months – capital

flow reversals, sharp widening of spreads

between sovereign and corporate debt, and

abrupt currency depreciations – the

decoupling theory has almost completely

lost credibility. Growth prospects of

emerging economies have most definitively

been undermined by the ongoing crisis

with, of course, considerable variations

across countries.

Impact of the Crisis on India

7. India too is having to weather the

negative impact of the crisis. As the impact

on India unfolds, there are two frequently

asked questions: First, how is that India is

affected when it came out of the Asian crisis

relatively unscathed? Second, why is India

affected even when its exports account for

only 15 per cent of its GDP? The answer to

both the questions lies in globalisation. We

are certainly more integrated into the world

economy today than ten years ago at the

time of the Asian crisis. Integration into the

world implies more than just exports.

Going by the common measure of

globalisation, India’s two- way trade

(merchandise exports plus imports), as a

proportion of GDP, grew from 21.2 per cent

in 1997-98, the year of the Asian crisis, to

34.7 per cent in 2007-08. If we take an

expanded measure of globalisation, that is,

the ratio of total external transactions (gross

current account flows plus gross capital

SPEECH


D. Subbarao

RBIMonthly Bulletin

January 2009 11

Indian corporates; (ii) constraints in raising

funds in a bearish domestic capital market;

and (iii) decline in the internal accruals of

the corporates. All these factors added to

the pressure on the domestic credit market.

10. Simultaneously, the reversal of capital

flows, caused by the global de-leveraging

process, has put pressure on our forex

market. The sharp fluctuation in the

overnight money market rates in October 2008

and the depreciation of the rupee reflected the

combined impact of the global credit crunch

and the de-leveraging process underway.

Outlook for India

11. The outlook for India, going forward,

is mixed. There is evidence of a slow down

in the economic activity. The real GDP

growth has moderated in the first half of

2008-09. Industrial activity, particularly in

the manufacturing and infrastructure

sectors, is decelerating. The services sector

too, which has been our prime growth

engine for the last five years, is slowing,

mainly in the construction, transport and

communication, trade, hotels and

restaurants sub-sectors. For the first time

in seven years, exports have declined in

absolute terms in October 2008. Recent data

indicate that the demand for bank credit is

slackening despite comfortable liquidity in

the system. Higher input costs and

dampened demand have dented corporate

margins while the uncertainty surrounding

the crisis has affected business confidence.

Inflation

12. On the positive side, headline inflation,

as measured by the wholesale price index,

has fallen sharply, and the decline has been

flows) to GDP, this ratio has increased from

46.8 per cent in 1997-98 to 117.4 per cent in

2007-08. These numbers are clear evidence

of India’s increasing integration into the

world economy over the last 10 years.

8. We must also note another important

difference between the crisis in the

advanced countries and the developments

in India. While in the advanced countries

the contagion spread from the financial to

the real sector, in India, the slowdown in

the real sector is affecting the financial

sector, which in turn, has a second-order

impact on the real sector.

The Indian Banking System

9. The Indian banking system is not

directly exposed to the sub-prime mortgage

assets. It has very limited indirect exposure

to the US mortgage market, or to the failed

institutions or stressed assets. Indian

banks, both in the public sector and in the

private sector, are financially sound, well

capitalised and well regulated. The average

capital to risk-weighted assets ratio (CRAR)

for the Indian banking system, as at end-

March 2008, was 12.6 per cent, as against

the regulatory minimum of nine per cent

and the Basel norm of eight per cent. Even

so, India is experiencing the knock-on

effects of the global crisis, through the

monetary, financial and real channels – all

of which are coming on top of the already

expected cyclical moderation in growth. Our

financial markets – equity market, money

market, forex market and credit market –

have all come under pressure mainly

because of what we have begun to call ‘the

substitution effect’ of : (i) drying up of

overseas financing for Indian banks and

SPEECH


D. Subbarao


sustained for the past four weeks, pointing

to a faster-than-expected reduction in

inflation. Largely, the falling commodity

prices have been the key drivers behind the

disinflation; however, some contribution

has also come from slowing domestic

demand. The reduction in prices of petrol

and diesel announced last week, and a cut

in the excise duties should further ease the

inflationary pressures. To be sure, consumer

price inflation for the months of September

and October 2008 did increase. This is

possibly owing to the firm trend in food-

articles inflation and the higher weight of

food articles in the measures of consumer

price inflation. Historically, there has been a

positive correlation between wholesale and

consumer price inflation, and given this

correlation, consumer price inflation too can

be expected to soften in the months ahead.

RBI’s Policy Stance

13. The Reserve Bank’s monetary policy

stance has consistently been to balance

growth, inflation and financial stability

concerns. When inflation surged earlier this

year, the Reserve Bank had moved quickly to

tighten policy. Then again, reflecting the

unfolding global situation and expectation

of decline in inflation, the Reserve Bank has

adjusted its monetary stance over the last

couple of months. The endeavour of our

monetary stance has been to manage

liquidity – both domestic and forex liquidity

– and to ensure that credit continues to flow

for productive activities.

Measures Taken So Far

14. The Reserve Bank has taken several

measures aimed at infusing rupee as well

as foreign exchange liquidity and to

maintain credit flow to productive sectors

of the economy. Measures aimed at

expanding the rupee liquidity included

significant reduction in the cash reserve

ratio (CRR), reduction of the statutory

liquidity ratio (SLR), opening a special repo

window under the liquidity adjustment

facility (LAF) for banks for on-lending to the

non-banking financial companies (NBFCs),

housing finance companies (HFCs) and

mutual funds (MFs), and extending a special

refinance facility, which banks can access

without any collateral. The Reserve Bank is

also unwinding the Market Stabilisation

Scheme (MSS) securities, roughly synchronised

with the government borrowing programme,

in order to manage liquidity.

15. Measures aimed at managing forex

liquidity include upward adjustment of the

interest rate ceilings on the foreign currency

non-resident (banks) [FCNR(B)] and non-

resident (external) rupee account [NR(E)RA]

deposits, substantially relaxing the external

commercial borrowings (ECB) regime,

allowing the NBFCs and HFCs access to

foreign borrowing and allowing corporates

to buy back foreign currency convertible

bonds (FCCBs) to take advantage of the

discount in the prevailing depressed global

markets. The Reserve Bank has also

instituted a rupee-dollar swap facility for

banks with overseas branches to give them

comfort in managing their short-term

funding requirements.

16. Measures to encourage flow of credit

to sectors which are coming under pressure

include extending the period of pre-

shipment and post-shipment credit for

exports, expanding the refinance facility

for exports, counter-cyclical adjustment of

SPEECH


D. Subbarao

RBIMonthly Bulletin

January 2009 13

provisioning norms for all types of

standard assets (except in case of direct

advances to agriculture and small and

medium enterprises which continue to be

at 0.25 per cent) and risk weights on banks’

exposure to certain sectors which had been

increased earlier counter-cyclically, and

expanding the lendable resources available

to the Small Industries Development Bank

of India (SIDBI), the National Housing Bank

(NHB) and the Export-Import Bank of India

(EXIM Bank).

17. To improve the flow of credit to

productive sectors at viable costs so as to

sustain the growth momentum, the Reserve

Bank signalled a lowering of the interest rate

structure by reducing its key policy rate viz.,

the repo rate by 250 basis points from 9.0

per cent as on October 19 to 6.5 per cent by

December 8, 2008.

18. Although, we remain vulnerable to

global financial and economic

developments, the measures taken so far

have eased the liquidity and credit flow

situations considerably. I must also add

that in managing the impact of the global

crisis, we have been mindful that no policy

initiative is totally costless. Managing this

delicate balance between costs and benefits

has been one of our challenges.

19. The measures taken by the Reserve Bank

have been appreciated and criticised. I would

like to assure you that we give as much

importance to our critics as our admirers.

While some of the criticism has been fair and

value adding, some of it stems from an

inadequate appreciation of the Reserve Bank

perspective. I thought it may be useful to give

our perspective so as to inform public debate

on important monetary policy issues.

20. Everyone is now agreed that the way

forward on this crisis at the present time is

too uncertain. Even today, it is not possible

to clearly see the path of the crisis and its

resolution over the coming months. It is just

not possible to have a precise road map all

laid out to be unleashed in one go. This

crisis does not allow us that luxury. And,

mind you, India is not unique in this

respect. Almost every country, whether or

not directly affected, is having to manage

under uncertainty. There are simply too

many unknown unknowns.

21. In the circumstances, the stance of the

Reserve Bank has been to respond to the

evolving situation swiftly and effectively,

and to the extent possible, in anticipation

of immediate developments. We do have a

road map that is comprehensive and

practical. It would be our endeavour to adapt

this road map to the evolving global

developments and implement it flexibly

and pragmatically. Our approach, as indeed

of every prudent central banker around the

world, has been to “cross the river by feeling

the stones”. The Reserve Bank will continue

to be on vigil and do everything possible

within its mandate to mitigate the impact

of the crisis on the Indian economy.

The Challenges Ahead

22. Let me now turn to the major

challenges facing the banking system in the

country, particularly in the wake of the

global financial crisis.

The First Challenge: Maintainingthe Credit Flow

23. The outlook, both for the world and for

India, continues to remain uncertain. The

SPEECH


D. Subbarao


future trajectory of the global crisis is not

yet clear. As I mentioned earlier, the year

2009-10 will be more challenging than the

current one. There was a noticeable decline

in the credit demand in the month of

November 2008 but it is not yet clear if it

was a one off episode or it reflects a trend.

If it is indicative of slowing economic

activity, it would be a major challenge for

the banks to ensure healthy flow of credit

to the productive sectors of the economy.

As you know, economic growth, even in

normal times, requires efficient financial

intermediation. An economic downturn,

therefore, requires even more efficient

financial intermediation – and this is a major

challenge that the banking community has

to address. There is a need to ensure a steady

credit flow to the real sector of the economy

in order to sustain demand even while

maintaining credit quality.

24. There are two aspects to lending viz.,

availability and cost of credit. While the

availability of credit should not be an issue,

the cost of credit seems to be an issue at

the current juncture. There seem to be two

reasons inhibiting the banks from

extending credit: first, a high weighted-

average cost of funds because of high

interest rates on deposits; and second,

concerns about credit quality, which makes

the banks risk averse, particularly in lending

to certain segments. During the last one

month, there has been a sharp reversal in

trend and, as noted earlier, credit demand

seems to be slackening. The reduced

funding demand on the banks should

enable them to reduce the interest rates on

deposit and thereby reduce the overall cost

of funds. In addition, from a macro

perspective the decelaration of headline

inflation noticed so far and the expectations

of softening of inflation in the months

ahead should enable a reduction in nominal

interest rates. These developments in turn,

would facilitate lending at lower interest

rates, making fresh lending more viable and,

at least partly obviating the risk aversion of

the banks.

25. Let me assure you that the Reserve

Bank, on its part, will continue to maintain

adequate liquidity in the system to enable

the flow of credit to the economy.

The Second Challenge: How Do WeReform Financial SectorRegulation?

26. By far, the most contentious and most

voluble debate triggered by the crisis has

been about the flaws in the regulatory

architecture of the financial sector. Several

issues have come to the fore. I will mention

just a few. How can complex derivative

products, which transmitted risks across the

system, be made more transparent? What

are the financial stability implications of

structured products like credit derivatives?

Are exchange traded derivatives better than

over-the-counter (OTC) derivatives? How do

we eliminate the drawbacks of the

‘originate-to- distribute’ model? Is universal

banking, the model that the United States

has now turned to, appropriate? Can we

apply the same regulatory regime for both

wholesale and retail banks?

27. The burden of all the above questions

is to identify the drawbacks in the present

regulatory regimes and indicate possible

solutions. There is no doubt that we must

pursue all these questions. In doing so, I

would urge that we remember two things.

SPEECH


D. Subbarao

RBIMonthly Bulletin

January 2009 15

The first thing to remember is that no one

size fits all. For example, universal banking

may be good in some of the countries and

in some of the situations, and not so in

others. The second thing to remember is

that some regulations, arguably, have been

behind the curve. There is no denying that

regulations have to keep pace with

innovations in the financial markets but in

doing so, we must be mindful of the risks

of over-tightening the regulations lest they

stifle innovation.

The Third Challenge: RegulatoryForbearance and RelaxingRegulatory Norms

28. There has been a sustained demand

from various quarters for exercising

regulatory forbearance in regard to extant

prudential regulations applicable to the

banking sector. As a part of counter-cyclical

package, we have already made several

changes to the current prudential norms.

These include: (a) reduction in the risk

weights for claims on unrated corporates

and commercial real estate to 100 per cent;

(b) reduction in the provisioning

requirement for all standard assets to 0.40

per cent; (c) permitting housing loans to be

restructured even if the revised payment

period exceeds ten years; (d) making the

restructured commercial real estate

exposures eligible for special treatment if

restructured before June 30, 2009.

29. There are demands for further

regulatory forbearance. For example, there

has been a demand to relax the asset

classification norms by increasing the period

of delinquency beyond the current norm of

90 days after which the loan asset is required

to be classified as non-performing. The

objective underlying the demand is to permit

the banks to avoid recognising non-

performing loans (NPLs) for a longer period.

Is it desirable to change the NPL norm by

relaxing the 90 day rule? The demand is

presumably premised on the argument that

the relaxation in the norm will make the

banks’ financials look better, allow them to

reserve less, conserve capital, and may even

allow them to offer more credit (or at least

not cut back on credit). However, there are

several forceful arguments against the

relaxation sought. Let me mention a few.

(i) Delay in recognition of NPL removes

pressure on the banks to deal promptly

with the problem. History suggests that

delayed recognition of impairment in

the value of the assets makes the

problems only worse. The sooner banks

restructure the loan (through, say, CDR

mechanism) or, where appropriate, send

the loan for collection, the better.

(ii) This global downturn is likely to be a

prolonged one. If banks do not

recognise their problem loans here and

now, and deal with them expeditiously,

the problem will only get compounded

with the passage of time and will keep

haunting them in future.

(iii) The prudential regulatory norms ought

not to be changed lightly, especially

when markets are on edge. If the

impression gains ground that the

modified norms under-state the extent

of impairment and over-state the asset

quality in the banking sector, the

markets could suspect the worst and

needlessly penalise the banks through

market discipline.

SPEECH


D. Subbarao


30. These are the issues we need to reflect

on in moving towards further regulatory

forbearance.

The Fourth Challenge: EffectiveImplementation of Basel IIFramework

31. As you are aware, a part of the Indian

banking system has already migrated to the

Basel II Framework effective March 31, 2008

and the remaining commercial banks are

slated to do so by March 31, 2009. However,

having regard to the state of preparedness

of the system, we have, for the present,

adopted only the simpler approaches

available under the Framework. The Reserve

Bank is yet to announce the timeframe for

adoption of the Advanced Approaches in the

Indian banking system but the migration to

these Approaches is the eventual goal – for

which the banking system will need to start

its preparations in all earnestness.

32. The migration to the Advanced

Approaches poses several significant

challenges to the bankers and, as the

banking regulator and supervisor, also to

the Reserve Bank. The first challenge is the

availability of long time-series data for

computing the risk parameters required

under the Advanced Approaches. Good-

quality, consistent and reliable data and

information relating to the loan portfolios

of the banks as also sophisticated IT

resources are critical to the proper risk

assessment under the Basel II framework.

Data limitation is a key impediment to the

design and implementation of credit risk

models. This may prove to be a major

challenge for us in India, given the wide-

spread branch network – though the

increasing computerisation in the banking

industry should prove to be of great help.

33. The second challenge is that the

Advanced Approaches for credit risk and

operational risk envisaged under the Basel

II Framework also require use of risk models

by the banks. This, in turn, requires internal

validation of these models by the banks

themselves as also by the supervisors before

the models can be permitted to be used for

regulatory capital purposes. Such a

validation process demands expert skills

which need to be developed and nurtured.

34. Third, since Basel II Framework is

primarily about ensuring robust risk

management in the banks, its effective

implementation, particularly the Advanced

Approaches, will demand rapid and

significant upgradation of skills – both at the

level of the banking system as also within

the Reserve Bank. In this context, the

challenge that banks are likely to face will be

multi-faceted, viz., assessing skill

requirements, identifying and bridging the

gaps, identifying talents, putting the

available talents to optimum use, attracting

fresh talents, retention of talents, and change

management. Banks would, therefore, need

to pay special attention to strengthening

their risk management infrastructure, in all

its dimensions, including the human

resources. We, in the Reserve Bank, are

mindful of our part of the challenges in this

regard and are taking necessary measures.

35. The implementation of Basel II requires

closer cooperation, information sharing and

co-ordination of policies among sectoral

supervisors, specially in the context of

financial conglomerates. The existence of

separate supervisory authorities to regulate

SPEECH


D. Subbarao

RBIMonthly Bulletin

January 2009 17

different segments of the markets within a

jurisdiction may create challenges in

implementation of Basel II not only within

a jurisdiction but also across jurisdictions –

which would require effective cross-border

supervisory cooperation and co-ordination.

The Fifth Challenge: The Challengeof Banking Development andFinancial Inclusion in Eastern India

36. Banking development in the eastern

region of the country, as measured by

several parameters, is lagging behind the

national average. Let me give some evidence

to illustrate this.

• In March 2008, the all-India per branch

population coverage was 15,400. For the

eastern region, the figure varied from

25,000 in Bihar to 9,600 in Sikkim.

• In March 2007, at the all-India level, the

per capita deposit was Rs. 28,600. The

corresponding figure for the eastern

region was Rs. 14,400. Similarly, as

against the per capita credit of Rs

28,600 at the all-India level, the

corresponding figure for the eastern

region is only Rs. 7,200.


population of people having bank

accounts was 41 per cent. The

corresponding population for the

eastern region was only 30.7 per cent,

ranging from 21.1 per cent for Bihar to

39.6 per cent for West Bengal.


credit-deposit ratio was 74.5 per cent.

For the eastern region, the ratio was

just 50 per cent.

37. In terms of infrastructure coverage and

other development indicators, the eastern

region is not as developed as other regions

of the country. Admittedly, this affects the

credit absorption capacity and may also

explain some of the lagging parameters

mentioned above. However, this can not be

an excuse for inaction. It should be impetus

for vigorous action.

38. Finance can lead development just as

much as it can be led by it. This is specially

true for the poor. Nearly a third of the

people of Bihar and West Bengal are below

the poverty line. Through greater financial

inclusion it should be possible to provide

savings, loan and insurance products at

affordable prices and this can generate

income and employment in a very

significant measure.

39. We must recognise that the

opportunity cost of formal finance for the

borrower is so high that mere financial

inclusion can unlock value that today is

accruing to rentiers and informal finance

providers. This apart, transaction costs can

be reduced through the kind of scale of

operations that only banks are capable of

achieving and this itself become a source

of value creation.

40. Financial inclusion can not be reduced

to a mere number game. The actual impact

of financial inclusion and expanded

banking coverage must be felt at the grass-

root level. I find that a number of measures

have been initiated to deepen the banking

penetration in the region. For example, in

West Bengal, a Task Force for extending

banking facilities in unbanked Gram

Panchayats (GP) was constituted by the State

Level Bankers’ Committee in December

SPEECH


D. Subbarao


2007. The task force has identified 511 GPs

at which bank branches will be opened in

next three years and at 427 GP-centres in

the following three years. I understand that

the State Government has agreed to provide

premises adjacent to the GP offices and

extend other facilities like road connection

and power at such centres.

41. Where a full fledged branch can not be

opened immediately, banks could look at

covering the unbanked areas through

satellite offices, weekly branches, or use the

business correspondent model for ensuring

greater coverage within a shorter period.

Information Technology (IT) solutions

should also be explored for providing a back

bone of credit information, customer

information apart from facilitating more

efficient credit delivery and reducing cost

of payments and remittances.

42. I understand there has been an

interesting and innovative experiment

undertaken in West Bengal for promoting

financial inclusion. A Financial Inclusion/

Literacy Campaign was launched in an

urban slum area viz., the Basanti Colony,

Ultadanga, Kolkata in mid-October 2008 in

association with six commercial banks.

These banks are the State Bank of India,

United Bank of India, UCO Bank, Allahabad

Bank, Bank of India and Bank of Baroda –

which had branches in the vicinity of the

slum area. All six banks were allotted

separate counters for opening of accounts

as well as to campaign for their bank-specific

products. Free photo facility for account

holders was provided and the cost was

shared by all the participating banks. The

initiatives such as this should be pursued

and the full range of financial services

provided to these areas. I understand that

the Local Council extended support for

obtaining identity documents required for

opening of bank accounts. This experiment

demonstrates what banks can do if only

they are responsive, sensitive, proactive and

result oriented.

43. Coming to sectoral flow of credit, while

the share of agriculture in the State’s SDP

is higher than at the all-India level, the share

of agricultural credit in total credit is

roughly the same for the State. This points

to the need to look at bankable schemes in

the agriculture sector. Also, NABARD has a

very significant role to play in this region.

As the micro and small enterprises account

for 7.2 per cent of total credit in the region,

SIDBI too, as a development finance

institution, has to play a prominent role in

accelerating and catalysing the flow of bank

credit to the MSE sector in the region.

44. Although not often acknowledged,

effective financial intermediation has been

one of the important factors behind India’s

recent growth episode. Efficient financial

intermediation is a formidable challenge

where poverty and disadvantage are high.

You, as senior bank managers in the eastern

region of the country, have a bigger challenge

and greater opportunity. A bigger challenge

because you have to be even more efficient

than elsewhere, and a greater opportunity

because by being responsive and sensitive,

you can make “a bigger difference”.

Conclusion

45. Going forward, developments in the

real economy, financial markets and global

commodity prices point to a period of

moderation in growth with declining

SPEECH


D. Subbarao

RBIMonthly Bulletin

January 2009 19

inflation. What is heartening though is

that the fundamentals of our economy

continue to be strong. Once calm and

confidence are restored in the global

markets, economic activity in India will

recover sharply. But a period of painful

adjustment is inevitable. It is our collective

challenge – for you, the bankers, and for us

at the Reserve Bank – to respond to this

extraordinary situation effectively and

return India to its path of growth and

poverty reduction.

ArticlesIndia’s Balance of Payments Developments during the

Second Quarter (July-September 2008) of 2008-09

Finances of State Governments – 2008-09: Highlights

South-West Monsoon-2008 : An Overview

(June 1 to September 30, 2008)

International Trade in Banking Services, 2006-07

Performance of Private Corporate Business Sector

during the First Half of 2008-09

Indian Investment Abroad in Joint Ventures and Wholly

Owned Subsidiaries: 2008-09 (April-September)

India’s Foreign Trade: 2008-09 (April-October)

RBIMonthly Bulletin

January 2009

RBIMonthly Bulletin

January 2009 21

ARTICLE

India’s Balanceof Payments

Developmentsduring the

Second Quarter(July-September 2008)

of 2008-09

The data on India’s balance of payments

(BoP) are compiled and published by the

Reserve Bank on a quarterly basis with a

lag of one quarter. Accordingly, the

preliminary data on India’s BoP for the

second quarter (Q2) of the financial year

2008-09, i.e., July-September 2008 was

compiled and released by the Reserve Bank

on December 31, 2008. Also, in accordance

with the Revision Policy on BoP, the

revisions of the data for the financial years

2006-07, 2007-08 and first quarter of 2008-

09 have also been undertaken. The

developments in India’s BoP for the July-

September 2008 quarter and April-

September 2008 are presented here.

1. Balance of Payments (BoP) forJuly-September 2008 (Q2)

The major items of the BoP for second

quarter (Q2) of 2008-09 are set out below in

Table 1.

Merchandise Trade

(i) On a BoP basis, India’s merchandise

exports recorded a growth of 24.6 per

cent in Q2 of 2008-09 as compared with

17.0 per cent in Q2 of 2007-08.

(ii) Import payments, on a BoP basis,

registered 45.0 per cent growth in Q2

of 2008-09 as compared with an increase

of 22.2 per cent in Q2 of 2007-08.

(iii) According to the data released by the

DGCI&S, both oil imports and non-oil

imports during Q2 of 2008-09 were

significantly higher by 45.1 per cent

(11.3 per cent in Q2 of 2007-08) and 37.6

per cent (22.4 per cent in Q2 of 2007-

08), respectively. Oil imports in Q2 of

2008-09 accounted for about 33.2 per* Prepared in the Division of International Finance,Department of Economic Analysis and Policy.

India’s Balance ofPayments Developmentsduring the Second Quarter(July-September 2008) of2008-09*


ARTICLE

India’s Balanceof PaymentsDevelopmentsduring theSecond Quarter(July-September 2008)of 2008-09

cent of total imports (32.0 per cent in

Q2 of 2007-08). The major drivers of

non-oil imports were capital goods,

chemicals and fertilisers.

Trade Deficit

(i) Consequent upon the relatively higher

growth in imports than exports, trade

deficit on a BoP basis was higher at US

$ 38.6 billion in Q2 of 2008-09 (US $ 21.2

billion in Q2 of 2007-08).

Invisibles

(i) Invisible receipts, comprising services,

current transfers and income, rose by

33.9 per cent in Q2 of 2008-09 (36.8 per

cent in Q2 of 2007-08) mainly due to

increase in receipts under private

transfers along with steady growth in

software services exports, business and

professional services, travel and

transportation.

(ii) Invisible payments reflected outbound

tourist traffic from India, rising

payments towards transportation,

domestic demand for business related

services and investment income

payments in the form of interest

payments and dividends.

(iii) Net invisibles (invisibles receipts minus

invisibles payments) amounted to US

$ 26.1 billion in July-September 2008

(US $ 16.9 billion in July-September

2007) (Table 2). At this level, net

invisibles surplus financed 67.5 per cent

of trade deficit in Q2 of 2008-09 (79.8

per cent in Q2 of 2007-08).

Current Account Deficit

(i) Despite higher net invisible surplus

mainly emanating from private transfers

and software exports, the widening trade

deficit mainly due to higher imports led to

higher current account deficit at US $ 12.5

billion in Q2 of 2008-09 (US $ 4.3 billion in

Q2 of 2007-08).

Capital Account and Reserves

(i) Reflecting the impact of global financial

turmoil, gross capital inflows to India

showed moderation, while the gross

capital outflows remained steady during

Item July-September April-June

2008-09 (P) 2007-08 (PR) 2008-09 (PR) 2007-08 (PR)

1 2 3 4 5

1. Exports 47,672 38,273 49,060 34,356

2. Imports 86,287 59,510 79,626 56,346

3. Trade Balance (1-2) –38,615 –21,237 –30,566 –21,990

4. Invisibles, net 26,077 16,940 20,772 15,310

5. Current Account Balance (3+4) –12,538 –4,297 –9,794 –6,680

6. Capital Account* 7,804 33,533 12,029 17,880

7. Change in Reserves#(-Indicates increase;+ indicates decrease) 4,734 –29,236 –2,235 –11,200

*: Including errors and omissions. #: On BoP basis excluding valuation. P : Preliminary. PR: Partially Revised.

Table 1: Major Items of India’s Balance of Payments

(US $ million)

RBIMonthly Bulletin

January 2009 23

ARTICLE




of 2008-09

July-September 2008 as compared with

the corresponding period of the

previous year.

(ii) The gross capital inflows to India during

Q2 of 2008-09 amounted to US $ 85.7

billion (US $ 95.0 billion in Q2 of 2007-

08) as against gross outflows from India

at US $ 77.5 billion (US $ 61.9 billion in

Q2 of 2007-08).

(iii) Reflecting volatile movement of capital

flows, the net capital flows were

significantly lower at US $ 8.2 billion in

Q2 of 2008-09 than that of US $ 33.2

billion in Q2 of 2007-08.

(iv) Under capital flows (net), foreign direct

investments (FDI) witnessed steady

growth, while the portfolio investment

recorded net outflows (Table 3).

(v) FDI broadly comprise equity, reinvested

earnings and inter-corporate loans. Net

FDI flows (net inward FDI minus net

outward FDI) were higher at US $ 5.6

billion in Q2 of 2008-09 as compared

with US $ 2.1 billion in Q2 of 2007-08.

Net inward FDI remained buoyant at US

$ 8.8 billion during Q2 of 2008-09 (US $

4.7 billion in Q2 of 2007-08) reflecting

relatively strong fundamentals of the

Indian economy and continuing

liberalization measures by the

Government of India to attract FDI.

Net outward FDI amounted to US $

3.2 billion in Q2 of 2008-09 (US $ 2.6

billion in Q2 of 2007-08).

(vi) Portfolio investment primarily

comprising foreign institutional

investors’ (FIIs) investments and

American Depository Receipts (ADRs)/

Global Depository Receipts (GDRs)

continued to witness net outflows at

US $ 1.3 billion in Q2 of 2008-09 (as

against net inflows of US $ 10.9 billion

in Q2 of 2007-08). Outflows under

portfolio investment were led by large


2008-09 (P) 2007-08 (PR) 2008-09 (PR) 2007-08 (PR)

1 2 3 4 5

1. Travel 117 201 340 182

2. Transportation –703 –468 –798 –573

3. Insurance 64 57 122 188

4. Govt. not included elsewhere –14 –60 20 –16

5. Transfers 14,232 9,300 11,511 8,196

6. Income –856 –1,358 –914 –1,860

Investment Income –829 –1,170 –739 –1,745

Compensation of Employees –27 –188 –175 –115

7. Miscellaneous

Of which: 13,237 9,268 10,491 9,193

Software 10,296 8,249 9,799 8,157

Non-Software 2,941 1,019 692 1,036

Invisibles (Net) (1 to 7) 26,077 16,940 20,772 15,310

P : Preliminary. PR : Partially Revised.

Table 2: Net Invisibles

(US $ million)


ARTICLE


sales of equities by FIIs in the Indian

stock market and slowdown in net

inflows under ADRs/GDRs due to

drying-up of liquidity in the overseas

market.

(vii)The decline in foreign exchange

reserves on BoP basis (i.e., excluding

valuation) amounted to US $ 4.7 billion

in Q2 of 2008-09 as against an accretion

of reserves of US $ 29.2 billion in Q2

of 2007-08. The decline in the reserves

was due to widening trade deficits

coupled with moderation in capital

flows led by FIIs.

2. Balance of Payments (BoP) forApril-September 2008

(i) As alluded to earlier, taking into

account the partially revised data for

Q1 of 2008-09 and the preliminary data

for Q2 of 2008-09, the BoP data for the

first half of the financial year 2008-09

(April-September) have been compiled.

While the detailed data are set out in

Statements I and II in standard format

of BoP presentation, the major items

are presented in Table 4.

Merchandise Trade

(i) On a BoP basis, India’s merchandise

exports posted a growth of 33.2 per cent

in April-September 2008 (16.5 per cent

in the corresponding period of the

previous year).

(ii) According to the commodity-wise data

available for April-July 2008 from the

Directorate General of Commercial

Intelligence and Statistics (DGCI&S),

exports of agricultural and allied products,

textile products, ores and minerals,

engineering goods and petroleum

products showed higher growth.

(iii) Import payments, on a BoP basis,

increased substantially and recorded a

growth of 43.2 per cent during April-

September 2008 as compared with 21.5

per cent in the corresponding period of

the previous year.


2008-09 (P) 2007-08 (PR) 2008-09 (PR) 2007-08 (PR)

1 2 3 4 5

1. Foreign Direct Investment 5,563 2,128 8,994 2,736

2. Portfolio Investment –1,310 10,899 –4,211 7,542

3. External Assistance 518 468 351 241

4. External Commercial Borrowings 1,860 4,210 1,481 6,953

5. NRI Deposits 259 369 814 –447

6. Other Banking Capital 1,872 6,274 1,882 –472

7. Short-term Trade Credits 776 4,627 2,397 1,962

8. Rupee Debt Service –3 –2 –30 –43

9. Other Capital –1,363 4,182 88 –680

Total (1 to 9) 8,172 33,155 11,766 17,792

P : Preliminary. PR : Partially Revised.

Table 3: Net Capital Flows

(US $ million)

RBIMonthly Bulletin

January 2009 25

ARTICLE




of 2008-09

Item April-September April-March

2008-09 (P) 2007-08 (PR) 2007-08 (PR) 2006-07(R)

1 2 3 4 5

1. Exports 96,732 72,629 166,163 128,888

2. Imports 165,913 115,856 257,789 190,670

3. Trade Balance (1-2) –69,181 –43,227 –91,626 –61,782

4. Invisibles, net 46,849 32,250 74,592 52,217

5. Current Account Balance (3+4) –22,332 –10,977 –17,034 –9,565

6. Capital Account* 19,833 51,413 109,198 46,171

7. Change in Reserves#(-Indicates increase;+ indicates decrease) 2,499 –40,436 –92,164 –36,606

* : Including errors and omissions. # : On BoP basis excluding valuation. P : Preliminary. PR: Partially Revised. R : Revised.

Table 4: Major Items of India’s Balance of Payments: April-September 2008

(US $ million)

(iv) According to the DGCI&S data, while oil

imports recorded a significant growth

of 59.2 per cent in April-September

2008 (17.1 per cent in the

corresponding period of the previous

year), non-oil imports showed a

relatively modest growth of 29.4 per

cent (33.2 per cent in the corresponding

period of the previous year). In absolute

terms, the oil imports accounted for

about 35.6 per cent of total imports

during April-September 2008 (31.0 per

cent in the corresponding period of the

previous year).

(v) According to the DGCI&S data, out of

total increase in imports of US $ 43.1

billion in April-September 2008 over the


year, oil imports contributed an increase

of US $ 20.5 billion (47.5 per cent as

against 20.9 per cent in April-September

2007), while non-oil imports

contributed an increase of US $ 22.6

billion (52.5 per cent as against 79.1 per

cent in April-September 2007).

(vi) According to the commodity-wise

DGCI&S data available for April-July

2008, the items under the non-oil

imports which showed higher growth

were fertilizers, capital goods and

chemicals, while imports of items like

edible oil, pulses, and pearls and semi-

precious stones declined.

(vii) The sharp increase in oil imports reflected

the impact of increasing oil price of the

Indian basket of international crude

(a mix of Oman, Dubai and Brent

varieties), which increased to an average

of US $ 116.5 per barrel in April-

September 2008 from an average of US $

69.3 per barrel in the corresponding

period of the previous year (Chart 1).

Trade Deficit

(i) On a BoP basis, the merchandise trade

deficit widened to US $ 69.2 billion

during April-September 2008 from US $

43.2 billion in April-September 2007 on

account of significant growth in imports

(Chart 2).


ARTICLE


Invisibles

Invisible Receipts

(i) Invisible receipts, comprising services,

current transfers and income, rose by

29.8 per cent in April-September 2008

(28.3 per cent in the corresponding

period of the previous year) mainly due

to increase in receipts under private

transfers along with the steady growth

in software services exports, business

services, travel and transportation

(Table 5 and Chart 3).

(ii) Private transfers are mainly in the form

of (i) Inward remittances from Indian

workers abroad for family maintenance,

(ii) Local withdrawal from Non-Resident

Indian Rupee deposits, (iii) Gold and

silver brought through passenger

baggage, and (iv) Personal gifts/

donations to charitable/religious

institutions.

(iii) Private transfer receipts, comprising

mainly remittances from Indians

working overseas were US $ 27.0 billion

in April-September 2008 as compared to

RBIMonthly Bulletin

January 2009 27

ARTICLE




of 2008-09

US $ 18.0 billion in the corresponding

period of the previous year. Private

transfer receipts constituted 15.1 per

cent of current receipts in April-

September 2008 (13.2 per cent in the


year).

(iv) NRI deposits when withdrawn

domestically, form part of private

Table 5: Invisible Gross Receipts and Payments

(US $ million)

Item Invisible Receipts Invisible Payments

April-September April-March April-September April-March

2008-09 2007-08 2007-08 2006-07 2008-09 2007-08 2007-08 2006-07(P) (PR) (PR) (R) (P) (PR) (PR) (R)

1 2 3 4 5 6 7 8 9

1. Travel 5,290 4,336 11,349 9,123 4,833 3,953 9,254 6,684

2. Transportation 5,571 4,044 10,014 7,974 7,072 5,085 11,514 8,068

3. Insurance 720 714 1,639 1,195 534 469 1,044 642

4. Govt. not includedElsewhere 211 162 330 253 205 238 376 403

5. Transfers 27,246 18,336 44,259 31,470 1,503 840 2,315 1,391

6. Income 7,718 6,080 14,268 9,308 9,488 9,298 19,185 16,639

InvestmentIncome 7,273 5,887 13,808 8,926 8,841 8,802 18,089 15,688

Compensation ofEmployees 445 193 460 382 647 496 1,096 951

7. Miscellaneous

Of Which: 36,154 30,221 66,745 55,235 12,426 11,760 30,324 28,514

Software 21,876 17,886 40,300 31,300 1,781 1,480 3,058 2,267

Non-Software 14,278 12,335 26,445 23,935 10,645 10,280 27,266 26,247

R : Revised. P : Preliminary. PR : Partially Revised. Note : Details of Non-software services under miscellaneous (Item 7) are given in Table 8.


ARTICLE


transfers because once withdrawn for

local use these become unilateral

transfers and do not have any quid pro

quo. Such local withdrawals/

redemptions from NRI deposits cease to

exist as liability in the capital account

of the balance of payments and assume

the form of private transfers, which is

included in the current account of

balance of payments.

(v) Under the NRI deposits, both inflows

as well as outflows remained steady in

the recent past. A major part of outflows

from NRI deposits is in the form of local

withdrawals. These withdrawals,

however, are not actually repatriated

but are utilised domestically. During

April-September 2008, the share of local

withdrawals in total outflows from NRI

deposits was 65.4 per cent as compared

with 64.1 per cent in April-September

2007 (Table 6).

(vi) Under Private transfer, the inward

remittances for family maintenance

accounted for about 52.8 per cent of the

total private transfer receipts, while

local withdrawals accounted for about

41.5 per cent in April-September 2008

as against 50.2 per cent and 43.8 per

cent, respectively, in April-September

2007 (Table 7).

(vii)Software receipts at US $ 21.9 billion in

April-September 2008 showed a lower

growth of 22.3 per cent than that of 26.3

per cent in April-September 2007.

(viii)Miscellaneous receipts, excluding

software exports, stood at US $ 14.3

billion in April-September 2008 (US $

12.3 billion in April-September 2007).

The break-up of these data is presented

in Table 8.

Year Inflows Outflows LocalWithdrawals

1 2 3 4

2006-07 (R) 19,914 15,593 13,208

2007-08 (PR) 29,401 29,222 18,919

April-September2007 (PR) 12,227 12,305 7,891

April-September2008 (P) 18,237 17,164 11,217

R : Revised. P : Preliminary. PR : Partially Revised.

Table 6: Inflows and Outflows from NRIDeposits and Local Withdrawals

(US $ million)

Year Total Of which:

Private Inward remittances Local withdrawals/redemptionsTransfers for family maintenance from NRI Deposits

Amount Percentage Amount PercentageShare in Total Share in Total

1 2 3 4 5 6

2006-07 (R) 30,835 14,740 47.8 13,208 42.8

2007-08 (PR) 43,506 21,920 50.4 18,919 43.5

April-September 2007 (PR) 18,025 9,054 50.2 7,891 43.8

April-September 2008 (P) 27,042 14,288 52.8 11,217 41.5

P: Preliminary. PR: Partially Revised .

Table 7 : Details of Private Transfers to India

(US $ million)

RBIMonthly Bulletin

January 2009 29

ARTICLE




of 2008-09

(ix) The key components of the business

services receipts and payments were

mainly the trade related services,

business and management consultancy

services, architectural, engineering and

other technical services and services

relating to maintenance of offices.

These reflect the underlying

momentum in trade of professional and

technology related services (Table 9).

Table 8: Break-up of Non-Software Miscellaneous Receipts and Payments

(US $ million)

Item Receipts Payments


2008-09 2007-08 2007-08 2006-07 2008-09 2007-08 2007-08 2006-07(P) (PR) (PR) (R) (P) (PR) (PR) (R)

1 2 3 4 5 6 7 8 9

1. CommunicationServices 1,250 1,126 2,408 2,262 522 411 859 796

2. Construction 371 256 763 700 344 328 758 737

3. Financial Services 1,763 1,444 3,217 3,106 1,593 1,151 3,138 2,991

4. News Agency 397 306 503 334 165 211 326 226

5. Royalties, Copyrights& License Fees 70 69 157 97 804 459 1,088 1,030

6. Business Services 8,702 7,652 16,771 14,544 6,629 6,700 16,715 15,866

7. Personal, Cultural,Recreational 297 196 562 243 158 88 199 117

8. Others 1,428 1,286 2,064 2,649 430 932 4,183 4,484

Total (1 to 8) 14,278 12,335 26,445 23,935 10,645 10,280 27,266 26,247

P : Preliminary. PR : Partially Revised. R : Revised.

Note : Details of Business Services (item 6) are given in Table 9.

Table 9 : Details of Business Services

(US $ million)

Item Receipts Payments


2008-09 2007-08 2007-08 2006-07 2008-09 2007-08 2007-08 2006-07(P) (PR) (PR) (R) (P) (PR) (PR) (R)

1 2 3 4 5 6 7 8 9

1. Trade Related 1,154 890 2,233 1,325 826 1,004 2,285 1,801

2. Business & ManagementConsultancy 2,662 2,166 4,433 4,476 1,084 1,541 3,653 3,486

3. Architectural,Engineering andother Technical 1,071 1,763 3,144 3,457 1,380 1,160 3,173 3,025

4. Maintenance of offices 1,266 1,239 2,861 2,638 951 940 2,702 3,046

5. Others 2,549 1,594 4,100 2,648 2,388 2,055 4,902 4,508

Total (1 to 5) 8,702 7,652 16,771 14,544 6,629 6,700 16,715 15,866

R : Revised. P : Preliminary PR : Partially Revised.


ARTICLE


(x) Investment income receipts amounted

to US $ 7.3 billion in April-September

2008 as compared with US $ 5.9 billion

in April-September 2007.

Invisible Payments

(i) Invisible payments showed an increase

of 14.0 per cent in April-September 2008

(17.1 per cent in April-September 2007).

The invisible payments mainly reflected

the movement in payments relating to

those of travel payments, transportation,

business and management consultancy,

engineering and other technical services,

dividends, profit and interest payments.

The moderation in growth rate of

invisible payments during April-

September 2008 was mainly due to

moderate payments relating to a number

of business and professional services.

(ii) Higher transportation payments in

April-September 2008 (39.1 per cent)

mainly reflected the pace of rising

volume of imports. In addition, higher

payments may also be attributed to the

rising freight rates on international

shipping due to surge in international

crude oil prices.

(iii) Investment income payments,

reflecting mainly the interest

payments on commercial borrowings,

external assistance and non-resident

deposits, and reinvested earnings of

the foreign direct investment (FDI)

enterprises operating in India

amounted to US $ 8.8 billion in April-

September 2008, almost same as in the


year (Table 10).

Invisibles Balance

(i) Net invisibles (invisibles receipts minus

invisibles payments) stood at US $ 46.8

billion during April-September 2008


2008-09 (P) 2007-08 (PR) 2007-08 (PR) 2006-07(R)

1 2 3 4 5

A. Receipts 7,273 5,887 13,808 8,926

Of which:

1. Reinvested Earnings on Indian Investment Abroad 542 542 1,084 1,076

2. Interest/Discount Earnings on Foreign Exchange Reserves 5,849 4,369 10,124 6,641

B. Payments 8,841 8,802 18,089 15,688

Of which:

1. Interest Payment on NRI deposits 732 1,007 1,813 1,969

2. Interest Payment on ECBs 1,412 1,297 2,655 1,709

3. Interest Payments on External Assistance 504 535 1,143 982

4. Dividends and Profits 2,272 1,612 3,576 3,486

5. Reinvested Earnings of FDI Companies in India 3,004 3,584 7,167 5,828

C. Net Investment Income (A-B) –1,568 –2,915 –4,281 –6,762


Table 10 : Details of Receipts and Payments of Investment Income

(US $ million)

RBIMonthly Bulletin

January 2009 31

ARTICLE




of 2008-09

(US $ 32.3 billion during April-

September 2007) mainly led by higher

growth in private transfers and steady

growth in software exports. At this

level, the invisible surplus financed

about 67.7 per cent of trade deficit

during April-September 2008 as against

74.6 per cent during April-September

2007.

Current Account Deficit

(i) Despite higher net invisible surplus, the

widening trade deficit mainly due to

higher imports led to higher current

account deficit at US $ 22.3 billion in

April-September 2008 (US $ 11.0 billion

in April-September 2007 (Chart 4).

Capital Account

(i) The gross capital inflows to India during

April-September 2008 amounted to US

$ 176.3 billion (US $ 164.5 billion in

April-September 2007) as against an

outflow of US $ 156.4 billion (US $ 113.6

billion in April-September 2007)

(Table 11).

(ii) Net capital flows, however, at US $ 19.9

billion in April-September 2008

remained much lower as compared with

US $ 50.9 billion in April-September

2007. Under net capital flows, all the

components except FDI and NRI

deposits, showed decline during April-

September 2008 from their level in the


year (Table 12).

(iii) Foreign direct investments (FDI) broadly

comprise equity, reinvested earnings and

inter-corporate loans. Net inward FDI

into India remained buoyant at US $ 20.7

billion during April-September 2008 (US

$ 12.2 billion in April-September 2007)

reflecting the continuing pace of

expansion of domestic activities, positive

investment climate and continuing

liberalization measures to attract FDI.

FDI was channeled mainly into

manufacturing (20.8 per cent) followed

by construction sector (13.6 per cent) and

financial services (12.6 per cent). Net

outward FDI of India moderated to US $

6.1 billion in April-September 2008 (US


ARTICLE


Table 11 : Gross Capital Inflows and Outflows

(US $ million)

Item Gross Inflows Gross Outflows


2008-09 2007-08 2007-08 2006-07 2008-09 2007-08 2007-08 2006-07(P) (PR) (PR) (R) (P) (PR) (PR) (R)

1 2 3 4 5 6 7 8 9

1. Foreign Direct Investment 21,408 13,772 36,838 23,590 6,851 8,908 21,437 15,897

2. Portfolio Investment 83,395 83,467 235,924 109,620 88,916 65,026 206,368 102,560

3. External Assistance 2,004 1,715 4,241 3,767 1,135 1,006 2,127 1,992

4. External CommercialBorrowings 6,593 14,581 30,376 20,883 3,252 3,418 7,743 4,780

5. NRI Deposits 18,237 12,227 29,401 19,914 17,164 12,305 29,222 15,593

6. Banking Capital excludingNon Resident Deposits 19,930 10,047 26,412 17,295 16,176 4,245 14,834 19,703

7. Short-term Trade Credits 21,785 20,195 48,911 29,992 18,612 13,606 31,728 23,380

8. Rupee Debt Service 0 0 0 0 33 45 121 162

9. Other Capital 2,987 8,529 20,904 8,230 4,262 5,027 11,434 4,021

Total (1 to 9) 176,339 164,533 433,007 233,291 156,401 113,586 325,014 188,088


$ 7.3 billion in April-September 2007)

reflecting the slowdown in global

business activities. Due to large inward

FDI, the net FDI (inward FDI minus

outward FDI) was higher at US $ 14.6

billion in April-September 2008 as


2008-09 (P) 2007-08 (PR) 2007-08 (PR) 2006-07(R)

1 2 3 4 5

1. Foreign Direct Investment 14,557 4,864 15,401 7,693

2. Portfolio Investment

Of which: –5,521 18,441 29,556 7,060FIIs –6,615 15,508 20,328 3,225ADR/GDRs 1,135 2,793 8,769 3,776

3. External Assistance 869 709 2,114 1,775

4. External Commercial Borrowings 3,341 11,163 22,633 16,103

5. NRI Deposits 1,073 –78 179 4,321

6. Banking Capital excluding NRI Deposits 3,754 5,802 11,578 –2,408

7. Short-term Trade Credits 3,173 6,589 17,183 6,612

8. Rupee Debt Service –33 –45 –121 –162

9. Other Capital –1,275 3,502 9,470 4,209

Total (1 to 9) 19,938 50,947 107,993 45,203


Note : Details of Other Capital (Item 9) are given in Table 13.

Table 12 : Net Capital Flows

(US $ million)

RBIMonthly Bulletin

January 2009 33

ARTICLE




of 2008-09

against US $ 4.9 billion in April-

September 2007.

(iv) Portfolio investment mainly comprising

of foreign institutional investors (FIIs)

investments and American depository

receipts (ADRs)/global depository

receipts (GDRs) witnessed large net

outflows (US $ 5.5 billion) in April-

September 2008 (net inflows of US $

18.4 billion in April-September 2007)

due to large sales of equities by FIIs in

the Indian stock market reflecting

bearish condition in stock market and

slowdown in the global economy. The

inflows under ADRs/ GDRs slowed down

to US $ 1.1 billion in April-September

2008 (US $ 2.8 billion in April-September

2007).

(v) Net external commercial borrowings

(ECBs) inflow slowed down to US $ 3.3

billion in April-September 2008 (US $

11.2 billion in April-September 2007).

Net ECB inflows were low at 16.8 per

cent of net capital flows during April-

September 2008 as against 21.9 per cent

of net capital flows in April-September

2007.

(vi) Banking capital (net) amounted to US $

4.8 billion in April-September 2008 as

compared with US $ 5.7 billion in April-

September 2007. Among the components

of banking capital, Non-Resident Indian

(NRI) deposits witnessed a net inflow

of US $ 1.1 billion in April-September

2008, a turnaround from net outflow of

US $ 78 million in April-September

2007.

(vii) Gross disbursement of short term trade

credit stood at US $ 21.8 billion during

April-September 2008 (US $ 20.2 billion

in April-September 2007). Net short

term trade credit stood at US $ 3.2

billion (inclusive of suppliers’ credit up

to 180 days) during April-September 2008

as compared with US $ 6.6 billion during

the same period of the previous year.

(viii)Other capital includes leads and lags in

exports, funds held abroad, advances

received pending issue of shares under

FDI and other capital not included

elsewhere (n.i.e). Other capital recorded

net outflows of US $ 1.3 billion in April-

September 2008. The details of other

capital are set out in Table 13.


2008-09 (P) 2007-08 (PR) 2007-08 (PR) 2006-07(R)

1 2 3 4 5

1. Lead and Lags in Exports 1,799 1,049 983 217

2. Net Funds Held Abroad –1,887 –443 –5,487 619

3. Advances Received Pending Issue of Shares under FDI — 2,010 8,700 —

4. Other capital not included elsewhere n.i.e)(Inclusive of derivatives and hedging, migranttransfers and other capital transfers) –1,187 886 5,274 3,373

Total (1 to 4) –1,275 3,502 9,470 4,209

P : Preliminary. PR : Partially Revised. R : Revised. – : Nil.

Table 13: Details of ‘Other Capital’ (Net)

(US $ million)


ARTICLE



2008-09 (P) 2007-08 (PR) 2007-08 (PR) 2006-07(R)

1 2 3 4 5

A. Current Account Balance –22,332 –10,977 –17,034 –9,565

B. Capital Account* 19,833 51,413 109,198 46,171

Of Which

Foreign Direct Investment 14,557 4,864 15,401 7,693

Portfolio Investment –5,521 18,441 29,556 7,060

External Commercial Borrowings 3,341 11,163 22,633 16,103

Banking Capital 4,827 5,724 11,757 1,913

Short Term Trade Credits 3,173 6,589 17,183 6,612

C. Change in Reserves: (-) indicates increase;(+) indicates decrease)# 2,499 –40,436 –92,164 –36,606

* : Including errors and omissions. # : On BoP basis excluding valuation.P : Preliminary. PR : Partially Revised. R : Revised.

Table 14: Sources of Variation to Reserves (BoP Basis) in April-September 2008

(US $ million)

Variation in Reserves

(i) The decline in foreign exchange

reserves on BoP basis (i.e., excluding

valuation) was US $ 2.5 billion in April-

September 2008 (as against accretion to

reserves of US $ 40.4 billion in April-

September 2007) (Table 14 & Chart 5).

Taking into account the valuation loss,

foreign exchange reserves recorded a

decline of US $ 23.4 billion in April-

September 2008 (as against an accretion

to reserves of US $ 48.6 billion in April-

September 2007). [Details on the

sources of variation to foreign exchange

reserves is at Annex A].

(ii) At the end of September 2008,

outstanding foreign exchange reserves

stood at US $ 286.3 billion.

(iii) To sum up, the key features of India’s

BoP that emerged in April-September

2008 were: (i) widening trade deficit (US

RBIMonthly Bulletin

January 2009 35

ARTICLE




of 2008-09

$ 69.2 billion) led by high imports, (ii)

significant increase in invisible surplus

(US $ 46.8 billion) led by remittances

from overseas Indians and software

services exports, (iii) higher current

account deficit (US $ 22.3 billion) due

to high trade deficit, (iv) volatile and

relatively lower net capital inflows (US

$ 19.9 billion) than April-September

2007 (US $ 50.9 billion), and (v) decline

in reserves (excluding valuation) of US

$ 2.5 billion (as against an accretion to

reserves of US $ 40.4 billion in April-

September 2007). The details of key

indicators are set out in Table 15.

3. Reconciliation of Import Data

(i) During April-September 2008, based on

the records of the DGCI&S imports data

and the BoP merchandise imports, the

difference between the two data sets

works out to about US $ 11.1 billion

(Table 16).


2008-09 2007-08 2007-08 2006-07

1 2 3 4 5

Merchandise Trade

1. Exports (US $ on BoP basis) Growth Rate (%) 33.2 16.5 28.9 22.6

2. Imports (US $ on BoP basis) Growth Rate (%) 43.2 21.5 35.2 21.4

3. Crude Oil Prices, Per Barrel (Indian Basket) 116.5 69.3 79.5 62.4

4. Trade Balance (US $ billion) –69.2 –43.2 –91.6 –61.8

Invisibles

5. Net Invisibles (US $ billion) 46.8 32.3 74.6 52.2

6. Net Invisibles Surplus / Trade Deficit (%) –67.7 –74.6 –81.4 –84.5

7. Invisibles Receipts /Current Receipts (%) 46.2 46.8 47.2 47.1

8. Services Receipts / Current Receipts (%) 26.7 28.9 28.6 30.3

9. Private Transfers /Current Receipts (%) 15.1 13.2 13.8 12.7

Current Account

10. Current Receipts (US $ billion) 179.6 136.5 314.8 243.4

11. Current Payments (US $ billion) 202.0 147.5 331.8 253.0

12. Current Account Balance (US $ billion) –22.3 –11.0 –17.0 –9.6

Capital Account

13. Gross Capital Inflows (US $ billion) 176.3 164.5 433.0 233.3

14. Gross Capital Outflows (US $ billion) 156.4 113.6 325.0 188.1

15. Net Capital Flows (US $ billion) 19.9 50.9 108.0 45.2

16. Net FDI / Net Capital Flows (%) 73.0 9.5 14.3 17.0

17. Net Portfolio Investment /Net Capital Flows (%) –27.7 36.2 27.4 15.6

18. Net ECBs / Net Capital Flows (%) 16.8 21.9 21.0 35.6

Reserves

19. Import Cover of Reserves (in months) 11.2 14.1 14.4 12.5

20. Outstanding Reserves as at end period(US $ billion) 286.3 247.8 309.7 199.2

Table 15 : Key Indicators of India’s Balance of Payments

(US $ million)


ARTICLE



2008-09 2007-08 2007-08 2006-07

1 2 3 4 5

1. BoP Imports 1,65,913 1,15,856 2,57,789 1,90,670

2. DGCI&S Imports 1,54,785 1,11,646 2,51,439 1,85,749

3. Difference (1-2) 11,128 4,210 6,350 4,921

Table 16 : DGCI&S and the BoP Import Data

(US $ million)

4. Revisions in the BoP Data for2006-07, 2007-08 and firstquarter of 2008-09

(i) According to the Revision Policy

announced on September 30, 2004, the

data for 2006-07, 2007-08 and the first

quarter of 2008-09 have been revised

based on latest information reported by

various reporting entities. As per the

revised data the current account deficit

for 2006-07 and 2007-08 stood at US $

9.6 billion (1.1 per cent of GDP) and US

$ 17.0 billion (1.5 per cent of GDP),

respectively. The revised data are

presented in the standard format of BoP

presentation in Statement II.

5. External Debt for the Quarterending September 2008

(i) As per the existing practice, the

external debt for the quarters ending

March and June are compiled and

released by the Reserve Bank of India,

while the external debt for quarters

ending September and December are

compiled and released by the Ministry

of Finance, Government of India.

Accordingly, the data on external debt

for the quarter ending September 2008

have been released by the Ministry of

Finance, Government of India. The

same could be accessed at http://

finmin.nic.in.

RBIMonthly Bulletin

January 2009 37

ARTICLE




of 2008-09

Annex A:Sources of Variation in Foreign Exchange Reserves in India: April-September 2008

During April-September 2008, there was a

decline in foreign exchange reserves. The

main components of reserve change during

April-September 2008 are set out in the

Table A1. The foreign exchange reserves

have declined by an amount of US $ 23,387

million during April-September 2008

including the valuation effects as compared

with an increase of US $ 48,583 million

during April-September 2007. On a BoP basis

(excluding valuation effects), the decline in

the foreign exchange reserves was US $

2,499 million during April-September 2008.

Items April-September 2008 April-September 2007

1 2 3

I. Current Account Balance –22,332 –10,977

II. Capital Account (net) (a to f) 19,833 51,413

a. Foreign Investment (i+ii) 9,036 23,305

(i) Foreign Direct Investment 14,557 4,864

(ii) Portfolio Investment –5,521 18,441

b. Banking Capital 4,827 5,724

of which: NRI Deposits 1,073 –78

c. Short-Term Credit 3,173 6,589

d. External Assistance 869 709

e. External Commercial Borrowings 3,341 11,163

f. Other Items in Capital Account* –1,413 3,923

III. Valuation Change –20,888 8,147

Total (I+II+III) –23,387 48,583

* : Items under ‘Other Capital’ apart from Errors and Omissions’ also include leads and lags in export, funds heldabroad, advances received pending issue of shares under FDI and transactions of capital receipts not includedelsewhere.

Table A1 : Sources of Variation in Foreign Exchange Reserves

(US $ million)

Valuation loss, reflecting the depreciation

of major currencies against the US dollar,

accounted for US $ 20,888 million in total

reserves during April-September 2008 as

against a valuation gain of US $ 8,147 million

during the corresponding period of previous

year. The valuation loss explained 89.3 per

cent of decline in reserves during April-

September 2008. Apart from current account

deficits, outflows under FIIs were the other

major sources contributing to decline in

foreign exchange reserves during April-

September 2008.

ARTICLE



Statement 1 : India's Overall Balance of Payments (Annual)

A. CURRENT ACCOUNTI. MERCHANDISEII. INVISIBLES (a+b+c)

a) Servicesi) Travelii) Transportationiii) Insuranceiv) G.n.i.e.v) Miscellaneous

of whichSoftware ServicesBusiness ServicesFinancial ServicesCommunication Services

b) Transfersi) Officialii) Private

c) Incomei) Investment Incomeii) Compensation of Employees

Total Current Account (I+II)B. CAPITAL ACCOUNT

1. Foreign Investment (a+b)a) Foreign Direct Investment (i+ii)

i) In IndiaEquityReinvested EarningsOther Capital

ii) AbroadEquityReinvested EarningsOther Capital

b) Portfolio InvestmentIn IndiaAbroad

2. Loans (a+b+c)a) External Assistance

i) By Indiaii) To India

b) Commercial Borrowings (MT&LT)i) By Indiaii) To India

c) Short Term to Indiai) Suppliers’ Credit >180 days & Buyers’ Creditii) Suppliers’ Credit up to180 days

3. Banking Capital (a+b)a) Commercial Banks

i) Assetsii) Liabilities

of which: Non-Resident Depositsb) Others

4. Rupee Debt Service5. Other Capital

Total Capital Account (1to5)C. Errors & OmissionsD. Overall Balance (Total Current Account, Capital

Account and Errors & Omissions (A+B+C))E. Monetary Movements (i+ii)

i) I.M.F.ii) Foreign Exchange Reserves ( Increase - / Decrease +)

(US $ million)

2007-08 PR 2006-07 R

2 3 4 5 6 71


166163 257789 –91626 128888 190670 –61782148604 74012 74592 114558 62341 52217

90077 52512 37565 73780 44311 2946911349 9254 2095 9123 6684 243910014 11514 –1500 7974 8068 –94

1639 1044 595 1195 642 553330 376 –46 253 403 –150

66745 30324 36421 55235 28514 26721

40300 3058 37242 31300 2267 2903316771 16715 56 14544 15866 –1322

3217 3138 79 3106 2991 1152408 859 1549 2262 796 1466

44259 2315 41944 31470 1391 30079753 514 239 635 381 254

43506 1801 41705 30835 1010 2982514268 19185 –4917 9308 16639 –733113808 18089 –4281 8926 15688 –6762

460 1096 –636 382 951 –569314767 331801 –17034 243446 253011 –9565

272762 227805 44957 133210 118457 1475336838 21437 15401 23590 15897 769334361 125 34236 22826 87 2273926866 108 26758 16481 87 16394

7168 — 7168 5828 — 5828327 17 310 517 — 517

2477 21312 –18835 764 15810 –150462477 16898 –14421 764 13368 –12604

— 1084 –1084 — 1076 –1076— 3330 –3330 — 1366 –1366

235924 206368 29556 109620 102560 7060235688 206294 29394 109534 102530 7004

236 74 162 86 30 5683528 41598 41930 54642 30152 24490

4241 2127 2114 3767 1992 177524 28 –4 20 32 –12

4217 2099 2118 3747 1960 178730376 7743 22633 20883 4780 16103

1592 1624 –32 626 966 –34028784 6119 22665 20257 3814 1644348911 31728 17183 29992 23380 661242641 31728 10913 25482 22175 3307

6270 — 6270 4510 1205 330555813 44056 11757 37209 35296 191355734 43624 12110 36799 35218 158119562 12668 6894 14466 17960 –349436172 30956 5216 22333 17258 507529401 29222 179 19914 15593 4321

79 432 –353 410 78 332— 121 –121 — 162 –162

20904 11434 9470 8230 4021 4209433007 325014 107993 233291 188088 45203

1205 — 1205 968 — 968748979 656815 92164 477705 441099 36606

— 92164 –92164 — 36606 –36606— — — — — —— 92164 –92164 — 36606 –36606

Credit Debit Net Credit Debit Net

Items

ARTICLE




of 2008-09

RBIMonthly Bulletin

January 2009 39

Statement 1 : India's Overall Balance of Payments (Annual) (Concld.)

A. CURRENT ACCOUNTI. MerchandiseII. INVISIBLES (a+b+c)





















(US $ million)

2005-06 2004-05

8 9 10 11 12 131

105152 157056 –51904 85206 118908 –3370289687 47685 42002 69533 38301 3123257659 34489 23170 43249 27823 15426

7853 6638 1215 6666 5249 14176325 8337 –2012 4683 4539 1441062 1116 –54 870 722 148

314 529 –215 401 411 –1042105 17869 24236 30629 16902 13727

23600 1338 22262 17700 800 169009307 7748 1559 5167 7318 –21511209 965 244 512 832 –3201575 289 1286 1384 738 646

25620 933 24687 21691 906 20785669 475 194 616 356 260

24951 458 24493 21075 550 205256408 12263 –5855 4593 9572 –49796229 11491 –5262 4124 8219 –4095

179 772 –593 469 1353 –884194839 204741 –9902 154739 157209 –2470

77298 61770 15528 46934 33934 130009178 6144 3034 6087 2374 37138962 61 8901 6052 65 59875976 61 5915 3779 65 37142760 — 2760 1904 — 1904

226 — 226 369 — 369216 6083 –5867 35 2309 –2274216 3982 –3766 35 1672 –1637

— 1092 –1092 — 248 –248— 1009 –1009 — 389 –389

68120 55626 12494 40847 31560 928768120 55626 12494 40847 31536 9311

— — — — 24 –2439479 31570 7909 30287 19378 10909

3631 1929 1702 3809 1886 192324 88 –64 24 128 –104

3607 1841 1766 3785 1758 202714343 11835 2508 9084 3890 5194

— 251 –251 — 232 –23214343 11584 2759 9084 3658 542621505 17806 3699 17394 13602 379219372 17647 1725 17394 13602 3792

2133 159 1974 — — —21658 20285 1373 14581 10707 387420586 20144 442 14304 10325 3979

772 3947 –3175 505 552 –4719814 16197 3617 13799 9773 402617835 15046 2789 8071 9035 –964

1072 141 931 277 382 –105— 572 –572 — 417 –417

5941 4709 1232 6737 6081 656144376 118906 25470 98539 70517 28022

— 516 –516 607 — 607339215 324163 15052 253885 227726 26159

— 15052 –15052 — 26159 –26159— — — — — —— 15052 –15052 — 26159 –26159


Items

ARTICLE



Statement 2 : India's Overall Balance of Payments (Quarterly)






















(US $ million)

Apr-Jun 2008 PR Jul-Sep 2008 P

2 3 4 5 6 71

49060 79626 –30566 47672 86287 –3861537382 16610 20772 45528 19451 2607721633 11458 10175 26313 13612 12701

2504 2164 340 2786 2669 1172530 3328 –798 3041 3744 –703

350 228 122 370 306 64130 110 20 81 95 –14

16119 5628 10491 20035 6798 13237

10656 857 9799 11220 924 102963699 3114 585 5003 3515 1488

745 628 117 1018 965 53510 226 284 740 296 444

12176 665 11511 15070 838 14232151 118 33 53 106 –53

12025 547 11478 15017 732 142853573 4487 –914 4145 5001 –8563418 4157 –739 3855 4684 –829

155 330 –175 290 317 –2786442 96236 –9794 93200 105738 –12538

52921 48138 4783 51882 47629 425312157 3163 8994 9251 3688 556311918 22 11896 8833 52 878110240 22 10218 7304 52 7252

1502 — 1502 1502 — 1502176 — 176 27 — 27239 3141 –2902 418 3636 –3218239 2339 –2100 418 2854 –2436

— 271 –271 — 271 –271— 531 –531 — 511 –511

40764 44975 –4211 42631 43941 –131040745 44923 –4178 42618 43919 –1301

19 52 –33 13 22 –913851 9622 4229 16531 13377 3154

909 558 351 1095 577 5186 8 –2 6 8 –2

903 550 353 1089 569 5202766 1285 1481 3827 1967 1860

404 193 211 532 138 3942362 1092 1270 3295 1829 1466

10176 7779 2397 11609 10833 7769256 7779 1477 11609 9766 1843

920 — 920 — 1067 –106721952 19256 2696 16215 14084 213121952 19105 2847 16215 14081 213411457 10533 924 6446 5154 129210495 8572 1923 9769 8927 842

9063 8249 814 9174 8915 259— 151 –151 — 3 –3— 30 –30 — 3 –3

1919 1831 88 1068 2431 –136390643 78877 11766 85696 77524 8172

263 — 263 — 368 –368177348 175113 2235 178896 183630 –4734

— 2235 –2235 4734 — 4734— — — — — —— 2235 –2235 4734 — 4734



Items

ARTICLE




of 2008-09

RBIMonthly Bulletin

January 2009 41

Statement 2 : India's Overall Balance of Payments (Quarterly) (Contd.)






















(US $ million)

Apr-Sep 2008 P Apr-Sep 2007 PR

8 9 10 11 12 131

96732 165913 –69181 72629 115856 –4322782910 36061 46849 63893 31643 3225047946 25070 22876 39477 21505 17972

5290 4833 457 4336 3953 3835571 7072 –1501 4044 5085 –1041

720 534 186 714 469 245211 205 6 162 238 –76

36154 12426 23728 30221 11760 18461

21876 1781 20095 17886 1480 164068702 6629 2073 7652 6700 9521763 1593 170 1444 1151 2931250 522 728 1126 411 715

27246 1503 25743 18336 840 17496204 224 –20 311 277 34

27042 1279 25763 18025 563 174627718 9488 –1770 6080 9298 –32187273 8841 –1568 5887 8802 –2915

445 647 –202 193 496 –303179642 201974 –22332 136522 147499 –10977

104803 95767 9036 97239 73934 2330521408 6851 14557 13772 8908 486420751 74 20677 12205 39 1216617544 74 17470 8396 39 8357

3004 — 3004 3584 — 3584203 — 203 225 — 225657 6777 –6120 1567 8869 –7302657 5193 –4536 1567 7273 –5706

— 542 –542 — 542 –542— 1042 –1042 — 1054 –1054

83395 88916 –5521 83467 65026 1844183363 88842 –5479 83404 64997 18407

32 74 –42 63 29 3430382 22999 7383 36491 18030 18461

2004 1135 869 1715 1006 70912 16 –4 12 14 –2

1992 1119 873 1703 992 7116593 3252 3341 14581 3418 11163

936 331 605 802 848 –465657 2921 2736 13779 2570 11209

21785 18612 3173 20195 13606 658920865 17545 3320 17895 13606 4289

920 1067 –147 2300 — 230038167 33340 4827 22274 16550 572438167 33186 4981 22250 16473 577717903 15687 2216 6947 3219 372820264 17499 2765 15303 13254 204918237 17164 1073 12227 12305 –78

— 154 –154 24 77 –53— 33 –33 — 45 –45

2987 4262 –1275 8529 5027 3502176339 156401 19938 164533 113586 50947

— 105 –105 466 — 466355981 358480 –2499 301521 261085 40436

2499 — 2499 — 40436 –40436— — — — — —

2499 — 2499 — 40436 –40436


Items

ARTICLE

























(US $ million)

Apr-Jun 2007 PR Jul-Sep 2007 PR

14 15 16 17 18 191

34356 56346 –21990 38273 59510 –2123729880 14570 15310 34013 17073 1694018890 9916 8974 20587 11589 8998

2088 1906 182 2248 2047 2011953 2526 –573 2091 2559 –468

373 185 188 341 284 5794 110 –16 68 128 –60

14382 5189 9193 15839 6571 9268

8836 679 8157 9050 801 82493758 3163 595 3894 3537 357

528 449 79 916 702 214513 231 282 613 180 433

8628 432 8196 9708 408 9300153 165 –12 158 112 46

8475 267 8208 9550 296 92542362 4222 –1860 3718 5076 –13582279 4024 –1745 3608 4778 –1170

83 198 –115 110 298 –18864236 70916 –6680 72286 76583 –4297

43034 32756 10278 54205 41178 130278270 5534 2736 5502 3374 21287477 20 7457 4728 19 47095574 20 5554 2822 19 28031792 — 1792 1792 — 1792

111 — 111 114 — 114793 5514 –4721 774 3355 –2581793 4758 –3965 774 2515 –1741

— 271 –271 — 271 –271— 485 –485 — 569 –569

34764 27222 7542 48703 37804 1089934706 27216 7490 48698 37781 10917

58 6 52 5 23 –1816749 7593 9156 19742 10437 9305

732 491 241 983 515 4686 7 –1 6 7 –1

726 484 242 977 508 4698291 1338 6953 6290 2080 4210

359 345 14 443 503 –607932 993 6939 5847 1577 42707726 5764 1962 12469 7842 46276883 5764 1119 11012 7842 3170

843 — 843 1457 — 14578560 9479 –919 13714 7071 66438560 9473 –913 13690 7000 66902543 2861 –318 4404 358 40466017 6612 –595 9286 6642 26445252 5699 –447 6975 6606 369

— 6 –6 24 71 –47— 43 –43 — 2 –2

1151 1831 –680 7378 3196 418269494 51702 17792 95039 61884 33155

88 — 88 378 — 378133818 122618 11200 167703 138467 29236

— 11200 –11200 — 29236 –29236— — — — — —— 11200 –11200 — 29236 –29236


Items

ARTICLE




of 2008-09

RBIMonthly Bulletin

January 2009 43























(US $ million)

Oct-Dec 2007PR Jan-Mar 2008 PR

20 21 22 23 24 251

40985 67038 –26053 52549 74895 –2234639553 18031 21522 45158 24338 2082024618 12592 12026 25982 18415 7567

3395 2519 876 3618 2782 8362799 3043 –244 3171 3386 –215

438 261 177 487 314 17390 75 15 78 63 15

17896 6694 11202 18628 11870 6758

9608 852 8756 12806 726 120804588 4245 343 4531 5770 –1239

882 763 119 891 1224 –333601 183 418 681 265 416

11428 493 10935 14495 982 13513195 121 74 247 116 131

11233 372 10861 14248 866 133823507 4946 –1439 4681 4941 –2603401 4679 –1278 4520 4608 –88

106 267 –161 161 333 –17280538 85069 –4531 97707 99233 –1526

86531 69639 16892 88992 84232 47608316 6275 2041 14750 6254 84967916 43 7873 14240 43 141976022 43 5979 12448 26 124221792 — 1792 1792 — 1792

102 — 102 — 17 –17400 6232 –5832 510 6211 –5701400 5206 –4806 510 4419 –3909

— 271 –271 — 271 –271— 755 –755 — 1521 –1521

78215 63364 14851 74242 77978 –373678096 63345 14751 74188 77952 –3764

119 19 100 54 26 2821543 10601 10942 25494 12967 12527

1109 544 565 1417 577 8406 7 –1 6 7 –1

1103 537 566 1411 570 8418449 2202 6247 7346 2123 5223

363 384 –21 427 392 358086 1818 6268 6919 1731 5188

11985 7855 4130 16731 10267 646410231 7855 2376 14515 10267 4248

1754 — 1754 2216 — 221612588 12381 207 20951 15125 582612585 12029 556 20899 15122 5777

5636 3939 1697 6979 5510 14696949 8090 –1141 13920 9612 43086456 7309 –853 10718 9608 1110

3 352 –349 52 3 49— — — — 76 –76

6612 3636 2976 5763 2771 2992127274 96257 31017 141200 115171 26029

252 — 252 487 — 487208064 181326 26738 239394 214404 24990

— 26738 –26738 — 24990 –24990— — — — — —— 26738 –26738 — 24990 –24990


Items

ARTICLE

























(US $ million)

Apr-Jun 2006 R Jul-Sep 2006 R

26 27 28 29 30 311

29663 46613 –16950 32701 48717 –1601624934 12421 12513 24866 14597 1026916042 8475 7567 16416 9966 6450

1708 1488 220 1796 1811 –151715 1997 –282 1973 1978 –5

238 129 109 315 154 16140 79 –39 61 122 –61

12341 4782 7559 12271 5901 6370

7039 415 6624 7121 405 67163386 2646 740 3436 3300 136

509 318 191 716 703 13475 108 367 569 180 389

7170 289 6881 6218 361 585769 82 –13 119 100 19

7101 207 6894 6099 261 58381722 3657 –1935 2232 4270 –20381659 3461 –1802 2160 4042 –1882

63 196 –133 72 228 –15654597 59034 –4437 57567 63314 –5747

34299 33067 1232 22485 18219 42663477 1739 1738 4545 2429 21163413 8 3405 4400 2 43981946 8 1938 2886 2 28841457 — 1457 1457 — 1457

10 — 10 57 — 5764 1731 –1667 145 2427 –228264 1189 –1125 145 1868 –1723

— 269 –269 — 269 –269— 273 –273 — 290 –290

30822 31328 –506 17940 15790 215030801 31327 –526 17929 15789 2140

21 1 20 11 1 1011499 6288 5211 11228 6446 4782

577 526 51 788 449 3395 8 –3 5 8 –3

572 518 54 783 441 3425051 1073 3978 2680 920 1760

87 223 –136 114 170 –564964 850 4114 2566 750 18165871 4689 1182 7760 5077 26835082 4689 393 6579 5077 1502

789 — 789 1181 — 11819909 4848 5061 5754 7472 –17189837 4848 4989 5754 7428 –16745257 1877 3380 1568 3553 –19854580 2971 1609 4186 3875 3114246 2944 1302 4185 3277 908

72 — 72 — 44 –44— 67 –67 — — —

342 1054 –712 1084 554 53056049 45324 10725 40551 32691 7860

91 — 91 157 — 157110737 104358 6379 98275 96005 2270

— 6379 –6379 — 2270 –2270— — — — — —— 6379 –6379 — 2270 –2270


Items

ARTICLE




of 2008-09

RBIMonthly Bulletin

January 2009 45

Statement 2 : India's Overall Balance of Payments (Quarterly) (Concld.)






















(US $ million)

Oct-Dec 2006 R Jan-Mar 2007 R

32 33 34 35 36 371

30824 47257 –16433 35700 48083 –1238329704 16875 12829 35054 18448 1660618451 12371 6080 22871 13499 9372

2621 1638 983 2998 1747 12512092 2102 –10 2194 1991 203

288 201 87 354 158 19687 97 –10 65 105 –40

13363 8333 5030 17260 9498 7762

7602 684 6918 9538 763 87753690 4267 –577 4032 5653 –1621

828 647 181 1053 1323 –270597 239 358 621 269 352

8961 333 8628 9121 408 8713287 89 198 160 110 50

8674 244 8430 8961 298 86632292 4171 –1879 3062 4541 –14792193 3936 –1743 2914 4249 –1335

99 235 –136 148 292 –14460528 64132 –3604 70754 66531 4223

38646 32179 6467 37780 34992 278810008 7110 2898 5560 4619 941

9855 7 9848 5158 70 50888203 7 8196 3446 70 33761457 — 1457 1457 — 1457

195 — 195 255 — 255153 7103 –6950 402 4549 –4147153 6454 –6301 402 3857 –3455

— 269 –269 — 269 –269— 380 –380 — 423 –423

28638 25069 3569 32220 30373 184728625 25063 3562 32179 30351 1828

13 6 7 41 22 1914731 8250 6481 17184 9168 8016

1113 494 619 1289 523 7665 8 –3 5 8 –3

1108 486 622 1284 515 7695418 1369 4049 7734 1418 6316

425 345 80 — 228 –2284993 1024 3969 7734 1190 65448200 6387 1813 8161 7227 9345660 6387 –727 8161 6022 21392540 — 2540 — 1205 –12057160 10273 –3113 14386 12703 16836944 10239 –3295 14264 12703 1561

556 4530 –3974 7085 8000 –9156388 5709 679 7179 4703 24766325 4862 1463 5158 4510 648

216 34 182 122 — 122— 2 –2 — 93 –93

1976 994 982 4828 1419 340962513 51698 10815 74178 58375 15803

294 — 294 426 — 426123335 115830 7505 145358 124906 20452

— 7505 –7505 — 20452 –20452— — — — — —— 7505 –7505 — 20452 –20452


Items

ARTICLE

Finances of StateGovernments –

2008-09:Highlights

RBIMonthly Bulletin

January 2009 47

This article presents the highlights of

the State Governments budgets for 2008-09.

A detailed analysis is presented in “State

Finances: A Study of Budgets of 2008-09”

that was released in December 20081.

The State Governments presented their

budgets for 2008-092 against the backdrop

of continued efforts to achieve fiscal

correction and consolidation. The rule-

based fiscal regime for the State

Governments as stipulated in their

respective Fiscal Responsibility Legislation

(FRL) is slated to reach its final year during

2009-10 for majority of State Governments.

The efforts of State Governments towards

reducing fiscal imbalances were aided by

larger devolution and transfers from the

Centre based on the recommendations of

the Twelfth Finance Commission (TFC)

along with improvement in tax buoyancy

on the strength of macroeconomic

fundamentals. All States have implemented

Value Added Tax (VAT) in lieu of State sales

tax, which has turned out to be a buoyant

source of revenues for the States.

The States, while presenting their

budgets for 2008-09, announced a number

of policy initiatives aimed at augmenting

revenues and directing expenditure towards

the priority areas. Allocations for agriculture

* Prepared in the Division of State and Local Finances(DSLF) of the Department of Economic Analysis andPolicy (DEAP) with the support of the Division of CentralFinances and the Regional Offices of DEAP. Support wasalso received from Department of Government and BankAccounts (DGBA) and Internal Debt ManagementDepartment (IDMD) of the Reserve Bank. The technicalsupport received from Finance Departments of thetwenty-eight State Governments, Governments of NCTDelhi and Puducherry and valuable inputs received fromthe Ministry of Finance, Government of India andPlanning Commission are thankfully acknowledged.

Finances of StateGovernments –2008-09:Highlights*

1 The detailed article is available on the Reserve Bank’s

website (www.rbi.org.in).

2 An analysis of the consolidated fiscal position of State

Governments based on the State budgets of twenty-eight

States for 2008-09 has been published in the Reserve Bank

of India Annual Report, 2007-08. This Study provides

further details on the consolidated fiscal position of

twenty-eight State Governments as also State-wise analysis

covering budgetary data as well as additional information

obtained from the State Governments and the Government

of India. Information in respect of NCT Delhi and

Puducherry are provided additionally as memo item.

ARTICLE

Finances of StateGovernments –2008-09:Highlights


and water conservation were proposed to

be raised in 2008-09 by most of the States.

All the States proposed higher expenditure

on health and education sectors. State

Governments also placed emphasis on

development of infrastructure, with higher

allocations for development of roads and

urban transport. A few States proposed

higher allocations for urban development

and housing sectors. The State Governments

are also undertaking construction of houses

for low and middle income group families,

slum dwellers and below poverty line

families under various schemes, including

Indira Awas Yojana and Jawaharlal Nehru

National Urban Renewal Mission

(JNNURM). A number of State Governments

extended their support for providing health

as well as life insurance benefits for the

poor families. Several States also proposed

computerisation of their treasuries and tax

departments. Some more States introduced

gender budgeting for the empowerment of

women.

The Government of India proposed

various initiatives in the area of education,

health, social security and agricultural

insurance to provide support to the State

Governments in their developmental role.

The Reserve Bank, on its part, has been

advising the State Governments on several

issues, besides providing support in the

form of ways and means advances (WMA)/

overdraft (OD) and raising of market

borrowings. The Reserve Bank aided the

State Governments in buy-back of

outstanding State Development Loans

(SDLs) and loans borrowed from the

National Small Savings Fund (NSSF). The

Reserve Bank has proposed to introduce

non-competitive bidding in the auctions of

State Government securities and aid State

Governments in re-issuance of SDLs.

The policy initiatives of the State

Governments, Government of India and of

the Reserve Bank of India are presented

next. This is followed by an analysis and

assessment of the budgetary position of the

State Governments for the years 2006-07

(Accounts), 2007-08 (Revised Estimates) and

2008-09 (Budget Estimates). As a special

theme, an analysis of the trend and pattern

of revenues of the States is presented.

Concluding observations are provided at

the end.

Policy Developments

One significant development, which

would have implications for State finances

in the medium-term, relates to constitution

of the Thirteenth Finance Commission. In

terms of Article 280 of the Indian

Constitution, the Thirteenth Finance

Commission was constituted on November

13, 2007, which will have an award period

spanning 2010-15. As per its terms of

reference, the Commission would make

recommendations on the following:

• the distribution between the Union and

the States of the net proceeds of taxes,

which are to be or may be divided

between them,

• the principles which should govern the

grants-in-aid of the revenues of the

States out of the Consolidated Fund of

India, and

• the measures needed to augment the

Consolidated Fund of a State to

supplement the resources of the

Panchayats and Municipalities in the State

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 49

on the basis of the recommendations

made by the Finance Commission of the

State.

Apart from the above, the Commission

will also consider, inter alia, (a) the impact

of the proposed implementation of goods

and services tax (GST); (b) the need to

improve the quality of public expenditure;

and (c) the need to manage ecology,

environment and changed climate

consistent with sustainable development.

Policy Initiatives of State Governments

In their budgets for 2008-09, the State

Governments have highlighted the

importance of the ongoing process of fiscal

correction while striving to provide higher

allocation for improving economic and

social infrastructure. The State Governments

continued to emphasise reduction of non-

plan expenditure and providing resources

for capital investment. A few State

Governments, including Maharashtra, have

factored in the likely impact of the

recommendations of the Sixth Central Pay

Commission (CPC) while framing their

budget for 2008-09. A few States, like Assam

and Madhya Pradesh, have announced

setting up of their own pay commissions.

On the revenue side, the State

Governments have adopted measures to

improve enforcement and tax compliance.

With a view to increasing revenue

collection, Goa proposes to overhaul and

reorganise its commercial tax and excise

department, while Bihar plans to undertake

computerisation of commercial tax

department. As an innovative measure to

provide incentive for resource mobilisation,

Himachal Pradesh proposes to give the

concerned revenue collection departments

one per cent of the additional tax collection

made over and above their budget targets,

which could be utilised by the concerned

departments for their infrastructure

development. Manipur and Rajasthan have

announced plans to automate the

treasuries. Uttarakhand proposes to inter-

connect all treasuries in the State for

efficient fiscal and cash management.

Maharashtra proposes to implement a

computerised budget distribution system

aimed at improving the cash flow system.

As a revenue generating measure, Gujarat

has imposed an additional tax, in addition

to the VAT, on the sale of goods. Goa has

imposed entry tax on vehicles (excluding

goods vehicles) with other than Goa

registration. Kerala has imposed one per

cent cess on VAT.

State Governments continued to place

emphasis on containment of non-

developmental expenditure and

channelising resources for productive

purposes. State Governments are also taking

measures to improve outcomes of their

various schemes. Towards this end, Jammu

and Kashmir has announced setting up of

an Oversight and Monitoring Committee to

monitor pace and implementation of

Centrally Sponsored Schemes (CSS). Several

States, including Maharashtra, Andhra

Pradesh and Tamil Nadu, have announced

initiatives in the area of agriculture,

irrigation and water conservation. In the

education sector, the States have placed

emphasis on imparting computer-aided

education (Andhra Pradesh, Goa and

Himachal Pradesh). In the health sector,

emphasis is being placed on improving the

quality of infrastructure and services in

ARTICLE



health institutions. Several State

Governments have announced extension of

the Rural Employment Guarantee Scheme

to more districts (Andhra Pradesh,

Uttarakhand and Uttar Pradesh). A number

of concessions have been announced by the

States, especially towards reduction in

interest burden on agricultural and housing

loans extended to farmers and to the weaker

sections (Assam, Goa, Haryana and Madhya

Pradesh). A number of States have

announced health insurance schemes for

the poor families (Assam, Himachal

Pradesh, Kerala, Sikkim and Uttarakhand),

life insurance scheme for fishermen (Bihar

and Kerala), life insurance (Haryana and

Punjab), insurance scheme for weavers

(Himachal Pradesh), health insurance

scheme for artisans and craftsmen (Jammu

and Kashmir), and insurance cover for

students of government schools (Rajasthan).

A number of States have proposed

setting up of committees/institutions/

schemes for specific purposes, such as

speedy addressal of grievances of sugarcane

farmers (Bihar), self-employment of

widowed/divorced women (Chhattisgarh),

skilled agricultural services (Goa), training

to women on various trades (Goa), financial

assistance to non-school going disabled

children (Haryana), self-employment

opportunities for unemployed youth

(Himachal Pradesh), development of

agriculture and allied activities (Karnataka),

higher education (Karnataka), integrated

development and welfare of children

(Karnataka), and housing for poor people

in rural areas (Orissa). Karnataka proposes

to set up K arnataka Water Resources

Regulation Authority to facilitate improved

water resources management and

regulation. Punjab proposes to create Punjab

State Development Fund to facilitate

smooth flow of funds for activities in the

field of education, health and social welfare.

Uttarakhand plans to constitute

Uttarakhand Infrastructure Development

Corporation to ensure speedy and effective

completion of Government projects.

K arnataka plans to set up a new

undertaking called the Karnataka Public

Lands Corporation to raise resources for

development through sale or lease of

valuable government land through a

competitive process.

A number of State Governments are

undertaking projects in different sectors

under the Public Private Partnership (PPP)

mode. Several States have announced

introduction/extension of gender budgeting

to ensure empowerment and active

participation of women in various

developmental schemes (Arunachal

Pradesh, Assam, Chhattisgarh and

Uttarakhand). Kerala plans to set up a

Gender Board. Several State Governments

are giving a special boost to the promotion

of self-help groups (SHGs), especially

women SHGs (Arunachal Pradesh, Assam,

Karnataka and Tamil Nadu). A few States

have proposed to set up GRF (Assam and

Manipur). Manipur will set up CSF. Goa has

announced setting up of a pension liability

fund for its employees. Madhya Pradesh

proposes to start a contributory pension

scheme for people working in the

unorganised sector. A number of States have

taken developmental initiatives at the level

of rural local bodies, like establishment of

common service centre in every Panchayat

to provide Information Technology (IT)-

based services to the general public (Bihar),

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 51

providing connectivity to all Panchayats

(Himachal Pradesh), and setting up of cyber

kendras (Karnataka). Kerala proposes to

restructure Kerala Rural and Urban

Development Finance Corporation for

providing loans to local Government

institutions.

Gujarat has placed emphasis on

inclusive growth and providing equal

opportunities to all. Karnataka will prepare

a vision document ‘Karnataka 2020’, which

will unfold the strategy for achieving the

total eradication of poverty, eliminating

regional imbalances in the State, upgrading

the facilities for an orderly and comfortable

life for the people in both rural and urban

areas, and promoting social and economic

equality in the State. Assam proposes to

launch a special programme for all round

socio-economic development of the

minorities. As a measure to improve

transparency, Madhya Pradesh proposes to

present off-budget figures for the funds

received directly from the Centre for health

sector and welfare schemes for women, girl

child and tribals. Madhya Pradesh plans to

conduct independent audit for Panchayats

in order to strengthen them and will

constitute a separate Directorate for this

purpose. Tamil Nadu proposes to implement

e-governance programme in three main

departments, viz., Food and Civil Supplies

Department, Commercial Taxes Department

and Treasury Department. Chhattisgarh has

announced computerisation of public

distribution shops to strengthen and

introduce transparency in the public

distribution system. Karnataka plans to set

up a revolving fund of Rs.500 crore to

ensure remunerative prices by using market

intervention in case of falling prices. Kerala

also plans to implement a price stability

scheme for the agricultural produce. Bihar

and Rajasthan plan to set up State Wide Area

Network to provide communication

network to all the district and divisional

headquarters. Assam proposes to promote

the use of solar energy by electrifying all

remote villages through solar lighting.

Jammu and Kashmir introduced demat for

stamps in order to have a scientific

management of stamps.

Initiatives of the Government of India

In the Union Budget 2008-09, the

Government of India outlined several

initiatives to assist the State Governments

in their developmental and social role. The

progress of eight flagship schemes under

Bharat Nirman would continue to aid the

development process in the State

Governments. The focus of Sarva Shiksha

Abhiyan (SSA), the flagship scheme for

education sector under Bharat Nirman, will

shift from access and infrastructure at the

primary level to enhancing retention,

improving quality of learning and ensuring

access to upper primary classes. The Mid-

day Meal Scheme will be extended to upper

primary classes in Government and

Government-aided schools in all blocks in

the country. With a view to promote higher

education, the Government will establish

one Central University in each of the

hitherto uncovered States. Three IITs will

also be set up in Andhra Pradesh, Rajasthan

and Bihar; two Indian Institute of Science,

Education and Research (IISERs) in Madhya

Pradesh and Kerala; and two Schools of

Planning and Architecture in Madhya

Pradesh and Andhra Pradesh. Based on the

recommendations of the National

ARTICLE



Knowledge Commission, the Government

proposes to inter-connect all knowledge

institutions through an electronic digital

broadband network. Most of the States will

be joining the Rashtriya Swasthya Bima

Yojana that will provide a health cover of

Rs.30,000 for every worker in the

unorganised sector falling under the below

poverty line (BPL) category and his/her

family. A National Programme for the

elderly will be started in 2008-09. The

Government will implement a multi-

sectoral development plan for each of the

90 minority concentration districts. The

Union Government had announced support

for a desalination plant to be installed under

PPP in Tamil Nadu (near Chennai). The

Centre will establish the Irrigation and

Water Resources Finance Corporation with

an initial capital of Rs.100 crore. State

Governments and other financial

institutions will also be invited to

contribute to equity. In order to scale up

both infrastructure and production in the

textile sector, the Government will take up

six centres for development as mega-

clusters. In order to monitor scheme-wise

and State-wise releases for the Central plan

and CSS, the Government will put in place

a Central Plan Scheme Monitoring System.

A comprehensive Decision Support System

and Management Information System will

also be established.

Reserve Bank’s Initiatives

The Reserve Bank as the banker and

manager of public debt to the State

Governments has been sensitising the State

Governments on fiscal issues. In this

direction, the Reserve Bank has been

organising a bi-annual Conference of State

Finance Secretaries since 1997 to establish

a consultative approach to issues pertaining

to the finances of State Governments. The

Annual Policy Statement for the year 2006-

07 proposed, inter alia, that “States, at their

discretion and initiative, would be

encouraged to develop an advance

indicative open market borrowing

calendar”. In order to initiate a step towards

greater transparency in market borrowings

of State Governments in a progressive

manner, the Reserve Bank issued a Press

Release on Market Borrowings of State

Governments on September 12, 2007

detailing net allocation, maturities, amount

raised and the amount that could be raised

during the remaining period of 2007-08.

Further, the Reserve Bank issued a press

release on June 17, 2008 indicating that the

gross borrowings of the State Governments

were estimated around Rs.59,000 crore

including repayments of Rs.14,371 crore

during the year 2008-09. The build-up of

large surplus cash balances by the State

Governments in recent years and the

negative spread earned on the investment

of such balances prompted some State

Governments to utilise them to retire

outstanding debt. The scheme for the buy-

back of outstanding SDLs, which was made

operative during 2006-07 through two rounds

of reverse auctions, continued during 2007-

08. A total amount of Rs.156 crore covering

11 SDLs of Government of Orissa was

purchased through these operations, which

were conducted through secondary market

purchases on NDS-OM platform in February

and March 2008. Two State Governments,

viz., Orissa and Tamil Nadu, also bought

back the loans amounting to Rs.217 crore

and Rs.1,178 crore, respectively, borrowed

from the NSSF. The 21st Conference of State

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 53

Finance Secretaries was held on May 15,

2008. The discussions related to surplus

cash balances of the State Governments,

market borrowings, budget management

and management of various funds of the

States. In the 19th Conference of State

Finance Secretaries held on January 24,

2007 at Pune, the proposal of introduction

of reissuance of SDLs under the market

borrowing programme of State

Governments was deliberated upon. To

begin with, State Governments agreed to

consider issuing two new securities for

raising resources under the market

borrowing programme with one each in the

first half and second half during the

financial year 2007-08. These securities

could be reissued for subsequent tranches

during the first half and second half of

the year. Accordingly, Reserve Bank, in its

Annual Policy Statement for the year 2007-

08, proposed that the Reserve Bank in

consultation with the State Governments

would introduce a system of reissuances.

The re-issue of SDLs may be done in case a

request from the State Governments is

received. With a view to widening the

investor base and enhancing the liquidity

of SDLs, a scheme for Non-Competitive

Bidding Facility has been approved by the

State Governments. Accordingly, the

General Notifications on issue of SDLs

have been amended by the State

Governments. The NDS Auction Module

(Version 2), which would facilitate

introduction of the scheme, is under

development by the Clearing Corporation

of India Ltd. (CCIL). The parallel run of the

new Version 2 will commence shortly and

the scheme will be operationalised by end-

December 2008.

Accounts: 2006-07

The key deficit indicators of the State

Governments, viz., RD, GFD and PD, showed

marked improvement when the revised

estimates of 2006-07 translated into

accounts. The consolidated revenue account

of the State Governments registered a

surplus of Rs.24,857 crore (0.6 per cent of

GDP) in 2006-07 (Accounts) as compared

with a deficit of Rs.5,566 crore (0.1 per cent

of GDP) in 2006-07 (RE) (Table 1). The

correction in the revenue account between

2006-07 (RE) and 2006-07 (Accounts) was,

however, largely due to the compression of

revenue expenditure by Rs.31,296 crore (0.8

per cent of GDP). The developmental

expenditure on the revenue account

declined substantially by Rs.19,137 crore

(0.5 per cent of GDP) contributing 61.1 per

cent of the decline in revenue expenditure.

The reduction in expenditure on education,

arts, sports and culture (by 5.5 per cent),

rural development (by 12.8 per cent) and

expenditure on medical and public health

(by 11.1 per cent) contributed to the decline

in the revenue expenditure when 2006-07

(RE) translated into accounts. It may be

mentioned that committed expenditure

comprising of interest payments, pensions

and expenditure on administrative services

also declined by 3.7 per cent, contributing

22.2 per cent of decline in revenue

expenditure.

The revenue receipts declined by Rs.873

crore (0.2 per cent) in the accounts of 2006-

07 over revised estimates. There was a

decline in grants from the Centre by

Rs.8,504 crore (8.3 per cent) and States’ own

tax revenue (OTR) by Rs.4,532 crore (1.8 per

cent), which was partly compensated by

ARTICLE



Table 1: Variation in Major Items - 2006-07 (Accounts) over 2006-07 (RE)

(Amount in Rs. crore)

Item 2006-07 2006-07 Variation Contribution*

(RE) (Accounts) Amount Per cent (Per cent)

1 2 3 4 5 6

I. Revenue Receipts (i+ii) 5,31,429 5,30,556 –873 –0.2 100.0

(i) Tax Revenue (a+b) 3,72,817 3,72,841 25 0.0 –2.8

(a) Own Tax Revenue 2,57,080 2,52,548 –4,532 –1.8 519.1

of which: Sales Tax 1,58,113 1,53,573 –4,540 –2.9 520.0

(b) Share in Central Taxes 1,15,737 1,20,293 4,556 3.9 –521.9

(ii) Non-Tax Revenue 1,58,612 1,57,714 –898 –0.6 102.8

(a) States’ Own Non-Tax Revenue 55,657 63,263 7,606 13.7 –871.3

(b) Grants from Centre 1,02,955 94,451 –8,504 –8.3 974.1

II. Revenue Expenditure (i + ii) 5,36,995 5,05,699 –31,296 –5.8 100.0

of which:

(i) Developmental Expenditure 3,03,934 2,84,797 –19,137 –6.3 61.1

of which:

Education, Sports, Art and Culture 94,816 89,578 –5,237 –5.5 16.7

Medical and Public Health and Family Welfare 24,977 22,205 –2,772 –11.1 8.9

Rural Development 22,156 19,315 –2,840 –12.8 9.1

(ii) Non-Developmental Expenditure 2,19,709 2,07,390 –12,319 –5.6 39.4

of which:

Administrative Services 42,511 38,964 –3,546 –8.3 11.3

Pension 47,739 46,861 –878 –1.8 2.8

Interest Payments 95,704 93,180 –2,525 –2.6 8.1

III. Capital Receipts 1,43,154 1,43,049 –105 –0.1 100.0

of which:

Non-Debt Capital Receipts 3,054 1,906 –1,148 –37.6 1,089.4

IV. Capital Expenditure 1,50,951 1,51,582 630 0.4 100.0

of which:

Capital Outlay 1,04,942 98,063 –6,879 –6.6 –1,091.4

of which:

Capital Outlay on Rural Development 5,773 5,388 –385 –6.7 –61.1

Capital Outlay on Irrigation & Flood Control 32,751 31,553 –1,197 –3.7 –190.0

Capital Outlay on Special Area Programmes 2,551 1,695 –856 –33.6 –135.8

Capital Outlay on Transport 20,233 19,831 –402 –2.0 –63.8

Memo Item:

Revenue Deficit 5,566 –24,857 –30,423 –546.6

Gross Fiscal Deficit 1,13,913 77,508 –36,405 –32.0

Primary Deficit 18,209 –15,672 –33,881 –186.1

RE : Revised Estimates. * : Denotes percentage share in relevant total.

Note : 1. Negative(-) sign in deficit indicators indicates surplus.

2. Capital receipts include public accounts on a net basis while capital expenditure excludes public accounts.

Source : Budget Documents of the State Governments.

increase in their own non-tax revenue

(ONTR) by Rs.7,606 crore (13.7 per cent) and

States’ share in Central taxes by Rs.4,556

crore (3.9 per cent). The increase in ONTR

was mainly on account of increase in

interest receipts (by 33.2 per cent) and

revenue from education, arts, sports and

culture (by 12.0 per cent). Apart from the

substantial correction on the revenue

account primarily owing to reduction in

revenue expenditure, there was a decline

in capital outlay by Rs.6,879 crore (6.6 per

cent) and net lending by the State

Governments in 2006-07 (Accounts) over

2006-07 (RE). This enabled the State

Governments to reduce the GFD by

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 55

Rs.36,405 crore (0.9 per cent of GDP) to

Rs.77,508 crore (1.9 per cent of GDP) in

2006-07 (Accounts) from Rs.1,13,913 crore

(2.7 per cent of GDP) in 2006-07 (RE). The

consolidated fiscal position of States

exhibited a primary surplus of Rs.15,672

crore in 2006-07 (Accounts) for the first time

in the history of State finances.

Revised Estimates: 2007-08

The assessment of the variation in the

revised estimates of 2007-08 over those of

budget estimates revealed that there was an

increase in revenue surplus to Rs.22,526

crore (0.5 per cent of GDP) in 2007-08 (RE)

from Rs.11,973 crore (0.3 per cent of GDP)

in 2007-08 (BE) (Table 2). On the revenue

account, increase in revenue receipts by


2007-08 (RE) over 2007- 08 (BE) more than

compensated the increase in revenue

expenditure by Rs.11,456 crore (0.2 per cent

of GDP). The increase in Central transfers

in the form of share in Central taxes

Rs.11,951 crore and grants Rs.7,318 crore

accounted for 87.5 per cent of increase in

revenue receipts of the States in 2007-08

(RE) over 2007-08 (BE). Revenue expenditure

increased in 2007-08 (RE) over 2007- 08 (BE)

mainly due to an increase in developmental

expenditure by Rs.16,848 crore (0.4 per cent

of GDP) as against a decline in non-

developmental expenditure by Rs.6,200

crore (0.1 per cent of GDP). The GFD

declined only marginally by Rs.364 crore to

Rs.1,07,958 crore in 2007-08 (RE) over the

budget estimates, despite substantial

improvement on the revenue account and

lower net lending. This was on account of

increase in capital outlay by Rs.9,535 crore

along with a decline in non-debt capital

receipts by Rs.1,702 crore. Incentives

provided by the TFC and budgetary rules

framed under FRLs have played a composite

role in deterring State Governments to slip

on their budgeted fiscal position (Also see

Statements 1 and 2).

Budget Estimates: 2008-09

During 2008-09, the consolidated

revenue surplus of the State Governments

is budgeted to increase by Rs.5,899 crore

(0.06 per cent of GDP) to Rs.28,426 crore

(0.54 per cent of GDP) over 2007-08 (RE)

(Table 3). Consequent upon the budgeted

increase in revenue surplus as well as non-

debt capital receipts, the GFD-GDP ratio at

the consolidated level is budgeted to decline

by 0.2 percentage points to 2.1 per cent,

although, in absolute terms, GFD would

increase by Rs.4,695 crore in 2008-09 (BE)

over 2007-08 (RE). PD is budgeted to decline

by Rs.810 crore (0.03 per cent of GDP) to


2008-09 from Rs.5,080 crore (0.11 per cent

of GDP) in 2007-08 (RE). The primary

revenue surplus (PRS), which is budgeted

to be 2.6 per cent of GDP would account for

79.2 per cent of interest payments in 2008-

09. The deficit reduction envisaged in the

budgets of 2008-09 reflects the commitment

of the State Governments to undertake

fiscal restructuring in the direction of fiscal

correction path as suggested by the TFC.

The revenue receipts are budgeted to

increase by 14.5 per cent in 2008-09 to

Rs.7,19,835 crore (13.6 per cent of GDP)

from Rs.6,28,742 crore (13.3 per cent of

GDP) in 2007-08 (RE). The increase in

revenue receipts by Rs.91,093 crore in 2008-

09 (BE) would mainly be contributed by own

ARTICLE



Table 2: Variation in Major Items - 2007-08 (RE) over 2007-08 (BE)



(BE) (RE) Amount Per cent (Per cent)

1 2 3 4 5 6

I. Revenue Receipts (i+ii) 6,06,733 6,28,742 22,009 3.6 100.0

(i) Tax Revenue (a+b) 4,30,222 4,41,526 11,304 2.6 51.4

(a) Own Tax Revenue 2,94,038 2,93,392 –646 –0.2 –2.9

of which: Sales Tax 1,82,973 1,78,198 –4,775 –2.6 –21.7

(b) Share in Central Taxes 1,36,184 1,48,134 11,951 8.8 54.3

(ii) Non-Tax Revenue 1,76,511 1,87,216 10,705 6.1 48.6

(a) States Own Non-Tax Revenue 59,191 62,578 3,387 5.7 15.4

(b) Grants from Centre 1,17,320 1,24,638 7,318 6.2 33.2

II. Revenue Expenditure (i + ii) 5,94,760 6,06,216 11,456 1.9 100.0

of which:

(i) Developmental Expenditure 3,38,251 3,55,099 16,848 5.0 147.1

of which:

Education, Sports, Art and Culture 1,03,870 1,06,474 2,604 2.5 22.7

Energy 23,980 28,599 4,619 19.3 40.3

Agriculture and Allied Activities 28,615 32,926 4,311 15.1 37.6

(ii) Non-Developmental Expenditure 2,40,585 2,34,386 –6,200 –2.6 –54.1

of which:

Administrative Services 49,066 47,694 –1,372 –2.8 –12.0

Pension 54,263 56,002 1,739 3.2 15.2

Interest Payments 1,02,675 1,02,878 203 0.2 1.8

III. Capital Receipts 1,60,962 1,34,635 –26,327 –16.4 100.0

of which:

Non-Debt Capital Receipts 10,102 8,400 –1,702 –16.8 6.5

IV. Capital Expenditure 1,71,859 1,81,273 9,414 5.5 100.0

of which:

Capital Outlay 1,18,796 1,28,331 9,535 8.0 101.3

of which:

Capital Outlay on Irrigation and Flood Control 36,406 39,128 2,722 7.5 28.9

Capital Outlay on Transport 23,460 25,275 1,814 7.7 19.3

Memo Item:

Revenue Deficit –11,973 –22,526 –10,553 88.1

Gross Fiscal Deficit 1,08,323 1,07,958 –364 –0.3

Primary Deficit 5,648 5,080 –567 –10.0

BE: Budget Estimates. RE: Revised Estimates. * : Denotes percentage share in relevant total.

Note : See Notes to Table 1.


tax revenue (47.7 per cent), share in Central

taxes (27.5 per cent) and grants from Centre

(20.2 per cent). State Governments are

witnessing a robust growth in revenue

collection from sales tax on account of

successful implementation of VAT across

States. Apart from the collections from Sales

tax/VAT which contribute 58.6 per cent of

the budgeted increase in the States’ own tax

revenue, other major contributors are

stamps and registration fees (14.3 per cent),

State excise duty (12.1 per cent) and taxes

from vehicles (5.7 per cent). The growth in

States’ own non-tax revenue is budgeted to

accelerate to 6.8 per cent during 2008-09

against a decline of 1.1 per cent in the

preceding year (Statement 3). Gross

devolution and transfer of resources from

the Centre (i.e., shareable taxes, grants and

loans and advances) are budgeted to

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 57

Table 3: Variation in Major Items - 2008-09 (BE) over 2007-08 (RE)



(RE) (BE) Amount Per cent (Per cent)

1 2 3 4 5 6

I. Revenue Receipts (i+ii) 6,28,742 7,19,835 91,093 14.5 100.0

(i) Tax Revenue (a+b) 4,41,526 5,09,957 68,431 15.5 75.1

(a) Own Tax Revenue 2,93,392 3,36,810 43,418 14.8 47.7

of which: Sales Tax 1,78,198 2,03,623 25,425 14.3 27.9

(b) Share in Central Taxes 1,48,134 1,73,147 25,013 16.9 27.5

(ii) Non-Tax Revenue 1,87,216 2,09,878 22,662 12.1 24.9

(a) States Own Non-Tax Revenue 62,578 66,848 4,270 6.8 4.7

(b) Grants from Centre 1,24,638 1,43,030 18,392 14.8 20.2

II. Revenue Expenditure (i + ii) 6,06,216 6,91,409 85,193 14.1 100.0

of which:

(i) Developmental Expenditure 3,55,099 4,02,810 47,710 13.4 56.0

of which:

Education, Sports, Art and Culture 1,06,474 1,22,072 15,598 14.6 18.3

Medical and Public Health and Family Welfare 27,760 32,224 4,463 16.1 5.2

Energy 28,599 26,483 –2,116 –7.4 –2.5

Rural Development 23,454 29,750 6,296 26.8 7.4

Agriculture and Allied Activities 32,926 36,376 3,450 10.5 4.0

(ii) Non-Developmental Expenditure 2,34,386 2,68,665 34,279 14.6 40.2

of which:

Administrative Services 47,694 62,905 15,211 31.9 17.9

Pension 56,002 62,729 6,727 12.0 7.9

Interest Payments 1,02,878 1,08,383 5,505 5.4 6.5

III. Capital Receipts 1,34,635 1,75,306 40,671 30.2 100.0

of which:

Non-Debt Capital Receipts 8,400 15,000 6,600 78.6 16.2

IV. Capital Expenditure 1,81,273 2,01,374 20,101 11.1 100.0

of which:

Capital Outlay 1,28,331 1,45,159 16,828 13.1 83.7

of which:

Capital Outlay on Urban Development 2,833 4,289 1,455 51.4 7.2

Capital Outlay on Irrigation & Flood Control 39,128 44,525 5,397 13.8 26.9

Capital Outlay on Energy 15,652 16,690 1,038 6.6 5.2

Capital Outlay on Transport 25,275 27,618 2,344 9.3 11.7

Memo Item:

Revenue Deficit –22,526 –28,426 –5,899 26.2

Gross Fiscal Deficit 1,07,958 1,12,653 4,695 4.3

Primary Deficit 5,080 4,270 –810 –15.9

RE: Revised Estimates. BE: Budget Estimates. * : Denotes percentage share in relevant total.

Note: See Notes to Table 1.

Source: Budget Documents of the State Governments.

increase by 16.7 per cent to Rs.3,31,525 crore

in 2008-09 (Statement 4). As a ratio to GDP,

gross devolution and transfers from the

Centre would increase to 6.3 per cent in

2008-09 (BE) from 6.0 per cent in the

previous year. It may be stated that gross

devolution and transfer from the Centre

would finance 37.1 per cent of the aggregate

disbursements of the State Governments

during 2008-09 (BE) as compared with 36.1

per cent in the preceding year.

During 2008-09, the growth in revenue

expenditure is budgeted to decelerate to

14.1 per cent from 19.9 per cent in the

previous year. The budgeted increase in

ARTICLE



revenue expenditure by Rs.85,193 crore

would be mainly on account of increase in

developmental expenditure, which will

contribute 56.0 per cent of the increase. The

increase in developmental expenditure will

be primarily due to increase in expenditure

on education, sports, art and culture,

medical and public health, and rural

development. Apart from the

developmental expenditure, increase in

committed expenditure by 13.3 per cent will

contribute 32.2 per cent of the increase in

revenue expenditure. Committed

expenditure is, however, estimated to pre-

empt marginally lower proportion (32.5 per

cent) of revenue receipts in 2008-09 (BE) as

compared to the previous year (32.9 per

cent) (Statements 5 and 6).

Capital receipts are budgeted to increase

by 30.2 per cent during 2008-09 as against a

decline of 5.9 per cent in the preceding year,

mainly on account of sharp increase in the

budgeted amount of special securities

issued to NSSF, reserve fund (net), and

miscellaneous capital receipts. In 2007-08

(RE), NSSF receipts declined by 73.6 per cent

over the budget estimates. NSSF receipts are

budgeted to grow by 86.8 per cent during

2008-09. The State Governments have

budgeted lower recovery of loans and

advances by 16.8 per cent. Gross loans from

the Centre are budgeted to increase by 35.9

per cent during 2008-09 as compared with

the previous year. Loans from the Centre,

however, are being phased out as State

Governments are taking recourse to market

borrowings for their Plan schemes in terms

of the recommendations of the TFC. In

addition of borrowed funds, States’ non-

debt capital receipts are budgeted to

increase by Rs.6,600 crore (78.6 per cent) in

2008-09 as compared with 2007-08 (RE)

(Statement 7). The total capital expenditure

of the State Governments is budgeted to

increase by 11.1 per cent during 2008-09 as

compared with an increase of 19.6 per cent

in the previous year. Enhancement in

capital outlay would account for 83.7 per

cent of the increase in capital

disbursements, primarily representing

developmental outlays in economic and

social services. As a ratio to GDP, however,

capital outlay would remain unchanged at

the level of 2.7 per cent as in the preceding

year. All the components of the capital

expenditure have been budgeted to increase

over the previous year’s level except loans

and advances by the State Governments,

which would decline by 4.0 per cent.

The share of social sector expenditure

(SSE)3 in total expenditure (TE) of the State

Governments, which exhibited a declining

trend in the first half of this decade, showed

an improvement during the recent years.

From an average of 32.5 per cent during

2000-05, the ratio of SSE-TE increased to

33.9 per cent in 2006-07. It is budgeted to

increase to 37.2 per cent during 2008-09. It

may be noted that SSE as a ratio to GDP

registered a marked improvement during

the recent years and is budgeted at 6.3 per

cent in 2008-09. The share of capital outlay

in SSE increased to 10.1 per cent in 2006-07

from the average level of 4.3 per cent in

1990-95. The share is budgeted to increase

to 11.6 per cent in 2008-09. The proportion

of operations and maintenance expenditure

in total revenue expenditure, by and large,

3 Social Sector Expenditure includes expenditure onsocial services, rural development and food, storage andwarehousing under revenue expenditure, capital outlayand loans and advances given by the State Governments.

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 59

exhibited a gradual decline over the years.

On the other hand, the share of wages and

salaries in revenue expenditure will

increase to 29.4 per cent in 2008-09 as

compared to 27.6 per cent in the previous

year. In this context, it may be mentioned

that the Sixth CPC constituted by the

Government of India submitted its report

in March 2008. Many of the State

Governments follow the CPC award to

improve the pay structure of their

employees. Several State Governments

constitute their own Pay Commissions. It

is pertinent to mention that State finances

experienced deterioration in the latter part

of the 1990s subsequent to their adopting

the recommendations of the Fifth CPC for

their employees. The States, therefore, need

to be cautious on decisions relating to salary

levels and balance it with their fiscal

capacity, employee strength, size of

population and the required complementary

expenditure for productive employment.

The trend in the key deficit indicators

as set out in Table 4 reveals marked fiscal

correction and consolidation witnessed in

recent years after recording progressive

deterioration during the second half of the

1990s (Also see Annex 1). The marked

improvement in consolidated fiscal position

does not reveal the wide variation that

exists across the States. During 2008-09,

twenty-five States presented revenue

surplus budgets and the remaining three

States presented revenue deficit budgets.

Seventeen States have budgeted their GFD

at less than 3 per cent of Gross State

Domestic Product (GSDP). The non-special

category States accounted for 23.7 per cent

and the special category States accounted

for 76.3 per cent of total revenue account

correction of all the State Governments in

2007-08 (RE) over 2004-07 (Avg.).

The decomposition of consolidated GFD

of all State Governments based on their

Table 4: Trends in Major Deficit Indicators of State Governments


Year Revenue Deficit Gross Fiscal Deficit Primary Revenue Balance Primary Deficit

1 2 3 4 5

1999-00 54,548 (2.8) 90,099 (4.6) 9,907 (0.5) 45,458 (2.3)

2000-01 55,316 (2.6) 87,923 (4.2) 4,331 (0.2) 36,937 (1.8)

2001-02 60,398 (2.7) 94,260 (4.1) –1,198 (-0.1) 32,665 (1.4)

2002-03 57,179 (2.3) 99,726 (4.1) –11,848 (-0.5) 30,699 (1.3)

2003-04 63,407 (2.3) 1,20,631 (4.4) –16,989 (-0.6) 40,235 (1.5)

(Net of Power Bonds) 94,086 (3.4)

2004-05 39,158 (1.2) 1,07,774 (3.4) –47,263 (–1.5) 21,353 (0.7)

2005-06 7,013 (0.2) 90,084 (2.5) –77,011 (–2.2) 6,060 (0.2)

2006-07 –24,857 (–0.6) 77,508 (1.9) –1,18,037 (–2.8) –15,672 (–0.4)

2007-08 (RE) –22,526 (–0.5) 1,07,958 (2.3) –1,25,404 (–2.7) 5,080 (0.1)

2008-09 (BE) –28,426 (–0.5) 1,12,653 (2.1) –1,36,809 (–2.6) 4,270 (0.1)

RE : Revised Estimates. BE : Budget Estimates.

Note : 1. Negative (-) sign indicates surplus.

2. Figures in parentheses are percentages to GDP.

3. State Governments had issued power bonds amounting to Rs.28,984 crore during 2003-04 to CPSUs under one-timesettlement scheme for dues of State Electricity Boards.

4. Figures in respect of Jammu and Kashmir from 1999-00 to 2006-07 and for Jharkhand from 2001-02 to 2006-07 relate torevised estimates.


ARTICLE



budget documents reveals that the surplus

on the revenue account would finance GFD

to the tune of 25.2 per cent in 2008-09 (BE),

as compared with 20.9 per cent in 2007-08

(RE). Non-debt capital receipts would

finance 13.3 per cent of GFD in 2008-09 (BE)

as compared with 7.8 per cent in 2007-08

(RE). Accordingly, the share of capital outlay

in GFD would increase from 118.9 per cent

to 128.9 per cent. The financing pattern of

GFD of the State Governments has

undergone a compositional shift with the

market borrowings emerging as the major

source of financing of GFD as against special

securities issued to NSSF, which used to be

the major source of financing of GFD during

past few years. Owing to the sharp

reduction in the collections under small

savings, the special securities issued to

NSSF financed only 8.8 per cent of GFD in

2007-08 (RE) as compared with 72.3 per cent

in 2006-07 (Accounts). In 2008-09, the

special securities issued to NSSF are

budgeted to finance 19.6 per cent of GFD,

while market borrowings would finance

56.7 per cent of GFD (Table 5).

A perusal of Union Budget in

conjunction with State Budgets for last three

years reveals that States generally

overestimate grants-in-aid from the Centre

while the amount of shareable Central taxes

is underestimated in the State Budgets. As

far as financing of GFD is concerned, the

flows from NSSF are overestimated in the

State budgets for the year 2008-09. Loans

from the Centre are generally

overestimated in the State budgets. In view

of the underestimation of the shareable

taxes from the Centre to the tune of

Rs.5,618 crore in State budgets for 2008-09

and overestimation of grants by Rs.24,129

Table 5 : Decomposition and Financing Patternof Gross Fiscal Deficit - 2006-07 (Accounts)

to 2008-09 (BE)

(Per cent to GFD)

Item 2006-07 2007-08 2008-09(RE) (BE)

1 2 3 4

Decomposition (1+2+3-4) 100.0 100.0 100.0

1. Revenue Deficit –32.1 –20.9 –25.2

2. Capital Outlay 126.5 118.9 128.9

3. Net Lending 8.0 9.8 9.7

4. Non-debt Capital Receipts 2.5 7.8 13.3

Financing (1 to 11) 100.0 100.0 100.0

1. Market Borrowings 16.9 58.9 56.7

2. Loans from Centre –11.5 3.2 6.2

3. Special Securities issued 72.3 8.8 19.6

to NSSF/Small Savings

4. Loans from LIC, NABARD, 1.3 6.3 6.0

NCDC, SBI & Other Banks

5. Small Savings, P.F., etc. 13.4 11.3 11.5

6. Reserve Funds 9.8 –8.9 1.1

7. Deposits & Advances 16.5 4.7 4.3

8. Suspense & Miscellaneous 6.0 –4.5 –1.6

9. Remittances –0.4 –0.3 0.1

10. Others –3.3 –1.7 –1.6

11. Overall Surplus (-) /

Deficit (+) –21.1 22.3 –2.1

BE : Budget Estimates. RE : Revised Estimates.

Note: 1. Due to the change in the accounting procedure from

1999-2000, Loans from the Centre excludes States’

share in small saving collections which is shown under

Securities issued to the NSSF under Internal Debt.

Accordingly, repayments of small saving collections

included under repayments of Loans to Centre is now

shown under discharge of Internal Debt to have

consistent accounting for receipts and expenditure.

2. ‘Others’ include Compensation and Other Bonds,

Loans from Other Institutions, Appropriation to

Contingency Fund, Inter-State Settlement and

Contingency Fund.

3. Figures in respect of Jammu and Kashmir and

Jharkhand relate to revised estimates.


crore, the level of revenue receipts would

differ from those budgeted by the State

Governments. The States’ revenue surplus

and GFD would, therefore, differ from

those budgeted by the State Governments.

Assessing the State Budgets in conjunction

with Union Budget 2008-09 indicates that

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 61

grants-in-aid have been overestimated by

20.3 per cent while shareable Central taxes

have been underestimated by 3.1 per cent.

Adjusting for the data of Union Budget

2008- 09, the revenue surplus of the State

Governments would be placed lower at

Rs.9,915 crore (0.2 per cent of GDP).

Correspondingly, GFD would be placed

higher at Rs.1,31,164 crore (2.5 per cent of

GDP). With regard to financing of GFD,

both loans and advances from the Centre

and loans against securities issued to the

NSSF have been overestimated by Rs.5,463

crore and Rs.3,418 crore respectively, in the

State budgets of 2008-09. Thus, the

financing pattern of GFD gets distorted due

to such overestimation/ underestimation

of the budgetary heads of State

Governments as compared with that of the

Union Budget.

Outstanding Liabilities and MarketBorrowings

The structural weaknesses of the State

finances manifested in large and persistent

RD resulting in high GFD and large

accumulation of debt and a concomitant

increase in debt service burden. Between

1991 and 2004, the consolidated debt-GDP

ratio of States increased by 10.7 percentage

points to 33.2 per cent. From the peak level

of 33.2 per cent at end-March 2004, the debt-

GDP ratio of State Governments came down

to 28.3 per cent in 2007-08 (RE) and is

budgeted at 27.4 per cent in 2008-09. The

composition of outstanding liabilities of the

State Governments shows a sharp decline

in the share of loans from the Centre with

an upsurge in the share of loans from NSSF,

market borrowings and loans from banks

and other financial institutions. Loans from

NSSF will remain the dominant component

(31.2 per cent) of outstanding liabilities

during 2008-09 (BE), though its share has

come down since 2007. This will be

followed by market borrowing at 25.0 per

cent in 2008-09 (BE), which stood at 19.3

per cent in 2006-07 (Accounts). On the

other hand, loans from the Centre, which

formed 57.4 per cent of outstanding debt

in 1991 declined substantially and are

budgeted to contribute only 10.8 per cent

during 2008-09 (BE). The share of public

accounts in total liabilities has remained in

the range of 25-30 per cent (Statement 8 and

Annex 2).

The share of high cost market loans

(interest rate over 10.0 per cent) of State

Governments declined further during 2007-

08. As at end-March 2008, the share of

outstanding stock with interest rate of 10

per cent and above declined to 18.4 per cent

from 27.4 per cent as at end-March 2007.

The net allocations of market borrowings

to the State Governments, as per Reserve

Bank records, have increased steadily since

2002-03. The total net allocations increased

sharply to Rs.69,015 crore during 2007-08

as compared with Rs.20,045 crore in the

previous year on account of additional

allocation4 of Rs.35,780 crore due to NSSF

shortfall. The net allocation under market

borrowing programme for State

Governments during 2008-09 is placed at

Rs.57,103 crore. Taking into account

repayments of Rs.14,371 crore, the gross

allocation amounts to Rs.71,474 crore,

showing a decline of 13 per cent over the

4 Additional allocation is sanction of market borrowingsto State Governments allocation during the course of theyear in addition to the allocation made at the beginningof the financial year.

ARTICLE



previous year. During 2008-09 (up to

December 11, 2008), the States have raised

market loans amounting to Rs.36,551 crore

(or 51.1 per cent of gross allocation)

through auctions with a cut-off rate in the

range 6.95-9.90 per cent. The weighted

average interest rate on market loans

increased marginally to 8.35 per cent

during 2008-09 (up to December 11, 2008)

as compared with 8.25 per cent during

2007-08 (Table 6). In 2008-09 so far (up to

December 11, 2008), the entire amount of

market borrowings was raised through the

auction route as in 2007-08.

Liquidity Position and CashManagement

The revised scheme of WMA and OD for

State Governments put in place in 2006-07

following the recommendations of the

Advisory Committee on WMA and OD to

State Governments (Chairman: Shri. M.P.

Bezbaruah) was continued during 2007-08.

The Reserve Bank entered into an

agreement with the Government of the

Union Territory of Puducherry effective

December 17, 2007 for carrying out its

general banking business and managing

Table 6: Market Borrowings of State Governments

(Rs. crore)

Item 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09*

1 2 3 4 5 6 7 8

1. Net Allocation 12,722 12,767 13,969 16,112 17,242 28,781 49,439

2. Additional Allocation 6,422 4,893 3,236 3,522 2,803 40,234 # 7,664

3. Allocation under DSS 10,000 29,000 19,766 — — — —-

4. Total (1+2+3) 29,144 46,660 36,971 19,634 20,045 69,015 57,103

5. Repayments 1,789 4,145 5,123 6,274 6,551 11,555 14,371

6. Gross Allocation (4+5) 30,933 50,805 42,094 25,908 26,596 80,570 71,474

7. Amount raised under DSS 10,000 26,623 16,943 — — — —

8. Amount raised to prepay RIDF loans — — 1,386 — — — —

9. Total Amount Raised (I + ii) 30,853 50,521 39,101 21,729 20,825 67,779 36,551

(i) Tap Issues 27,880 47,626 38,216 11,186 — — —

(ii) Auctions 2,973 2,895 885 10,543 20,825 67,779 36,551

(13) (8) (3) (24) (22 (21) (20)

10. Net Amount Raised (9-5) 29,064 46,376 33,978 15,455 14,274 56,224 22,179

11. Net Amount Raised

(other than DSS) (10-7) 19,064 19,753 17,035 15,455 14,274 56,224 22,179

12. Net Amount Raised

(other than DSS & RIDF) (11-8) 19,064 19,753 15,649 15,455 14,274 56,224 22,179

Memo item:

(i) Coupon/Cut-off Yield Range (%) 6.60-8.00 5.78-6.40 5.60-7.36 7.32-7.85 7.65-8.66 7.84-8.90 6.95-9.90

(ii) Weighted Average Interest Rate (%) 7.49 6.13 6.45 7.63 8.10 8.25 8.35

(iii) Average Maturity (in years) 10.00 10.05 10.01 10.00 10.00 10.00 10.00

* Amount raised upto December 11, 2008. ‘—’ Nil/Not Applicable.

# : Including additional allocation of Rs. 35,780 crore in lieu of expected fall in NSSF .

DSS : Debt Swap Scheme. RIDF: Rural Infrastructure Development Fund.

Note : (i) Figures in brackets represent number of States opting for the auction route. Since 2006-07, all States have been raisingmarket borrowings through the auction route.

(ii) Data on market borrowings as per RBI records may differ from that reported in the budget documents of the StateGovernments.

(iii) Data from 2007-08 are inclusive of Puducherry.

Source : Reserve Bank records.

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 63

rupee public debt and its normal WMA limit

was fixed at Rs.50 crore. The State-wise

normal WMA limits for 2008-09 were

reviewed. Accordingly, it was decided to

retain the extant State-wise normal WMA

limits of Rs.9,925 crore for 2008-09

(inclusive of Rs.50 crore for the Union

Territory of Puducherry). During 2008-09,

the average utilisation of normal WMA,

special WMA and overdrafts by the States

remained low reflecting improvement in

the overall cash position resulting in build-

up of high level of surplus cash balances by

most of the State Governments. The

utilisation of WMA and overdraft (average

of daily outstanding) by the States at Rs.389

crore during 2008-09 (up to November 30,

2008) was substantially lower than that of

Rs.903 crore in the corresponding period of

the previous year. During 2008-09 (up to

November 30, 2008), six States availed of

WMA for a period of 2-33 days, of which

three States resorted to overdraft for a

period ranging between 4-14 days. The

availment of WMA was lower for the States

like West Bengal and Kerala, among non-

special category States and Nagaland among

the special category States as compared with

the previous year. However, the availment

of WMA increased in some other States such

as Punjab and Uttarakhand during 2008-09

as compared with the previous year.

Centre’s (gross) WMA to the State

Governments, as reported in the budget

documents of the State Governments, has

consistently declined from Rs.3,329 crore in

2002-03 (twelve States) to Rs.50 crore in

2007-08 (RE) (one State). However, it is

budgeted to increase to Rs.360 crore in 2008-

09 (two States). Assam among the special

category States and Kerala among the non-

special category States have budgeted for

such advances during 2008-09.

Special Theme: Revenue Receipts ofthe State Governments – Trend andComposition

This section analyses the broad trend

and pattern of revenue receipts of the State

Governments since 1980-81. The analysis in

this section focuses on own revenue

receipts, both tax and non-tax, of the State

Governments. In order to meet the targets

set out in the respective FRLs, the State

Governments have undertaken intensive

revenue reforms. As the own tax revenues

of the States form the predominant

component of the own revenue, tax reforms

have been accorded priority at the State

level. Tax reforms by the State Governments

mainly focused on simplification and

rationalisation of both direct and indirect

taxes aimed at augmenting tax collections,

removal of anomalies in the tax structure,

improvement in tax administration and

modernisation of tax collection process

through computerisation. The most

significant tax reform that has been

implemented by the State Governments

relates to the introduction of VAT in lieu of

State sales tax. A related reform for

successful functioning of VAT was phasing

out of Central Sales Tax (CST). During the

pre-VAT regime, CST was levied at the rate

of 4 per cent. The rate of CST was reduced

to 3 per cent with effect from April 1, 2007

and further to 2 per cent with effect from

April 1, 2008. On the tax front, a major area

of reform would be the implementation of

a comprehensive Goods and Services Tax

(GST) with effect from April 1, 2010. GST

will provide a rational system by subsuming

State and Central level indirect taxes on

ARTICLE



goods and services. State Governments have

introduced several new taxes, have widened

the existing tax net, and increased the tax

rate of several taxes in the recent years

aimed at enhancement of revenues. The

efforts of the State Governments to enhance

tax revenues went alongside a number of

concessions to provide incentives to specific

sectors/industries. The State Governments

also undertook non-tax reforms in some key

areas. The major areas of reform on the non-

tax front include reforms in the power

sector, restructuring of State-level PSUs and

cost recovery by imposition/ rationalisation

of user charges. The State Governments also

took institutional measures to improve non-

tax revenue. Along with taking measures to

improve non-tax revenue, the State

Governments granted subsidies and

concessions to specific sectors.

The State Governments achieved a

revenue surplus at the consolidated level

in 2006-07 (Accounts) after a gap of two

decades. Augmentation of revenue receipts

is a major contributory factor for the

emergence of revenue surplus. The revenue

receipts of the States as a ratio to GDP

increased to 12.9 per cent during 2005-09

from an average of 11.0 per cent during

1980-85 and 10.7 per cent during 1995-00

(Table 7). Broadly, own tax revenue as well

as current transfers (including tax

devolutions and grants) from the Centre

showed a rising trend during the last three

decades, while the non-tax revenue of

States showed a declining trend. OTR as a

ratio to GDP showed a steady improvement

from the average level of 5.1 per cent

during 1995-00 to 6.1 per cent during 2005-

09, substantially higher as compared to

average level of 4.8 per cent in the first half

of 1980s. The own tax collection of States

had deteriorated in the second half of the

1990s mainly on account of deceleration

in taxes on commodities and services.

Taxes on commodities and services, on an

average, increased to 5.2 per cent of GDP

in 2005-09 from 4.5 per cent of GDP during

1995-00. Component-wise, State sales tax/

VAT witnessed a rising trend, State excise

showed a downward trend, while taxes on

vehicles almost stagnated at around 0.3 per

cent of GDP. One of the major constraints

in improving OTR of States is the

performance of taxes on income, which

stagnated at less than 0.1 per cent of GDP

during the past three decades. However,

Table 7: Revenue Receipts of State Governments

(As per cent to GDP)

Year (Average) Own Revenue Current Transfers Total

Own Tax Own Non- Own Share in Grants from Current Revenue

Revenue Tax Revenue Revenue Central the Centre Transfers Receipts

Taxes

1 2 3 4=2+3 5 6 7=5+6 8=4+7

1980-85 4.8 1.9 6.8 2.4 1.8 4.2 11.0

1985-90 5.3 1.9 7.2 2.6 2.2 4.8 12.0

1990-95 5.3 1.8 7.2 2.6 2.3 4.8 12.0

1995-00 5.1 1.6 6.7 2.4 1.6 4.0 10.7

2000-05 5.6 1.4 7.0 2.4 1.8 4.2 11.2

2005-09 6.1 1.4 7.5 3.0 2.4 5.4 12.9

Source: Budget Documents of State Governments.

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 65

taxes on property and capital transactions

performed better after the second half of

the 1990s mainly on account of better

performance of stamp and registration

fees, which doubled to 0.8 per cent of GDP

during 2005-09 from 0.4 per cent of GDP

during the 1990s. The non-tax revenue of

State Governments includes interest

receipts, dividends and profits, earnings by

way of user charges from various social,

economic and other services. The own non-

tax revenue (ONTR) of States as ratio to GDP

has gradually declined from 1.9 per cent

during the 1990s to 1.4 per cent in the

current decade. Economic services, which

are the main contributor to ONTR, showed

a declining trend and stagnated at the level

of 0.6 per cent of GDP since 1995-00 mainly

due to poor recoveries from power, road and

industries. Interest receipts also showed a

declining trend and stood at 0.3 per cent of

GDP in 2005-09. Recovery from social

services stagnated at the level of around 0.1

per cent of GDP, while that from general

services declined to 0.3 per cent of GDP in

the current decade from 0.4 per cent during

1990s.

The consolidated RD of States improved

from 2.3 per cent of GDP in 2003-04 to a

surplus of 0.5 per cent of GDP in 2007-08

(RE). The correction in the revenue account

over the period 2003-04 to 2007-08 (RE)

thus works out to 2.8 per cent of GDP. Out

of this correction of 2.8 per cent of GDP,

OTR contributed 0.6 per cent, while

current transfers from the Centre including

tax devolution and grants contributed 1.5

per cent. ONTR-GDP ratio witnessed a

decline of 0.10 per cent over this period. A

part of the correction (0.7 per cent of GDP)

was on account of compression of revenue

expenditure. Thus, the increase in revenue

receipts by 2.0 per cent of GDP contributed

71.9 per cent of the total correction in RD

over the period 2003-04 to 2007-08 (RE).

Increase in own revenue receipts

contributed 18.0 per cent, and increase in

Central transfers contributed 53.6 per cent

of the correction in RD over the period

2003-04 to 2007-08 (RE) (Table 8). The

trends in financing of aggregate

expenditure by OTR show a gradual

improvement, while financing aggregate

expenditure by ONTR witnessed a

Table 8: Change in Revenue Receipts and Correction of Deficit

(As per cent of GDP)

Year OTR ONTR SCT GIA RR RE RD

1 2 3 4 5 6=2 to 5 7 8

2003-04 5.60 1.40 2.44 1.85 11.29 13.53 2.30

2004-05 5.80 1.50 2.49 1.79 11.58 12.79 1.24

2005-06 5.90 1.30 2.63 2.14 11.97 12.23 0.20

2006-07 6.10 1.50 2.90 2.28 12.78 12.20 -0.60

2007-08 (RE) 6.20 1.30 3.14 2.64 13.28 12.86 –0.48

Change* 0.60 –0.10 0.70 0.79 1.99 –0.67 –2.78

OTR: Own Tax Revenue. ONTR: Own Non-tax Revenue. SCT: Share in Central Taxes.

GIA: Grants-in-Aid. Rev. Exp.: Revenue Expenditure. RD: Revenue Deficit.

RE: Revised Estimates.

*: Change between 2003-04 and 2007-08 (RE).

Source: Budget Documents of the State Governments.

ARTICLE



declining trend since the early 1980s. Some

slippage was witnessed in the first half of

the current decade on account of decline

in both OTR and ONTR. During 2005-09,

OTR on an average financed 37.8 per cent

of aggregate expenditure as compared with

32.6 per cent during 2000-05. It may be

noted that the financing of aggregate

expenditure by ONTR stagnated during the

same period. The share of own revenue as

a percentage to aggregate expenditure

improved to 46.2 per cent during 2005-09

from 41.0 per cent during 2000-05. In this

context, it may be noted that increase in

share of own revenue for financing

aggregate expenditure reduces the

dependence on current transfers to finance

expenditure. All States have implemented

VAT in lieu of State sales tax. At the

consolidated level, State sales tax/VAT as a

ratio to GDP improved from 2.1 per cent

during 1980-85 to 3.1 per cent during 2005-

09. State sales tax/VAT as a ratio to OTR

increased from 42.7 per cent during 1980-

85 to 50.4 per cent during 2005-09,

registering a marked increase of 7.7

percentage points over the period. State

sales tax/VAT as a ratio to total revenue

receipts also showed a gradual

improvement over the last three decades.

As far as financing of aggregate

disbursements by VAT is concerned, State

sales tax/VAT financed 19.1 per cent of

aggregate expenditure during 2005-09 as

against 13.5 per cent during 1980-85.

During 2005-09, OTR grew at an annual

average rate of 16.6 per cent, much higher

as compared with the growth of 13.0 per

cent during 1995-00 and 2000-05.

Tax buoyancy5, which captures the

responsiveness of the OTR to the growth in

economy, increased to 1.3 per cent during

2000-05 as compared with 1.0 per cent

during the 1990s. The buoyancy, however,

came down to 1.2 per cent during 2005-09

as the growth in own taxes despite being

high was lower than that in GDP. The

average annual growth of sales tax/VAT has

improved substantially in the current

decade as compared with the second half

of 1990s. Similarly, buoyancy of sales tax

improved substantially in the first half of

the current decade, but declined thereafter

(Table 9).

To sum up, the revenue receipts of the

State Governments witnessed an upsurge

during the recent years, mainly due to

higher devolution and transfer of resources

from the Centre and improvement in OTR.

VAT introduced recently in lieu of State sales

tax has proved to be a buoyant source of

revenue for the State Governments.

However, the State Governments

experienced sluggish performance in ONTR.

On the non-tax front, revenue from user

5 Buoyancy is calculated as: B = [(OTRt - OTRt-1)/OTRt-1]/[(GDPt - GDPt-1)/GDPt-1] Where B is the buoyancy of owntax revenue, OTR is the own tax revenue and GDP is thegross domestic product.

Table 9: Growth Rates and Buoyancy ofOTR and State Sales Tax/VAT

Year OTR State Sales Tax/VAT(Average)

Growth Buoyancy Growth BuoyancyRate Rate

(Per cent) (Per cent)

1 2 3 4 5

1980-85 16.8 1.2 16.7 1.1

1985-90 16.2 1.2 17.9 1.3

1990-95 15.7 1.0 16.7 1.1

1995-00 13.0 1.0 12.6 0.9

2000-05 13.0 1.3 15.2 1.6

2005-09 16.6 1.2 15.2 1.3

OTR: Own Tax Revenue. VAT: Value Added Tax.Source: Budget Documents of State Governments.

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 67

charges on various social and economic

services provided by the State Governments

constituted around 50 per cent of the total

ONTR of the State Governments. It is

germane to note that the improvement in

revenue receipts contributed 76.1 per cent

of the total revenue account correction

during the period 2003-08. The buoyancy of

OTR has been above 1 per cent during the

last three decades.

Concluding Observations

The State Governments have witnessed

noticeable improvement in their

consolidated fiscal position during the

recent years. The revenue account of States

turned around from deficit to surplus

during 2006-07 after a gap of two decades.

The GFD and revenue surplus as per cent

to GDP are placed at 2.3 per cent and 0.48

per cent, respectively in the revised

estimates of 2007-08. In 2008-09 (BE), the

State Governments budgeted a higher

revenue surplus at 0.54 per cent of GDP. The

GFD as a ratio to GDP is budgeted to decline

to 2.1 per cent. It may be mentioned that

many State Governments have already

achieved the TFC target and targets set

under FRLs with regard to RD and GFD in

2007-08 (RE).

The rule-based fiscal policy framework

adopted by all States except two (Sikkim

and West Bengal) facilitated the State

Governments to move on a fiscal reform

path. The improved own tax effort and

some efforts at limiting non-development

expenditure have aided the fiscal correction

and consolidation process at the State level.

Another key factor relates to higher


the Centre backed by the higher economic

growth.

The conscious effort on the part of the

State Governments to improve resource

mobilisation is visible in the different

policies announced by them in their budgets

for 2008-09. To increase resource

mobilisation, the State Governments have

adopted measures to improve enforcement

and tax compliance and proposed to impose

new taxes and provide incentive for

resource mobilisation. On the expenditure

side, the State Governments have proposed

to take measures to improve outcomes of

their various schemes. Further, the State

Governments continued to emphasise

reduction in non-plan expenditure and

providing resources for capital investment.

Notwithstanding the overall

improvement in consolidated fiscal position

of the States, there exists a wide variation

across the State Governments with regard

to fiscal performance. While some of State

Governments have already achieved the TFC

targets with regard to several indicators well

ahead of the time frame, there are some

other States where the fiscal correction is

slow. The correction in the revenue account

and the consequent revenue surplus

resulted in higher allocation of expenditure

towards development and social sectors in

almost all the States. However, State-specific

fiscal conditions, including fiscal priority

and fiscal capacity, also play important role

in designing of expenditure pattern.

The debt relief mechanism prescribed

by the TFC incentivised by adherence to the

rule-based fiscal regime brought about a

marked improvement in debt servicing

ARTICLE



burden. The high level of debt as a result of

the past deficits started showing a declining

trend as ratio to GDP during the recent years

and in 2007-08 (RE) stood below the TFC

target of debt-GDP ratio at 30.8 per cent.

However, in many States, the debt-GSDP

ratio was well above the TFC target, thus,

raising concerns about its sustainability. The

ratio of interest payments to revenue

receipts, which has a bearing on the debt

sustainability, was below the TFC target of

15.0 per cent in seventeen States in 2007-

08 (RE). Significantly, all the State

Governments recorded a primary revenue

surplus in 2007-08 (RE). However, it may be

noted that the primary revenue surplus has

not been large enough to meet the interest

payments in many of the States.

Generation of adequate revenues to

finance expenditure responsibilities

assigned to the States is an ongoing

challenge for the State Governments. The

implementation of VAT by all the States has

turned out to be a buoyant source of

revenue for the States. Implementation of

GST would be a major area of reform. On

the non-tax front, the States would need to

take appropriate steps to improve cost

recovery from various public services, which

is dependent upon concomitant

improvement in the delivery of the services

provided by the States. The States may also

explore rationalisation of subsidies and

restructuring of State PSUs.

An issue that has gathered substantial

interest in the wake of fiscal correction at

the State Government level in line with TFC

recommendations and their FRL is the need

to ensure that the correction is not at the

cost of reduction in either quantity or

quality of expenditure. In this context, it

may be mentioned that in the post-FRL

period, there has been some reduction in

revenue expenditure as a ratio to GDP.

States have also not been able to step up

the developmental component of

expenditure, though capital outlay as a ratio

to GDP has shown an upward trend. When

talking about improving the quality of

expenditure, it involves three aspects, viz.,

expenditure adequacy (i.e., adequate

provisions for providing public services),

effectiveness (i.e., assessment of

performance/ output indicators for select

services), and efficiency of expenditure use.

The Sixth Central Pay Commission

(CPC), which was constituted by the

Government on October 5, 2006, submitted

its Report on March 24, 2008. The Union

Government approved the recommendations

of the Sixth CPC on August 14, 2008. The

State Governments by and large follow the

CPC award to improve the pay structure of

their employees. However, some State

Governments constitute their own pay

commissions. The impact of Sixth CPC will

differ from State to State depending upon

the pace of adoption of recommendations

and their implementation. In view of the

ongoing fiscal correction and consolidation

process, the States may need to base their

decisions relating to salary levels after due

consideration to their fiscal capacity,

employee strength, size of population and

the required complementary expenditure

for productive employment.

The finances of local bodies, both urban

and rural, in India portray a dismal picture.

It has been well documented that the

process of devolving funds to the local

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 69

bodies based on recommendations of the

SFCs has not yielded the desired outcomes.

Added to this, the ability of local bodies to

raise their own revenues is rather limited.

Some of the revenue sources of urban local

bodies like property tax are, however,

promising sources especially in view of the

expansion of cities, but have not been

tapped to full extent. It needs to be

emphasised that decentralisation as

envisaged by 73rd and 74th constitutional

amendments can yield desired results only

if accompanied by sincere efforts aimed at

fiscal empowerment of the third tier of

Government. State Governments can play

an active role in strengthening the local

bodies especially in view of the

improvement in their financial position in

the post-FRL period.

To conclude, the improvement in State

finances during the recent years owes a

great extent to the various fiscal reforms,

viz., implementation of FRLs, introduction

of VAT, imposition of new taxes and

measures to improve tax administration,

measures aimed at limiting non-

development expenditure, etc. The larger


the Central Government backed by strong

macroeconomic growth also aided the fiscal

correction and consolidation process at the

State Government level. The State

Governments may pursue their efforts for

improving revenue collection from non-tax

resources, ensuring the quantity and quality

of major expenditure heads, reducing

recourse to borrowed funds for financing

expenditure and enhancing devolution of

resources to the local Government level. The

State Governments may have to design post-

FRL architecture after assessing their

performance under the rule-based

framework.

ARTICLE



Statement 1: Major Deficit Indicators of State Governments


Year Gross Fiscal Revenue Conventional Primary Net RBI CreditDeficit Deficit Deficit Deficit to States

1 2 3 4 5 6

1990-91 18,787 5,309 –72 10,132 420(3.3) (0.9) (–0.0) (1.8) (0.1)

1991-92 18,900 5,651 156 7,956 –340(2.9) (0.9) (0.0) (1.2) (–0.1)

1992-93 20,891 5,114 –1,829 7,681 176(2.8) (0.7) (–0.2) (1.0) (0.0)

1993-94 20,364 3,872 363 4,564 591(2.4) (0.4) (0.0) (0.5) (0.1)

1994-95 27,308 6,706 –4,346 7,895 48(2.7) (0.7) (–0.4) (0.8) (0.0)

1995-96 30,870 8,620 –2,680 9,031 16(2.6) (0.7) (–0.2) (0.8) (0.0)

1996-97 36,561 16,878 7,202 11,175 898(2.7) (1.2) (0.5) (0.8) (0.1)

1997-98 43,474 17,492 –1,803 13,675 1,543(2.8) (1.1) (–0.1) (0.9) (0.1)

1998-99 73,295 44,462 3,268 37,854 5,579(4.2) (2.5) (0.2) (2.2) (0.3)

1999-00 90,099 54,548 3,125 45,458 1,312(4.6) (2.8) (0.2) (2.3) (0.1)

2000-01 87,923 55,316 –2,379 36,937 –1,092(4.2) (2.6) (–0.1) (1.8) (–0.1)

2001-02 94,260 60,398 3,545 32,665 3,451(4.1) (2.7) (0.2) (1.4) (0.2)

2002-03 99,726 57,179 –4,291 30,699 –3,100(4.1) (2.3) (–0.2) (1.3) (–0.1)

2003-04 1,20,631 63,407 –526 40,235 293(4.4) (2.3) (-0.0) (1.5) (0.0)

2004-05 1,07,774 39,158 –10,232 21,353 –2,705(3.4) (1.2) (–0.3) (0.7) (-0.1)

2005-06 90,084 7,013 –33,947 6,060 2,425(2.5) (0.2) (–0.9) (0.2) (0.1)

2006-07 77,508 –24,857 –16,324 –15,672 640(1.9) (-0.6) (–0.4) (–0.4) (0.0)

2007-08 (BE) 1,08,323 –11,973 –1,075 5,648 —(2.3) (-0.3) (–0.0) (0.1) —

2007-08 (RE) 1,07,958 –22,526 24,112 5,080 –3,486(2.3) (-0.5) (0.5) (0.1) (-0.1)

2008-09 (BE) 1,12,653 –28,426 –2,358 4,270 —

(2.1) (-0.5) (–0.0) (0.1) —

BE: Budget Estimates. RE: Revised Estimates. ‘–’ : Not Available.

Note : 1. Negative (-) sign indicates surplus in deficit indicators.

2. Conventional deficit represents the difference between aggregate disbursements and aggregate receipts. Aggregate receiptsinclude: (i) revenue receipts; (ii) capital receipts excluding Ways and Means Advances and Overdraft from RBI, and (iii) netreceipts under Public Account excluding withdrawals from Cash Balance Investment Account and deposits with RBI. Aggregatedisbursements include: (i) revenue expenditure and (ii) capital disbursements excluding repayments of Ways and MeansAdvances and Overdraft from RBI.

3. Revenue deficit is the difference between revenue expenditure and revenue receipts.

4. Gross fiscal deficit is aggregate disbursements (net of debt repayments) less revenue receipts, non-debt capital receipts andrecovery of loans and advances.

5. Primary deficit is gross fiscal deficit less of interest payments.

6. Figures in brackets are as percentage to GDP.

7. Figures in respect of Jammu and Kashmir from 1990-91 to 2006-07 and for Jharkhand from 2001-02 to 2006-07 relate toRevised Estimates.

8. Net RBI credit to State Governments refers to variations in loans and advances given to them by the RBI net of their incrementaldeposits with the RBI.

Source : Budget Documents of the State Governments and the Reserve Bank records.

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 71

Statement 2: Consolidated Budgetary Position At A Glance


Item 2006-07 2007-08 2007-08 2008-09 Variation(Accounts) (Budget (Revised (Budget

Col.4 over Col.4 over Col.5 overEstimates) Estimates) Estimates)

Col.2 Col.3 Col.4

Amount Per Amount Per Amount Percent cent cent

1 2 3 4 5 6 7 8 9 10 11

I. Revenue Account

A. Receipts 5,30,556 6,06,733 6,28,742 7,19,835 98,186 18.5 22,009 3.6 91,093 14.5

B. Expenditure 5,05,699 5,94,760 6,06,216 6,91,409 1,00,517 19.9 11,456 1.9 85,193 14.1

C. Surplus(+)/Deficit(-) (IA-IB) 2,4,857 11,973 22,526 28,426

II. Capital Account*

A. Receipts 1,43,049 1,60,962 1,34,635 1,75,306 –8,414 –5.9 –26,327 –16.4 40,671 30.2

B. Disbursements 1,51,582 1,71,859 1,81,273 2,01,374 29,692 19.6 9,414 5.5 20,101 11.1

C. Surplus(+)/Deficit(-) (IIA-IIB) –8,533 –10,898 –46,638 –26,068

III. Aggregate Receipts 6,73,605 7,67,695 7,63,377 8,95,141 89,773 13.3 –4,317 –0.6 1,31,764 17.3

IV. Aggregate Disbursements 6,57,280 7,66,619 7,87,489 8,92,783 1,30,209 19.8 20,870 2.7 1,05,294 13.4

V. Overall Surplus(+)/Deficit(-)

(III-IV) 16,324 1,075 –24,112 2,358

VI. Financing of Overall Surplus(+)

/Deficit(-) [V=VI(A+B+C)] 16,324 1,075 –24,112 2,358

A. Increase (+)/Decrease (-) in –4,783 3,161 –15,214 1,547

Cash Balances (Net)

B. Additions to (+)/Withdrawals 21,275 –2,016 –8,797 901

from (-) Cash Balance

Investment Account (Net)

C. Repayment of (+)/Increase in –168 –70 –101 –90

(-) Ways and Means Advances

and Overdrafts from RBI (Net)

* : Excluding (i) WMA from RBI, (ii) Purchase/Sale of Securities from Cash Balance Investment Account, and (iii) Deposit with RBI.Capital receipts include Public Accounts on a net basis while Capital Expenditure are given exclusive of Public Accounts.

Note : Figures for 2006-07 (Accounts) in respect of Jammu and Kashmir and Jharkhand relate to Revised Estimates.


ARTICLE





Col.2 Col.3 Col.4


1 2 3 4 5 6 7 8 9 10 11

Total Revenue (I+II) 5,30,556 6,06,733 6,28,742 7,19,835 98,186 18.5 22,009 3.6 91,093 14.5

I. Tax Revenue (A+B) 3,72,841 4,30,222 4,41,526 5,09,957 68,685 18.4 11,304 2.6 68,431 15.5

A. Revenue from States’ Taxes (i to iii) 2,52,548 2,94,038 2,93,392 3,36,810 40,843 16.2 –646 –0.2 43,418 14.8

(i) Taxes on Income (a+b) 2,862 3,028 3,206 3,362 345 12.0 178 5.9 156 4.9

(a) Agricultural Income Tax 15 26 12 13 –3 –17.5 –14 –53.6 1 10.4

(b) Tax on Professions, Trades,

Callings and Employment 2,847 3,002 3,194 3,349 347 12.2 192 6.4 155 4.8

(ii) Taxes on Property and Capital

Transactions (a to c) 35,973 40,310 42,691 49,295 6,718 18.7 2,381 5.9 6,604 15.5

(a) Stamps and Registration Fees 32,452 36,862 38,429 44,629 5,977 18.4 1,568 4.3 6,200 16.1

(b) Land Revenue 3,298 3,287 3,988 4,351 690 20.9 701 21.3 363 9.1

(c) Urban Immovable Property Tax 222 162 274 315 52 23.3 112 69.1 41 15.0

(iii) Taxes on Commodities and

Services (a to g) 2,13,714 2,50,700 2,47,495 2,84,153 33,780 15.8 –3,205 –1.3 36,658 14.8

(a) Sales Tax* 1,53,573 1,82,973 1,78,198 2,03,623 24,625 16.0 –4,775 –2.6 25,425 14.3

(b) State Excise Duties 29,316 31,578 34,200 39,463 4,884 16.7 2,623 8.3 5,263 15.4

(c) Taxes on Vehicles 13,238 15,222 15,414 17,905 2,175 16.4 192 1.3 2,492 16.2

(d) Taxes on Passengers and Goods 6,808 8,509 7,270 8,910 462 6.8 –1,239 –14.6 1,640 22.6

(e) Electricity Duties 8,161 9,052 9,366 10,713 1,205 14.8 314 3.5 1,347 14.4

(f) Entertainment tax 705 851 780 831 75 10.6 –71 –8.4 51 6.6

(g) Other taxes and duties 1,912 2,515 2,267 2,706 354 18.5 –248 –9.9 440 19.4

B. Share in Central Taxes 1,20,293 1,36,184 1,48,134 1,73,147 27,841 23.1 11,951 8.8 25,013 16.9

II. Non-tax Revenue (C + D) 1,57,714 1,76,511 1,87,216 2,09,878 29,502 18.7 10,705 6.1 22,662 12.1

C. Grants from the Centre 94,451 1,17,320 1,24,638 1,43,030 30,187 32.0 7,318 6.2 18,392 14.8

D. States’ Own Non-Tax Revenue (a to f) 63,263 59,191 62,578 66,848 –685 –1.1 3,387 5.7 4,270 6.8

(a) Interest Receipts 11,825 11,008 13,041 12,686 1,216 10.3 2,033 18.5 –355 –2.7

(b) Dividends and Profits 633 335 409 442 –223 –35.3 75 22.4 32 7.9

(c) General Services 18,648 14,285 13,894 14,106 –4,754 –25.5 –391 –2.7 212 1.5

of which:

State Lotteries 6,473 8,207 5,411 5,998 –1,062 –16.4 –2,796 –34.1 587 10.8

(d) Social Services 6,967 4,474 5,631 5,861 –1,336 –19.2 1,157 25.9 230 4.1

(e) Economic Services 25,190 29,090 29,601 33,754 4,411 17.5 511 1.8 4,153 14.0

(f) Fiscal Services 1 — 2.1 — 2 275.9 2 — –2.0 —

‘–’ : Negligible/Nil.

* : Comprises General Sales Tax/VAT, Central Sales Tax, Sales Tax on Motor Spirit and Purchase Tax on sugarcane, etc.

Notes : Figures for 2006-07 (Accounts) in respect of Jammu and Kashmir and Jharkhand relate to Revised Estimates.


Statement 3: Reveune Receipts


ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 73



Col.2 Col.3 Col.4


1 2 3 4 5 6 7 8 9 10 11

I. States’ Share in Central Taxes 1,20,293 1,36,184 1,48,134 1,73,147 27,841 23.1 11,951 8.8 25,013 16.9

II. Grants from the Centre (1 to 5) 94,451 1,17,320 1,24,638 1,43,030 30,187 32.0 7,318 6.2 18,392 14.8

1. State Plan Schemes 40,215 52,499 55,236 66,624 15,021 37.4 2,737 5.2 11,388 20.6

2. Central Plan Schemes 2,097 5,551 6,189 6,613 4,092 195.2 638 11.5 424 6.9

3. Centrally Sponsored Schemes 17,427 24,655 27,237 31,432 9,810 56.3 2,582 10.5 4,195 15.4

4. NEC/Special Plan Schemes 306 736 895 1,052 588 192.3 159 21.6 157 17.6

5. Non-Plan Grants (a to c) 34,406 33,880 35,081 37,309 675 2.0 1,201 3.5 2,227 6.3

a) Statutory Grants 17,719 17,067 16,873 16,525 –846 –4.8 –194 –1.1 –348 –2.1

b) Grants for Natural Calamities 3,604 2,722 2,762 2,904 –842 –23.4 40 1.5 142 5.1

c) Non-Plan Non-Statutory Grants 13,083 14,091 15,446 17,880 2,363 18.1 1,355 9.6 2,433 15.8

III. Gross Loans from the Centre (i+ii) 5,718 14,918 11,291 15,348 5,573 97.5 –3,628 –24.3 4,057 35.9

i) Plan Loans 6,158 14,503 11,216 14,975 5,058 82.1 –3,287 –22.7 3,759 33.5

ii) Non-Plan Loans* –440 415 74 373 515 –116.9 –341 –82.1 298 400.4

IV. Gross Transfer (I+II+III) 2,20,462 2,68,422 2,84,063 3,31,525 63,602 28.8 15,641 5.8 47,462 16.7

V. Repayment of Loans and InterestPayments (a+b) 27,786 21,348 21,326 21,089 –6,460 –23.2 –22 –0.1 –236 –1.1

a) Repayment of Loans to the Centre 14,605 8,433 7,855 8,406 –6,750 –46.2 –578 –6.9 551 7.0

b) Interest Payments on the Loansfrom the Centre 13,181 12,914 13,470 12,683 289 2.2 556 4.3 –787 –5.8

VI. Net Transfer of Resources fromthe Centre (IV-V) 1,92,676 2,47,075 2,62,737 3,10,436 70,062 36.4 15,662 6.3 47,698 18.2

* : Include Ways and Means Advances from the Centre.



Statement 4: Devolution and Transfer of Resources from the Centre


ARTICLE



Item 2006-07 2007-08 2007-08 2008-09 Percentage Variation(Accounts) (Budget (Revised (Budget

Estimates) Estimates) Estimates) Col.4 Col.4 Col.5over over over

Col.2 Col.3 Col.4

1 2 3 4 5 6 7 8

I. Developmental Expenditure 3,78,963 4,52,106 4,77,415 5,41,822 26.0 5.6 13.5(Revenue and Capital) (A + B)A. Social Services (1 to 11) 1,91,949 2,33,392 2,43,798 2,84,772 27.0 4.5 16.8

(48.9) (49.9) (49.4) (51.1)1. Education, Sports, Art and Culture 91,957 1,06,845 1,10,230 1,26,707 19.9 3.2 14.92. Medical and Public Health and Family Welfare 25,375 31,283 31,567 36,961 24.4 0.9 17.13. Water Supply and Sanitation 15,421 18,495 20,348 21,223 31.9 10.0 4.34. Housing 3,860 5,523 5,574 8,177 44.4 0.9 46.75. Welfare of Scheduled Caste, Scheduled

Tribes and Other Backward Classes 13,517 17,830 18,942 20,766 40.1 6.2 9.66. Labour and Labour welfare 2,484 2,576 2,699 3,013 8.7 4.8 11.67. Social Security and Welfare 13,189 17,251 19,020 24,358 44.2 10.3 28.18. Nutrition 4,845 5,746 6,540 8,594 35.0 13.8 31.49. Relief on account of Natural Calamities 7,859 4,978 6,685 5,491 –14.9 34.3 –17.910. Urban development 11,237 19,722 18,948 26,267 68.6 –3.9 38.611. Others* 2,204 3,144 3,246 3,215 47.2 3.2 –1.0

B. Economic Services (1 to 9) 1,87,014 2,18,714 2,33,617 2,57,051 24.9 6.8 10.0(47.7) (46.8) (47.3) (46.1)

1. Agriculture and Allied Activities 27,809 32,757 37,592 40,693 35.2 14.8 8.22. Rural Development 24,703 30,881 29,309 36,416 18.6 –5.1 24.33. Special Area Programmes 2,851 3,488 3,834 4,502 34.5 9.9 17.44. Irrigation and Flood Control 44,834 53,639 56,711 64,386 26.5 5.7 13.55. Energy 36,389 38,971 44,251 43,173 21.6 13.5 –2.46. Industry and Minerals 5,624 6,886 7,919 8,024 40.8 15.0 1.37. Transport and Communications 34,322 39,270 43,053 46,143 25.4 9.6 7.28. Science, Technology and Environment 296 564 565 610 90.6 0.2 8.09. General Economic Services 10,186 12,259 10,384 13,105 1.9 –15.3 26.2

II. Loans and Advances by State Governmentsfor Developmental Purposes (A+B) 13,202 15,589 16,149 15,294 22.3 3.6 –5.3A. Social Services (1 to 7) 3,630 8,809 8,409 8,018 131.7 –4.5 –4.6

(0.9) (1.9) (1.7) (1.4)1. Education, Sports, Art and Culture 16 15 21 11 30.4 36.8 –45.92. Medical and Public Health 73 185 185 180 153.1 — –2.43. Family Welfare 1 2 2 2 173.3 14.8 5.04. Water Supply and Sanitation 703 1,439 1,136 1,439 61.7 –21.1 26.65. Housing 894 4,956 5,031 4,015 462.6 1.5 –20.26. Government Servants (Housing) 429 616 615 662 43.1 –0.3 7.87. Others @ 1,514 1,597 1,419 1,708 –6.3 –11.1 20.4

B. Economic Services (1 to 10) 9,573 6,780 7,740 7,275 –19.1 14.2 –6.0(2.4) (1.4) (1.6) (1.3)

1. Crop Husbandry 103 12 163 47 59.1 1,257.8 –71.42. Soil and Water Conservation 2 — 6 6 219.8 — 1.93. Food Storage and Warehousing 1,111 784 1,334 1,287 20.1 70.2 –3.54. Co-operation 2,348 389 452 402 –80.8 16.1 –11.05. Major and Medium Irrigation, etc. — 8 3 — — –61.7 –100.06. Power Projects 4,245 3,966 3,382 3,785 –20.3 –14.7 11.97. Village and Small Industries 120 78 124 95 2.9 58.4 –23.58. Other Industries and Minerals 847 512 873 606 3.1 70.6 –30.69. Rural Development 6 4 4 4 –37.2 1.7 18.510. Others+ 792 1,028 1,400 1,044 76.7 36.2 –25.4

III. Total Developmental Expenditure (I + II) 3,92,165 4,67,695 4,93,563 5,57,116 25.9 5.5 12.9(100.0) (100.0) (100.0) (100.0)

‘—’ : Nil/Negligible. * : Includes expenditure on information and publicity.@ : Includes urban development, social security and welfare, etc.

+ : Includes forest, fisheries, animal husbandry, road and water transport services, etc.

Note : 1. Figures in brackets are percentage to total developmental expenditure.2. Figures for 2006-07 (Accounts) in respect of Jammu and Kashmir and Jharkhand relate to Revised Estimates.


Statement 5: Developmental Expenditure - Major Heads


ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 75

Item 2006-07 2007-08 2007-08 2008-09 Percentage Variation(Accounts) (Budget (Revised (Budget

Estimates) Estimates) Estimates) Col.4 Col.4 Col.5over over over

Col.2 Col.3 Col.4

1 2 3 4 5 6 7 8

I. Non-Developmental Expenditure (GeneralServices) on Revenue Account (i to vi) 2,07,390 2,40,585 2,34,386 2,68,665 13.0 –2.6 14.6

i. Organs of State 4,791 5,457 5,559 6,220 16.0 1.9 11.9

ii. Fiscal Services 10,316 12,185 9,272 10,285 –10.1 –23.9 10.9

iii. Interest Payments and Servicing of Debt (1+2) 1,00,673 1,09,887 1,10,066 1,15,186 9.3 0.2 4.7

1. Appropriation for reduction oravoidance of Debt 7,493 7,212 7,188 6,803 –4.1 –0.3 –5.4

2. Interest Payments 93,180 1,02,675 1,02,878 1,08,383 10.4 0.2 5.4

iv. Administrative Services (1 to 5) 38,964 49,066 47,694 62,905 22.4 –2.8 31.9

1. Secretariat- General Services 1,418 3,733 3,904 4,896 175.2 4.6 25.4

2. District Administration 4,627 5,296 5,293 5,667 14.4 –0.1 7.1

3. Police 23,702 26,469 27,603 30,297 16.5 4.3 9.8

4. Public Works 4,147 4,431 4,708 4,873 13.5 6.2 3.5

5. Others @ 5,070 9,136 6,186 17,171 22.0 –32.3 177.6

v. Pension 46,861 54,263 56,002 62,729 19.5 3.2 12.0

vi. Miscellaneous General Services 5,785 9,727 5,792 11,341 0.1 –40.5 95.8

II. Non-Developmental Expenditure on 4,482 5,545 6,633 6,944 48.0 19.6 4.7Capital Account (1+2)

1. Non-Developmental (General Services) 3,898 4,941 6,016 6,146 54.3 21.8 2.2

2. Loans for Non-Developmental Purposes (a+b) 584 604 618 798 5.7 2.3 29.2

a) Government Servants (other than housing) 278 358 374 536 34.8 4.7 43.3

b) Miscellaneous 307 246 243 262 –20.6 –1.2 7.6

III. Total Non-Developmental Expenditure (I + II) 2,11,872 2,46,130 2,41,019 2,75,609 13.8 –2.1 14.4

IV. III as percentage of Aggregate Receipts 31.5 32.1 31.6 30.8

V. III as percentage of Aggregate Disbursements 32.2 32.1 30.6 30.9

@ Include expenditure on Public Service Commission, Treasury and Administration, Jails, etc.



Statement 6: Non-Developmental Expenditure: Major Heads


ARTICLE



Item 2006-07 2007-08 2007-08 2008-09 Variations(Accounts) (Budget (Revised (Budget


Col.2 Col.3 Col.4


1 2 3 4 5 6 7 8 9 10 11

Total Capital Receipts (1 to 10) 1,43,049 1,60,962 1,34,635 1,75,306 –8,414 –5.9 –26,327 –16.4 40,671 30.2

1. Internal Debt * 91,754 1,14,658 1,06,349 1,22,535 14,594 15.9 –8,309 –7.2 16,186 15.2

of which:

(i) Market Loans (Gross) 20,366 36,818 73,539 76,027 53,172 261.1 36,721 99.7 2,488 3.4

(ii) Special Securities issued to NSSF@ 58,756 59,746 15,781 29,484 –42,974 –73.1 –43,965 –73.6 13,703 86.8

2. Loans from the Centre@ 5,717 14,918 11,291 15,348 5,573 97.5 –3,628 –24.3 4,057 35.9

3. Recovery of Loans and Advances 7,579 4,592 6,212 5,172 –1,367 –18.0 1,621 35.3 –1,041 –16.8

4. Small Savings, Provident Funds, etc. (net) 10,370 12,396 12,147 13,001 1,777 17.1 –249 –2.0 855 7.0

5. Contingency Fund (net) 182 28 20 165 –162 –89.0 –8 — 145 726.1

6. Reserve Funds (net)** 7,634 4,235 –9,625 1,203 –17,259 –226.1 –13,860 –327.2 10,828 –112.5

7. Deposits and Advances (net)*** 12,796 1,515 5,026 4,813 –7,770 –60.7 3,511 231.8 –213 –4.2

8. Appropriation to Contingency Fund (net) 740 — — –165 –740 –100.0 — — –165 —

9. Remittances (net) –305 –44 –322 85 –17 5.6 –278 627.4 408 –126.5

10. Others # 6,581 8,665 3,538 13,149 –3,043 –46.2 –5,127 –59.2 9,611 271.7

‘–’ : Negligible/Nil.

* Includes market loans, special securities issued to NSSF, land compensation bonds, cash credits and loans from State Bank of Indiaand other banks (net) as also loans from National Rural Credit (Long-term Operations) Fund of the NABARD, National Co-operativeDevelopment Corporation, Life Insurance Corporation of India, Khadi and Village Industries Commission, etc, but excludes Waysand Means Advances and Overdrafts from the Reserve Bank of India.

@ With the change in the system of accounting with effect from 1999-2000, States’ share in small savings which was included earlierunder loans from the Centre is included under internal debt and shown as special securities issued to NSSF of the Central Government.

** Reserve funds (net) includes reserve funds bearing interest (like the depreciation reserve funds of Government CommercialUndertakings) as well as those not bearing interest (like sinking funds, famine relief fund and roads and bridges funds).

*** Deposits and advances (net) include deposits bearing interest ( like deposits of local funds) as well as those not bearing interest (likedefence and postal deposits and civil advances).

# Includes Suspense and Miscellaneous (net) and Inter-State Settlement (net) and Miscellaneous Capital Receipts.

Note : 1. Figures for 2006-07 (Accounts) in respect of Jammu and Kashmir and Jharkhand relate to Revised Estimates.

2. Capital receipts include Public Accounts on a net basis.


Statement 7: Capital Receipts


ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 77

Statement 8: Composition of Outstanding Liabilities of State Governments

(As at end-March)(Rs. crore)

Year SDLs Power Compen- NSSF WMA Loans Loans Loans Loans from LoansBonds sation and from from from from SBI & from

Other Bonds RBI LIC GIC NABARD Other banks NCDC

1 2 3 4 5 6 7 8 9 10 11

1991 15,652 — 60 — 1,050 718 241 278 303 6301992 19,008 — 64 — 1,288 775 267 151 604 8121993 22,480 — 72 — 1,073 894 295 25 733 8851994 26,119 — 79 — 1,306 1,044 380 –85 807 8931995 31,200 — 77 — 608 1,135 421 –79 943 1,0711996 37,088 — 76 — 1,894 1,257 501 288 1,175 1,1011997 43,602 — 74 — 2,557 1,418 — 821 1,183 1,1081998 50,847 — 77 — 630 1,684 — 2,038 1,396 1,1071999 61,477 — 66 — 4,858 2,203 — 3,147 2,057 1,2042000 75,427 — 65 25,251 7,328 3,102 — 4,372 3,177 1,3452001 86,767 — 62 56,352 6,559 4,216 — 6,501 4,390 1,4392002 1,04,027 — 59 90,226 9,419 5,085 — 8,969 7,139 1,6222003 1,33,066 — 63 1,39,193 2,512 6,621 — 11,546 7,896 1,6112004 1,79,917 28,984 82 1,98,454 3,375 8,967 1,008 11,285 8,222 3,0712005 2,13,480 29,883 83 2,82,200 1,498 11,994 990 8,226 9,486 1,5772006 2,28,925 31,581 82 3,65,933 407 12,609 989 11,654 9,680 1,1952007 2,42,777 26,051 82 4,25,309 575 12,257 989 16,372 9,094 1,3522008 (RE) 2,98,508 23,143 80 4,30,879 676 11,647 989 24,523 8,568 1,7182009 (BE) 3,62,350 21,689 80 4,52,923 766 11,077 989 32,500 7,996 2,242

Year Loans from Loans Total Loans and Provident Reserve Deposit and Conti- Total Out-Other from Internal Advances Funds, Fund Advances gency standing

Institutions Banks Debt from etc. (Net Fund Liabilitiesand FIs Centre Balances)

1 12 13=sum 14=sum 15 16 17 18 19 20=sum(7 to 12) (2 to 6)+13 (14 to 19)

1991 343 2,513 19,274 73,521 16,861 4,734 12,769 995 1,28,1551992 301 2,910 23,270 82,979 19,790 5,519 14,502 969 1,47,0301993 396 3,228 26,853 91,626 23,515 6,698 18,911 762 1,68,3651994 391 3,429 30,933 1,01,122 27,972 8,180 19,009 658 1,87,8751995 499 3,989 35,875 1,15,238 32,894 9,013 22,963 489 2,16,4731996 517 4,838 43,895 1,29,264 38,216 10,577 26,654 929 2,49,5351997 575 5,106 51,338 1,46,168 44,095 12,350 31,436 511 2,85,8981998 1,510 7,734 59,289 1,68,656 50,843 14,498 36,609 921 3,30,8161999 2,178 10,789 77,190 1,99,007 63,256 17,320 42,357 445 3,99,5762000 5,114 17,110 1,26,346 2,30,331 80,523 19,769 52,193 1,533 5,09,5292001 12,667 29,213 1,81,623 2,38,655 93,629 22,868 59,328 714 5,94,1472002 18,078 40,894 2,49,069 2,49,551 1,03,815 27,389 64,325 1,042 6,90,7472003 23,524 51,198 3,33,753 2,49,179 1,13,678 32,188 65,036 314 7,86,4302004 33,407 65,960 4,76,772 1,92,981 1,32,043 42,217 69,116 246 9,13,3762005 35,648 67,921 5,95,064 1,60,045 1,45,936 52,311 75,290 527 10,29,1742006 35,718 71,845 6,98,773 1,57,004 1,60,955 63,120 86,691 1,322 11,67,8662007 32,782 72,846 7,67,640 1,46,653 1,71,325 70,754 99,487 1,504 12,57,3622008 (RE) 32,199 79,644 8,32,930 1,50,088 1,83,472 61,129 1,04,513 1,524 13,33,6562009 (BE) 31,562 86,367 9,24,176 1,57,030 1,96,473 62,332 1,09,326 1,689 14,51,026

RE : Revised Estimates. BE : Budget Estimates.SDLs : State Development Loans. ‘-’ : Not applicable/Not available/Negligible.

Note : 1. From 1997 to 2003, ‘Loans from Other Institutions’ also includes ‘Other Loans’ and ‘Loans from GIC’. From 2004, ‘Loansfrom Other Institutions’ includes ‘Other Loans’.

2. As detailed break-up of Discharge of Internal Debt for Arunachal Pradesh [2007-08 (RE) and 2008-09 (BE)] and Jammu andKashmir [2007-08 (RE) and 2008-09 (BE)] were not available, the same has been included under ‘Loans from Other Institutions’.

Source : 1. Combined Finance and Revenue Accounts of the Union and State Governments in India, CAG.2. Ministry of Finance, Government of India.3. Reserve Bank Records.4. Budget Documents of the State Governments.5. Finance Accounts of the Union Government, CGA, Government of India.

ARTICLE



Annex 1: Major Fiscal Indicators

(Per cent)

State Revenue Deficit/ Capital Outlay/ Net Lending/Gross Fiscal Deficit Gross Fiscal Deficit Gross Fiscal Deficit

2006-07 2007-08 2008-09 2006-07 2007-08 2008-09 2006-07 2007-08 2008-09 (Accounts) (RE) (BE) (Accounts) (RE) (BE) (Accounts) (RE) (BE)

1 2 3 4 5 6 7 8 9 10

I. Non-Special Category

1. Andhra Pradesh –49.7 –4.9 –7.3 175.5 139.8 184.8 7.7 53.9 46.8

2. Bihar –82.7 –106.1 –138.7 172.5 195.4 229.6 10.2 10.7 9.1

3. Chhattisgarh 8,050.7 –101.3 –93.0 –6,685.0 200.0 204.2 –1,265.7 1.3 –11.2

4. Goa –29.0 –0.5 –28.0 128.5 99.0 125.8 0.5 1.5 2.2

5. Gujarat –31.3 –45.9 –0.7 138.9 141.3 99.7 –7.5 4.5 1.0

6. Haryana 134.9 –88.0 –70.2 –206.0 181.8 166.7 171.0 6.2 3.5

7. Jharkhand 20.7 23.9 –96.3 52.3 60.3 173.5 27.0 15.8 22.7

8. Karnataka –88.6 –49.0 –21.7 182.2 146.0 151.4 6.3 6.3 13.0

9. Kerala 69.0 67.3 59.9 23.6 21.7 27.8 7.4 11.0 12.4

10. Madhya Pradesh –121.0 –74.6 –59.9 187.7 150.8 128.7 33.6 23.9 31.2

11. Maharashtra –7.0 –26.7 –7.3 87.4 115.0 102.5 19.7 11.8 4.8

12. Orissa 274.6 –151.0 –22.2 –176.3 246.0 119.0 1.7 5.0 3.2

13. Punjab 39.9 34.0 35.1 59.0 68.4 67.0 1.1 –2.4 –2.1

14. Rajasthan –16.1 –4.6 –23.2 121.2 132.3 122.9 –5.1 –27.8 0.2

15. Tamil Nadu –66.9 –12.4 –0.9 150.5 105.4 95.7 16.5 6.9 5.1

16. Uttar Pradesh –51.0 –87.7 –93.8 145.4 184.7 192.8 5.5 2.9 1.0

17. West Bengal 72.9 68.1 65.0 17.7 24.6 27.1 9.4 7.3 7.9

Total I –22.1 –15.3 –15.7 116.5 113.4 120.0 8.1 10.6 10.1

II. Special Category

1. Arunachal Pradesh 653.7 –191.9 149.8 –550.8 291.4 –49.5 –2.8 0.5 –0.3

2. Assam 310.7 –2.9 –128.5 –204.3 99.0 222.8 –6.5 3.9 5.7

3. Himachal Pradesh –20.7 3.3 –3.6 120.5 96.1 99.6 0.3 0.5 4.1

4. Jammu and Kashmir –131.0 –84.9 –154.9 227.9 183.4 252.3 3.2 1.5 2.6

5. Manipur –94.4 –1,030.0 –832.7 182.6 1,120.4 928.1 11.8 9.6 4.5

6. Meghalaya –314.9 –607.6 –416.8 429.9 690.4 487.7 –15.0 17.2 29.0

7. Mizoram –131.7 –280.4 –140.9 244.2 390.7 253.2 –12.4 –10.3 –12.3

8. Nagaland –352.7 –92.9 –236.6 455.4 192.2 335.2 –2.6 0.7 1.4

9. Sikkim –236.4 –162.9 –120.7 337.0 263.0 220.7 –0.6 –0.1 –0.1

10. Tripura 648.5 –123.9 –97.0 –550.7 224.0 197.1 2.2 –0.1 –0.1

11. Uttarakhand –101.2 –68.9 –155.3 191.8 162.3 242.6 9.4 6.6 12.7

Total II –255.7 –71.7 –147.4 349.9 168.9 242.4 5.9 2.7 5.0

Grand Total (I+II) –32.1 –20.9 –25.2 126.5 118.9 128.9 8.0 9.8 9.7

Memo item:

1. NCT Delhi –1,081.4 –227.0 –345.6 434.4 172.8 249.0 747.0 154.2 196.6

2. Puducherry 10.9 47.4 80.9 90.4 54.2 19.3 –1.3 –1.6 –0.2

(Contd.)

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 79

Annex 1: Major Fiscal Indicators (Contd.)

(Per cent)

State Non-Developmental Expenditure/ Interest Payment/ State’s Own Tax Revenue/Aggregate Disbursement Revenue Expenditure Revenue Expenditure

2006-07 2007-08 2008-09 2006-07 2007-08 2008-09 2006-07 2007-08 2008-09 (Accounts) (RE) (BE) (Accounts) (RE) (BE) (Accounts) (RE) (BE)

11 12 13 14 15 16 17 18 19


1. Andhra Pradesh 27.7 24.5 21.0 17.6 15.5 12.8 57.7 56.4 53.9

2. Bihar 32.4 31.5 28.8 16.6 15.4 13.1 19.6 19.7 18.2

3. Chhattisgarh 22.6 20.1 21.0 11.7 8.9 8.3 57.3 46.2 47.1

4. Goa 27.4 26.4 28.2 17.3 15.5 16.7 52.3 45.6 47.7

5. Gujarat 31.2 31.7 32.1 23.7 22.7 21.3 63.2 65.8 61.9

6. Haryana 25.5 24.7 30.1 13.8 13.0 12.5 66.8 69.4 70.5

7. Jharkhand 22.9 27.4 26.6 6.9 15.1 15.7 27.8 27.1 40.8

8. Karnataka 24.4 24.0 24.1 12.7 12.5 11.5 69.7 71.9 69.7

9. Kerala 42.2 41.6 39.4 20.1 18.2 18.2 57.3 53.5 55.8

10. Madhya Pradesh 28.7 26.9 27.7 18.0 15.9 14.2 46.8 44.9 45.0

11. Maharashtra 33.7 30.1 37.4 19.0 18.2 15.7 65.3 70.4 65.7

12. Orissa 39.7 35.9 37.4 20.2 20.6 19.0 38.5 34.5 32.0

13. Punjab 39.7 43.9 45.5 22.4 17.8 19.1 48.6 42.2 44.5

14. Rajasthan 33.1 30.8 30.3 22.8 19.8 20.3 46.5 43.0 45.8

15. Tamil Nadu 29.7 30.4 30.6 14.4 13.5 11.6 72.6 64.1 64.5

16. Uttar Pradesh 33.3 29.8 30.1 18.8 16.2 15.3 41.3 41.0 43.2

17. West Bengal 43.6 40.2 40.5 31.8 29.0 28.5 34.2 34.9 37.3

Total I 32.2 30.5 31.0 18.9 17.4 16.1 53.1 51.8 51.9


1. Arunachal Pradesh 21.0 17.4 18.5 9.9 7.1 7.7 4.1 3.0 3.2

2. Assam 32.1 29.1 27.6 13.2 10.7 9.5 30.4 20.2 20.1

3. Himachal Pradesh 33.3 35.5 32.2 21.8 22.0 19.6 21.7 24.8 24.7

4. Jammu and Kashmir 33.0 35.0 31.3 11.9 17.4 13.4 18.9 19.7 22.4

5. Manipur 27.8 26.2 25.2 12.0 12.0 12.0 5.0 5.8 6.4

6. Meghalaya 31.1 23.6 23.6 10.6 8.2 7.2 16.0 12.1 12.1

7. Mizoram 27.9 24.8 29.7 13.3 9.1 10.0 3.9 3.5 3.7

8. Nagaland 35.3 34.6 39.7 12.6 10.8 12.3 5.4 4.8 5.2

9. Sikkim 56.3 51.8 43.7 6.1 5.3 6.0 9.2 6.1 6.8

10. Tripura 37.4 34.7 37.5 15.6 13.1 11.2 13.8 12.9 13.0

11. Uttarakhand 30.0 27.7 26.6 14.9 14.6 14.4 38.8 35.4 36.0

Total II 32.6 31.2 29.8 14.0 13.5 12.2 21.4 19.0 19.7

Grand Total (I+II) 32.2 30.6 30.9 18.4 17.0 15.7 49.9 48.4 48.7

Memo item:

1. NCT Delhi 32.6 24.0 22.6 28.5 24.8 22.1 131.0 118.3 123.7

2. Puducherry 20.9 22.0 17.5 9.7 9.8 8.5 29.6 27.1 24.6

ARTICLE



Annex 1: Major Fiscal Indicators (Concld.)

(Per cent)

State State’s Own Non-Tax Revenue/ Gross Transfers/Revenue Expenditure Aggregate Disbursmement

2006-07 2007-08 2008-09 2006-07 2007-08 2008-09 (Accounts) (RE) (BE) (Accounts) (RE) (BE)

20 21 22 23 24 25


1. Andhra Pradesh 15.7 12.3 12.6 25.0 24.0 27.4

2. Bihar 2.5 1.7 1.5 68.3 68.9 72.3

3. Chhattisgarh 16.5 12.8 13.1 41.8 42.5 41.1

4. Goa 37.2 34.7 34.7 12.7 15.5 19.5

5. Gujarat 16.9 13.8 11.7 20.1 22.0 21.4

6. Haryana 28.1 22.3 19.9 12.5 13.7 13.6

7. Jharkhand 12.8 12.2 21.4 35.5 35.2 38.9

8. Karnataka 12.3 4.8 4.2 24.6 28.5 25.4

9. Kerala 4.5 4.1 4.6 23.8 23.2 27.8

10. Madhya Pradesh 11.9 9.7 9.6 43.0 45.1 46.1

11. Maharashtra 12.2 8.6 8.5 19.9 21.5 22.8

12. Orissa 16.4 9.7 9.4 52.3 55.4 56.4

13. Punjab 21.4 27.2 21.3 14.6 21.5 23.2

14. Rajasthan 13.7 12.9 11.3 34.2 35.9 38.0

15. Tamil Nadu 8.9 6.6 6.4 19.6 26.2 26.0

16. Uttar Pradesh 11.7 10.0 8.1 41.9 47.5 47.4

17. West Bengal 3.7 4.0 4.1 32.8 34.5 35.6

Total I 12.5 10.1 9.5 30.1 33.1 33.9


1. Arunachal Pradesh 15.7 22.3 17.6 82.6 69.4 94.4

2. Assam 16.2 11.1 11.2 62.6 56.7 64.7

3. Himachal Pradesh 17.5 13.8 13.2 48.4 47.9 47.5

4. Jammu and Kashmir 6.0 8.4 9.6 72.0 65.3 66.9

5. Manipur 7.5 8.3 8.5 70.8 81.0 80.0

6. Meghalaya 9.7 6.6 6.2 71.4 79.4 78.7

7. Mizoram 7.8 6.5 5.8 77.3 82.8 82.4

8. Nagaland 4.1 4.1 4.5 83.1 76.2 80.6

9. Sikkim 57.5 57.1 51.2 38.3 42.0 44.4

10. Tripura 3.8 3.8 3.5 87.9 73.1 70.4

11. Uttarakhand 10.0 10.9 10.4 49.7 49.0 52.8

Total II 13.0 12.1 11.5 64.3 61.0 64.4

Grand Total (I+II) 12.5 10.3 9.7 33.5 36.1 37.1

Memo item:

1. NCT Delhi 18.9 18.1 18.5 4.4 7.6 8.6

2. Puducherry 28.5 25.8 21.9 50.6 33.6 26.7

RE : Revised Estimates. BE : Budget Estimates. ‘—’ : Nil/Negligible/Not applicable.Note : 1. Negative (-) sign indicates surplus in deficit indicators.

2. Figures for Jharkhand and Jammu and Kashmir for the year 2006-07 (Accounts) relate to Revised Estimates.Source : Budget Documents of the State Governments.

ARTICLE


2008-09:Highlights

RBIMonthly Bulletin

January 2009 81

Annex 2: Total Outstanding Liabilities of State Governments

(As at end-March)

(Rs. crore)

State 1991 1992 1993 1994 1995 1996 1997 1998 1999

1 2 3 4 5 6 7 8 9 10


1. Andhra Pradesh 8,150 9,454 11,063 12,940 15,224 17,778 20,201 23,313 28,301

2. Bihar 10,633 11,777 13,551 14,752 16,701 18,695 20,752 23,584 27,109

3. Chhattisgarh — — — — — — — — —

4. Goa 903 967 1,049 1,115 1,183 1,275 1,402 1,568 1,936

5. Gujarat 8,076 9,361 10,502 11,467 12,999 14,889 17,006 20,419 25,068

6. Haryana 3,076 3,471 3,899 4,424 5,036 6,171 7,004 8,110 10,250

7. Jharkhand — — — — — — — — —

8. Karnataka 5,898 6,271 7,160 8,815 9,952 11,074 12,739 14,697 17,455

9. Kerala 4,983 5,833 6,682 7,595 9,280 10,719 12,314 14,469 17,333

10. Madhya Pradesh 7,777 8,803 11,442 10,792 12,165 13,891 15,948 17,975 21,957

11. Maharashtra 12,878 15,279 16,911 18,787 21,979 26,379 30,602 37,052 44,264

12. Orissa 5,156 6,065 6,792 7,689 8,914 10,295 11,996 13,636 16,281

13. Punjab 7,071 8,131 9,524 10,874 12,454 14,040 15,618 17,904 21,823

14. Rajasthan 6,580 7,647 8,654 10,038 11,866 14,137 16,742 19,229 24,136

15. Tamil Nadu 7,044 8,341 10,206 11,616 13,541 15,134 17,257 19,512 23,189

16. Uttar Pradesh 19,760 22,978 26,366 29,693 34,253 38,998 45,630 52,428 62,103

17. West Bengal 8,857 10,135 11,281 12,926 15,128 17,716 21,114 25,173 32,192


1. Arunachal Pradesh 280 287 262 281 319 397 480 477 566

2. Assam 4,341 4,658 4,670 4,675 5,228 6,326 6,402 6,469 6,765

3. Himachal Pradesh 1,329 1,492 1,833 1,996 2,556 3,267 3,661 4,298 6,383

4. Jammu and Kashmir 3,358 3,808 4,014 4,510 4,448 4,628 5,294 5,736 6,429

5. Manipur 390 503 531 564 607 676 721 1,040 1,328

6. Meghalaya 218 245 301 381 450 490 475 658 862

7. Mizoram 330 314 322 378 444 538 574 771 842

8. Nagaland 409 476 520 586 624 781 753 876 1,063

9. Sikkim 142 162 199 222 263 292 228 260 415

10. Tripura 517 573 631 759 856 948 986 1,163 1,525

11. Uttarakhand — — — — — — — — —

All States 1,28,155 1,47,030 1,68,365 1,87,875 2,16,473 2,49,535 2,85,898 3,30,816 3,99,576

Memo item:

1. NCT Delhi — — — 117 627 1,354 2,205 3,081 3,788

2. Puducherry — — — — — — — — —

(Contd.)

ARTICLE



State 2000 2001 2002 2003 2004 2005 2006 2007 2008 (RE) 2009 (BE)

1 11 12 13 14 15 16 17 18 19 20


1. Andhra Pradesh 34,829 41,809 48,637 56,030 75,361 90,399 1,03,177 1,10,145 1,17,083 1,26,996

2. Bihar 32,866 29,942 34,135 38,254 39,999 43,183 47,290 49,850 49,903 53,277

3. Chhattisgarh — 6,967 8,121 9,592 10,825 12,133 13,190 13,971 14,431 16,317

4. Goa 2,510 2,822 3,746 3,503 3,885 4,417 5,126 5,806 6,318 7,118

5. Gujarat 34,190 42,781 47,919 55,175 62,307 71,334 83,024 90,001 96,864 1,03,674

6. Haryana 13,810 14,650 17,726 19,948 22,450 24,900 26,979 28,645 29,507 32,062

7. Jharkhand — 8,448 9,979 11,887 10,036 13,090 16,924 21,360 24,510 26,407

8. Karnataka 21,045 25,301 31,337 36,020 39,959 44,345 49,587 54,587 58,032 64,992

9. Kerala 22,214 26,259 29,536 34,312 39,151 43,695 47,883 52,266 58,605 64,801

10. Madhya Pradesh 25,933 22,127 26,043 29,882 37,967 44,586 49,647 53,971 56,280 61,370

11. Maharashtra 58,813 67,601 78,541 89,952 1,06,838 1,24,554 1,46,228 1,59,765 1,62,075 1,76,730

12. Orissa 20,614 24,220 28,161 30,869 33,850 36,982 40,724 41,635 41,764 44,666

13. Punjab 26,610 30,763 35,730 40,125 42,819 47,071 51,140 50,998 55,649 60,081

14. Rajasthan 31,684 35,541 41,634 47,534 53,109 59,968 66,239 71,173 77,099 83,051

15. Tamil Nadu 29,568 34,541 39,069 44,471 51,759 55,968 63,848 67,989 74,764 84,825

16. Uttar Pradesh 77,934 83,098 95,822 1,05,126 1,24,063 1,36,273 1,54,061 1,67,776 1,74,138 1,88,197

17. West Bengal 44,042 54,929 66,396 78,325 89,472 97,342 1,14,419 1,23,372 1,34,645 1,46,563


1. Arunachal Pradesh 735 739 790 966 1,736 2,069 2,412 2,646 3,016 3,331

2. Assam 8,666 10,227 11,988 13,099 15,688 17,043 18,401 19,364 20,358 21,532

3. Himachal Pradesh 7,840 8,705 10,055 12,228 14,379 16,483 17,390 18,082 19,348 21,283

4. Jammu and Kashmir 7,739 9,101 9,624 10,528 14,728 15,877 18,427 19,772 22,697 24,800

5. Manipur 1,614 1,870 1,870 1,890 2,537 3,365 4,316 4,436 4,568 4,806

6. Meghalaya 1,117 1,388 1,528 1,820 2,123 2,410 2,610 2,819 3,007 3,278

7. Mizoram 1,178 1,375 1,713 1,967 2,606 2,922 3,154 3,313 3,446 3,634

8. Nagaland 1,389 1,604 1,884 2,385 2,389 2,638 3,006 3,352 3,649 3,836

9. Sikkim 593 852 929 989 1,010 1,150 1,289 1,403 1,659 2,036

10. Tripura 1,993 2,384 2,817 3,278 4,057 4,853 5,358 5,567 5,553 5,647

11. Uttarakhand — 4,106 5,018 6,274 8,273 10,123 12,017 13,300 14,690 15,713

All States 5,09,529 5,94,148 6,90,747 7,86,427 9,13,376 10,29,174 11,67,866 12,57,362 13,33,656 14,51,026

Memo item:

1. NCT Delhi 6,348 7,924 9,777 12,494 14,149 15,836 21,567 25,569 25,339 24,953

2. Puducherry — — — — 1,310 1,549 1,817 2,519 3,198 4,350

RE: Revised Estimates. BE: Budget Estimates. '—': Not available/Not applicable.Source : 1. Combined Finance and Revenue Accounts of the Union and State Governments in India, CAG.

2. Ministry of Finance, Government of India.3. Reserve Bank Records.4. Budget Documents of the State Governments.5. Finance Accounts of the Union Government, CGA, Government of India.

Annex 2: Total Outstanding Liabilities of State Governments (Concld.)

(As at end-March)

(Rs. crore)

ARTICLE

South-West

Monsoon-2008 :

An Overview

RBIMonthly Bulletin

January 2009 83

* Prepared in the Division of Rural Economics, Departmentof Economic Analysis and Policy.

South-West Monsoon-2008 : An Overview*(June 1 to September 30, 2008)

There are two Indian monsoon seasons:(i) South-West monsoon (June-September)and (ii) post-monsoon also known as North-East monsoon in the Southern Peninsula(October-December). The success or failureof the crops is closely associated with thespatial and temporal distribution of rainfallduring the South-West monsoon that bringsmost of the rainfall (about 80 per cent ofthe total) during a year in the country. Thisarticle reviews the performance of South-West Monsoon 2008.

South-West Monsoon 2008: Highlights

● The long term mean date of South-Westmonsoon onset over Kerala is June 1,which has a standard deviation of aboutone week. Monsoon covers the wholecountry by July 15.

● During the year 2008, the South-Westmonsoon arrived over Kerala on May31, 2008, one day ahead of the normaldate.

● Further advance took place quite rapidlymainly due to depression over the EastCentral Arabian Sea and a well markedlow pressure area over Saurashtra &Kutch and neighbourhood. By June 16,South-West monsoon had covered mostparts of the country except for someparts of Rajasthan. Subsequently, therewas a hiatus in the further advance dueto the weakening of the monsoon. Themonsoon covered the entire country onJuly 10, nearly 5 days ahead of thenormal schedule.

● The South-West monsoon seasonrainfall over the country as a whole was98 per cent of its Long Period Average(LPA). The LPA of South-West monsoonrainfall averaged over the country as a

ARTICLE

South-West

Monsoon-2008 :

An Overview


whole is about 873.2 mm as against thenormal of 892.2 mm.

● Among the four broad homogeneousregions1, while the South-Westmonsoon season rainfall was abovenormal in the North-West India (107 percent of LPA), it was below normal in theSouth Peninsula (96 per cent of LPA),Central India (96 per cent of LPA) andNorth-East India (94 per cent of LPA).

● Out of 516 meteorological districts forwhich data were available, 76 per centof the meteorological districts receivedexcess/normal rainfall and theremaining 24 per cent receiveddeficient/scanty rainfall during theseason.

● The uneven temporal rainfalldistribution caused flood situation inmany states viz., Assam, Meghalaya,Arunachal Pradesh, Nagaland, Manipur,Mizoram, Tripura, West Bengal, Orissa,Bihar, Uttar Pradesh, Haryana, Delhi,Punjab, Himachal Pradesh, Rajasthan,Gujarat, Maharashtra and AndhraPradesh.

● There was a delay in the commencementof withdrawal of South-West monsoonfrom extreme West Rajasthan. TheSouth-West monsoon withdrew this yearfrom entire Jammu & Kashmir, HimachalPradesh, Punjab, Haryana, Chandigarh &

Delhi, West Rajasthan, most parts ofUttarakhand, West Uttar Pradesh andEast Rajasthan, some parts of northGujarat State and north Arabian Sea onSeptember 29, 2008. The normal date ofwithdrawal of South-West monsoonfrom West Rajasthan is September 1. Thedelay was mainly due to the presence ofsystems in westerlies over North-WestIndia interacting with the monsooncirculation.

● South-West monsoon withdrew entirelyfrom the country, on October 15, 2008.Simultaneously, the North-Eastmonsoon rains commenced overPeninsular India on October 15, 2008.

Forecast of South-West Monsoon

India Meteorological Department (IMD)has been adopting a two-stage forecaststrategy for the South-West monsoonrainfall since 2003. The first forecast forSouth-West monsoon rainfall comes out inthe month of April using the data up toMarch. It also issues updated forecasts usingthe data up to May in the month of June,which also includes forecast for the Julyrainfall over the country as a whole andseasonal rainfall over the four broadhomogeneous regions of India. IMD in itsfirst stage Long Range Forecast issued onApril 16, 2008 had indicated that the rainfallduring the South-West Monsoon Season(June-September) 2008 for the country as awhole was likely to be 99 per cent of theLong Period Average (LPA) with a modelerror +/-5 per cent. Subsequently, in theupdate issued on June 30, 2008, the LongRange Forecast for the South-West monsoonseason rainfall was placed at 100 per centof the LPA with a model error of +/- 4 percent. The forecast came correct as the actualarea-weighted rainfall for the country as awhole was 98 per cent of the LPA (Table 1).

1 The four broad homogeneous regions are: 1) North-West India (Uttar Pradesh, Rajasthan, Haryana,Chandigarh and Delhi, Punjab, Uttaranchal, HimachalPradesh and Jammu and Kashmir); 2) Central India(Madhya Pradesh, Chhattisgarh, Maharashtra, Orissa,Gujarat and Goa); 3) South Peninsula (Andhra Pradesh,Karnataka, Tamil Nadu and Pondicherry, Kerala,Lakshadweep and Andaman and Nicobar Islands); and4) North-East India (Bihar, Jharkhand, West Bengal,Sikkim, Assam, Arunachal Pradesh, Meghalaya, Nagaland,Manipur, Mizoram, Tripura).

ARTICLE

South-West

Monsoon-2008 :

An Overview

RBIMonthly Bulletin

January 2009 85

Year IMD’s Actual KharifForecast Rainfall foodgrains

(% of LPA) (% of LPA) production(% change)

1 2 3 4

1997 92 102 -2.41998 99 106 0.51999 111 96 2.52000 99 92 -3.22001 98 92 9.82002* 101 81 -22.22003 96 102 34.12004 100 87 -11.72005 98 99 6.32006 92 99 0.62007 93 105 1.62008 99 98 -2.8

* : Drought yearSource : India Meteorological Department (IMD),

Ministry of Agriculture, Government of India.

Table 1: South-West Monsoon Rainfalland Kharif Production

Cumulative Rainfall During South-West Monsoon 2008

The season ended with the area-weighted rainfall for the country as a wholeat 98 per cent of the LPA, less than the upperbound of the IMD’s long range forecast. Ofthe 36 meteorological sub-divisions,cumulative rainfall was excess/normal in 32sub-divisions (30 sub-divisions during lastyear) and deficient/scanty/no rain in 4 sub-divisions (6 sub-divisions during last year)(Chart 1, Table 2 and Statement I).

Table 2: Distribution of Sub-divisionsAccording to Category of Rainfall

Category Sub-divisionsof Rainfall

1 2

Excess Orissa and Punjab.

Normal Andaman and Nicobar Islands, ArunachalPradesh, Assam and Meghalaya, Sub-Hima-layan West Bengal and Sikkim, GangeticWest Bengal, Jharkhand, Bihar, East UttarPradesh, West Uttar Pradesh, Uttaranchal,Haryana, Chandigarh and Delhi, HimachalPradesh, Jammu and Kashmir, WestRajasthan, East Rajasthan, East MadhyaPradesh, Gujarat Region, Daman, Dadra andNagar Haveli, Saurashtra and Kutch, Konkanand Goa, Madhya Maharashtra,Marathwada, Chhattisgarh, Coastal AndhraPradesh, Telangana, Rayalaseema,Tamilnadu and Puducherry, CoastalKarnataka, North and South InteriorKarnataka and Lakshadweep.

Deficient Nagaland, Manipur, Mizoram and Tripura,West Madhya Pradesh, Vidarbha and Kerala.

Source : India Meteorological Department.

The progress of monsoon was, howeveruneven during June – September 2008.Rainfall was deficient in most of the weeksof the sowing months, viz., July and August2008. The month-wise distribution showsthat rainfall was above normal in June (24 percent), while it was below normal during July(17 per cent), August (3 per cent) andSeptember (1 per cent) (Chart II and Table 3).

ARTICLE

South-West

Monsoon-2008 :

An Overview


Among the four homogeneous regions,the South-West monsoon rainfall overNorth-West India was above its LPA by 7 percent. However, over South Peninsula,Central India and North-East India seasonalrainfall was below its LPA by 4 per cent, 4per cent and 6 per cent, respectively. Thelargely uniform performance of themonsoon rainfall over the country wasmainly due to the excess rainfall observedover North-West India (Table 4). Thus,during 2008 monsoon season, rainfallactivity exhibited almost uniform spatialdistribution, with most parts in the countryreceiving near normal seasonal rainfall.

District Level Cumulative RainfallDuring South-West Monsoon 2008

Out of 516 meteorological districts forwhich data were available, 76 per cent ofthe meteorological districts received excess/normal rainfall and the remaining 24 percent received deficient/scanty rainfallduring the season (Statement II). The

uneven temporal rainfall distributioncaused flood situation in many states viz.Assam, Meghalaya, Arunachal Pradesh,Nagaland, Manipur, Mizoram, Tripura, WestBengal, Orissa, Bihar, Uttar Pradesh,Haryana, Delhi, Punjab, Himachal Pradesh,Rajasthan, Gujarat, Maharashtra and AndhraPradesh.

Reservoir Status

In India the Central Water Commissionmonitors the total live water storage in the81 major reservoirs having full reservoirlevel (FRL) of 151.77 billion cubic metres(BCM), which accounts for around 72 percent of the total reservoir capacity of thecountry. As on October 1, 2008 water stockin these 81 major reservoirs was 74 per centof the FRL, lower than 79 per cent duringthe corresponding period of the previousyear but higher than the average of 66 percent during the last 10 years (Table 5).Satisfactory water storage position augurswell for the ongoing Rabi season.

Progress of Sowing

The sowing position of kharif crops hasdeclined during 2008-09 (as on October 3,2008) with reported sown area of 98.9 percent of the normal which was about 2.5 percent lower than the previous year. The sownarea declined mainly because rainfall wasdeficient in most of the weeks of the sowing

Table 3: Month-wise Rainfall duringS-W Monsoon

Month Per cent Departure from Normal

2007 2008

1 2 3

June 19 24

July -3 -17

August -1 -03

September 18 -01


Region Normal (mm) Actual (mm) Percentage Departure

2007 2008 2007 2008

1 2 3 4 5 6

All-India 892.2 936.9 873.2 5 -2North-West India 611.6 520.8 651.7 -15 7Central India 993.9 1073.8 956.9 8 -4South Peninsula 722.6 907.3 692.5 26 -4North-East India 1427.3 1485.9 1346.0 4 -6


Table 4: Region –wise Rainfall during the South-West Monsoon 2008

ARTICLE

South-West

Monsoon-2008 :

An Overview

RBIMonthly Bulletin

January 2009 87

months, viz., July and August. All foodgraincrops have shown decline in the area sownexcept rice. Among non-foodgrains, while

area covered under oilseeds increased, thatfor sugarcane, cotton and jute declined(Table 6).

Table 5: Reservoir Status

Status As On 1.10.2004 1.10.2005 1.10.2006 1.10.2007 1.10.2008

1 2 3 4 5 6

Total Live Storage (BCM) 85.063 109.695 133.525 120.119 111.960Percentage to Live Capacity at FRL 64 82 88 79 74

Source : Central Water Commission

Table 6: Summary of Progress of Kharif Crop (Area Coverage)

(Area in Million Hectares)

Crop Normal Area CoverageArea (as reported on October 3)

2008-09 2007-08 Difference % change

1 2 3 4 5 6

Rice 39.1 38.1 36.9 1.2 3.3

Coarse Cereals 22.7 19.8 21.1 -1.4 -6.4

of which

Jowar 4.2 2.9 3.4 -0.5 -14.2

Maize 6.4 7.1 7.4 -0.2 -3.1

Bajra 9.2 7.8 8.3 -0.5 -6.0

Total Pulses 10.9 10.4 12.3 -1.9 -15.3

Total Kharif Oilseeds 15.9 18.2 17.6 0.5 3.1

of which

Sunflower 0.8 0.7 0.7 -0.1 -12.3

Sesamum 1.4 1.5 1.6 0.0 -5.9

Groundnut 5.4 5.2 5.4 -0.2 -3.4

Soyabean 7.3 9.6 8.8 0.9 9.9

Sugarcane 4.1 4.4 5.3 -0.9 -16.6

Cotton 8.4 9.1 9.2 -0.1 -1.4

All Crops 101.9 100.8 103.3 -2.6 -2.5

Source : Ministry of Agriculture, Government of India.

ARTICLE

South-West

Monsoon-2008 :

An Overview


Statement I : Basic Rainfall Data (Weekly)

Sub-Divisions Rainfall for Rainfall for Rainfall for

Week ending October 1, 2008 Week ending September 24, 2008 Week ending October 3, 2007

Actual Normal % deviation Actual Normal % deviation Actual Normal % deviation(mm) (mm) from Normal (mm) (mm) from Normal mm) (mm) from Normal

1 2 3 4 5 6 7 8 9 10 11 12 13

1. Andaman & Nicobar Islands 48.7 116.5 -58 D 26.8 104.0 -74 S 175.8 111.9 57 E

2. Arunachal Pradesh 27.2 66.3 -59 D 30.9 75.6 -59 D 16.6 67.1 -75 S

3. Assam & Meghalaya 48.6 60.6 -20 D 44.4 58.7 -24 D 31.4 60.3 -48 D

4. Nagaland, Manipur, 56.2 49.8 13 N 89.9 46.5 93 E 61.0 51.3 19 N

Mizoram & Tripura

5. Sub-Himalayan West 35.7 79.7 -55 D 43.0 75.6 -43 D 27.1 81.7 -67 S

Bengal and Sikkim

6. Gangetic West Bengal 84.1 72.2 16 N 70.3 47.0 50 E 31.4 68.1 -54 D

7. Orissa 14.7 44.4 -67 S 115.5 51.4 125 E 57.8 42.1 37 E

8. Jharkhand 21.5 44.7 -52 D 66.1 41.9 58 E 51.0 46.3 10 N

9. Bihar 56.6 41.1 38 E 20.8 42.8 -51 D 90.0 43.4 107 E

10. East Uttar Pradesh 8.2 27.6 -70 S 104.5 30.6 242 E 44.8 25.8 73 E

11. West Uttar Pradesh 0.6 21.0 -97 S 53.8 23.6 128 E 11.7 18.1 -36 D

12. Uttaranchal 1.8 28.5 -94 S 136.1 35.0 289 E 78.1 23.8 228 E

13. Haryana, Chandigarh & Delhi 0.1 16.0 -99 S 91.8 14.6 530 E 1.5 9.1 -84 S

14. Punjab 0.0 23.2 -100 NR 38.7 17.7 119 E 0.3 11.5 -98 S

15. Himachal Pradesh 0.2 26.4 -99 S 112.6 22.7 397 E 6.2 16.2 -62 S

16. Jammu & Kashmir 0.8 17.7 -95 S 7.3 23.3 -69 S 3.2 9.6 -66 S

17. West Rajasthan 0.0 4.9 -100 NR 11.9 5.5 116 E 0.0 2.8 -100 NR

18. East Rajasthan 0.6 10.8 -94 S 43.6 14.9 193 E 5.4 7.7 -29 D

19. West Madhya Pradesh 1.9 19.1 -90 S 37.1 30.6 21 E 19.5 16.9 16 N

20. East Madhya Pradesh 0.4 19.1 -98 S 64.7 30.8 110 E 29.5 17.9 65 E

21. Gujarat Region, Daman, 0.0 24.2 -100 NR 86.9 27.3 218 E 14.1 18.3 -23 D

Dadra & Nagar Haveli

22. Saurashtra & Kutch 0.1 10.7 -99 S 50.9 13.0 291 E 1.5 9.0 -83 S

23. Konkan and Goa 1.6 73.4 -98 S 119.4 71.9 66 E 93.3 67.0 39 E

24. Madhya Maharashtra 1.3 39.8 -97 S 47.5 41.1 16 N 10.7 36.4 -70 S

25. Marathwada 0.4 39.8 -99 S 35.5 40.6 -13 N 6.7 34.1 -80 S

26. Vidarbha 1.1 26.6 -96 S 28.9 37.4 -23 D 18.8 26.1 -28 D

27. Chhattisgarh 4.3 31.7 -86 S 88.8 44.5 100 E 31.0 29.3 6 N

28. Coastal Andhra Pradesh 8.8 43.2 -80 S 14.2 45.4 -69 S 44.7 43.9 2 N

29. Telangana 3.6 36.5 -90 S 13.9 43.0 -68 S 50.1 35.8 40 E

30. Rayalaseema 12.0 32.6 -63 S 6.8 41.8 -84 S 21.0 33.9 -38 D

31. Tamil Nadu & Puducherry 9.0 31.7 -72 S 6.4 29.2 -78 S 21.0 31.6 -33 D

32. Coastal Karnataka 1.4 69.8 -98 S 49.9 69.1 -28 D 98.3 68.7 43 E

33. North Interior Karnataka 9.7 39.4 -75 S 19.8 50.1 -60 S 22.2 41.6 -47 D

34. South Interior Karnataka 2.6 37.5 -93 S 16.5 43.8 -62 S 17.5 40.6 -57 D

35. Kerala 1.0 72.2 -99 S 49.8 62.5 -20 D 44.3 69.2 -36 D

36. Lakshadweep 2.3 36.8 -94 S 3.0 43.5 -93 S 8.1 35.9 -77 S

E : Excess, i.e.,+20% or more 1 18 9

N : Normal, i.e.,+19% to -19% 2 2 5

D : Deficient, i.e.,-20% to -59% 5 7 11

S : Scanty, i.e.,-60% to -99% 25 9 10

NR: No Rain, i.e., -100% 3 0 1

TOTAL 36 36 36


ARTICLE

South-West

Monsoon-2008 :

An Overview

RBIMonthly Bulletin

January 2009 89

Statement II : Basic Rainfall Data (Cumulative)

Sub-Divisions June 1 to September 30, 2008 June 1 to September 30, 2007

Actual Normal % deviation from Actual Normal % deviation from(mm) (mm) Normal (mm) (mm) Normal

1 2 3 4 5 6 7 8 9

1. Andaman & Nicobar Islands 1752.0 1755.2 0 N 1702.4 1755.2 -3 N

2. Arunachal Pradesh 1658.4 1834.9 -10 N 1461.9 1834.9 -20 D

3. Assam & Meghalaya 1601.2 1885.3 -15 N 1702.2 1885.3 -10 N

4. Nagaland, Manipur, 983.8 1240.9 -21 D 1285.0 1240.9 4 N

Mizoram & Tripura

5. Sub-Himalayan West 2098.0 1955.4 7 N 2063.0 1955.4 6 N

Bengal and Sikkim

6. Gangetic West Bengal 1288.8 1136.3 13 N 1648.6 1136.3 45 E

7. Orissa 1418.7 1164.9 22 E 1442.0 1164.9 24 E

8. Jharkhand 1075.1 1092.5 -2 N 1217.7 1092.5 11 N

9. Bihar 1104.4 1039.2 6 N 1359.5 1039.2 31 E

10. East Uttar Pradesh 1062.8 913.6 16 N 747.8 913.6 -18 N

11. West Uttar Pradesh 864.0 772.8 12 N 473.2 772.8 -39 D

12. Uttaranchal 1198.8 1223.1 -2 N 1519.1 1223.1 24 E

13. Haryana, Chandigarh & Delhi 538.3 470.0 15 N 312.5 470.0 -34 D

14. Punjab 600.2 501.8 20 E 355.4 501.8 -29 D

15. Himachal Pradesh 738.5 773.7 -5 N 498.0 773.7 -36 D

16. Jammu & Kashmir 524.8 513.6 2 N 498.1 513.6 -3 N

17. West Rajasthan 287.7 262.8 9 N 231.4 262.8 -12 N

18. East Rajasthan 607.1 623.6 -3 N 527.5 623.6 -15 N

19. West Madhya Pradesh 709.6 904.3 -22 D 861.0 904.3 -5 N

20. East Madhya Pradesh 948.9 1097.4 -14 N 765.3 1097.4 -30 D

21. Gujarat Region, Daman, 918.3 933.6 -2 N 1164.3 933.6 25 E

Dadra & Nagar Haveli

22. Saurashtra & Kutch 558.5 485.7 15 N 889.2 485.7 83 E

23. Konkan and Goa 2982.9 2802.1 6 N 3316.6 2802.1 18 N

24. Madhya Maharashtra 755.3 700.1 8 N 904.9 700.1 29 E

25. Marathwada 587.5 704.3 -17 N 655.2 704.3 -7 N

26. Vidarbha 782.7 976.2 -20 D 1075.1 976.2 10 N

27. Chhattisgarh 1061.0 1205.8 -12 N 1099.1 1205.8 -9 N

28. Coastal Andhra Pradesh 599.0 575.2 4 N 747.2 575.2 30 E

29. Telangana 797.5 767.3 4 N 798.4 767.3 4 N

30. Rayalaseema 387.6 380.9 2 N 741.8 380.9 95 E

31. Tamil Nadu & Puducherry 324.4 315.6 3 N 338.9 315.6 7 N

32. Coastal Karnataka 2663.3 3173.9 -16 N 3588.0 3173.9 13 N

33. North Interior Karnataka 430.6 490.9 -12 N 686.3 490.9 40 E

34. South Interior Karnataka 720.8 659.3 9 N 917.2 659.3 39 E

35. Kerala 1678.5 2143.0 -22 D 2783.2 2143.0 30 E

36. Lakshadweep 933.9 985.2 -5 N 1467.1 985.2 49 E

E : Excess, i.e.,+20% or more 2 13

N : Normal, i.e.,+19% to -19% 30 17

D : Deficient, i.e.,-20% to -59% 4 6

S : Scanty, i.e.,-60% to -99% 0 0

NR: No Rain, i.e. -100% 0 0

TOTAL 36 36


ARTICLE

InternationalTrade in BankingServices, 2006-07

RBIMonthly Bulletin

January 2009 91

* Prepared in the Balance of Payments StatisticsDivision, Department of Statistics and InformationManagement.

International Trade inBanking Services,2006-07*

The survey on International Trade inBanking Services 2006-07 was conductedto obtain the data on international tradein banking services. 112 foreign branchesof 11 Indian banks and 257 branches of25 foreign banks in India were coveredin this survey. The international trade inbanking services was captured based onthe explicit and implicit fees or commissioncharged to the customers for variousservices rendered by the banks. Variousfinancial auxiliary activities covered inthe survey are (i) deposit accountmanagement services, (ii) credit relatedservices, (iii) financial leasing services, (iv)trade finance related services, (v) paymentand money transmission services, (vi) fundmanagement services, (vii) financialconsultancy and advisory services, (viii)underwriting services, (ix) clearing andsettlement services, and (x) derivative,stock, securities and foreign exchangetrading services. Indian banks generatedmajor share of fee income by renderingcredit related service activity, whereasforeign banks in India generated majorshare of fee income by renderingderivative, stock, securities, foreignexchange trading service activity.

In the context of ongoing negotiations for

liberalising the financial services sector under

the World Trade Organisation (WTO) as a part

of General Agreement on Trade in Services

(GATS), data on International Trade in Banking

Services become important. Accordingly, in

ARTICLE



order to examine the availability of basic

information on trade in banking services in

India and for the creation of a consistent and

comparable database with international

standards for policy decisions, a Technical

Group on Statistics for International Trade

in Banking Services (TG-SITBS) was set up

by the Reserve Bank of India with members

from Ministry of Finance, Ministry of

Commerce and various departments

(Department of Economic Analysis and

Policy, Department of Banking Operations &

Development and Department of Statistics

and Information Management) of the Bank.

The TG-SITBS, after examining the

different data sources available in the Reserve

Bank, recommended collection of activity-wise

international trade in services through annual

surveys and suggested that initially the data

may be collected on banking services from

foreign banks operating in India and Indian

banks having operations abroad. The TG-SITBS

also recommended that a suitable

questionnaire with explanatory notes should

be prepared/framed in consultation with the

banks and suggested for conducting annual

survey for the financial year 2006-07 by June

2007. Accordingly, a survey schedule was

prepared after detailed discussions with the

major foreign banks operating in India and

Indian banks functioning abroad.

The first survey on ‘International Trade

in Banking Services’ was launched by the

Bank in January 2008. The main objective of

the survey was to collect disaggregated

information relating to various banking

services rendered by the overseas branches

of Indian banks as well as the banking

services rendered by the foreign bank

branches operating in India.

The questionnaire was forwarded to (i)

all Indian banks having business abroad and

(ii) all foreign bank branches operating in

India. In all 12 Indian banks operating abroad

and 25 foreign banks operating in India

responded to the survey. Based on the

response, the coverage of foreign banks in

India in terms of total assets, credit extended

and deposits received was around 98.1 per

cent, 98.6 per cent and 97.7 per cent,

respectively (Table 1).

The present article is organised into six

sections. The distribution of branches of

Indian banks abroad and foreign banks in

India is presented in section I. Section II

examines the business growth of Indian

banks abroad and foreign banks in India. The

trend in profitability of Indian banks and

foreign banks is discussed in section III.

Section IV examines the trade in banking

services of Indian banks abroad and foreign

banks in India. Section V presents a

disaggregated activity-wise analysis. A

summary of conclusions drawn based on this

survey is presented in Section VI.

Methodology adopted for conduct of the

survey is presented in Annex-I. A copy of the

survey schedule is also given in Annex – II.

(Rs. crore)

Table 1: Coverage of the survey as atend-March 2007

Item Foreign Banks Foreign Banks Coverage

operating covered in (%)

in India* the Survey

1 2 3 4

Number of

Reporting Banks 29 25

Total assets 2,78,016 2,72,824 98.1

Credit extended 1,26,339 1,24,512 98.6

Deposits received 1,50,792 1,47,347 97.7

* Source: Statistical Tables Relating to Banks in India.

ARTICLE


RBIMonthly Bulletin

January 2009 93

Section I

I.A. Distribution of branches ofIndian banks operating abroad

Of total 119* branches/offices of Indian

banks operating abroad in 28 countries as at

end March 2007, banks furnished data for 112

Indian overseas branches operating in 25

countries on International Trade in Banking

Services. Out of 276** foreign banks’

branches operating in India as at end March

2007, the survey covered 257 branches of

foreign banks.Bank of Baroda had the largest

overseas presence with 39 branches in 11

countries, followed by State Bank of India (32

branches in 18 countries) and Bank of India

(19 branches in 8 countries). The United

Kingdom was having the highest number of

Indian banks’ branches (22 of 5 Indian

banks), followed by Hong Kong (10),

Singapore (9), Mauritius (8), Fiji (8), United

Arab Emirates (7) and Sri Lanka (7).

I.B. Employment

Table 2 presents the number of branches

and number of employees of Indian banks

operating abroad and foreign banks operating

in India. The foreign banks operating in India

employed 99 per cent of their employees

from locally available sources while the

Indian banks operating abroad recruited 72

per cent of employees from local sources, 26

per cent from India and remaining 2 per cent

from other countries.

Section II

II.A. Indian banks’ growth inoverseas business

The assets / liabilities of Indian banks

operating abroad expanded by 55.8 per cent

during 2006-07 (Table 3). The credit

extended and deposits mobilised grew by

48.8 per cent and 51.3 per cent, respectively

during the same period.

The shares of credit extended and

deposits mobilised in total assets of Indian

banks decreased marginally as at end-March

Item Indian Banks Foreign Banks

operating abroad operating in India

1 2 3

Number of Branches 112 257

Number of Employees 4,030 25,294

of which;

Local 2,910 25,245

Indians 1,054 NA

Others 66 49

NA : Not Applicable.

Table 2: Details of Employees as atend-March 2007

* Table 1.5 of Statistical Tables Relating to banks in India, 2006-07.

** Table 1.2 of Statistical Tables Relating to banks in India, 2006-07.

Table 3: Balance Sheet Items of Indian Banks Operating Abroad

(Rs. Crore)

As at end-March

2006 2007

Item Amount Per cent to Amount Per cent to Growth (%)

total Assets total Assets

1 2 3 4 5 6

Credit extended 78,657 47.9 1,17,069 45.7 48.8

Deposits mobilized 69,078 42.0 1,04,526 40.8 51.3

Total Assets 1,64,310 2,56,018 55.8

ARTICLE



2007 over the corresponding period in the

previous year.

II.B. Foreign Banks’ Share in IndianBanking Business

The share of foreign banks in Indian

banking business in terms of credit extended,

deposits mobilised and assets is presented in

Table 4. The share of foreign banks’ assets in

total assets of Scheduled Commercial Banks

(SCBs) increased to 7.9 per cent in 2006-07

from 7.0 per cent in 2005-06 whereas the share

of credit remained at 6.3 per cent in both the

years. The share of foreign banks’ income in

total income of SCBs increased from 7.7 per

cent to 8.8 per cent during the period under

review, mainly because of increase in interest

income.

The total assets / liabilities of foreign

banks operating in India grew by 40.2 per

cent during 2006-07. The deposit growth

was higher at 33.6 per cent than the growth

of credit at 30.5 per cent in 2006-07.

Section III

III. A. Income and Expenditure

The total income of Indian banks

operating abroad amounting to Rs. 13,987

crore, registered a growth of 82.4 per cent

in 2006-07 (Table 5).

Further, the income generated by

foreign banks in absolute terms was much

higher as compared to Indian banks

operating abroad during the same period.

The profitability ratios viz., income to total

assets, net profit to total income and net

profit to total assets of the Indian banks

operating abroad improved during 2006-07

as compared with the previous year

(Table 6). Also, the profitability ratios of

foreign banks operating in India were

significantly higher than those of Indian

banks operating abroad. The income to

assets ratio of Indian banks increased from

4.7 per cent in 2005-06 to 5.5 per cent in

2006-07.

Table 4: Foreign Bank’s Share in Indian Banking Business

(Rs. crore)

All Scheduled Foreign Banks covered Foreign banks’ shareCommercial Banks* in the survey in Indian banking

business (%)

2005-06 2006-07 2005-06 2006-07 2005-06 2006-07

1 2 3 4 5 6 7

No. of Reporting Banks 85 82 25 25

Assets 27,85,851 34,63,389 1,94,639 2,72,824 7.0 7.9

Credit 15,16,810 19,81,214 95,384 1,24,512 6.3 6.3

Deposits 21,64,679 26,96,977 1,10,260 1,47,347 5.1 5.5

Total Income 2,20,754 2,76,198 16,932 24,175 7.7 8.8

of which;

Interest received 1,85,386 2,37,269 11,908 17,672 6.4 7.4

Total Expenditure 1,66,355 2,10,279 12,126 17,401 7.3 8.3

of which;

Interest paid 1,07,160 1,43,964 5,061 7,424 4.7 5.2

* Source: Statistical Tables relating to banks in India.

ARTICLE


RBIMonthly Bulletin

January 2009 95

III B. Country-wise Profitability ofIndian Banks Operating Abroad

Country-wise return on assets of Indian

banks operating abroad is presented in

Chart 1.

It has been observed that country-wise

return on assets in majority of countries,

where the Indian banks were operating,

improved during 2006-07 over the previous

year. Return on assets of Indian banks

operating in Oman was the highest at 2.4

per cent in 2006-07, followed by in

Singapore (1.9 per cent) and UAE (1.7 per

cent). However, the return on assets of

Indian banks operating in the countries like

Fiji, Hong Kong, Thailand and USA declined

during 2006-07 as compared with the

previous year.

Section IV

IV.A. Trade in Banking Services –Indian Banks Operating Abroad

The trade in banking services produced

was captured based on the explicit and

implicit fees or commission charged to the

customers for various services rendered by

the Indian banks operating abroad. In this

survey the financial services produced by

the banks were classified into eleven major

groups. These services include deposit

account management services, credit related

services, financial leasing services, trade

finance related services, payment and

money transmission services, fund

management services, financial consultancy

and advisory services, underwriting

Table 6: Profitability Ratios

(Per cent)

Profitability Ratio Indian Banks operating Abroad Foreign Banks operating in India

2005-06 2006-07 2005-06 2006-07

1 2 3 4 5

Income to Total Assets 4.7 5.5 8.7 8.9

Net Profits to Total Income 17.6 19.5 28.4 28.0

Net Profits to Total Assets 0.8 1.1 2.5 2.5

Table 5: Income and Expenditure

(Rs. crore)

Indian Banks operating Abroad Foreign Banks operating in India

Item 2005-06 2006-07 Growth (%) 2005-06 2006-07 Growth (%)

1 2 3 4 5 6 7

Income 7,669 13,987 82.4 16,932 24,175 42.8

of which;

Interest Income 6,731 13,674 103.2 11,908 17,672 48.4

Expenditure 6,320 11,265 78.2 12,126 17,401 43.5

of which;

Interest Expenditure 5,353 10,909 103.8 5,061 7,424 46.7

ARTICLE



services, clearing and settlement services,

“derivative, stock, securities, foreign

exchange trading services” and other

financial services and further details are

explained in Annex-I.

IV. B. Activity-wise Trade in BankingServices – Indian banks abroad

The activity-wise fee income generated

by rendering trade in banking services by

the Indian banks abroad is presented in

Table 7. It is observed that the fee income

generated by rendering trade in banking

services by the Indian banks operating

abroad increased significantly by 117.5 per

cent from Rs. 869 crore in 2005-06 to Rs.

1,890 crore in 2006-07. Among various

banking services, fee income generated by

rendering services like credit related

services, payment and money transmission

services and trade finance related services

Table 7: Composition of Trade in Banking Services – Activity-wise

(Rs. Lakhs)

Name of Banking Services 2005-06 2006-07 Growth (%)

1 2 3 4

Deposit Account Management Services 3,933.00 5,290.67 34.5

Credit Related Services 27,718.85 82,750.79 198.5

Financial Leasing Services 0.00 0.00 —

Trade Finance Related Services 27,598.26 40,986.40 48.5

Payment and Money Transmission Services 9,312.11 33,308.21 257.7

Fund Management Services 5,667.01 6,634.53 17.1

Financial Consultancy and Advisory Services 0.00 2,365.19 #

Underwriting Services 0.00 529.33 #

Clearing and Settlement Services 39.19 54.79 39.8

Derivative, Stock, Securities, Foreign Exchangetrading Services 11,551.72 15,817.57 36.9

Other Financial Services 1,111.15 1,294.74 16.5

Total 86,931.29 1,89,032.22 117.5

# : Denominator negligible/nil. — : Nil.

ARTICLE


RBIMonthly Bulletin

January 2009 97

recorded significant growth during 2006-07

over 2005-06.

Further, credit related services, trade

finance related services, payment & money

transmission services and “derivative, stock,

securities, foreign exchange trading

services” were the major banking services

rendered by the Indian banks abroad. Also,

the survey results indicated that the Indian

banks operating abroad had not generated

any fee income from financial leasing

services during the period of study.

IV. C. Trade in Banking Services byIndian Banks operating Abroad– Residents and Non-Residents

The fee income of the Indian banks

operating abroad by rendering banking

services to residents increased from Rs. 368

crore in 2005-06 to Rs. 578 crore in 2006-07

(Table 8). It was also observed from the

survey results that the fee income generated

by rendering the banking services to non-

residents grew at a faster rate than from

residents.

Further, the share of fee income derived

from residents decreased significantly

during 2006-07 as compared to the previous

year, while the share of fee income from

non-residents increased during the same

period (Chart 2). The fee income from non-

residents (in India) constituted 35.9 per cent

share of total fee income in 2006-07 as

compared to 31.3 per cent in the previous

year.

IV. D.Country-wise Trade in BankingServices - Indian banks operatingAbroad

The country-wise trade in banking

services by the Indian banks operating

abroad is presented in Table 9. It has been

observed that UK, Singapore, Bahrain, Hong

Kong, Sri Lanka, USA, Japan, UAE and France

were the major countries having not only

the significant share (more than 87 per cent)

in trade in banking services of the Indian

banks but also had seen significant growth

in trade in banking services in 2006-07 over

2005-06. Among 34 countries, UK occupied

the largest share of 29.6 per cent in total

fee income generated from trade in banking

services, followed by Singapore (25.5 per

cent), Bahrain (9.5 per cent) and Hong Kong

(8.6 per cent) during 2006-07.

Table 8: Trade in Banking Services by IndianBanks abroad - Residents and non-Residents

(Rs. crore)

Item 2005-06 2006-07 Growth(%)

1 2 3 4

Residents 368 578 57.2

Non-Residents, 501 1,312 161.6of which

In India 273 679 149.0

In Other Countries 229 633 176.7

Total Trade inBanking Services 869 1,890 117.5

ARTICLE



Further, as stated earlier, deposit account

management services, credit related services,

trade finance related services, payment &

money transmission services and “derivative,

stock, securities, foreign exchange trading

services” were the major trade in banking

services rendered by the Indian banks in these

countries. Singapore was the only country

where Indian banks had also rendered funds

management services.

Section V

V. A. Comparison of Trade in BankingServices – Indian Banksoperating abroad vis-à-vis ForeignBanks operating in India

A comparative analysis between the

Indian banks operating abroad and foreign

banks operating in India revealed that the

Indian banks were lagging behind in

Table 9: Trade in Banking Services – Country-wise

(Rs. Lakhs)

Trade in Banking Services Total

Country DAM CRS TFR PMT DER All Services

2005-06 2006-07 2005-06 2006-07 2005-06 2006-07 2005-06 2006-07 2005-06 2006-07 2005-06 2006-07

1 2 3 4 5 6 7 8 9 10 11 12 13

UK 448 573 13,187 23,875 4,061 7,509 623 22,469 652 907 18,972 55,863

Singapore 868 1,029 4,539 30,056 3,779 6,029 612 822 2,793 3,599 18,258 48,169

Bahrain 0 11 3,145 13,085 263 307 41 67 331 2,054 3,780 17,890

Hong Kong 295 148 2,637 7,598 3,032 5,281 525 817 1,130 2,425 7,618 16,270

Sri Lanka 20 39 89 133 1,744 2,427 81 119 53 134 1,988 2,858

USA 4 9 546 1,250 3,418 4,323 2,572 3,022 153 379 6,693 8,983

Japan 28 29 465 959 1,294 1,422 388 437 3,256 2,526 5,435 5,380

UAE 893 1,495 86 89 1,563 1,870 210 444 1,153 1,359 3,906 5,257

France 0 0 205 487 1,932 2,478 721 708 176 238 3,133 4,065

Germany 0 0 139 320 1,871 2,031 1,028 1,063 575 120 3,614 3,534

Belgium 17 28 301 731 1,400 1,963 464 614 87 61 2,269 3,396

OtherCountries 1,360 1,929 2,379 4,168 3,239 5,345 2,048 2,726 1,192 2,016 11,265 17,366

Total 3,933 5,291 27,719 82,751 27,598 40,986 9,312 33,308 11,552 15,818 86,931 1,89,032

DAM : Deposit Account Management Services. CRS : Credit Related Services.TFR : Trade Finance Related Services. PMT : Payment & Money Transmission Services.DER : Derivative, Stock, Securities, Foreign Exchange Trading services.

generating income by rendering trade in

banking services. The total fee income

generated by the foreign banks operating in

India was Rs. 6,083 crore whereas Indian

banks operating abroad generated only Rs.

1,890 crore in 2006-07 (Chart 3).

V. B. Comparison of Trade in BankingServices - Activity-wise

Indian banks operating abroad

generated major share of fee income by

rendering service activity viz., credit related

services, whereas in the case of foreign

banks operating in India ‘derivative, stock,

securities, foreign exchange trading

services’ occupied the major share of total

trade in banking services. The other major

components of fee income for both Indian

banks operating abroad and foreign banks

operating in India were trade finance

related services and payment & money

ARTICLE


RBIMonthly Bulletin

January 2009 99

transmission services. The share of credit

related services in total fee income, in case

of Indian banks, increased significantly

from 31.9 per cent in 2005-06 to 43.8 percent

in 2006-07 (Table 10). In case of foreign

banks operating abroad, the share of

payment & money transmission services

increased from 13.0 per cent to 23.3 per cent

during the same period. Further, it was

observed from the data that both Indian

banks operating abroad as well as foreign

banks operating in India had not derived any

fee income by rendering financial leasing

services banking service activity during the

period under study, i.e., 2005-06 and 2006-07.

A comparative analysis of activity-wise

growth rates of trade in banking services of


banks operating in India, as given in Table 11,

Table 10: Composition of Trade in Banking Services

(Per cent)

Name of Banking Services Indian Banks Foreign Banksoperating Abroad operating in India

2005-06 2006-07 2005-06 2006-07

1 2 3 4 5

Deposit Account Management Services 4.5 2.8 4.1 3.0Credit Related Services 31.9 43.8 9.9 7.6Financial Leasing Services 0.0 0.0 0.0 0.0Trade Finance Related Services 31.7 21.7 13.6 10.2Payment and Money Transmission Services 10.7 17.6 13.0 23.3Fund Management Services 6.5 3.5 4.3 3.4Financial Consultancy and Advisory Services 0.0 1.3 8.9 12.5Underwriting Services 0.0 0.3 0.5 1.0Clearing and Settlement Services — — 4.5 5.4Derivative, Stock, Securities, Foreign Exchangetrading Services 13.3 8.4 35.8 28.5Other Financial Services 1.3 0.7 5.4 5.2All activities 100.0 100.0 100.0 100.0

— : Nil.

ARTICLE



revealed that Indian banks operating abroad

witnessed a faster growth as compared to

that of foreign banks operating in India

during 2006-07. However, the increase in

trade in banking services in absolute terms

was significantly higher in case of foreign

banks operating in India than that of Indian

banks having overseas operations. The

service activities like deposit account

management, credit related services,

payment & money transmission, trade

finance related services and ‘derivative,

stock, securities, foreign exchange trading

services’ recorded higher growth rates in

case of Indian banks operating abroad as

compared to foreign banks operating in

India during 2006-07.

V.C. Comparison of Trade in BankingServices - Residents and non-Residents

The composition of residents and non-

residents in total trade in banking services

of Indian banks operating abroad and

foreign banks operating in India is

presented in Table 12. A notable contrast of

generation of fee income from residents and

non-residents was observed between Indian

banks operating abroad and foreign banks

operating in India.

Indian banks generated major share of

fee income by rendering banking services

to non-residents while foreign banks

generated major share of fee income from

Table 11: Growth Rates of Trade in Banking Services

(Per cent)

Name of Banking Services Indian Banks Foreign Banksoperating Abroad operating in India

1 2 3

Deposit Account Management Services 34.5 29.2Credit Related Services 198.5 38.6Financial Leasing Services — —Trade Finance Related Services 48.5 34.5Payment and Money Transmission Services 257.7 221.2Fund Management Services 17.1 41.3Financial Consultancy and Advisory Services — 149.9Underwriting Services — 249.8Clearing and Settlement Services 39.8 114.2Derivative, Stock, Securities, ForeignExchange trading Services 36.9 42.0Other Financial Services 16.5 72.5All activities 117.5 78.9

— : Nil.

Table 12: Composition of fee income generated from Trade in Banking Services

(Per cent)

Indian Banks 2005-06 2006-07 Foreign Banks 2005-06 2006-07

1 2 3 4 5 6

Residents 42.3 30.5 Residents 94.3 91.1

Non-Residents 57.7 69.4 Non-Residents 5.7 8.9of which;

To India 31.3 35.9 To other countries 26.3 33.5

ARTICLE


RBIMonthly Bulletin

January 2009 101

residents. In the case of Indian banks, fee

income generated from non-residents

increased significantly from 57.7 per cent in

2005-06 to 69.4 per cent in 2006-07. Foreign

banks operating in India generated 91 per

cent of fee income by rendering banking

services to residents during 2006-07.

The income generated by catering

financial services to non-residents grew at

a faster rate as compared with the residents

in case of both foreign banks operating in

India as well as Indian banks operating

abroad (Chart 4).

V.D. Comparison of Accrual of Amountsto India and Abroad by RenderingTrade in Banking Services

Table 13 presents the amount accrued

to India as well as to other countries due to

fee based income generated through trade

in banking services.

The amount accrued to India by Indian

banks’ operations in various countries was

at Rs. 1,425 crore during 2006-07 whereas

the amount accrued to abroad by foreign

origin banks’ operations in India was

significantly higher at Rs.6,083 crore during

the corresponding period. The amount

accrued to India was greater than the amount

accrued to foreign countries like Singapore,

Bahrain, UAE, etc., during 2006-07, whereas

the amount accrued to other countries was

greater than amount accrued to India in case

of USA, Hong Kong, Germany, etc.

Further, it was observed that the fee

income generated by 47 branches of Hong

Kong originated banks operating in India

was Rs. 1,422 crore in 2006-07, whereas 10

branches of Indian originated banks

operating in Hong Kong was significantly

low at Rs. 162 crore during the same period.

There were 84 branches of UK originated

banks operating in India as compared with

only 22 branches of Indian originated banks

operating in UK.

Section VI

Conclusions

A survey on international trade in

banking services was conducted among

foreign banks operating in India and Indian

banks having presence abroad, based on the

recommendations of the Technical Group

on Statistics for International Trade in

Banking Services. In all 12 Indian banks

operating abroad and 25 foreign banks

operating in India had responded to the

survey. The coverage of foreign banks

operating in India in terms of total assets,

credit extended and deposits received was

around 98.1 per cent, 98.6 per cent and 97.7

per cent, respectively.

The UK was having the highest number

of Indian banks’ branches (22 of 5 Indian

ARTICLE



banks), followed by Hong Kong (10),

Singapore (9), Mauritius (8), Fiji (8), UAE (7)

and Sri Lanka (7). The foreign banks

operating in India employed 99 per cent of

their employees from locally available

sources while the Indian banks operating

abroad recruited 72 per cent of employees

from local sources.

Further, the fee income generated by the

Indian banks operating abroad increased

significantly by 117.5 per cent from Rs. 869

crore in 2005-06 to Rs. 1890 crore in 2006-

07, of which 85 per cent of fee income was

by rendering banking services like credit

related services, trade finance related

services and payment & money

transmission services.

The total assets (/) liabilities of foreign

banks operating in India grew by 40.2 per

cent during 2006-07. The deposit growth

Table 13: Accrual of Amounts to India and to Abroad

(Rs. Lakhs)

Country Foreign Banks operating in India Indian Banks operating Abroad

Accruals to Abroad Accruals to India

Number of Number ofBranches 2005-06 2006-07 Branches 2005-06 2006-07

1 2 3 4 5 6 7

Afghanistan NA NA NA 1 5.5 4.4

Australia NA NA NA 1 31.9 61.7

Bahama NA NA NA 2 567.2 805.8

Bahrain 2 294.5 322.3 3 3,779.6 17,889.7

Bangladesh 3 377.5 262.0 4 845.9 597.6

Belgium 1 731.5 694.7 2 2,269.4 3,396.5

Canada 5 752.2 939.8 NA NA NA

Cayman Islands NA NA NA 1 — 72.4

China NA NA NA 1 — 255.0

Fiji NA NA NA 8 984.8 1,131.3

France 16 7,260.7 9,291.8 2 3,133.4 4,065.2

Germany 8 18,452.3 34,035.2 1 3,614.1 3,534.3

Hong Kong 47 1,12,058.3 1,42,201.0 10 7,105.8 15,546.6

Japan 5 4,215.6 7,538.3 4 5,434.6 5,380.3

Kenya NA NA NA 4 320.7 487.6

Maldives NA NA NA 1 3,054.9 3,825.8

Mauritius 3 82.3 80.5 8 585.5 525.3

Netherlands 28 12,217.6 15,958.1 NA NA NA

Oman 2 9,185.5 22,478.8 4 347.3 403.4

Seychelles NA NA NA 1 84.6 140.9

Singapore 2 897.6 5,130.3 9 18,258.2 48,168.7

South Africa NA NA NA 2 436.0 651.7

South Korea 2 299.3 360.8 NA NA NA

Sri Lanka NA NA NA 7 1,987.6 2,857.7

Taiwan 1 97.2 105.3 NA NA NA

Thailand 1 20.1 26.6 1 89.7 225.9

UAE 2 41.3 76.9 7 3,906.5 5,257.5

UK 84 47,029.5 85,533.4 22 8,825.6 18,933.7

USA 45 1,26,040.5 2,83,276.4 6 6,177.2 8,316.8

All Countries 257 3,40,053.4 6,08,312.1 112 71,845.6 1,42,535.7

NA : Branch is not available. — : Nil.

ARTICLE


RBIMonthly Bulletin

January 2009 103

was higher at 33.6 per cent than the growth

of credit at 30.5 per cent in 2006-07. The

profitability ratios, viz., income to assets,

return on assets and net profit to assets, of

foreign banks operating in India were

significantly higher than that of Indian

banks operating abroad.

A comparative analysis between the


banks operating in India revealed that

during 2006-07 the total fee income

generated by the foreign banks operating in

India by rendering banking services was

significantly higher at Rs. 6,083 crore than

that of Indian banks operating abroad which

generated only Rs. 1,890 crore of fee income.

Indian banks generated major share of fee

income by rendering banking services to

non-residents while foreign banks

generated major share of fee income from

residents. In the case of Indian banks, fee

income generated from non-residents

increased significantly from 57.7 per cent in

2005-06 to 69.4 per cent in 2006-07. Foreign

banks operating in India generated 91 per

cent of fee income by rendering banking

services to residents during 2006-07.

UK, Singapore, Bahrain, Hong Kong, Sri

Lanka, USA, Japan, UAE and France were the

major countries having witnessed not only

the significant share in trade in banking

services by the Indian banks but also had

seen significant growth in trade in banking

services in 2006-07 over 2005-06.

The amount accrued to India by Indian

originated banks’ operations in various

countries was at Rs. 1,425 crore during 2006-

07 whereas the amount accrued to abroad

by foreign originated banks’ operations in

India was significantly higher at Rs. 6,083

crore during the same period. The fee

income generated by 47 branches of Hong

Kong originated banks operating in India

was Rs. 1,422 crore in 2006-07 compared to

the fee income at Rs. 162 crore of ten

branches of Indian originated banks

operating in Hong Kong. There were 84

branches of UK originated banks operating

in India as compared with only 22 branches

of Indian originated banks operating in UK.

ARTICLE



Financial services, particularly banking

services, play an important role in

promoting global, regional and bilateral

economic integration. Banking services

includes, acceptance of deposits and

lending (the core banking services), and the

other financial services (para banking

services) like payment services, securities

trading, asset management, financial

advice, settlement and clearing service, etc.

With the improvements in economic

integration of financial markets and

activities, the international trade in banking

services has significantly increased.

The GATS framework envisages that

the delivery of any commercial services can

be through four different modes viz. Mode

1 –Cross Border Service, Mode 2 –

Consumption abroad, Mode 3 – Commercial

presence and Mode 4 – movement of

natural persons. In Mode 3, the bank has a

commercial presence in the territory of the

service importing country and the service

is delivered therein. The commercial

presence can be through various investment

vehicles like representative offices,

branches, subsidiaries, associates and

correspondents.

Banking services covered in this survey

includes financial auxiliary services such

as (i) deposit account management

services, (ii) credit related services, (iii)

financial leasing services, (iv) trade finance

related services, (v) payment and money

transmission services, (vi) fund

management services, (vii) financial

consultancy and advisory services, (viii)

underwriting services, (ix) clearing and

settlement services, and (x) derivative,

stock, securities and foreign exchange

trading services. While carrying out the

banking business, banks cater to the

financial services needs of the residents of

the country of operation as well as non-

residents of that country. Keeping this in

view, the survey also collected the

information with bifurcation of financial

services rendered to residents and non-

residents separately.

Details of Services Covered are:

• Deposit Account Management services

include fees and commissions charged

to or received from the deposit account

holders, for maintaining deposit

accounts such as fee for cheque book,

fee for internet banking, commission

on draft and other instrument

provided, penalty for not maintaining

minimum balance, etc and any other

fees charged to deposit account holders.

• Credit related services include fees

received for credit-related or lending

related services like credit processing

fees, late payment or default charges,

and early redemption charges are to be

reported. Charges for facility and

management fees, fees for

renegotiating debt terms, mortgage

fees, etc also to be reported here.

• Financial Leasing services include fees

or commission received for arranging

or entering into financial lease

contracts. This also includes fees

received directly or deducted from the

proceedings.

Annex - IMethodology

ARTICLE


RBIMonthly Bulletin

January 2009 105

• Trade Finance related services include

commission or fees charged for

arranging trade finance like buyers’ and

suppliers’ credit, fees for establishing/

originating, maintaining or arranging

standby letters of credit, letter of

indemnity, lines of credit, fees for

factoring services, bankers acceptance,

issuing financial guaranty,

commitment fees, handling charges for

trade bills, etc to be included here.

• Payment and Money Transmission

services include fees or charges for

electronic fund transfer services like

SWIFT, TT, wire transfer, etc included

here. ATM network Services, annual

credit /debit card fees, Interchange

charges, fees for point of services, etc

also have to be reported here. Charges

on the customer for making remittances

abroad or receiving remittances from

abroad have to be reported here.

• Fund Management services include

fee or income received for managing

or administering financial portfolios,

all forms of collective investment

management, pension fund

management, custodial, depository

and trust services to be included here.

Commission or fees for safe custody of

shares/equities, transaction fee for

custodian account, communication

cost or any other fees/charges related

to custodian account should be

reported.

• Financial Consultancy and Advisory

services include fees for advisory,

intermediation and other auxiliary

financial services including credit

reference and analysis, portfolio

research and advice, advice on mergers

and acquisitions and on corporate

restructuring and strategy has to be

reported. Arrangement/management

fees for Pvt. Placement of share/

equities are also to be included.

• Underwriting services include

underwriting fees, earning from

buying and reselling an entire or

substantial portion of newly issued

securities are to be reported.

• Clearing and Settlement services

include settlement and clearance

services for financial assets, including

securities, derivative products, and

other negotiable instruments are to be

reported.

• Derivative, Stock, Securities, Foreign

Exchange Trading services include

commissions, margin fees, etc received

for carrying out financial derivative

transactions, placement services, and

redemption fees etc has to be reported.

Earnings received on banks’ own

account as well as on behalf of

customers for carrying out foreign

exchange trading has to be reported

under this item. Explicit brokerage fees

and commissions for foreign exchange

brokerage services are also to be

reported. Earnings received on banks’

own account for carrying out trading in

derivative, stock, securities etc should

not be reported.

Annex - IMethodology (Concld.)

ARTICLE



Annual Survey on International Trade in Banking Services 2006-07:To be reported by Foreign Banks in India

PART I : General Information

1. Reporting Bank’s Name:

2. Address of the reporting Bank :

3. Number of Branches in India (as on March 31st 2007) :

4. Total No. Of Employees (as on March 31st 2007) :

Indian

Foreign

6. Information on outstanding Credit and Deposits (based on the operations of the branches inIndia):

(Amount in Rs ‘Thousands)

As at the end of Credit Deposits

Resident Non-Resident Resident Non-Resident

March ‘06

June ‘06

September ‘06

December ‘06

March’07

Annex - II

5. Information on outstanding Assets and Liabilities :(Amount in Rs ‘Thousands)

As at the end of Asset Liability

Within India Abroad Within India Abroad

March ‘06

June ‘06

September ‘06

December ‘06

March’07

Reserve Bank of IndiaDepartment of Statistics and Information Management

ARTICLE


RBIMonthly Bulletin

January 2009 107

Annual Survey on International Trade in Banking Services 2006-07:To be reported by Foreign Banks in India (Contd.)

8. Information on Interest Income

(Amount in Rs ‘Thousands)

During the Period Interest received from Interest Expended to

Resident Non-Resident Resident Non-Resident

2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

PART II: Information on Trade in Banking Services

9. Information on explicit fees and earnings [Please read the instructions before filing thisinformation]

A. Deposit Account management services

(Amount in Rs’Thousand)

During the Period Resident Entities Non-Resident

2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

7. Information on total Income and Expenditure :


During the financial year Total Income Total Expenditure

2005-06

2006-07

B. Credit related services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

ARTICLE




C. Financial Leasing services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

D. Trade finance related services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

E. Payment and Money Transmission Services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

F. Fund Management Services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

ARTICLE


RBIMonthly Bulletin

January 2009 109


G. Financial Consultancy and Advisory services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

H. Underwriting services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

I. Clearing and settlement services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

J. Derivative, Stock, Securities, Foreign Exchange trading services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

ARTICLE



Annual Survey on International Trade in Banking Services 2006-07:To be reported by Foreign Banks in India (Concld.)

Part III: Comments if any in order to enhance the transparency on the methodology used forestimation on the data items provided in Part II

K. Other Financial Services



2005-06

April-Jun’06

July-Sept’06

Oct-Dece’06

Jan-Mar’07

ARTICLE


RBIMonthly Bulletin

January 2009 111

Reserve Bank of IndiaDepartment of Statistics and Information Management

Annual Survey on International Trade in Banking Services 2006-07: To be reportedby Indian Banks relating to their offices/branches of overseas operations

[Note : Submit seperate survey schedules for providing the information on theoverseas branches in each country.

7. Information on outstanding Assets (Based on the country wise Balance sheet)

(Amount in ‘Thousands of Base Currency)

Outstanding Position With Resident Non Residentat the end of In India In Other Countries

March ‘06

June ‘06

September ‘06

December ‘06

March’07

6. Information on Overseas Branches (including representative offices):

No. of Branches Total No. of Employees

Local Indian Others

PART I : General Information

1. Reporting Bank’s Name:

2. Address of the reporting Bank :

3. Country of Operations for which the information is filled in :

4. Base Currency in which financial account

reported to corporate office:

5. Percentage Share in JV/Subsidiary

(This column is intented only for those banks submitting the data on Joint venture andsubsidiaries )

Annex - II

ARTICLE



Annual Survey on International Trade in Banking Services 2006-07: To be reportedby Indian Banks relating to their offices/branches of overseas operations (Contd.)

8. Information on outstanding Liabilities (Based on the country wise Balance sheet)


Outstanding Position To Resident Non Residentat the end of To India To Other Countries

March ‘06

June ‘06

September ‘06

December ‘06

March’07

11. Information on total Income and Expenditure (Based on the country wise Balance sheet)


Period Total Income Total Expenditure

2005-06

2006-07

10. Information on outstanding Deposit received (based on the operations of the bank in each country):


Outstanding Position From Resident Non Residentat the end of From India From Other Countries

March ‘06

June ‘06

September ‘06

December ‘06

March’07

9. Information on outstanding Credit extended (based on the operations of the bank ineach country)


Outstanding Position To Resident Non Residentat the end of To India To Other Countries

March ‘06

June ‘06

September ‘06

December ‘06

March’07

ARTICLE


RBIMonthly Bulletin

January 2009 113


12. Information on Interest income received (Based on the country wise Balance sheet):


Period From Resident Non Resident

From India From Other Countries

2005-06

April-June ‘06

July-September ‘06

October-December’06

January-March’07

13. Information on Interest paid (Based on the country wise Balance sheet


Period To Resident Non Resident

To India To Other Countries

2005-06

April-June ‘06



January-March’07

A. Deposit Account management services




2005-06

April-June ‘06



January-March’07

Part II : Information on Trade in Banking Services

14. Information on Explicit fees and Income [Please read the instructions before filing thisinformation]

ARTICLE




B. Credit related services




2005-06

April-June ‘06



January-March’07

C. Financial Leasing services




2005-06

April-June ‘06



January-March’07

D. Trade finance related services




2005-06

April-June ‘06



January-March’07

E. Payment and Money Transmission Services




2005-06

April-June ‘06



January-March’07

ARTICLE


RBIMonthly Bulletin

January 2009 115


F. Fund Management Services




2005-06

April-June ‘06



January-March’07

G. Financial Consultancy and Advisory services




2005-06

April-June ‘06



January-March’07

H. Underwriting services




2005-06

April-June ‘06



January-March’07

I. Clearing and settlement services




2005-06

April-June ‘06



January-March’07

ARTICLE



Annual Survey on International Trade in Banking Services 2006-07: To be reportedby Indian Banks relating to their offices/branches of overseas operations (Concld.)

Part III. Comments if any, in order to enhance the transparency on the methodology used forestimation on the data items provided in Part II

J. Derivative, Stock, Securities, Foreign Exchange trading services




2005-06

April-June ‘06



January-March’07

K. Other Financial Services




2005-06

April-June ‘06



January-March’07

ARTICLE

Performance ofPrivate Corporate

Business Sectorduring the

First Half of2008-09

RBIMonthly Bulletin

January 2009 117

The performance of the private

corporate business sector during the first

half of 2008-09 (April-September 2008) is

assessed in this article based on abridged

un-audited/audited financial results

* Prepared in the Corporate Studies Division of theDepartment of Statistics and Information Management(erstwhile Department of Statistical Analysis andComputer Services). The previous study “Performance ofPrivate Corporate Business Sector during the first half of2007-08” was published in the January 2008 issue of theRBI Bulletin.

Performance of PrivateCorporate Business Sectorduring the First Half of2008-09*

This article reviews the performanceof private corporate business sector duringthe first half of 2008-09 vis-à-vis thecorresponding half of the previous yearbased on the abridged un-audited/auditedfinancial results of 2072 non-governmentnon-financial public limited companies.The selected companies in aggregateshowed no evidence of slowing businessactivity during April–September 2008;sales grew by 32.4 per cent reflectingsustained demand and also high sellingprices. However, costs increased faster,largely due to increased input and interestcosts resulting in deceleration in profits to4.2 per cent. This is evident in the netprofits to sales ratio, a measure of overallprofitability, which weakened by morethan 2 percentage points from 11.6 percent in April-September 2007 to 9.2 percent in April-September 2008. Sector-wise, companies engaged in computerand related activities fared better incomparison to companies inmanufacturing and other services. Theindustry-wise analysis indicated thatfertilisers, mining and quarrying,construction, iron and steel, IT andrefineries fared well. Over the quarters,while the overall sales in second quarterrose faster than in first, net profits insecond quarter of 2008-09 contracted.

ARTICLE

Performance ofPrivate CorporateBusiness Sectorduring theFirst Half of2008-09


submitted by the listed companies to the

Stock Exchanges. Since the data are available

for only few items, which are also

provisional in nature, findings of analysis

are indicative of the performance.

This article covers data relating to 2072

non-government non-financial public

limited companies and provides, inter alia,

a brief size-wise and industry-wise analysis.

The coverage of the selected companies in

terms of paid-up capital (PUC) and sales in

relation to the companies listed on the

Bombay Stock Exchange as on September 30,

2008 is around 66 per cent and 86 per cent,

respectively. A brief review of the

performance of private corporate sector over

the first two quarters of 2008-09 has also

been presented based on the abridged

financial results of 2500 and 2386 companies

and on a common set of 2072 companies. In

addition, it briefly touches upon the

performance of 306 non-government

financial public limited companies during

the first half of 2008-09.

Performance of Select 2072 Non-Financial Non-GovernmentCompanies during H1: 2008-09

Overall Performance

The non-government non-financial

companies, broadly representing the private

corporate sector, showed robust business

activity in the first half of 2008-09. The

combination of high selling prices and

continued consumer demand though

decelarating resulted in high growth in

sales. However, costs increased faster,

principally due to increased input cost and

interest expenses resulting in deceleration

in profits. While sales growth at 32.4 per

cent was higher by almost 15 percentage

points when compared with the year ago

level (Table 1), net profits declined by 25

Table 1: Performance of 2072 Non-Government Non-Financial Companies, H1: 2008-09

Item

H1: 2007-08 H1: 2008-09 H1: 2007-08 H1: 2008-09

1 2 3 4 5

Sales 5,00,480 6,62,444 17.5 32.4

Change in stock 7,195 16,147 –4.2 124.4

Expenditure 4,20,733 5,78,175 16.6 37.4

Operating Profits (PBDIT) 86,943 1,00,415 19.7 15.5

Other income 14,001 12,736 79.1 –9.0

Depreciation 18,029 20,928 15.3 16.1

Gross profits (PBIT) 82,909 92,228 28.0 11.2

Interest 10,075 17,344 11.7 72.2

Profits before tax (PBT) 72,834 74,884 30.6 2.8

Tax provision 15,582 15,572 27.7 –0.1

Non-operating surplus (+)/deficit(-) 994 1,389 –31.6 39.7

Profits after tax (PAT) 58,246 60,701 29.4 4.2

Paid-up capital 48,744 50,652 6.8 3.9

PBDIT : Profits before Depreciation, Interest and Tax.

Amount (Rs. Crore) Per cent change (yoy)

ARTICLE




RBIMonthly Bulletin

January 2009 119

percentage points. Other income, which is

not core to the companies, contracted by 9.0

per cent. More importantly, interest outgo

in the first half of the current year increased

by 72.2 per cent vis-à-vis 11.7 per cent rise

observed in H1: 2007-08.

Consequently, interest as a ratio of gross

profits increased by 6.6 percentage points

to 18.8 per cent (Chart 1). Other income

continued to form around one-fifth of net

profits but it could not help improve the

gross profit margin (gross profits to sales)

and net profit margin (profits after tax to

sales), each deteriorated by around 2.5

percentage points to 13.9 per cent and 9.2

per cent, respectively.

Performance according to Size ofPaid-up Capital

The size-wise representation of the

selected 2072 companies classified on the

basis of paid-up capital (PUC) showed that

574 companies each with PUC of less than

Rs.5 crore accounted for 3.5 per cent and

2.9 per cent of the aggregate PUC and sales

while 370 top companies with PUC of Rs. 25

crore and above together accounted for 72.2

per cent and 76.0 per cent of the aggregate

PUC and sales, respectively (Table 2). The

combined profit performance of 235

companies in the ‘Rs.15 crore – Rs.25 crore’

PUC size class was better than other classes,

which recorded 33.2 per cent growth in net

profits at the back of 28.2 per cent increase

in sales. Their net profit margin (profits

after tax to sales) at 8.6 per cent also

improved unlike in other size classes,

which observed declines in their margins

(Table 3).

The expenditure outpaced sales by 7.3

percentage points for select 370 companies

in PUC size of Rs.25 crore and above. This

coupled with 85.4 per cent rise in their

interest payments resulted in only 2.7 per

cent growth in net profits on 35.0 per cent

increase in sales. The net profit margin

(profits after tax to sales) deteriorated to

10.0 per cent from 13.2 per cent registered

in H1: 2007-08. Interest payments as

ARTICLE



proportion of gross profits as well as sales

increased across all the size classes.

Performance according to Size of Sales

The poor profit performance of the four

size classes having sales below Rs.500 crore

was largely due to rising production costs

that outpaced the revenue growth, high

interest outgo while still maintaining good

growth in depreciation provision (Table 4).

In contrast, aggregate net profits of the

companies in sales size group of Rs 500 crore

to Rs.1000 crore increased by 28.9 per cent

despite high provisioning towards

depreciation and tax charges.

The interest payments almost doubled

for the top companies each with sales more

than Rs.1000 crore. The interest formed 15.9

per cent share in gross profits, seven

percentage points more than that registered

in H1: 2007-08. On the other hand, the

Table 2: Performance of the Select Companies according to the Size of Paid-up Capital, H1: 2008-09

1 2 3 4 5 6 7 8 9 10 11 12

Below 5 574 1,775 3.5 16.6 16.9 9.9 9.3 23.8 1.2 22.0 –10.5

5-10 576 4,016 7.9 25.4 25.1 16.1 20.4 44.0 13.0 30.6 5.0

10-15 317 3,816 7.5 22.7 25.1 22.6 7.8 35.8 0.0 1.4 –7.6

15-25 235 4,481 8.8 28.2 25.4 18.5 31.3 62.1 23.5 35.5 33.2

25 and above (top) 370 36,564 72.2 35.0 42.3 15.5 9.1 85.4 0.8 –5.5 2.7

All Companies 2072 50,652 100.0 32.4 37.4 16.1 11.2 72.2 2.8 –0.1 4.2

No. ofComp-

anies

PUC Size group(Rs. crore)

Paid-up capital Per cent change (yoy)

AmountOut-

staning(Rs.

crore)

Percent

Share

Sales Expen-diture

Depre-ciation

Grossprofits

Inter-est

Profitsbefore

tax

Taxprovi-

sion

Profitsafter

tax

Table 3: Profit Allocation, Interest-linked and Profitability Ratios According to the Size ofPaid-up Capital, H1: 2008-09

PUCSize group(Rs. crore)

1 2 3 4 5 6 7 8 9 10 11 12 13

Below 5 31.6 38.1 35.8 40.6 2.8 2.5 2.4 2.5 6.6 6.2 3.8 2.9

5-10 25.0 28.8 23.8 28.5 4.2 3.5 2.7 3.1 11.2 10.7 6.6 5.5

10-15 23.1 23.4 21.8 27.5 4.6 3.6 2.8 3.1 12.8 11.3 8.1 6.1

15-25 23.8 26.1 20.3 25.1 4.9 4.0 2.7 3.4 13.4 13.7 8.2 8.6

25 and above(top) 20.8 19.5 9.8 16.7 10.2 6.0 1.8 2.5 18.2 14.7 13.2 10.0

All Companies 21.4 20.8 12.2 18.8 8.2 5.3 2.0 2.6 16.6 13.9 11.6 9.2

(Per cent)

Profit allocation and Interest linked ratios Profitability ratios

H1:07-08

H1:08-09

H1:07-08

H1:08-09

H1:07-08

H1:08-09

H1:07-08

H1:08-09

H1:07-08

H1:08-09

H1:07-08

H1:08-09

Tax Provision toProfits before Tax

Interest toGross Profits

Interest CoverageRatio (number)

Interest toSales

Gross Profitsto Sales

Profits after Taxto Sales

ARTICLE




RBIMonthly Bulletin

January 2009 121

smallest size group with sales of Rs.25 crore

and below, reported 8.3 per cent growth in

interest payments. However, their interest

formed more than three quarters of gross

profits basically due to substantial decline

in gross profits. The net profit margin

(profits after tax to sales) declined across

all the sales classes from the levels attained

in H1: 2007-08 (Table 5).

Industry-wise Performance during H1:2008-09

While sales performance of

manufacturing and services sectors were

impressive, it was companies in IT sector

that registered the highest growth in

aggregate net profits at 11.9 per cent followed

by other services at 6.3 per cent and

manufacturing at 2.2 per cent (Table 6). For

Table 4: Performance of Select Companies according to the Size of Sales, H1: 2008-09

1 2 3 4 5 6 7 8 9 10 11

Less than 25 607 0.4 –11.6 –12.5 –0.5 –35.3 8.3 –72.3 –16.5 –90.1

25-50 246 0.7 9.0 11.9 8.5 –9.8 23.7 –24.5 –14.9 –14.9

50-100 262 1.4 11.0 13.4 8.8 –4.0 11.7 –16.6 18.1 –24.1

100-500 582 10.2 13.3 14.1 14.5 –0.6 28.2 –10.8 –4.4 –20.2

500-1000 157 8.3 23.7 24.0 20.7 23.3 45.1 16.5 36.4 28.9

1000 and above 218 79.0 37.5 44.3 16.3 12.2 99.0 3.6 –2.2 5.8

All Companies 2072 100.0 32.4 37.4 16.1 11.2 72.2 2.8 –0.1 4.2

Sales Size Class(Rs crore)

No ofComp-

anies

Per centshare in

SalesSales Expen-

ditureDepr-

eciationGross

ProfitsInterest Profits

beforeTax

TaxProvi-

sion

Profitsafter

Tax

Per cent change (yoy)

Table 5: Profit allocation, Interest-linked and Profitability Ratios according to Size ofSales, H1: 2008-09

SalesSize Class(Rs. crore)

Profit allocation and interest-linked ratios Profitability Ratios

1 2 3 4 5 6 7 8 9 10 11 12 13

Less than

25 crore 30.5 91.8 45.9 76.8 2.2 1.3 4.4 5.4 9.6 7.1 8.9 1.0

25-50 33.3 37.6 30.4 41.7 3.3 2.4 3.1 3.5 10.1 8.3 5.5 4.3

50-100 30.9 43.8 44.6 51.9 2.2 1.9 4.8 4.9 10.8 9.4 5.1 3.5

100-500 24.3 26.1 26.3 33.9 3.8 3.0 3.4 3.8 12.9 11.3 7.9 5.6

500-1000 22.3 26.1 23.8 28.1 4.2 3.6 2.9 3.4 12.1 12.0 7.2 7.6

1000 and above 20.9 19.7 8.9 15.9 11.2 6.3 1.6 2.3 17.9 14.6 13.0 10.0

All Companies 21.4 20.8 12.2 18.8 8.2 5.3 2.0 2.6 16.6 13.9 11.6 9.2

(Per cent)

Tax Provision toProfits before Tax

Interest toGross Profits

Interest CoverageRatio (number)

Interest to Sales


Profits after taxto Sales

H1:07-08

H1:08-09

H1:07-08

H1:08-09

H1:07-08

H1:08-09

H1:07-08

H1:08-09

H1:07-08

H1:08-09

H1:07-08

H1:08-09

ARTICLE



the manufacturing sector, the cost of raw

materials accounting for about 68 per cent

of the total expenses, went up by 42.8 per

cent, higher than 38.8 per cent increase in

total expenditure affecting their overall

performance. More than 15 per cent rise in

depreciation provision by manufacturing

and services (other than IT) companies

reflected the continued capacity additions

in these sectors.

The key indicators of performance

across the industries1 showed considerable

variations in their growth rates and ratios

during H1: 2008-09. Of the 30 industries

analysed, 24 industries posted more than

20 per cent growth in sales (Statement 1).

Parameter Manufacturing Services (other than IT) IT

1595 324 153

Amount Per cent Amount Per cent Amount Per cent(Rs.Crore) change (yoy) (Rs.Crore) change (yoy) (Rs.Crore) change (yoy)

1 2 3 4 5 6 7

Sales 5,10,170 33.0 1,04,296 31.2 47,979 28.9

Other income 8,905 –7.2 2,539 4.4 1,293 –34.4

Expenditure 4,53,479 38.8 87,838 33.7 36,858 30.1

Consumption of raw materials 3,08,795 42.8 24,040 55.6 2,406 45.5

Staff cost 21,582 17.5 6,870 28.4 14,829 –3.1

Power and fuel 14,843 35.2 10,750 70.7 1.0 26.6

Operating Profits (PBDIT) 71,889 13.9 17,210 15.8 11,317 26.1

Depreciation 14,882 18.5 4,467 8.4 1,579 16.8

Gross profits (PBIT) 65,916 9.6 15,281 16.0 11,031 15.0

Interest 12,491 59.3 4,333 118.7 520 106.3

Profits before tax (PBT) 53,424 2.1 10,949 –2.1 10,511 12.6

Tax provision 12,215 1.1 2,129 –11.0 1,228 10.8

Profits after tax (PAT) 41,285 2.2 10,218 6.3 9,198 11.9

Paid-up capital 34,144 3.2 12,174 5.2 4,334 6.1

Table 6: Sector-wise Performance of 2072 selected companies, H1: 2008-09

However, downturn was recorded in post

tax profits of 16 industries. Interest

payments rose by more than 50 per cent for

13 industries. Consequently, interest as a

ratio of gross profits increased for most of the

industries analysed (Statement 2). Net profit

margin (profits after tax to sales) for all the

industries barring mining and quarrying,

contracted in first half of 2008-09.

Sugar industry recorded 22.8 per cent

increase in sales realisation; recorded a

turnaround in net profits. The edible oil

industry performed well in terms of

turnover as well as net profits. The turnover

growth of 25.2 per cent with contained

expenditure growth, aided further by 19.9

per cent rise in other income, helped these

companies to register 17.4 per cent jump in

post tax profits in H1: 2008-09. For textile

companies, expenditure rose at a higher

rate of 16.3 per cent than sales at 15.6 per

cent. With declining other income coupled

1 For the companies where the information on major

industrial activity was not available in the abridged

financial results, information was compiled from other

sources such as previous annual reports, stock exchanges

and capital market newsletters, etc.

ARTICLE




RBIMonthly Bulletin

January 2009 123

with 40.5 per cent increase in interest

outgo, net profits declined substantially.

Same was the case for paper and paper

products industry as well.

Fertilizer companies posted significant

growth in sales at 97.6 per cent largely due

to sharp increases in global fertilizer prices.

However, increase in stock in trade formed

5.3 per cent of sales. Despite high input

prices and interest outgo, net profits surged

by 42.1 per cent.

Pharmaceutical and medicines

companies, affected by increase in interest

payments, posted no increase in their net

profits over the last year’s level. Net margin

(profits after tax to sales) for these companies

deteriorated from 15.9 per cent in H1: 2007-

08 to 13.2 per cent in H1: 2008-09.

Iron & steel companies posted 21.9 per

cent growth in post tax profits at the back

of 43.6 per cent increase in sales. These

companies reported 90.3 per cent increase

in interest payments and a 51.7 per cent fall

in other income. Interest as a ratio of gross

profits increased by more than 7 percentage

points and net margin (profits after tax to

sales) weakened by 1.7 percentage points

to 9.9 per cent during the first half of the

current fiscal year.

Sales of machinery and machine tools

companies grew by 18.7 per cent while

expenditure went up by 19.7 per cent.

Higher provisioning for depreciation at 26.7

per cent reflected commissioning of

investment projects. Performance of motor

vehicles and other transport equipment

industry was subdued in the first half of

2008-09 on account of slower consumer

demand. The lower turnover growth (15.0

per cent), relatively higher increase in

expenditure (19.0 per cent) accompanied by

44.2 per cent rise in interest payments

affected the performance of these

companies adversely; post tax profits

declined by 13.8 per cent. Interest as a ratio

of gross profits was higher by about 8

percentage points while net margin (profits

after tax to sales) at 5.4 per cent shrunk by

1.8 percentage points.

Cement & cement products companies

posted 20.8 per cent increase in turnover.

Higher growth in expenditure (29.1 per

cent) and an increase of 35.5 per cent in

interest payments affected cement

companies net profits performance. Net

profit margin (profits after tax to sales) for

this group of companies declined by 6.3

percentage points to 13.7 per cent. Net

profits of construction companies, on the

other hand, rose by 19.4 per cent on the

turnover growth of 39.6 per cent. However,

substantial increase in depreciation

provisioning combined with 72.2 per cent

growth in interest outgo pulled down net

profit margin (profits after tax to sales) to

6.7 per cent from 7.8 per cent recorded

previously. Hotel & restaurant industry

posted 13.8 per cent decline in net profits

on the turnover growth of 10.4 per cent.

Expenses of electricity generation and

supply companies rose at a much faster pace

(39.4 per cent) than revenue growth of 35.2

per cent. Despite the favourable impact of

rupee depreciation for companies engaged

in computer and related activities, revenue

growth at 28.9 per cent was lower than total

expenditure growth (30.1 per cent).

Expenditure growth of transport, storage &

communication industry was faster at 46.3

per cent than that of revenue at 36.0 per cent;

ARTICLE



with decline in other income and

substantial increase in interest payments,

net profits could grow by 5.0 per cent.

Major Components of Expenditure,H1: 2008-09

Consumption of Raw Materials

Consumption of raw materials of 1625

reporting companies, during H1: 2008-09,

increased higher at 34.3 per cent compared

to 33.4 per cent growth observed in total

expenditure (Table 7). Consequently, share

of consumption of raw materials in total

expenditure at 64.5 per cent went up by 0.4

percentage points. Second quarters’

consumption of raw materials also rose at a

higher pace of 36.8 per cent than the total

expenditure at 35.0 per cent reflecting high

input costs.

Staff Cost

Staff cost of 1947 reporting companies

went up by 22.0 per cent in the current

period; lower by 16.0 percentage points than

the increase in total expenditure and

formed 7.6 per cent of the total expenditure

(Table 8). Staff cost rose at a lower pace of

22.0 per cent during second quarter and H1:

2008-09 as against 23.3 per cent observed

in the first quarter.

Table 7: Consumption of Raw Materials during H1: 2008-09

Item Q1 Q2 H1

2007-08 2008-09 2007-08 2008-09 2007-08 2008-09

1 2 3 4 5 6 7

No. of companies 1618 1606 1625

Consumption of raw materials 1,11,825 1,48,013 1,18,042 1,61,505 2,30,064 3,09,069

(32.4) (36.8) (34.3)

Expenditure 1,72,088 2,27,056 1,85,472 2,50,407 3,58,809 4,78,825

(32.0) (35.0) (33.4)

CRM as percentage of expenditure 65.0 65.2 63.6 64.5 64.1 64.5

Note : Figures in brackets denote per cent change over the corresponding period of the previous year.


Table 8: Staff Cost during H1: 2008-09

Item Q1 Q2 H1

2007-08 2008-09 2007-08 2008-09 2007-08 2008-09

1 2 3 4 5 6 7


Staff cost 17,008 20,979 18,363 22,403 35,505 43,195

(23.3) (22.0) (22.0)

Expenditure 1,97,802 2,69,704 2,12,914 2,98,933 4,12,168 5,66,962(36.3) (40.4) (38.0)

Staff cost as percentage ofexpenditure 8.6 7.8 8.6 7.5 8.6 7.6



ARTICLE




RBIMonthly Bulletin

January 2009 125

Change in Stock-in-trade

Stock-in-trade at Rs.16,119 crore during

H1: 2008-09 against Rs.7,195 crore observed

in the previous period reflected accretion

in the stock of traded goods by 124.0 per cent.

Change in stock-in-trade formed 2.9 percent

of sales, which was 1.7 per cent in H1: 2007-

08 (Table 9). Over the quarters, second

quarter witnessed sizeable increase to the

extent of 178.4 per cent in the stock of

traded goods in comparison to 98.4 per cent

rise in the first quarter.

Performance over the Quarters of2008-09

The select companies continued to

record robust growth in sales of around 30

per cent in each of the first two quarters of

2008-09 (Chart 2 and Table 10). Expenditure

Table 9: Increase In Stock-in-trade during H1: 2008-09

Item Q1 Q2 H1

2007-08 2008-09 2007-08 2008-09 2007-08 2008-09

1 2 3 4 5 6 7


Stock-in-trade 4,745 9,414 2,431 6,768 7,195 16,119(98.4) (178.4) (124.0)

Sales 2,02,035 2,67,337 2,19,692 2,96,964 4,21,305 5,63,524(32.3) (35.2) (34.0)

Stock-in -trade as percentageof sales 2.3 3.5 1.1 2.3 1.7 2.9



ARTICLE



growth in each of the quarters, however,

could not be contained as the major

component namely, consumption of raw

materials moved at higher rate compared

with that of sales. Interest payments

increased by 85.3 per cent in Q2 as against

58.1 per cent in Q1. Post tax profits, which

witnessed 6.9 per cent rise in Q1, showed

decline in Q2 from the level observed in the

corresponding quarter last year.

Table 10: Performance of the Select Companies over the Quarters of 2008-09

Item Q1:2008-09 Q2:2008-09 H1:2008-09

Amount Per cent Amount Per cent Amount Per cent(Rs. crore) Change (yoy) (Rs. crore) Change (yoy) (Rs. crore) Change (yoy)

1 2 3 4 5 6 7


Sales 3,65,303 29.3 (31.6) 3,93,626 31.8 (34.2) 6,71,922 32.1 (32.4)

Change in stock 9,156 104.4 (98.8) 7,396 176.5 (178.0) 15,793 127.4 (124.4)

Expenditure 3,17,605 33.5 (36.2) 3,43,921 37.5 (40.2) 5,85,388 37.3 (37.4)

Operating Profits (PBDIT) 56,854 16.1 (17.2) 57,101 11.8 (12.9) 1,02,327 14.9 (15.5)

Other income 7,666 –8.4 (6.3) 7,943 –0.6 (–1.8) 13,400 –7.3 (–9.0)

Depreciation 11,590 15.3 (15.3) 12,075 16.5 (16.6) 21,249 16.3 (16.1)

Gross Profits (PBIT) 52,930 11.9 (13.6) 52,968 8.7 (9.7) 94,482 10.9 (11.2)

Interest 8,891 58.1 (55.5) 11,403 85.3 (84.4) 18,100 71.4 (72.2)

Profits before tax (PBT) 44,040 5.7 (7.9) 41,566 –2.3 (–1.1) 76,382 2.3 (2.8)

Tax provision 9,685 4.7 (10.7) 8,717 –5.6 (–6.5) 15,922 –0.3 (–0.1)

Non-operating surplus (+)/deficit(-) 939 61.5 (—) 996 –29.6 (–11.1) 1,421 41.0 (39.7)

Profits after tax (PAT) 35,295 6.9 (9.4) 33,844 –2.6 (–0.1) 61,881 3.6 (4.2)

Paid-up capital 61,063 5.2 (5.1) 59,441 4.0 (4.0) 54,364 5.4 (3.9)

Ratios in Per cent Q1:2007-08 Q1:2008-09 Q2:2007-08 Q2:2008-09 H1:2007-08 H1:2008-09

Gross Profits to Sales 16.7 14.5 16.3 13.5 16.8 14.1

Profits after tax to Sales 11.7 9.7 11.6 8.6 11.7 9.2

Interest to Sales 2.0 2.4 2.1 2.9 2.1 2.7

Interest to Gross Profits 11.9 16.8 12.6 21.5 12.4 19.2

Interest Coverage (number) 8.4 6.0 7.9 4.6 8.1 5.2

Note : Figures in brackets denote per cent change over the corresponding period of the previous year for 2072 common companiesin Q1:2008-09, Q2:2008-09 and H1:2008-09.

ARTICLE




RBIMonthly Bulletin

January 2009 127

Industry-wise, tea plantation, mining

and quarrying, fertilizers, paints and

varnishes, iron and steel, electricity

generation and supply, construction,

computer and related activities and refineries

showed growth in net profits in both the

quarters (Statement 3 and Chart 4). On the

other hand, net profits declined in both the

quarters for companies in textiles, paper and

paper products, cement and cement

products, fabricated metal products,

machinery and machine tools, electrical

machinery and apparatus, radio, television

and communication equipments, motor

vehicles and other transport equipments,

wholesale and retail trade industries. As

the gross profits declined while interest

payments increased for most of the

industries, the interest as a ratio of gross

profits increased for these industries in Q2

in comparison to Q1 (Statement 4 and

Chart 6). This has affected the profitability

of many industries measured in terms of

net profits to sales, which deteriorated

over the quarters of first half of 2008-09

(Statement 5).

ARTICLE



Table 11: Performance of Financial Companies, H1: 2008-09

Item Q1: 2008-09 Q2: 2008-09 H1: 2008-09

Amount Per cent Amount Per cent Amount Per cent(Rs. crore) Change (yoy) (Rs. crore) Change (yoy) (Rs. crore) Change (yoy)

1 2 3 4 5 6 7

No. of companies 306

Income from operations 7,997 22.0 8,701 17.0 16,759 19.5

Other income 140 28.1 96 0.0 179 8.0

Expenditure 2,827 –1.1 2,960 –11.8 5,788 –3.2

Interest 3,163 40.9 3,585 49.1 6,745 45.2

Profits before depreciationand tax (PBDT) 5,025 33.8 5,523 33.8 10,554 34.1

Depreciation 68 12.4 76 –5.0 144 2.1

Profits before tax (PBT) 1,862 23.2 1,938 12.5 3,809 18.2

Tax provision 450 29.0 453 –6.9 901 8.3

Profits after tax (PAT) 1,447 24.3 1,429 –7.7 2,877 6.2

Paid-up capital 3,771 7.8 3,866 9.0 3,859 7.8

Performance of Non-GovernmentFinancial Companies

In line with the non-government non-

financial companies, the selected 306 non-

government financial companies did not

perform well during the first two quarters of

2008-09. While income from operations

decelerated, the profits declined in the

second quarter. Other income also remained

stagnant in second quarter at the back of

subdued asset markets. These select

companies in aggregate recorded 19.5 per

cent growth in sales, 45.2 per cent rise in

interest payments and registered 6.2 per cent

increase in profits after tax in H1: 2008-09.

ARTICLE




RBIMonthly Bulletin

January 2009 129

1 2 3 4 5 6 7 8 9 10 11 12 13

Tea plantation 23 169 0.3 24.3 21.0 30.7 –14.6 –7.7 –10.2 –7.1 5.5 –6.4

Mining and quarrying 32 549 1.1 78.6 129.7 44.0 13.0 205.3 70.6 223.2 159.4 244.8

Food products and beverages 145 2052 4.1 28.9 24.9 23.7 24.7 65.1 52.4 73.7 105.8 157.9

of which:

(i) Sugar 23 482 1.0 22.8 61.3 –14.9 25.1 $ 39.6 $ $ $

(ii) Edible oil 44 383 0.8 25.2 19.9 22.5 31.8 34.8 36.6 34.3 30.7 17.4

(iii) Other food products &beverages 78 1187 2.3 34.9 1.2 36.5 21.1 28.9 62.2 14.8 27.4 12.7

Textiles 260 4814 9.5 15.6 –13.6 16.3 15.7 –19.7 40.5 –73.4 –21.4 –80.2

Paper and paper products 37 472 0.9 22.4 –35.8 22.9 19.0 3.7 48.6 –9.4 –15.4 –24.5

Chemicals and chemicalproducts 312 6448 12.7 43.0 –22.3 51.6 17.0 14.4 67.4 7.5 25.1 2.7

of which:

(i) Basic industrial chemicals 82 1002 2.0 33.4 –36.0 40.2 7.2 18.8 41.8 12.6 30.0 –0.9

(ii) Chemical fertilizers andpesticides 31 1862 3.7 97.6 –3.3 124.2 8.8 43.8 40.3 44.6 81.2 42.1

(iii) Paints and varnishes 12 286 0.6 22.4 76.6 26.3 5.5 21.2 28.6 21.0 –0.8 26.9

(iv) Pharmaceuticals and medicines 111 1781 3.5 20.7 –24.7 21.6 18.3 9.7 163.9 –0.2 1.4 0.0

(v) Other chemicals & chemicalProducts 76 1518 3.0 38.9 –40.6 45.7 35.7 –8.5 33.1 –14.9 4.3 –28.5

Rubber and plastic products 96 1006 2.0 26.1 5.1 31.1 7.0 –19.8 10.6 –36.6 –40.2 –37.5

Cement and cement products 31 1285 2.5 20.8 –17.2 29.1 33.5 –9.9 35.5 –14.7 –19.1 –17.2

Iron and steel 101 4775 9.4 43.6 –51.7 48.1 12.9 33.3 90.3 21.5 25.2 21.9

Fabricated metal products 25 276 0.5 22.3 –34.5 29.7 15.5 –23.8 85.1 –51.7 –50.7 –52.1

Machinery and machine tools 117 1143 2.3 18.7 14.9 19.7 26.7 9.0 52.7 4.4 8.6 –5.3

Electrical machinery and apparatus 82 1213 2.4 24.5 –21.5 24.3 14.2 1.6 25.4 –3.3 4.5 –13.6

Radio, television andcommunication equipments 34 953 1.9 –6.7 78.6 –8.2 5.0 –9.6 35.4 –50.1 –29.2 –68.6

Medical precision and otherscientific equipments 16 200 0.4 14.2 –26.5 9.9 14.7 26.8 536.4 27.1 47.1 11.0

Motor vehicles and othertransport equipments 76 1814 3.6 15.0 13.0 19.0 27.6 –22.7 44.2 –29.6 –39.1 –13.8

Jewellary and related articles 21 234 0.5 5.7 113.1 17.1 12.2 –0.4 13.9 –10.1 –8.5 –8.9

Diversified 15 572 1.1 25.0 47.3 36.2 19.3 –1.7 34.2 –5.3 –40.1 –26.7

Electricity generation and supply 7 1256 2.5 35.2 2.7 39.4 5.2 13.7 –1.3 18.0 11.4 4.0

Construction 66 1405 2.8 39.6 28.7 39.9 45.2 25.7 72.2 16.4 9.6 19.4

Wholesale and retail trade 88 800 1.6 15.7 30.1 15.7 23.1 2.6 25.3 –14.0 2.8 –27.9

Hotel and restaurant 43 680 1.3 10.4 6.0 18.8 14.5 –8.3 3.3 –11.1 –8.7 –13.8

Transport, storage andcommunication 30 5711 11.3 36.0 –28.2 46.3 1.6 13.0 585.3 –22.2 –50.5 5.0

Computer & related activities 153 4334 8.6 28.9 –34.4 30.1 16.8 15.0 106.3 12.6 10.8 11.9

Refineries 14 2817 5.6 74.9 38.4 96.6 20.1 16.0 109.8 10.2 12.6 11.2

All companies+ 2072 50652 100.0 32.4 –9.0 37.4 16.1 11.2 72.2 2.8 –0.1 4.2

$’: Numerator or denominator or both negative. +: All companies under study.

Statement 1:Industry-wise Growth Rates of Select Performance Indicators, H1: 2008-09

Industry/Industry group No. ofCompa-

niesAmount

(Rs.crore)

Percent

Share

Sales OtherIncome

Expen-diture

Depre-ciation

GrossProfits

Inter-est

Profitsbefore

Tax

Tax Profitsafter

Tax

Paid-up Capital Per cent change (yoy)

ARTICLE



Statement 2: Industry-wise Profit Allocation, Interest-linked and Profitability Ratios, H1: 2008-09

1 2 3 4 5 6 7 8 9 10 11 12 13

Tea plantation 19.1 21.7 19.8 19.2 5.1 5.2 4.6 3.3 23.4 17.4 15.0 11.3

Mining and quarrying 30.2 24.2 11.7 6.5 8.5 15.3 3.0 2.9 25.5 43.6 15.8 30.5

Food products and beverages 29.0 34.3 40.6 37.5 2.5 2.7 2.6 3.1 6.5 8.3 2.9 5.8

of which:

(i) Sugar $ 130.1 $ 63.0 $ 1.6 5.4 6.1 $ 9.7 $ 20.1

(ii) Edible oil 23.1 22.5 22.9 23.2 4.4 4.3 0.9 1.0 4.1 4.4 2.5 2.4

(iii) Other food products &beverages 25.1 27.9 29.8 37.5 3.4 2.7 3.7 4.5 12.5 11.9 6.7 5.6

Textiles 21.0 62.1 47.2 82.5 2.1 1.2 4.2 5.1 8.9 6.2 4.2 0.7

Paper and paper products 25.4 23.8 22.6 32.4 4.4 3.1 3.1 3.8 13.8 11.7 8.8 5.4

Chemicals and chemicalproducts 19.1 22.2 11.5 16.8 8.7 6.0 1.8 2.1 15.6 12.5 11.6 8.3

of which:

(i) Basic industrial chemicals 19.9 23.0 21.2 25.3 4.7 4.0 3.2 3.4 15.2 13.5 10.0 7.4

(ii) Chemical fertilizers andpesticides 29.0 36.3 18.4 18.0 5.4 5.6 2.4 1.7 13.0 9.5 8.3 5.9

(iii) Paints and varnishes 31.7 26.0 2.6 2.8 37.8 35.6 0.4 0.4 14.0 13.8 9.3 9.7

(iv) Pharmaceuticals andmedicines 13.9 14.1 6.0 14.5 16.6 6.9 1.2 2.5 19.3 17.5 15.9 13.2

(v) Other chemicals & chemicalproducts 18.1 22.2 13.4 19.5 7.5 5.1 1.8 1.7 13.1 8.6 9.5 4.9

Rubber and plastic products 24.9 23.5 35.6 49.1 2.8 2.0 3.6 3.2 10.1 6.4 4.7 2.3

Cement and cement products 22.5 21.4 9.5 14.3 10.5 7.0 2.8 3.2 29.7 22.1 20.0 13.7

Iron and steel 28.1 29.0 17.0 24.3 5.9 4.1 3.5 4.7 20.7 19.2 11.6 9.9

Fabricated metal products 31.7 32.3 20.4 49.5 4.9 2.0 3.1 4.7 15.2 9.5 8.3 3.3

Machinery and machine tools 29.4 30.5 9.5 13.3 10.5 7.5 1.2 1.5 12.2 11.2 8.8 7.0

Electrical machinery and apparatus 28.2 30.4 16.9 20.9 5.9 4.8 2.2 2.2 12.9 10.5 7.7 5.4

Radio, television andcommunication equipments 28.7 40.7 47.4 71.0 2.1 1.4 3.1 4.5 6.6 6.4 2.5 0.8

Medical precision and otherscientific equipments 33.4 38.7 $ $ $ $ 0.0 0.0 10.7 11.9 8.3 8.0

Motor vehicles and other 24.9 21.6 9.4 17.5 10.6 5.7 1.0 1.3 10.8 7.3 7.2 5.4transport equipments

Jewellary and related articles 20.3 20.6 40.2 46.0 2.5 2.2 2.6 2.9 6.6 6.2 3.1 2.7

Diversified 32.1 20.3 9.2 12.5 10.9 8.0 2.0 2.1 21.5 16.9 18.6 10.9

Electricity generation and supply 13.5 12.8 22.3 19.4 4.5 5.2 4.9 3.6 21.8 18.3 16.3 12.5

Construction 29.8 28.0 16.6 22.8 6.0 4.4 2.2 2.8 13.5 12.2 7.8 6.7

Wholesale and retail trade 19.7 23.5 42.4 51.7 2.4 1.9 2.1 2.2 4.9 4.3 2.8 1.7

Hotel and restaurant 30.8 31.7 20.0 22.6 5.0 4.4 6.5 6.1 32.6 27.1 18.3 14.3

Transport, storage andcommunication 16.1 10.2 5.8 35.2 17.2 2.8 1.2 6.2 21.3 17.7 19.5 15.1

Computer & related activities 11.9 11.7 2.6 4.7 38.0 21.2 0.7 1.1 25.8 23.0 22.1 19.2

Refineries 11.7 12.0 5.8 10.5 17.2 9.5 0.9 1.1 15.3 10.2 11.9 7.6

All companies+ 21.4 20.8 12.2 18.8 8.2 5.3 2.0 2.6 16.6 13.9 11.6 9.2

$: Numerator or denominator or both negative. + : All companies under study.

Industry/Industry group Profit Allocation Ratios Interest-linked Ratios Profitability Ratios

H1:2007-

08

H1:2008-

09

H1:2007-

08

H1:2008-

09

H1:2007-

08

H1:2008-

09

H1:2007-

08

H1:2008-

09

H1:2007-

08

H1:2008-

09

H1:2007-

08

H1:2008-

09

Tax provisionto profitsbefore tax

Interest togross

profits

Interestcoverage(number)

Interestto Sales


Profits afterTax to Sales

(Per cent)

ARTICLE




RBIMonthly Bulletin

January 2009 131

Statement 3: Industry wise Growth Rates of Select Performance Indicators over the Quarters of H1: 2008-09

(Per cent change (yoy)

Numberof

compa-nies

Sales Expenditure Gross Profits Profits After Tax

Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Tea plantation 23 25.3 34.6 24.3 29.4 41.5 30.7 2.4 22.4 –7.7 4.7 20.5 –6.4

Mining and quarrying 32 89.1 73.7 78.6 36.9 58.0 44.0 261.2 152.9 205.3 325.0 174.4 244.8

Food products and beverages 145 33.2 25.7 28.9 25.7 22.7 23.7 66.8 63.4 65.1 74.0 230.5 157.9

of which:

(i) Sugar 23 19.2 27.3 22.8 –16.6 –10.1 –14.9 $ $ $ $ $ $

(ii) Edible oil 44 27.3 23.1 25.2 25.4 19.3 22.5 57.6 13.3 34.8 58.8 –16.3 17.4

(iii)Other food products 78 44.7 28.0 34.9 41.6 34.1 36.5 35.0 24.3 28.9 19.3 7.1 12.7

Textiles 260 17.3 13.9 15.6 18.1 15.1 16.3 –22.3 –18.3 –19.7 –82.3 –77.9 –80.2

Paper and paper products 37 22.9 22.4 22.4 22.7 23.6 22.9 8.3 –1.3 3.7 –20.8 –27.5 –24.5

Chemicals and chemical products 312 37.4 44.5 43.0 39.7 58.6 51.6 22.9 10.0 14.4 10.1 –4.5 2.7

of which:

(i) Basic industrial chemicals 82 29.3 36.6 33.4 32.4 47.4 40.2 33.7 8.0 18.8 17.2 –15.2 –0.9

(ii) Chemical fertilizersand pesticides 31 83.7 105.0 97.6 84.8 153.8 124.2 57.1 55.1 43.8 45.1 41.5 42.1

(iii)Paints and varnishes 12 22.9 21.9 22.4 19.2 33.2 26.3 38.6 7.8 21.2 48.7 9.7 26.9

(iv) Pharmaceuticals and medicines 111 24.7 17.1 20.7 23.1 20.3 21.6 12.5 2.0 9.7 4.9 –4.4 0.0

(v) Other chemicals & chemicalproducts 76 33.8 30.4 38.9 36.7 42.3 45.7 4.6 –16.5 –8.5 –15.7 –44.6 –28.5

Rubber and plastic products 96 28.0 24.2 26.1 29.5 32.6 31.1 9.8 –45.4 –19.8 5.7 –77.6 –37.5

Cement and cement products 31 19.2 22.5 20.8 25.2 32.7 29.1 –0.4 –20.0 –9.9 –7.6 –27.1 –17.2

Iron and steel 101 41.2 46.9 43.6 43.6 54.1 48.1 30.5 33.4 33.3 23.1 22.7 21.9

Fabricated metal products 25 22.8 21.9 22.3 25.5 33.4 29.7 –13.4 –33.8 –23.8 –40.0 –64.5 –52.1

Machinery and machine tools 117 19.5 18.0 18.7 19.6 20.0 19.7 18.5 1.0 9.0 –8.2 –2.5 –5.3

Electrical machinery and apparatus 82 25.8 23.1 24.5 27.4 22.6 24.3 8.2 –5.4 1.6 –6.5 –21.1 –13.6

Radio, television andcommunication equipments 34 –8.7 –4.7 –6.7 –9.4 –7.2 –8.2 5.7 –20.3 –9.6 –49.0 –80.0 –68.6

Medical precision and otherscientific equipments 16 7.0 20.3 14.2 –0.1 19.1 9.9 136.2 –1.9 26.8 96.1 –12.1 11.0

Motor vehicles and othertransport equipments 76 19.0 11.7 15.0 23.1 16.0 19.0 –10.6 –34.0 –22.7 –7.5 –19.4 –13.8

Jewellary and related articles 21 6.8 4.6 5.7 22.7 13.0 17.1 4.4 –4.4 –0.4 9.6 –21.4 –8.9

Diversified 15 22.1 27.4 25.0 29.8 43.0 36.2 6.9 –11.1 –1.7 8.6 –49.0 –26.7

Electricity generation and supply 7 28.2 40.7 35.2 33.9 48.2 39.4 4.7 22.4 13.7 5.6 2.7 4.0

Construction 66 40.1 38.8 39.6 40.9 38.1 39.9 19.8 28.3 25.7 21.6 18.4 19.4

Wholesale and retail trade 88 4.1 27.8 15.7 3.4 28.2 15.7 –3.7 20.0 2.6 –27.9 –29.5 –27.9

Hotel and restaurant 43 13.7 7.3 10.4 17.5 19.7 18.8 6.4 –21.7 –8.3 7.4 –34.7 –13.8

Transport, storage andcommunication 30 35.0 40.4 36.0 49.4 49.5 46.3 –2.9 28.2 13.0 19.7 –12.8 5.0

Computer & related activities 153 27.9 29.9 28.9 31.4 29.9 30.1 20.8 12.9 15.0 13.9 10.7 11.9

Refineries 14 69.4 80.5 74.9 99.4 94.5 96.6 14.0 18.0 16.0 14.1 8.5 11.2

All companies+ 2072 31.6 34.2 32.4 36.2 40.2 37.4 13.6 9.7 11.2 9.4 –0.1 4.2

$ : Numerator or denominator or both negative. +: All companies under study.

Industry/Industry group

ARTICLE



Statement 4: Industry-wise Interest-Linked Ratios Over the Quarters of H1: 2008-09 (Per cent)

Industry/Industry group Interest to Gross Profits Interest to Sales

2007-08

2008-09

2007-08

2008-09

2007-08

2008-09

2007-08

2008-09

2007-08

2008-09

2007-08

2008-09

Q1 Q2 H1 Q1 Q2 H1

1 2 3 4 5 6 7 8 9 10 11 12 13

Tea plantation 22.7 20.2 19.7 17.9 19.8 19.2 4.5 3.3 4.1 3.4 4.6 3.3



of which:

(i) Sugar $ 113.2 $ 47.2 $ 63.0 5.2 6.1 5.5 6.1 5.4 6.1

(ii) Edible oil 24.6 22.2 21.3 24.8 22.9 23.2 1.0 1.1 0.9 1.0 0.9 1.0

(iii) Other food products andbeverages 27.7 34.5 31.9 40.6 29.8 37.5 3.7 4.3 3.7 4.6 3.7 4.5

Textiles 51.0 82.3 45.4 82.2 47.2 82.5 4.3 4.6 4.1 5.3 4.2 5.1



of which:




(iv) Pharmaceuticals and medicines 9.6 11.2 5.8 15.6 6.0 14.5 1.9 1.9 1.2 2.7 1.2 2.5




Iron and steel 14.9 24.3 18.8 26.2 17.0 24.3 3.2 4.9 3.7 4.7 3.5 4.7





Medical precision and otherscientific equipments $ 0.2 0.3 $ $ $ $ 0.0 0.0 $ 0.0 0.0

Motor vehicles and othertransport equipments 9.2 14.0 9.5 22.0 9.4 17.5 1.0 1.1 1.0 1.4 1.0 1.3

Jewellary and related articles 44.4 43.9 36.8 47.9 40.2 46.0 2.9 2.8 2.5 2.9 2.6 2.9

Diversified 9.5 10.6 8.8 14.9 9.2 12.5 2.1 2.0 1.9 2.2 2.0 2.1


Construction 15.1 21.0 18.1 25.1 16.6 22.8 2.1 2.5 2.3 3.0 2.2 2.8



Transport, storage andcommunication $ 13.5 13.7 54.0 5.8 35.2 $ 2.3 2.7 9.8 1.2 6.2


Refineries 6.3 8.5 5.4 12.5 5.8 10.5 1.0 0.9 0.8 1.2 0.9 1.1

All companies+ 11.8 16.2 12.7 21.4 12.2 18.8 2.0 2.3 2.1 2.9 2.0 2.6


ARTICLE




RBIMonthly Bulletin

January 2009 133

Statement 5: Industry wise Profitability Ratios over the Quarters of H1: 2008-09(Per cent)

Industry/Industry group Gross Profits to Sales Profits after Tax to Sales

2007-08

2008-09

2007-08

2008-09

2007-08

2008-09

2007-08

2008-09

2007-08

2008-09

2007-08

2008-09

Q1 Q2 H1 Q1 Q2 H1

1 2 3 4 5 6 7 8 9 10 11 12 13

Tea plantation 19.7 16.1 20.9 19.0 23.4 17.4 11.3 9.4 14.3 12.8 15.0 11.3



of which:

(i) Sugar $ 5.4 $ 13.0 $ 9.7 $ $ $ 39.0 $ 20.1

(ii) Edible oil 3.9 4.9 4.2 3.9 4.1 4.4 2.2 2.7 2.8 1.9 2.5 2.4

(iii) Other food products andbeverages 13.2 12.4 11.7 11.4 12.5 11.9 7.0 5.8 6.4 5.3 6.7 5.6

Textiles 8.5 5.6 9.0 6.5 8.9 6.2 4.7 0.7 3.8 0.7 4.2 0.7



of which:




(iv) Pharmaceuticals andmedicines 19.3 17.4 19.9 17.4 19.3 17.5 16.0 13.5 15.7 12.8 15.9 13.2




Iron and steel 21.7 20.0 19.7 17.9 20.7 19.2 12.0 10.5 11.1 9.3 11.6 9.9





Medical precision and otherscientific equipments 5.1 11.2 15.4 12.5 10.7 11.9 4.0 7.3 11.8 8.7 8.3 8.0

Motor vehicles and othertransport equipments 10.7 8.0 10.9 6.4 10.8 7.3 7.1 5.5 7.3 5.3 7.2 5.4

Jewelery and related articles 6.5 6.3 6.7 6.1 6.6 6.2 2.7 2.8 3.5 2.6 3.1 2.7

Diversified 21.8 19.0 21.6 15.0 21.5 16.9 14.1 12.6 23.3 9.3 18.6 10.9


Construction 14.2 12.1 12.9 11.9 13.5 12.2 8.3 7.2 7.3 6.2 7.8 6.7



Transport, storage andcommunication 23.8 17.1 19.9 18.2 21.3 17.7 20.9 18.5 19.2 11.9 19.5 15.1


Refineries 15.8 10.7 14.8 9.7 15.3 10.2 12.1 8.2 11.8 7.1 11.9 7.6

All companies + 16.8 14.5 16.3 13.3 16.6 13.9 11.6 9.7 11.7 8.7 11.6 9.2


ARTICLE

Indian InvestmentAbroad in Joint

Ventures andWholly Owned

Subsidiaries:2008-09

(April-September)

RBIMonthly Bulletin

January 2009 135

The review on Indian investment

abroad in joint ventures (JVs) and wholly

owned subsidiaries (WOSs) is brought out

along with the quarterly release of India’s

balance of payments (BoP) statistics. The

present review covers India’s outward

investment in JVs and WOSs during the

quarter July-September 2008 and the half

year, April-September 2008.

I. India’s Outward FDI Proposals1

I.1 Magnitude

During the quarter, July-September

2008, 1,180 proposals amounting to US$

5,621 million were cleared for investments

abroad in JVs and WOSs, as against 452

proposals amounting to US$ 4,217 million

during July-September 2007. The number

of proposals recorded a sharp increase of

161.1 per cent, while the magnitude of

investment proposals showed a rise of 33.3

per cent during the quarter under review

(Table 1). Equity accounted for 51.6 per cent

of the investment, followed by loans (29.1

per cent) and guarantees (19.4 per cent).

During the corresponding quarter of the

previous year (July-September 2007), equity

constituted 74.3 per cent of the proposals

for investment, while guarantees and loans

formed 13.8 per cent and 12.0 per cent,

respectively. Thus, during the second

quarter of 2008-09, the share of equity in

total investments proposals declined, while

* Prepared in the Division of International Trade,Department of Economic Analysis and Policy. Theprevious issue of the article was published in RBI Bulletin,October 2008.

Indian Investment Abroadin Joint Ventures andWholly OwnedSubsidiaries: 2008-09(April-September)*

1 India's outward FDI in this review refers to Indian

investment abroad in joint ventures (JVs) and wholly

owned subsidiaries (WOSs) by Indian public and private

limited companies, registered partnership firms and

remittances in respect of production sharing agreements

for oil exploration.

ARTICLE

Indian InvestmentAbroad in JointVentures andWholly OwnedSubsidiaries:2008-09(April-September)


those of loans and guarantees showed

increase.

During the first half of 2008-09 (April-

September 2008), 2000 proposals

amounting to US$ 8,943 million were

cleared for investments abroad in JVs and

WOSs, as against 1,049 proposals

amounting to US$ 11,386 million during

the corresponding period of the previous

year (Table 2). While the number of

proposals recorded an increase of 90.7 per

cent over the corresponding period of the

previous year, the magnitude of investment

proposals showed a decline of 21.5 per cent.

Table 2: India’s Outward FDI: Proposals Cleared during April-September

(US $ million)

Period/Route of Approval Number of Amount of ProposalsProposals

Equity Loans Guarantees Total

1 2 3 4 5 6

2007-08

April-September 2007

I. Approval Route 5 416.43 — — 416.43

II. Automatic Route 1,044 5,220.64 732.16 5,016.68 10,969.48

Total (I + II) 1,049 5,637.07 732.16 5,016.68 11,385.91

2008-09

April-September 2008

I. Approval Route 2 37.59 — — 37.59

II. Automatic Route 1,998 5,334.04 2,224.62 1,346.35 8,905.01

Total (I + II) 2,000 5,371.63 2,224.62 1,346.35 8,942.60

Note: Data are provisional.

Table 1: India’s Outward FDI: Proposals Cleared during July-September

(US $ million)

Period/Route of Approval Number of Amount of Proposals

Proposals Equity Loans Guarantees Total

1 2 3 4 5 6

2007-08

July-September 2007

I. Approval Route 1 380 — — 380

II. Automatic Route 451 2,752.42 504.79 580.07 3,837.28

Total (I + II) 452 3,132.42 504.79 580.07 4,217.28

2008-09

July-September 2008

I. Approval Route — — — — —

II. Automatic Route 1,180 2,898.59 1,634.1 1,088.26 5,620.95

Total (I + II) 1,180 2,898.59 1,634.1 1,088.26 5,620.95

Note: Data are provisional.

ARTICLE




(April-September)

RBIMonthly Bulletin

January 2009 137

Equity accounted for 60.1 per cent of the

proposals for investment, followed by

loans (24.9 per cent) and guarantees (15.1

per cent). During the corresponding period

of the previous year (April-September

2007), equity constituted 49.5 per cent of

the proposals for investment, while

guarantees and loans formed 44.1 per cent

and 6.4 per cent, respectively. This reflects

increase in the share of equity in the

financing of investment proposals during

the first half of the current financial year

as compared to the same period of the

previous year.

Route-wise, during July-September

2008, all the proposals cleared were

through automatic route and there was no

proposal cleared through approval route2 .

Against this, during July-September 2007,

99.8 per cent of the proposals involving

90.9 per cent amount were through

automatic route, while the rest were

through the approval route. During April-

September 2008, 99.9 per cent of the

proposals involving 99.6 per cent of the

amount were through automatic route and

the remaining 0.1 per cent of the proposals

involving 0.4 per cent of the amount were

through approval route. Under automatic

route, equity occupied 59.9 per cent of the

investment proposals, whereas under

approval route, all the proposals were

through equity only. During April-

September 2007, 99.5 per cent of the

proposals involving 96.3 per cent amount

were through automatic route, while the

balance 0.5 per cent of the proposals

involving 3.7 per cent amount were

through the approval route.

I.2 Sectoral Pattern and Direction

I.2.1 Sectoral Pattern

During the quarter, July-September

2008, almost 94 per cent of the total

outward FDI proposals cleared were for

investments of US$ 5 million and above.

Sector-wise, 46 per cent of the proposals

were in manufacturing, followed by non-

financial services (10 per cent) and trading

(2 per cent) and the balance were ‘others’.

During the corresponding quarter of the

previous year, 63 per cent of the proposals

were in manufacturing followed by non-


(2 per cent) and the rest were ‘others’.

Within the manufacturing sector,

proposals were mainly in the areas like

construction, software development,

drugs, telecom products and textiles.

Proposals in trading covered activities,

such as real estate development and

mining. Investment proposals in non-

financial services included activities, such

as education. The category of ‘others’

comprised activities such as, consultancy,

oil exploration, shipping, stock-broking

and IT-enabled services.

The overall investment proposals

during April-September 2008 indicated

that almost 93 per cent were for

investments of US$ 5 million and above.

Sector-wise, 43 per cent of the proposals

2 Indian residents are permitted to make investmentin overseas joint ventures and wholly owned subsidiariesunder automatic route and approval route. Underautomatic route, all proposals are routed throughdesignated authorized dealer banks and these do notrequire prior approval from the Reserve Bank. Proposalsnot covered by the conditions under the automatic routerequire the prior clearance of the Reserve Bank and comeunder approval route.

ARTICLE



were in manufacturing followed by non-


(7 per cent) and the balance were ‘others’

(Table 3 and Chart 1). During April-

September 2007, 70 per cent of the

proposals were in manufacturing followed

by non-financial services (12 per cent) and

trading (2 per cent) and the rest were

others. The pattern of investment

proposals during April-September 2008

revealed a decline in the share of

manufacturing as compared with the

corresponding period of the previous year.

I.2.2 Direction

Direction of investment proposals

during July-September 2008 revealed that

Mauritius, Singapore, the US and the UK

together accounted for 61 per cent of the

proposals for outward FDI (US$ 5 million

and above). As against this, during the

corresponding quarter of the previous year,

Table 3: Sector-wise Distribution of India’s Outward FDI

(US $ million)

Sectors 2007-08 2008-09

July-September April-September July-September April-September

1 2 3 4 5

Trading 64.7 193.9 121.5 585.4

Manufacturing 2,054.1 6,874.2 2,463.6 3,585.2

Financial Services — — 20.4 117.6

Non-Financial Services 809.2 1,171.4 538.9 911.5

Others 317.4 1,650.0 2,164.3 3,147.9

Total 3,245.4 9,889.5 5,308.7 8,347.6

Note: Figures relate to investments of US$ 5 million and above.

ARTICLE




(April-September)

RBIMonthly Bulletin

January 2009 139

China, Netherlands, Singapore and Italy

accounted for 66 per cent of the proposals.

During April-September 2008, Mauritius,

Singapore, Netherlands, the US, UAE and

the UK together accounted for 75 per cent

of the proposals for outward FDI (US$ 5

million and above) (Table 4 and Chart 2).

As against this, during the corresponding

period of the previous year, China,

Netherlands and Singapore accounted for

71 per cent of the proposals. The trend

during the first half of the current

financial year revealed increased

diversification of outward investment in

terms of destinations, in an environment

of closer global economic integration and

liberalized investment policies of the host

countries (Box).

Table 4: Direction of India’s Outward FDI

(US $ million)

Country 2007-08 2008-09

July-September April-September July-September April-September

1 2 3 4 5

US 92.3 329.4 1,422.4 1,774.9

Singapore 594.1 1,957.0 684.4 1,708.2

Netherlands 535.2 4,763.7 208.7 932.0

Mauritius 44.6 168.7 606.5 890.6

UK 60.6 273.3 477.0 500.3

UAE 34.3 90.9 184.6 460.4

Switzerland — 371.6 214.1 256.7

Russia — — 256.2 256.2

Nigeria — — 236.2 236.2

Denmark 187.0 388.6 235.5 235.5

Others 1,754.5 1,986.4 739.7 1,169.1

Total 3,302.6 10,329.6 5,265.3 8,420.1

Note: Figures relate to investments of US$ 5 million and above.

ARTICLE



The policy trend in the world continues to be more

open towards FDI. According to United Nations

Conference on Trade and Development (UNCTAD),

in 2007, there were 98 policy changes affecting

FDI. Of these, 74 changes were in the direction of

making the host-country climate more favourable

to FDI (Table A). Region-wise, 62 changes were in

developing and transition economies, while the

rest were in developed countries. Thus, over time,

international investment agreements (IIAs) have

expanded among regions with the number of

agreements reaching 2,608 by a total of 179

countries as at the end of 2007, facilitated by closer

economic integration, investment protection and

liberalization. The developed countries, however,

have major share as at the end of 2007, accounting

for 60 per cent of all bilateral investment treaties

(BITs).

Box: Liberalisation of World FDI Policies

Countries have adopted several measures to attractFDI, like offering a number of incentives, such as,setting up of special economic zones (SEZs),lowering corporate taxes and special taxes and/ortariff regimes in SEZs and other zones. Many doubletaxation treaties (DTTs) have been in operationamong countries. While the number of investmentagreements has increased over the years, theinvestor-State disputes has also increased and inmost of them on the grounds of violating a BITprovision. Another concern is over increased foreignownership by sovereign wealth funds (SWFs) andit is on the grounds of national security. Anoutcome of these developments has been a shift intreaty-making activity from BITs towards free tradeareas/agreements (FTAs) and other economicintegration treaties which combine trade andinvestment liberalization.

Source: UNCTAD, World Investment Report (2008)

Table A: National Regulatory Changes Relating to International Investments, 1992-2007

Item 1992 1995 2000 2005 2006 2007

Number of countries that introduced changes 43 63 70 92 91 58

Number of regulatory changes 77 112 150 203 177 98

More favourable changes 77 106 147 162 142 74

Less favourable changes 0 6 3 41 35 24

II. India’s Outward FDI: Actual

Outflows3

II.1 Magnitude of Outflows

Actual outward FDI in JVs and WOSs

during the quarter July-September 2008

stood at US$ 3,134 million, showing a growth

of 5.4 per cent over US$ 2,972 million during

the corresponding period of the previous

year. Of the total investments, 84 per cent

were in the form of equity and the remaining

16 per cent were loans. During July-

September 2007, 81 per cent of the outward

investments were in the form of equity and

the remaining 19 per cent were loans.

During the period April-September 2008,

the actual outward FDI in JVs and WOSs

stood at US$ 5,717 million, which showed a

decline of 29.5 per cent over the investment

of US$ 8,104 million during the

corresponding period of the previous year

(Table 5). Of the total investments, 82 per cent

3 Financing of outward FDI by Indian entities is broadly

in the form of equity, loan and guarantee. These include

sources, such as drawal of foreign exchange in India,

capitalization of exports, funds raised through external

commercial borrowings, foreign currency convertible

bonds and ADRs/GDRs, and also through leveraged

buyouts by way of setting up of special purpose vehicles

(SPVs). The equity data presented in this review do not

include equity of individuals and banks, and the SPVs

set up for funding overseas investment.

ARTICLE




(April-September)

RBIMonthly Bulletin

January 2009 141

were in the form of equity and 18 per cent

were loans. Against this, during April-

September 2007, 87 per cent of the

investments in JVs and WOSs were in the

form of equity and the remaining 13 per

Table 5: India’s Outward FDI : Actual Outflows

(US $ million)

Period Equity Loan Guarantees Total

Invoked

1 2 3 4 5

2007-08

July-September 2007 2,403.42 569.03 — 2,972.45

April-September 2007 7,049.66 1,054.00 — 8,103.66

2008-09

July-September 2008 2,640.49 493.68 — 3,134.17

April-September 2008 4,692.29 1,024.44 — 5,716.73

Note: Data are provisional

cent were loans. Thus, during April-

September 2007, the share of equity has

gone down in the outward investments

with the amount of equity showing a

negative growth of 33.4 per cent.

ARTICLE



Annex:India’s Overseas Investment: Major Liberalisation Measures since 2000

The introduction of FEMA in 2000

brought about significant policy

liberalization. The limit for investment up

to US$ 50 million, which was earlier available

in a block of three years, was made available

annually without any profitability condition.

Companies were allowed to invest 100 per

cent of the proceeds of their ADR/GDR issues

for acquisitions of foreign companies and

direct investments in JVs and WOSs.

Automatic route was further liberalised

in March 2002 wherein Indian parties

investing in JVs/WOSs outside India were

permitted to invest an amount not exceeding

US$ 100 million as against the earlier limit

of US$ 50 million in a financial year. Also

the investments under the automatic route

could be funded by withdrawal of foreign

exchange from an authorized dealer (AD) not

exceeding 50 per cent of the net worth of

the Indian party.

With a view to enabling Indian corporates

to become global players by facilitating their

overseas direct investment, permitted end-

use for ECB was enlarged to include overseas

direct investment in JVs/WOSs in February

2004. This was designed to facilitate

corporates to undertake fresh investment or

expansion of existing JV/WOS including

mergers and acquisitions abroad by

harnessing resources at globally competitive

rates.

In order to promote Indian investment

abroad and to enable Indian companies to

reap the benefits of globalization, the ceiling

of investment by Indian entities was revised

from 100 per cent of the net worth to 200

per cent of the net worth of the investing

company under the automatic route for

overseas investment. The limit of 200 per

cent of the net worth of the Indian party was

enhanced to 300 per cent of the net worth

in June 2007 under automatic route (200 per

cent in case of registered partnership firms).

In September 2007, this was further

enhanced to 400 per cent of the net worth

of the Indian party.

As a simplification of the procedure,

share certificates or any other document as

an evidence of investment in the foreign

entity by an Indian party which has acquired

foreign security should not be submitted to

the Reserve Bank. The share certificates or

any other document as evidence of

investment where share certificates are not

issued would be required to be submitted to

and retained by the designated AD category–

I bank, which would be required to monitor

the receipt of such documents to ensure bona

fides of the documents so received.

The Indian venture capital funds (VCFs),

registered with the SEBI, are permitted to

invest in equity and equity-linked

instruments of off-shore venture capital

undertakings, subject to an overall limit of

US$ 500 million and compliance with the

SEBI regulations issued in this regard.

The Liberalized Remittance Scheme (LRS)

for Resident Individuals was further

liberalized by enhancing the existing limit

of US$ 100,000 per financial year to US$

200,000 per financial year (April-March) in

September 2007.

The limit for portfolio investment by

listed Indian companies in the equity of

ARTICLE




(April-September)

RBIMonthly Bulletin

January 2009 143

Annex:India’s Overseas Investment: Major Liberalisation Measures since 2000 (Concld.)

listed foreign companies was raised in

September 2007 from 35 per cent to 50 per

cent of the net worth of the investing

company as on the date of its last audited

balance sheet. Furthermore, the requirement

of reciprocal 10 per cent shareholding in

Indian companies has been dispensed with.

The aggregate ceiling for overseas

investment by mutual funds, registered with

SEBI, was enhanced from US$ 4 billion to

US$ 5 billion in September 2007. This was

further raised to US$ 7 billion in April 2008.

The existing facility to allow a limited

number of qualified Indian mutual funds to

invest cumulatively up to US$ 1 billion in

overseas Exchange Traded Funds, as may be

permitted by the SEBI, would continue. The

investments would be subject to the terms

and conditions and operational guidelines

as issued by SEBI.

Registered Trusts and Societies engaged

in manufacturing/educational sector have

been allowed in June 2008 to make

investment in the same sector(s) in a Joint

Venture or Wholly Owned Subsidiary

outside India, with the prior approval of the

Reserve Bank.

Registered Trusts and Societies which

have set up hospital(s) in India have been

allowed in August 2008 to make investment

in the same sector(s) in a JV/WOS outside

India, with the prior approval of the Reserve

Bank.

ARTICLE

India'sForeign Trade:

2008-09(April-October)

RBIMonthly Bulletin

January 2009 145

This review is based on the provisional

data on India’s merchandise trade for April-

October 2008 and commodity-wise details

for April-August 2008 released by

Directorate General of Commercial

Intelligence and Statistics (DGCI&S).

Highlights

• India’s merchandise exports during

October 2008 at US$ 12.8 billion

recorded a decline of 12.1 per cent as

against a growth of 48.8 per cent in

October 2007 and 10.4 per cent in the

previous month. The overall exports

during April-October 2008 at US$ 107.3

billion, maintained a higher growth of

23.3 per cent (22.7 per cent a year ago).

• Imports during October 2008 at US$

23.4 billion showed a lower growth of

10.6 per cent than 26.3 per cent in

October 2007. Imports during April-

October 2008 aggregating US$ 180.4

billion, recorded a growth of 36.0 per

cent, higher than 27.4 per cent a year

ago, mainly on account of the surge in

petroleum, oil and lubricants (POL)

imports, while non-oil imports

exhibited a moderation in growth.

• POL imports during April-October 2008

at US$ 65.6 billion showed a sharp

increase of 59.4 per cent (17.1 per cent

a year ago) largely due to higher

international crude oil prices. The

average price of Indian basket of crude

oil during April-October 2008 stood at

US$ 109.9 per barrel, higher by 55.8 per

cent than US$ 70.6 per barrel during

April-October 2007.

• Non-oil imports at US$ 114.8 billion

showed a moderation in growth to 25.4

* Prepared in the Division of International Trade,Department of Economic Analysis and Policy. Theprevious issue of the article was published in RBI Bulletin,December 2008.

India’s ForeignTrade: 2008-09(April-October)*

ARTICLE

India'sForeign Trade:2008-09(April-October)


per cent during April-October 2008,

from 32.7 per cent in April-October 2007

largely due to decline in the imports of

gold and silver and pearls, precious and

semi-precious stones.

• Trade deficit during October 2008 at US$

10.5 billion was higher by US$ 4.0 billion

than US$ 6.5 billion in October 2007.

The overall trade deficit during April-

October 2008 widened to US$ 73.1

billion, an increase of US$ 27.4 billion

(60.1 per cent) over the trade deficit of

US$ 45.7 billion a year ago.

India’s Merchandise Trade during2008-09 (April-October)

India’s merchandise exports growth

which remained buoyant till August 2008

showed sharp deceleration in September

2008 and the growth turned negative in

October 2008, reflecting global economic

slowdown. According to the provisional data

released by DGCI&S, exports during October

2008 at US$ 12.8 billion showed a decline

of 12.1 per cent as compared with a growth

of 48.8 per cent recorded in October 2007.

The overall exports during April-October

2008 at US$ 107.3 billion, recorded a growth

of 23.3 per cent as compared with 22.7 per

cent during April-October 2007, mainly

reflecting the buoyant export growth

witnessed till August 2008 (Table 1 and

Chart 1).

Table 1: India’s Merchandise Trade:April-October

(US $ billion)

Items 2007-08 R 2008-09 P

1 2 3

Exports 87.0 107.3 (22.7) (23.3)

Oil Exports* 10.6 16.0(26.6) (51.3)

Non-Oil Exports* 50.1 65.4(19.5) (30.4)

Imports 132.7 180.4 (27.4) (36.0)

Oil Imports 41.2 65.6

(17.1) (59.4)

Non-Oil Imports 91.5 114.8(32.7) (25.4)

Trade Balance –45.7 –73.1

Oil Trade Balance* –18.3 –37.7

Non-Oil Trade Balance* –16.0 –16.5

* : Figures pertain to April-AugustP : Provisional. R : Revised.Note : Figures in parentheses show percentage

change over the previous year.Source : Compiled from DGCI&S data

ARTICLE



RBIMonthly Bulletin

January 2009 147

Merchandise imports during October

2008 at US$ 23.4 billion registered a lower

growth of 10.6 per cent than 26.3 per cent

recorded in October 2007. The overall

imports during April-October 2008 at US$

180.4 billion witnessed a growth of 36.0 per

cent (27.4 per cent a year ago), on account of

the rise in POL imports. POL imports at US$

65.6 billion were higher by 59.4 per cent (17.1

per cent a year ago) due to the higher

international crude oil prices, while growth

in the volume of oil imports showed

deceleration. The average price of Indian

basket of crude oil during April-October 2008

at US$ 109.9 per barrel (ranged between US$

70.2 – 132.2 per barrel) was higher by 55.8 per

cent than US$ 70.6 per barrel (ranged between

US$ 65.2 – 79.3 per barrel) during April-

October 2007. Non-oil imports during April-

October 2008 at US$ 114.8 billion showed

deceleration in growth to 25.4 per cent from

32.7 per cent a year ago (Table 2).

The latest commodity-wise data released

by DGCI&S relate to the period April-August

2008. According to these data, exports

amounted to US$ 81.5 billion during April-

August 2008, registering a growth of 34.1 per

cent over the corresponding period of the

previous year. Manufactured products

constituted the largest share (62.3 per cent),

followed by petroleum products (19.7 per

cent) and primary products (15.5 per cent).

Agricultural and allied products, chemicals

and related products, engineering goods and

petroleum products were the main

contributors of export growth as these

commodities together constituted about 70

per cent of the total exports and contributed

87.0 per cent of the export growth during

April-August 2008 (Table 3).

Exports of primary products during

April-August 2008 at US$ 12.6 billion

showed a growth of 49.3 per cent (22.9 per

cent a year ago). Within primary products

Table 2: Trends in Crude Oil Prices

(US $/barrel)

Year Dubai UK US- IndianFateh Brent WTI Basket*

1 2 3 4 5

2000-01 25.9 28.1 30.3 26.82001-02 21.8 23.2 24.1 22.42002-03 25.9 27.6 29.2 26.62003-04 26.9 29.0 31.4 27.82004-05 36.4 42.2 45.0 39.22005-06 53.4 58.0 59.9 55.72006-07 60.9 64.4 64.7 62.42007-08 77.3 82.4 82.3 79.5

April- October, 2007 68.7 73.5 72.5 70.6

April- October, 2008 108.4 112.4 114.6 109.9

October 2007 77.1 82.9 85.9 79.3

October 2008 68.6 72.8 76.6 70.2

* : The composition of Indian basket of crude representsaverage of Oman and Dubai for sour grades and Brent(dated) for sweet grade in the ratio of 62.3:37.7 for2008-09.

Source : International Monetary Fund, InternationalFinancial Statistics, World Bank’s CommodityPrice Pink Sheet November 2008.

Table 3: India’s Exports of PrincipalCommodities

(Percentage Shares)

Commodity 2006-07 2007-08 2007-08 2008-09

April-March April-August

1 2 3 4 5

I. Primary products 15.6 16.9 13.9 15.5

Agriculture and

allied products 10.0 11.3 9.1 10.8

Ores and minerals 5.5 5.6 4.8 4.7

II. Manufactured goods 67.2 63.2 65.8 62.3

Leather and

manufactures 2.4 2.2 2.4 2.1

Chemicals and

Related products 13.7 13.0 13.0 12.9

Engineering goods 23.4 22.9 23.5 25.7

Textile and textile

products 13.7 11.9 12.8 10.6

Gems and jewellery 12.6 12.1 13.0 10.1

III. Petroleum products 14.8 17.4 17.4 19.7

IV. Others 2.4 2.5 2.8 2.5

Total Exports 100.0 100.0 100.0 100.0

Source: Compiled from DGCI&S data

ARTICLE



agricultural and allied products recorded 58.1

per cent rise, largely due to increased exports

of oil meal, raw cotton, tobacco and sugar and

molasses, while marine products declined by

8.8 per cent. Exports of ores and minerals

registered 32.4 per cent increase on the back

of strong growth in iron ore (49.0 per cent)

and turnaround in processed minerals

exports (27.1 per cent rise as against a decline

of 8.2 per cent in the previous year).

Exports of manufactured goods during

April-August 2008 at US$ 50.7 billion

showed an accelerated growth of 27.0 per

cent from 19.9 per cent a year ago.

Engineering goods, chemicals and related

products, and textiles and textile products

maintained higher growth while gems and

jewellery exports witnessed a slowdown.

Engineering goods exports at US$ 21.0

billion maintained high growth at 47.1 per

cent during April-August 2008 (25.2 per cent

a year ago). Within engineering goods,

transport equipments exhibited a steep rise

of 88.9 per cent and contributed 35 per cent

of the growth in engineering goods exports.

Singapore, the US and the UK were the

principal markets for transport equipments.

Chemicals and related products exports

at US$ 10.5 billion grew by 33.4 per cent as

against 16.8 per cent rise during the

corresponding period of the previous year.

Basic chemicals, pharmaceuticals and

cosmetics constituted about 65 per cent of

chemical exports and contributed 62 per

cent of the growth in exports of chemicals

and related products .

Exports of textiles and textile products

during April-August 2008 at US$ 8.6 billion

showed a growth of 10.7 per cent as against

8.0 per cent recorded a year ago. Within

textiles, cotton and woolen yarn, fabrics

and made-ups showed accelerated growth,

while readymade garments and man-made

yarn, fabrics and made-ups showed

deceleration. The moderation in

readymade garments was mainly due to the

demand recession in the major markets,

the US and the EU.

Gems and jewellery exports at US$ 8.3

billion registered a lower growth of 4.5 per

cent than 28.9 per cent recorded a year ago.

This deceleration was largely due to the fall

in the exports to the US, while exports to

other major markets viz, Hong Kong and the

UAE, recorded only moderate growth.

Exports of petroleum products at US$

16.0 billion during April-August 2008

showed a substantial increase of 51.3 per

cent, as compared with 26.6 per cent during

the same period of the previous year.

However, in terms of volume, POL exports

declined by 12.1 per cent as against a growth

of 26.8 per cent a year back. The UAE,

Singapore and Netherlands were the major

markets for petroleum products.

Destination-wise, during April-August

2008 developing countries remained themajor markets for India’s exports with ashare of 41.5 per cent of total exports,followed by OECD (37.1 per cent) and OPEC(19.7 per cent). Exports to the EU, NorthAmerica, Asia and Oceania, OPEC, EasternEurope and Asian and Latin Americandeveloping countries accelerated, whilethose to African developing countriesdecelerated. The US was the single largestexport market of India with a share of 11.1per cent, though the share declined from 13.4per cent in April-August 2007. The othermajor export destinations during April-August 2008 were the UAE (10.8 per cent),Singapore (5.7 per cent), China (5.0 per cent)

and the Netherlands (3.6 per cent) (Table 4).

ARTICLE



RBIMonthly Bulletin

January 2009 149

Imports

Imports during April-August 2008 at US$

135.6 billion showed a higher growth of 42.7

per cent as compared with 34.7 per cent in

the previous year. The increase in imports

was primarily due to sharp increase in POL

imports while non-oil imports showed

deceleration.

Imports of POL during April-August

2008 at US$ 53.7 billion exhibited a steep

rise of 86.1 per cent (18.2 per cent a year

back) owing to high international oil prices.

The volume of POL imports, however,

showed moderation in growth to 8.3 per

cent from 14.0 per cent a year ago.

The moderation in non-oil imports

during April-August 2008 was mainly due

to decline in the imports of gold and silver

and pearls, precious and semi-precious

stones and deceleration in iron and steel

and metalliferrous ores and metal scrap

(Table 5). Imports of gold and silver during

April-August 2008 declined by 18.7 per cent

as against a sharp rise of 132.6 per cent a

year ago. Imports of pearls, precious and

semi-precious stones were lower by 42.1 per

cent as against a growth of 38.8 per cent a

year ago.

Capital goods imports at US$ 27.4

billion, which accounted for 33.4 per cent

of non-oil imports, showed a higher growth

at 31.1 per cent than 28.3 per cent a year

ago. The acceleration in capital goods

imports was mainly due to the larger

imports of machinery (42.9 per cent).

Among other non-oil items, chemicals and

fertilizers recorded higher growth in

imports.

Source-wise, during April-August 2008,

OPEC accounted for 37.0 per cent of India’s

imports, followed by developing countries

(31.1 per cent) and OECD countries (29.3 per

cent). During this period, imports from the

Table 5: Imports of Principal Commodities

(Percentage Shares)

Commodity 2006-07 2007-08 2007-08 2008-09


1 2 3 4 5

1. Petroleum, crude andproducts 30.8 31.7 30.4 39.6

2. Capital goods 25.3 28.2 22.0 20.2

3. Gold and silver 7.9 7.1 11.3 6.5

4. Organic and inorganicchemicals 4.2 3.9 4.3 4.8

5. Coal, coke andbriquettes, etc. 2.5 2.6 2.5 3.4

6. Fertilizers 1.7 2.2 1.9 4.6

7. Metalliferrous ores,metal scrap, etc. 4.5 3.1 3.8 3.1

8. Iron and steel 3.5 3.5 4.1 3.0

9. Pearls, precious andsemi precious stone 4.0 3.2 4.2 1.7

10. Others 19.6 18.7 23.5 18.3

Total Imports 100.0 100.0 100.0 100.0

Source: DGCI&S

Table 4: India’s Exports to Principal Regions

(Percentage Shares)

Region 2006-07 2007-08 2007-08 2008-09


1 2 3 4 5

I. OECD countries 41.2 38.5 40.5 37.1

EU 20.4 20.2 21.7 21.2

North America 15.8 13.5 14.2 11.8

U.S. 14.9 12.7 13.4 11.1

Asia and Oceania 3.4 3.2 2.9 2.5

Other OECD countries 1.6 1.6 1.6 1.6

II. OPEC 16.4 16.4 18.1 19.7

III. Eastern Europe 2.0 2.1 1.1 1.2

IV. Developing countries 40.2 42.7 39.9 41.5

Asia 29.8 31.6 28.7 30.6

SAARC 5.1 5.9 5.1 5.7

Other Asian developingcountries 24.6 25.7 23.6 25.0

Africa 7.0 7.7 8.1 7.1

Latin American countries 3.4 3.4 3.1 3.7

V. Others / unspecified 0.3 0.4 0.5 0.6

Total Exports 100.0 100.0 100.0 100.0

Source : Compiled from DGCI&S data.

ARTICLE



OPEC, Eastern Europe and Asian developing

countries showed higher growth, while that

from the EU, North America, Asia and

Oceania and African and Latin American

developing countries showed moderation

(Table 6). China was the single largest source

of imports, with the share of 10.4 per cent

in total imports during April-August 2008,

followed by Saudi Arabia (8.5 per cent), the

UAE (6.1 per cent), the US (5.2 per cent), Iran

(5.0 per cent) and Switzerland (4.7 per cent).

Trade Deficit

Trade deficit during April-October 2008

amounted to US$ 73.1 billion, an increase

of US$ 27.4 billion (60.1 per cent) over US$

45.7 billion during the corresponding

period of the previous year. Trade deficit

on oil account during April-August 2008

widened to US$ 37.7 billion (18.3 billion a

year ago), while trade deficit on non-oil

account marginally increased to US$ 16.5

billion from US$ 16.0 billion during April-

August 2007.

Global Trade

According to the International

Monetary Fund’s (IMF) International

Financial Statistics (IFS), world merchandise

exports, in dollar terms, during January-

August 2008 registered 22.8 per cent growth

as against 14.5 per cent a year ago. Exports

from industrial countries showed a growth

of 20.7 per cent (13.5 per cent a year ago),

while the emerging and developing

economies registered a growth of 25.2 per

cent during January-August 2008 as against

15.8 per cent a year ago (Table 7).

Table 6: Shares of Groups/Countries inIndia’s Imports

(Percentage Shares)

Group/Country 2006-07 2007-08 2007-08 2008-09


1 2 3 4 5

I. O E C D Countries 34.5 34.8 34.9 29.3

E U 15.3 14.6 14.5 12.1

France 2.3 2.5 1.0 0.9

Germany 4.1 3.9 3.9 3.6

U K 2.2 2.0 2.2 1.7

North America 7.3 9.1 6.3 5.8

U S 6.3 8.4 5.6 5.2

Asia and Oceania 6.4 5.8 6.9 5.6

Other O E C D Countries 5.5 5.2 7.2 5.7

II. O P E C 30.2 30.3 30.0 37.0

III. Eastern Europe 2.7 2.1 1.6 2.3

IV. Developing Countries 32.2 32.1 33.2 31.1

Asia 25.5 25.5 26.4 25.0

S A A R C 0.8 0.8 0.7 0.6

Other Asian DevelopingCountries 24.7 24.7 25.7 24.4

Of which:

People’s Rep of China 9.4 10.8 11.0 10.4

Africa 3.7 4.1 4.4 4.2

Latin American Countries 3.0 2.4 2.4 1.8

Total Imports 100.0 100.0 100.0 100.0

Source: Compiled from DGCI&S data. Table 7: Growth in Exports: Global Scenario

(Per cent)

Region/Country 2006-07 2007-08 2007-08 2008-09

January-December January-August

1 2 3 4 5

World 15.3 15.0 14.5 22.8

Industrial Countries 12.4 13.6 13.5 20.7

US 14.7 12.2 11.5 18.8

France 9.9 12.0 11.2 19.7

Germany 14.7 18.5 20.3 21.1

Japan 9.2 9.2 7.5 20.4

Emerging and Developing

Economies 19.1 16.8 15.8 25.2

Singapore 18.4 10.1 8.9 23.6

China 27.2 25.6 27.7 22.4

India 21.4 20.3 16.3 38.1

Indonesia 18.3 16.8 14.1 27.9

Korea 14.4 14.2 14.6 22.0

Malaysia 14.0 9.6 7.4 20.3

Thailand 18.5 16.8 15.2 23.5

Source: 1. IMF (www.imfstatistics.org), 2. DGCI&S for India.

ARTICLE



RBIMonthly Bulletin

January 2009 151

The monthly trends in global

merchandise exports, however, revealed a

sharp deceleration in growth from August

2008 across all regions. The growth in

exports in August 2008 at 17.9 per cent was

significantly lower than 30.0 per cent

recorded in July 2008 (Chart 2). Exports from

advanced countries decelerated to 11.9 per

cent in August 2008 from 25.3 per cent in

July 2008, while emerging and developing

countries exports decelerated to 24.3 per cent

from 35.4 per cent during the same period.

Commodity Prices

According to IFS, World commodity

prices started showing decelerating trend

since August 2008. All commodity index

(Base 2000=100) which peaked in July 2008

(346) decelerated to 220 in October 2008,

the level recorded in September 2007. On a

year-on-year basis, world commodity prices

declined by 5.9 per cent in October 2008 as

compared with October 2007. The

deceleration was witnessed in both energy

prices and non-fuel commodity prices.

ARTICLE



Statement 1 : India’s Foreign Trade - October 2008

Year Export Import Trade Balance

Total Oil Non-Oil Total Oil Non-Oil Total Oil Non-Oil

1 2 3 4 5 6 7 8 9 10

Rupees crore

2006-07 44,588.7 6,864.5 37,724.2 76,046.7 25,269.9 50,776.8 –31,458.0 –18,405.4 –13,052.7

(15.4) (25.8) (13.7) (42.8) (63.8) (34.2)

2007-08 R 57,641.0 9,581.8 48,059.2 83,472.0 25,780.0 57,692.1 –25,831.0 –16,198.1 –9,632.9

(29.3) (39.6) (27.4) (9.8) (2.0) (13.6)

2008-09 P 62,387.0 .. .. 113,659.0 38,731.0 74,928.0 –51,272.0

(8.2) (36.2) (50.2) (29.9)

US dollar million

2006-07 9,806.7 1,509.8 8,296.9 16,725.5 5,557.8 11,167.7 –6,918.8 –4,048.0 –2,870.8

(13.7) (24.0) (12.0) (40.8) (61.5) (32.3)

2007-08 R 14,588.4 2,425.1 12,163.4 21,126.1 6,524.7 14,601.4 –6,537.6 –4,099.6 –2,438.0

(48.8) (60.6) (46.6) (26.3) (17.4) (30.7)

2008-09 P 12,822.2 .. .. 23,359.9 7,960.3 15,399.7 –10,537.8

(–12.1) (10.6) (22.0) (5.5)

SDR million

2006-07 6,654.8 1,024.5 5,630.3 11,349.9 3,771.5 7,578.4 –4,695.1 –2,747.0 –1,948.1

(11.6) (21.6) (9.9) (38.1) (58.4) (29.8)

2007-08 R 9,359.9 1,555.9 7,803.9 13,554.3 4,186.2 9,368.1 –4,194.5 –2,630.3 –1,564.2

(40.6) (51.9) (38.6) (19.4) (11.0) (23.6)

2008-09 P 8,464.7 .. .. 15,421.3 5,255.0 10,166.3 -6,956.6

(–9.6) (13.8) (25.5) (8.5)

P : Provisional. R : Revised. .. : Not available.

Note : Figures in brackets relate to percentage variation over the corresponding previous period.

Source : DGCI & S.

ARTICLE



RBIMonthly Bulletin

January 2009 153

Statement 2 : India’s Foreign Trade

Year Export Import Trade Balance

Total Oil Non-Oil Total Oil Non-Oil Total Oil Non-Oil

1 2 3 4 5 6 7 8 9 10

April-March

Rupees crore

2005-06 456,417.9 51,532.8 404,885.1 660,408.9 194,640.0 465,768.9 –203991.0 –143107.2 –60,883.8(21.6) (64.1) (17.7) (31.8) (45.2) (26.9)

2006-07 571,779.3 84,520.2 487,259.1 840,506.3 258,571.8 581,934.6 –268727.0 –174051.6 –94,675.4(25.3) (64.0) (20.3) (27.3) (32.8) (24.9)

2007-08 R 655,863.5 114,191.7 541,671.8 1012,311.7 320,654.5 691,657.2 –356448.2 –206462.8 –149,985.4(14.7) (35.1) (11.2) (20.4) (24.0) (18.9)

US dollar million

2005-06 103,090.5 11,639.6 91,450.9 149,165.7 43,963.1 105,202.6 –46,075.2 –32,323.4 –13,751.8(23.4) (66.5) (19.5) (33.8) (47.3) (28.8)

2006-07 126,361.5 18,678.7 107,682.8 185,749.3 57,143.6 128,605.7 –59,387.8 –38,464.9 –20,923.0(22.6) (60.5) (17.7) (24.5) (30.0) (22.2)

2007-08 R 162,904.2 28,363.1 134,541.1 251,439.2 79,644.5 171,794.6 –88,535.0 –51,281.5 –37,253.5(28.9) (51.8) (24.9) (35.4) (39.4) (33.6)

SDR million

2005-06 70,773.7 7,990.8 62,782.8 102,405.2 30,181.5 72,223.7 –31,631.5 –22,190.7 –9,440.8(26.2) (70.3) (22.2) (36.8) (50.6) (31.7)

2006-07 85,018.1 12,567.3 72,450.8 124,975.3 38,447.2 86,528.1 –39,957.2 –25,879.8 –14,077.3(20.1) (57.3) (15.4) (22.0) (27.4) (19.8)

2007-08 R 104,685.9 18,226.7 86,459.2 161,580.5 51,181.4 110,399.1 –56,894.6 –32,954.6 –23,940.0(23.1) (45.0) (19.3) (29.3) (33.1) (27.6)

April-October

Rupees crore

2006-07 325,354.2 52,583.3 272,770.9 477,498.3 161,117.1 316,381.2 –152,144.1 –108,533.8 –43,610.3(30.9) (96.1) (23.1) (27.6) (50.8) (18.3)

2007-08 R 354,064.0 61,500.0 292,564.0 539,879.0 167,418.3 372,460.7 –185,815.0 –105,918.3 –79,896.7(8.8) (17.0) (7.3) (13.1) (3.9) (17.7)

2008-09 P 467,504.0 .. .. 786,059.0 285,754.0 500,305.0 –318,555.0(32.0) (45.6) (70.7) (34.3)

US dollar million

2006-07 70,951.4 11,467.1 59,484.3 104,130.1 35,135.5 68,994.6 –33,178.7 –23,668.4 –9,510.3(25.1) (87.4) (17.6) (21.9) (44.0) (13.1)

2007-08 R 87,027.3 15,116.4 71,910.9 132,699.8 41,150.7 91,549.1 –45,672.5 –26,034.2 –19,638.2(22.7) (31.8) (20.9) (27.4) (17.1) (32.7) (37.7)

2008-09 P 107,309.4 16,039* 65,416* 180,429.5 65,591.1 114,838.4 –73,120.1 –37,653.0 –16,463.0(23.3) (51.3) (30.4) (36.0) (59.4) (25.4) (60.1)

SDR million

2006-07 48,029.6 7,762.5 402,67.1 70,489.5 23,784.5 46,705.0 –22,459.9 –16,022.0 –6,437.9(24.7) (86.7) (17.2) (21.5) (43.5) (12.7)

2007-08 R 56,876.1 9,879.2 469,96.8 86,725.0 26,893.7 59,831.3 –29,848.9 –17,014.5 –12,834.4(18.4) (27.3) (16.7) (23.0) (13.1) (28.1)

2008-09 P 67,366.4 .. .. 113,269.5 41,176.6 72,092.9 –45,903.1(18.4) (30.6) (53.1) (20.5)

P : Provisional. R : Revised. .. : Not available. * : Figures pertain to the month of April-August.Note : 1. Figures in brackets relate to percentage variation over the corresponding period of the previous year.

2. Data conversion has been done using period average exchange rates.Source : DGCI & S.

ARTICLE



Commodity/Group

2006-07 2007-08 2008-09 P (3)/(2) (4)/(3)

1 2 3 4 5 6

I. Primary Products 7,064.5 8,457.6 12,625.0 19.7 49.3(14.0) (13.9) (15.5) -0.8 11.3

A. Agricultural & Allied Products 4,607.9 5,556.3 8,782.6 20.6 58.1of which : (9.2) (9.1) (10.8)1. Tea 182.3 167.4 225.2 -8.2 34.62. Coffee 194.5 177.1 248.4 -9.0 40.33. Rice 532.7 974.7 1,143.5 83.0 17.34. Wheat 5.5 0.0 0.0 -99.4 -5. Cotton Raw incl. Waste 324.6 236.0 388.9 -27.3 64.86. Tobacco 156.9 188.1 304.8 19.9 62.07. Cashew incl. CNSL 237.9 217.4 332.0 -8.6 52.78. Spices 250.4 519.9 656.1 107.6 26.29. Oil Meal 298.0 333.3 1,065.4 11.8 219.710. Marine Products 588.1 646.1 589.4 9.9 -8.811. Sugar & Mollases 481.1 526.5 869.8 9.5 65.2

B. Ores & Minerals 2,456.6 2,901.3 3,842.4 18.1 32.4of which : (4.9) (4.8) (4.7)1. Iron Ore 1,284.2 1,536.4 2,289.2 19.6 49.02. Processed Minerals 576.8 529.7 673.2 -8.2 27.1

II. Manufactured Goods 33,322.3 39,964.1 50,743.7 19.9 27.0of which : (66.2) (65.8) (62.3)A. Leather & Manufactures 1,227.6 1,428.3 1,673.9 16.3 17.2B. Chemicals & Related Products 6,747.3 7,879.5 10,507.8 16.8 33.4

1. Basic Chemicals, Pharmaceuticals & Cosmetics 4,269.5 5,167.8 6,808.8 21.0 31.82. Plastic & Linoleum 1,237.4 1,266.8 1,514.0 2.4 19.53. Rubber, Glass, Paints & Enamels etc., 950.0 1,126.2 1,652.8 18.5 46.84. Residual Chemicals & Allied Products 290.4 318.7 532.2 9.7 67.0

C. Engineering Goods 11,382.7 14,249.0 20,967.4 25.2 47.1of which :

1. Manufactures of metals 1,966.6 2,519.0 3,377.3 28.1 34.12. Machinery & Instruments 2,661.9 3,424.0 4,618.7 28.6 34.93. Transport equipments 2,010.7 2,634.0 4,975.6 31.0 88.94. Iron & steel 1,941.8 2,271.8 3,408.5 17.0 50.05. Electronic goods 1,134.8 1,237.3 1,861.6 9.0 50.5

D. Textiles and Textile Products 7,190.9 7,767.6 8,599.1 8.0 10.71. Cotton Yarn, Fabrics, Made-ups, etc., 1,763.0 1,790.6 1,990.3 1.6 11.22. Natural Silk Yarn, Fabrics Madeups etc.

(incl.silk waste) 181.3 156.8 141.5 -13.5 -9.83. Manmade Yarn, Fabrics, Made-ups, etc., 852.9 1,104.1 1,416.0 29.4 28.24. Manmade Staple Fibre 56.7 90.5 140.1 59.5 54.95. Woolen Yarn, Fabrics, Madeups etc. 35.4 35.1 46.0 -0.8 31.16. Readymade Garments 3,746.6 4,028.9 4,286.3 7.5 6.47. Jute & Jute Manufactures 130.7 128.4 150.5 -1.7 17.28. Coir & Coir Manufactures 58.7 62.1 66.0 5.8 6.49. Carpets 365.7 371.2 362.4 1.5 -2.4

(a) Carpet Handmade 359.0 363.8 359.2 1.3 -1.2(b) Carpet Millmade 0.0 0.0 0.0 — —(c) Silk Carpets 6.7 7.4 3.2 10.6 -56.8

E. Gems & Jewellery 6,130.9 7,904.5 8,256.2 28.9 4.5F. Handicrafts 188.7 209.7 127.4 11.1 -39.2

III. Petroleum Products 8,372.0 10,598.9 16,039.3 26.6 51.3(16.6) (17.4) (19.7) 4.9 12.9

IV. Others 1,576.4 1,727.7 2,047.5 9.6 18.5(3.1) (2.8) (2.5)

Total Exports 50,335.2 60,748.3 81,455.5 20.7 34.1

P : Provisional.Note : Figures in brackets relate to percentage to total exports for the period.Source : DGCI & S.

Statement 3 : India’s Exports of Principal Commodities

(US$ million)

April-August Percentage Variation

ARTICLE



RBIMonthly Bulletin

January 2009 155

Statement 4 : Direction of India’s Foreign Trade - Exports

Group/Country

2006-07 2007-08 2008-09 P (3)/(2) (4)/(3)

1 2 3 4 5 6

I. O E C D Countries 20,819.8 24,614.9 30,196.1 18.2 22.7A. E U 10,316.8 13,204.0 17,291.8 28.0 31.0

of which:

1. Belgium 1,262.4 1,751.0 2,158.2 38.7 23.32. France 931.5 1,000.2 1,308.1 7.4 30.83. Germany 1,581.1 1,989.7 2,560.4 25.8 28.74. Italy 1,402.4 1,584.5 1,827.0 13.0 15.35. Netherland 884.4 1,666.0 2,924.9 88.4 75.66. U K 2,213.2 2,561.9 2,683.3 15.8 4.7

B. North America 8,108.9 8,652.3 9,593.8 6.7 10.91. Canada 471.9 499.2 572.7 5.8 14.72. U S A 7,637.0 8,153.1 9,021.1 6.8 10.6

C. Asia and Oceania 1,771.9 1,790.9 2,004.9 1.1 12.0of which:

1. Australia 358.8 416.3 568.1 16.0 36.52. Japan 987.1 1,320.4 1,346.3 33.8 2.0

D. Other O E C D Countries 622.2 967.7 1,305.6 55.5 34.9of which:

1. Switzerland 171.5 242.3 297.6 41.3 22.8II. O P E C 8,784.2 10,971.9 16,072.7 24.9 46.5

of which:

1. Indonesia 781.9 688.6 1,225.4 -11.9 77.92. Iran 692.4 1,094.1 1,245.0 58.0 13.83. Iraq 89.9 80.3 191.0 -10.7 137.94. Kuwait 236.3 266.8 346.9 12.9 30.05. Saudi Arabia 951.3 1,384.7 2,883.9 45.6 108.36. U A E 5,255.8 6,405.3 8,785.4 21.9 37.2

III. Eastern Europe 588.8 667.8 945.8 13.4 41.6of which:

1 Russia 336.6 342.3 519.2 1.7 51.7IV. Developing Countries 20,059.5 24,231.3 33,773.9 20.8 39.4

of which:

A. Asia 15,092.7 17,457.2 24,937.7 15.7 42.9a) S A A R C 2,794.5 3,111.3 4,604.5 11.3 48.0

1. Afghanistan 58.4 90.8 147.3 55.3 62.42. Bangladesh 676.3 820.4 1,572.4 21.3 91.73. Bhutan 24.5 33.6 48.0 - 43.04. Maldives 27.7 32.9 51.3 19.0 56.05. Nepal 383.3 518.0 725.1 35.1 40.06. Pakistan 636.4 662.2 725.9 4.1 9.67. Sri Lanka 987.9 953.4 1,334.5 -3.5 40.0

b) Other Asian Developing Countries 12,298.2 14,346.0 20,333.2 16.7 41.7of which:

1. People’s Rep of China 2,851.8 3,155.1 4,064.0 10.6 28.82. Hong Kong 1,776.8 2,338.6 2,723.3 31.6 16.53. South Korea 842.6 934.3 1,597.5 10.9 71.04. Malaysia 480.5 780.1 1,254.0 62.4 60.75. Singapore 3,085.0 2,559.1 4,641.7 -17.0 81.46. Thailand 560.6 624.1 961.8 11.3 54.1

B. Africa 3,462.5 4,902.7 5,821.6 41.6 18.7of which:

1. Benin 54.8 87.9 86.6 60.5 -1.52. Egypt Arab Republic 265.9 537.3 900.4 102.1 67.63. Kenya 660.7 446.2 730.1 -32.5 63.64. South Africa 1,020.6 1,105.5 863.0 8.3 -21.95. Sudan 179.5 151.9 191.1 -15.4 25.96. Tanzania 118.2 226.2 586.2 91.3 159.17. Zambia 53.4 67.5 44.4 26.5 -34.2

C. Latin American Countries 1,504.3 1,871.5 3,014.7 24.4 61.1V. Others 45.5 153.1 240.8 236.3 57.2VI. Unspecified 37.4 109.2 226.2 191.9 107.2

Total Exports 50,335.2 60,748.3 81,455.5 20.7 34.1

P : Provisional.Source : DGCI & S.

(US$ million)

April-August Percentage Variation

ARTICLE



Statement 5 : India’s Imports of Principal Commodities

(US$ million)

Percentage VariationCommodity/Group

2006-07 2007-08 2008-09 P (3)/(2) (4)/(3)

1 2 3 4 5 6

I. Bulk Imports 33,818.1 42,517.7 73,064.5 25.7 71.8(48.0) (44.7) (53.9)

A. Petroleum, Petroleum Products 24412.4 28,856.3 53,692.3 18.2 86.1 & Related Material (34.6) (30.4) (39.6)

B. Bulk Consumption Goods 1,144.4 1,800.5 1,608.3 57.3 -10.71. Wheat 20.8 21.2 0.0 1.7 -2. Cereals & Cereal Preparations 15.5 14.1 17.3 -9.4 23.43. Edible Oil 893.9 1,249.3 1,129.8 39.8 -9.64. Pulses 213.6 515.2 460.7 141.2 -10.65. Sugar 0.6 0.8 0.6 31.6 -26.4

C. Other Bulk Items 8,261.3 11,861.0 17,763.9 43.6 49.81. Fertilisers 1,082.6 1,816.8 6,216.4 67.8 242.2

a) Crude 148.2 176.5 414.4 19.2 134.8b) Sulphur & Unroasted Iron Pyrites 38.1 80.7 462.3 111.9 473.0c) Manufactured 896.3 1,559.6 5,339.6 74.0 242.4

2. Non-Ferrous Metals 1,048.1 1,328.2 1,618.0 26.7 21.83. Paper, Paperboard & Mgfd. incl. Newsprint 550.8 588.2 793.2 6.8 34.94. Crude Rubber, incl. Synthetic & Reclaimed 243.3 308.4 456.9 26.8 48.15. Pulp & Waste Paper 266.3 316.3 371.0 18.8 17.36. Metalliferrous Ores & Metal Scrap 2,718.7 3,635.2 4,221.5 33.7 16.17. Iron & Steel 2,351.5 3,867.9 4,087.0 64.5 5.7

II. Non-Bulk Imports 36,702.8 52,503.1 62,507.1 43.0 19.1(52.0) (55.3) (46.1)

A. Capital Goods 16,267.5 20,876.9 27,368.5 28.3 31.11. Manufactures of Metals 588.0 826.0 1,355.2 40.5 64.12. Machine Tools 519.1 810.1 1,143.8 56.1 41.23. Machinery except Electrical & Electronics 5,298.6 6,814.7 9,740.2 28.6 42.94. Electrical Machinery except Electronics 775.8 955.5 1,532.6 23.2 60.45. Electronic Goods incl. Computer Software 6,805.4 8,497.3 9,523.0 24.9 12.16. Transport Equipments 1,533.1 2,443.6 2,816.6 59.4 15.37. Project Goods 747.4 529.6 1,257.1 -29.1 137.4

B. Mainly Export Related Items 7,240.9 9,268.6 10,292.5 28.0 11.01. Pearls, Precious & Semi-Precious Stones 2,877.2 3,993.1 2,310.6 38.8 -42.12. Chemicals, Organic & Inorganic 3,206.9 4,067.5 6,508.1 26.8 60.03. Textile Yarn, Fabric, etc. 933.1 1,008.4 1,129.6 8.1 12.04. Cashew Nuts, raw 223.7 199.6 344.2 -10.8 72.5

C. Others 13,194.4 22,357.6 24,846.1 69.4 11.1of which :

1. Gold & Silver 4,634.9 10,780.9 8,760.7 132.6 -18.72. Artificial Resins & Plastic Materials 1,062.9 1,463.1 1,931.3 37.6 32.03. Professional Instruments etc. except electrical 934.0 1,512.1 1,778.0 61.9 17.64. Coal, Coke & Briquittes etc. 1,741.2 2,372.8 4,547.3 36.3 91.65. Medicinal & Pharmaceutical Products 462.9 704.7 848.2 52.2 20.46. Chemical Materials & Products 567.3 639.7 971.6 12.8 51.97. Non-Metallic Mineral Manufactures 306.6 380.7 528.5 24.2 38.8

Total Imports 70,520.9 95,020.8 1,35,571.6 34.7 42.7

Memo Items

Non-Oil Imports 46,108.6 66,164.6 81,879.2 43.5 23.8Non-Oil Imports excl. Gold & Silver 41,473.6 55,383.6 73,118.5 33.5 32.0Mainly Industrial Inputs* 38,498.9 50,511.5 64,392.6 31.2 27.5

P : Provisional.* : Non oil imports net of gold and silver, bulk consumption goods, manufactured fertilizers and professional instruments.Note : Figures in brackets relate to percentage to total imports for the period.Source : DGCI & S.

April-August

ARTICLE



RBIMonthly Bulletin

January 2009 157

Statement 6 : Direction of India’s Foreign Trade-Imports

(US$ million)

Percentage VariationGroup / Country

2006-07 2007-08 2008-09 P (3)/(2) (4)/(3)

1 2 3 4 5 6

I. O E C D Countries 22,278.5 33,145.8 39,703.5 48.8 19.8A. E U 10,424.1 13,739.0 16,368.7 31.8 19.1

of which:

1. Belgium 1,530.6 2,198.1 1,676.3 43.6 -23.72. France 796.9 950.9 1,204.7 19.3 26.73. Germany 2,939.1 3,659.2 4,822.3 24.5 31.84. Italy 1,033.7 1,392.4 2,148.2 34.7 54.35. Netherland 412.0 656.9 833.5 59.4 26.96. U K 1,539.5 2,105.6 2,242.8 36.8 6.5

B. North America 4,526.2 6,033.2 7,929.7 33.3 31.41. Canada 421.0 675.4 830.6 60.4 23.02. U S A 4,105.1 5,357.8 7,099.1 30.5 32.5

C. Asia and Oceania 4,606.4 6,546.1 7,637.2 42.1 16.7of which:

1. Australia 2,661.1 3,934.0 3,924.0 47.8 -0.32. Japan 1,826.0 2,472.2 3,558.8 35.4 44.0

D. Other O E C D Countries 2,721.8 6,827.4 7,767.9 150.8 13.8of which:

1. Switzerland 2,494.5 5,769.8 6,361.7 131.3 10.3II. O P E C 23,876.1 28,469.0 50,186.7 19.2 76.3

of which:

1. Indonesia 1,413.7 2,016.0 2,586.7 42.6 28.32. Iran 3,279.5 3,918.5 6,788.7 19.5 73.23. Iraq 2,357.2 2,228.6 4,520.2 - 102.84. Kuwait 2,622.1 2,579.2 5,175.0 -1.6 100.65. Saudi Arabia 5,994.6 6,443.9 11,542.7 7.5 79.16. U A E 3,737.0 5,333.8 8,236.2 42.7 54.4

III.Eastern Europe 1,199.1 1,512.4 3,059.2 26.1 102.3of which:

1. Russia 663.9 839.6 1,953.9 26.5 132.7IV. Developing Countries 22,979.2 31,585.2 42,096.7 37.5 33.3

of which:

A. Asia 18,555.1 25,066.8 33,955.0 35.1 35.5a) S A A R C 640.0 674.6 871.5 5.4 29.21. Afghanistan 26.4 22.4 32.5 -14.9 44.72. Bangladesh 105.5 121.0 144.7 14.7 19.53. Bhutan 43.9 77.2 77.6 75.8 0.64. Maldives 1.3 1.5 2.1 - -5. Nepal 110.4 158.4 235.8 43.5 48.96. Pakistan 121.8 109.5 213.8 -10.1 95.37 Sri Lanka 230.7 184.5 164.9 -20.0 -10.6

b) Other Asian Developing Countries 17,915.1 24,392.2 33,083.5 36.2 35.6of which:

1. People’s Rep of China 6,508.4 10,461.2 14,153.5 60.7 35.32. Hong Kong 1,014.8 1,126.4 840.0 11.0 -25.43. South Korea 1,879.6 2,339.9 3,616.2 24.5 54.54. Malaysia 1,972.9 2,487.6 3,437.4 26.1 38.25. Singapore 2,255.5 2,911.5 3,666.8 29.1 25.96. Thailand 653.5 988.7 1,166.8 51.3 18.0

B. Africa 2,608.3 4,202.3 5,728.2 61.1 36.3of which:

1. Benin 55.1 51.8 82.8 -6.0 60.02. Egypt Arab Republic 798.4 786.7 908.2 -1.5 15.43. Kenya 23.4 31.1 33.8 33.1 8.84. South Africa 987.8 1,730.5 2,135.4 75.2 23.45. Sudan 13.1 142.0 273.8 982.2 92.86. Tanzania 15.5 19.1 20.8 23.5 8.87. Zambia 13.9 54.9 45.3 294.1 -17.4

C. Latin American Countries 1,815.8 2,316.1 2,413.5 27.6 4.2V. Others 31.7 41.0 27.4 29.5 -33.3VI. Unspecified 156.4 267.4 498.1 71.0 86.2

Total Imports 70,520.9 95,020.8 1,35,571.6 34.7 42.7

P : Provisional.Note : The figures for 2006-07, which include country-wise distribution of petroleum imports, are not strictly comparable

with the data for previous years.Source : DGCI & S.

April-August

Other ItemsPress Releases

Regulatory and Other Measures

Foreign Exchange Developments

RBIMonthly Bulletin

January 2009

OTHER

ITEMS

Press Releases

RBIMonthly Bulletin

January 2009 159

Swap facility for providing ForexLiquidity to Indian Banks for theirOverseas Branches/Subsidiaries

November 7, 2008

In response to the unfolding events

relating to the global turmoil and its impact

on international money markets, central

banks across the world have taken action to

ease the liquidity situation through measures

such as inter-central bank swap lines,

collateralised lending and forex swaps.

In the context of the global developments

and in order to provide flexibility to Indian

banks in managing their short-term funding

requirements at their overseas offices, the

Reserve Bank of India will provide forex

liquidity to Indian public and private sector

banks having foreign branches or

subsidiaries, through forex swaps of tenors

upto three months. This facility will be

available on request until further notice. The

pricing of swaps will be based on the interest

rates in the domestic as well as the overseas

markets using the Reserve Bank reference

rate for the USD-INR exchange rate.

Further, for funding the swaps, banks

can also borrow under the Liquidity

Adjustment Facility (LAF) for the

corresponding tenor at the prevailing repo

rate. The Reserve Bank of India will be

prepared to consider any specific relaxation

of Statutory Liquidity Ratio (SLR)

requirements for this purpose.

1041 branches of Banks to acceptAdvance Income Tax

November 18, 2008

As many as 1041 computerised branches

of public and private sector banks will receive

advance income tax in Mumbai and Navi

Press ReleasesNovember 2008

OTHER

ITEMS

Press Releases


Mumbai. These arrangements have been

made for the convenience of the income tax

assesses. Of the 1041 bank branches 983

branches are public sector bank branches, 30

HDFC bank branches, 9 ICICI bank branches

and 19 AXIS bank branches. The Reserve Bank

of India has advised income tax assesses to

take advantage of these standing

arrangements made for their convenience.

Long queues and inconveniences can be

avoided at the Reserve Bank of India counters

if the assesses in Mumbai and Navi Mumbai

utilise the services being made available at

various designated branches of banks and

deposit their Income Tax dues well in

advance of the last date.

Investment in Credit InformationCompanies

November 20, 2008

The Reserve Bank will now consider

allowing Foreign Direct Investment (FDI) up

to 49 per cent where the investor is a

company with an established track record

of running a Credit Information Bureau in

a well regulated environment, provided no

shareholder in the investor company holds

more than 10 per cent voting rights in that

company. Such a company should

preferably be a listed company on a

recognised stock exchange.

It may be recalled that a Press Release

was issued on July 22, 2008 clarifying that

while considering applications for grant of

certificate of registration under the Credit

Information Companies (Regulation) Act,

2005, it would ensure that no single

investor, whether resident in India or

outside India, holds more than 10 per cent

of the equity capital of any credit

information company. The ceiling of 10 per

cent was equally made applicable to

investments made under the Foreign Direct

Investment Scheme.

RBIMonthly Bulletin

January 2009 161

OTHER

ITEMS

Regulatoryand

OtherMeasures

Regulatoryand Other MeasuresNovember 2008

RBI/2008-2009/265 Ref. No. UBD (PCB).No./8 /

12.03.000/2008-09 dated November 03, 2008

The Chief Executive Officers of All Scheduled

Primary (Urban) Co-operative Banks

Scheduled UCBs – CRR reduced

Section 42(1) of Reserve Bank of IndiaAct, 1934 - Maintenance of CashReserve Ratio (CRR)

Please refer to our Circular RBI 2008-

2009/239 UBD (PCB) Cir. No.7/ 12.03.000/

2008-09 dated October 16, 2008 on the

captioned subject.

2. On a review of the current and evolving

macroeconomic situation and liquidity

conditions in the global and domestic

financial markets, and as set out in the RBI

Press Release 2008-2009/603 dated November

01, 2008, it has been decided to reduce the

Cash Reserve Ratio (CRR) for Scheduled

Primary (Urban) Co-operative Banks by 100

basis points from 6.50 per cent to 5.50 per

cent of their net demand and time liabilities

(NDTL) in two stages, effective from

fortnights as indicated below:

Effective date CRR on net(i.e., the fortnight demand and timebeginning from) liabilities (percent)

October 25, 2008 6.00

November 08, 2008 5.50

RBI/2008-09/297 Ref. No. UBD (PCB) CO BPD

Cir No: 28/16.26.00/2008-09 dated

November 26, 2008

Chief Executive Officer of All Primary

(urban) Cooperative Banks

UCBs – Investment in Government/other approved Securities

Banking Regulation Act, 1949 (AsApplicable to Co-operative Societies)Section 24- Investment in Government


OTHER

ITEMS

RegulatoryandOtherMeasures

and other approved securities by Urban Co-operative Banks (UCBs)

Please refer to our circular UBD.BR.Cir.19/

16.26.00/2001-02 dated October 22, 2001 on

the captioned subject.

2. On a review, it has been decided to

increase the proportion of SLR holdings in

the form of government and other approved

securities as percentage of NDTL in the

following manner, which should be

achieved by non-scheduled urban co-

operative banks by end-March 2011.

(i) Non-scheduled UCBs in Tier I shall

maintain SLR in the form of Government

and other approved securities not less

than 7.5 per cent of their NDTL by

September 30, 2009 and 15 per cent of

their NDTL by March 31, 2010.

(ii) The current prescription of holding SLR

in Government and other approved

securities not less than 15 per cent of

their NDTL in respect of non-scheduled

UCBs in Tier-II shall continue up to

March 31, 2010.

3. From March 31, 2011 onwards all non-

scheduled UCBs shall be required to maintain

SLR in Government and other approved

securities up to 25 per cent of their NDTL.

RBI/2008-09/301 Ref. No. MPD.BC. 312/

02.01.009/2008-09 dated December 1, 2008

All Scheduled Commercial Banks(excluding

Regional Rural Banks)

Re: Special Refinance Facility (SRF)under Section 17(3B) of the ReserveBank of India Act, 1934

Please refer to our circular

Ref.No.MPD.BC.309/02.01.009/2008-09

dated November 3, 2008 on the Special

Refinance Facility (SRF) under Section

17(3B) of the Reserve Bank of India Act,

1934 under which all scheduled

commercial banks (excluding RRBs) are

provided refinance from the Reserve Bank

equivalent to up to 1.0 per cent of each

bank’s net demand and time liabilities

(NDTL) as on October 24, 2008 at the repo

rate under the liquidity adjustment facility

(LAF) up to a maximum period of 90 days

during which refinance can be flexibly

drawn and repaid.

2. As indicated in the Reserve Bank’s Press

Release No.2008-2009/798 of November 28,

2008, it is clarified that this facility can be

rolled over. It has also been decided to

continue this facility up to June 30, 2009.

RBI/2008-09/309 Ref. No. MPD.BC. 313/

07.01.279/2008-09 dated December 6, 2008

All Scheduled Banks [excluding Regional

Rural Banks (RRBs)] and Primary Dealers

Standing Liquidity Facilities forBanks and Primary Dealers

Please refer to the Reserve Bank’s Press

Release dated December 6, 2008, in terms

of which the fixed repo rate under the

Liquidity Adjustment Facility (LAF) has

been reduced by 100 basis points from 7.5

per cent to 6.5 per cent with effect from

December 8, 2008.

2. Accordingly, the standing liquidity

facilities provided to banks (export credit

refinance) and Primary Dealers (PDs)

(collateralised liquidity support) from the

Reserve Bank would be available at the repo

rate, i.e., at 6.5 per cent with effect from

December 8, 2008.

RBIMonthly Bulletin

January 2009 163

OTHER

ITEMS

Regulatoryand

OtherMeasures

RBI/2008-09/310 Ref. No. MPD.BC. 314/

02.01.009/2008-09 dated December 6, 2008

All Scheduled Commercial Banks (excluding

Regional Rural Banks)

Interest Rate on Special RefinanceFacility (SRF) under Section 17 (3B)of the Reserve Bank of India Act, 1934

As announced in the Reserve Bank’s

Press Release dated December 6, 2008 the

fixed repo rate under the Liquidity

Adjustment Facility (LAF) has been reduced

by 100 basis points from 7.5 per cent to 6.5

per cent with effect from December 8, 2008.

2. Accordingly, the special refinance

facility (SRF) provided to scheduled

commercial banks (excluding Regional Rural

Banks) by the Reserve Bank under Section

17(3B) of the Reserve Bank Act, 1934

introduced vide the circular

Ref.No.MPD.BC.309/02.01.009/2008-09

dated November 3, 2008 would be available

at the repo rate, i.e., at 6.5 per cent effect

from December 8, 2008.

OTHER

ITEMS

ForeignExchange

Developments

RBIMonthly Bulletin

January 2009 165

(i) Exim Bank’s Line of Creditof USD 30 million to theAfrican Export-Import Bank(Afreximbank)

Export-Import Bank of India (Exim

Bank) has concluded an Agreement dated

March 20, 2008 with the African Export-

Import Bank (Afreximbank), making

available to the latter, a Line of Credit (LOC)

of USD 30 million (USD thirty million)

to facilitate purchase of capital and

engineering goods, industrial manufactures,

consumer durables and services and other

items from India by Buyers in any of the

Afreximbank’s Member States.

[A.P. (DIR Series) Circular No. 28 dated

November 05, 2008]

(ii) Exim Bank’s Line of Creditof USD 10.59 million toGovernment of Suriname



May 16, 2008 with the Government of

Suriname, making available to the latter, a

Line of Credit (LOC) of USD 10.59 million

(USD ten million five hundred ninety

thousand) for financing eligible goods and

services including consultancy services

from India in connection with purchases

from Indian companies, viz., BEL,HAL and

Ordinance Factory Board in Suriname.


November 05, 2008]

(iii) Exim Bank’s Line of Credit ofUSD 100 million to theGovernment of the Democratic Socialist Republic of Sri Lanka



ForeignExchange DevelopmentsNovember 2008

OTHER

ITEMS

ForeignExchangeDevelopments


July 23 ,2008 with the Government of the

Democratic Socialist Republic of Sri Lankamaking available to the latter, a Line ofCredit (LOC) of USD 100 million (USD onehundred million) for upgradation of railwayline ( Colombo – Matara ) in Sri Lanka.

[A.P. (DIR Series) Circular No. 30 datedNovember 05, 2008]

(iv) Exim Bank’s Line of Credit ofUSD 25.5 million to theGovernment of Cote d’Ivoire

Export-Import Bank of India (EximBank) has concluded an Agreement datedJune 18, 2008 with the Government of Coted’Ivoire making available to the latter, a Lineof Credit (LOC) of USD 25.5 million (USDtwenty five million five hundredthousand) for financing eligible goods andservices including consultancy servicesfrom India for (i) Mahatma Gandhi IT andBiotechnology Park (ii) Fisheries ProcessingPlant and (iii) Coconut Fibre ProcessingPlant in Cote d’Ivoire.

[A.P. (DIR Series) Circular No. 31 datedNovember 05, 2008]

(v) Exim Bank’s Line of Credit ofUSD 33 million to theGovernment of Lao People’sDemocratic Republic (Lao PDR)

Export-Import Bank of India (EximBank) has concluded an Agreement datedAugust 27, 2008 with the Government ofLao People’s Democratic Republic, makingavailable to the latter, a Line of Credit (LOC)of USD 33 million (USD thirty three million)for the purpose of financing supply ofequipments, goods and services includingconsultancy services from India for (i)Paksong S/S -Jiangxai 115 KV, double circuit

Transmission Line Project ; (ii) Nam Song

7.5 MW Hydropower project and (iii)

Equipment for Rural Electrification Phase 2

Project in Lao PDR.


November 05, 2008]

(vi) Exim Bank’s Line of Credit of USD20 million (as 1st tranche of USD80 million) to the Governmentof the Republic of Rwanda

Export-Import Bank of India (Exim Bank)

has concluded an Agreement dated October

9, 2007 with the Government of the Republic

of Rwanda, making available to the latter,

a Line of Credit (LOC) of USD 20 million (USD

twenty million) for the purpose of financing

eligible goods and services including

consultancy services from India for the

power project to be executed by Bharat Heavy

Electricals Limited and Angelique

International Ltd. in Rwanda.


November 05, 2008]

(vii) Foreign Exchange Management(Deposit) Regulations, 2000Credit to Non Resident(External) Rupee Accounts -Clarification

It was clarified that AD Category-I banks

and authorised banks may credit proceeds

of account payee cheques also in addition

to demand drafts / bankers’ cheques, issued

against encashment of foreign currency to

the NRE account of the NRI account holder

where the instruments issued to the NRE

account holder are supported by

encashment certificate issued by AD

Category-I / Category-II.


November 10, 2008]

OTHER

ITEMS

ForeignExchange

Developments

RBIMonthly Bulletin

January 2009 167

(viii) Remittance related toCommodity DerivativeContract Issuance of StandbyLetter of Credit / BankGuarantee

AD Category – I banks were permitted

to issue guarantees / standby letters of

credit in lieu of making a direct remittance

towards payment obligations arising out of

commodity derivative transactions entered

into by customers with overseas

counterparties, subject to the certain

conditions. Further, AD Category-I banks

may issue guarantees / standby letters of

credit only where the remittance is covered

under the delegated authority or under the

specific approval granted for overseas

commodity hedging by the Reserve Bank.

The issuing bank shall have a Board

approved policy on the nature and extent

of exposures that the bank can take for such

transactions and should be part of the credit

exposure on the customers. The exposure

should also be assigned risk weights, for

capital adequacy purposes as per the extant

provisions.


November 10, 2008]

(ix) Exim Bank’s Line of Credit ofUSD 25 million to theGovernment of the Syrian ArabRepublic



June 5, 2008 with the Government of the

Syrian Arab Republic making available

to the latter, a Line of Credit (LOC) of USD

25 million (USD twenty five million ) for

financing export of goods from India.


November 14, 2008]

RBIMonthly BulletinJanuary 2009S 2

CURRENT

STATISTICS

Contents

Contents

Table No. Title Page

General1. Selected Economic Indicators S 4

Money and Banking2. Reserve Bank of India S 63. All Scheduled Banks – Business in India S 84. All Scheduled Commercial Banks – Business in India S 105. Scheduled Commercial Banks’ Investments in Commercial Paper, Bonds, Debentures, Shares, etc. S 126. State Co-operative Banks maintaining Accounts with Reserve Bank of India S 137. Reserve Bank’s Standing Facilities to Scheduled Commercial Banks S 148. Cheque Clearing Data S 15

9A. Retail Electronic Payment Systems S 199B. Large Value Clearing and Settlement Systems S 2010. Money Stock Measures S 2211. Sources of Money Stock (M

3) S 23

11A. Commercial Bank Survey S 2511B. Monetary Survey S 2611C. Reserve Bank of India Survey S 2711D. Liquidity Aggregates (Outstanding Amounts) S 2812. Reserve Money and its Components S 2913. Sources of Reserve Money S 3014. Daily Call Money Rates S 3115. Average Daily Turnover in Call Money Market S 3216. Issue of Certificates of Deposit by Scheduled Commercial Banks S 3317. Issue of Commercial Paper by Companies S 34

Government Accounts18. Union Government Accounts at a Glance S 35

Government Securities Market19. Government of India : 91 – Day Treasury Bills (Outstanding at Face Value) S 3621. Auctions of 91 – Day Government of India Treasury Bills S 3722. Auctions of 182 – Day Government of India Treasury Bills S 3923. Auctions of 364 – Day Government of India Treasury Bills S 4024. Turnover in Government Securities Market (Face value) at Mumbai S 4125. Repo/Reverse Repo Auctions under Liquidity Adjustment Facility S 4226. Open Market Operations of Reserve Bank of India S 4327A. Secondary Market outright Transactions in Government Dated Securities (Face Value) S 4427B. Secondary Market outright Transactions in Treasury Bills (Face Value) S 4527C. Month-end Yield to Maturity of SGL Transaction in Central Government Dated

Securities for Various Residual Maturities S 4628. Redemption Yield on Government of India Securities Based on SGL Transactions S 47

Production29. Group-wise Index Numbers of Industrial Production S 4930. IIP – Seventeen Major Industry Groups of Manufacturing Sector S 50

Capital Market31. New Capital Issues by Non-Government Public Limited Companies S 5132. Index Numbers of Ordinary Share Prices S 52

RBIMonthly Bulletin

January 2009 S 3

CURRENT

STATISTICS

Contents

33. Volume in Corporate Debt Traded at NSE S 5334. Assistance Sanctioned and Disbursed by All-India Financial Institutions S 54

Prices35. Bullion Prices (Spot) – Mumbai S 5536. Consumer Price Index Numbers for Industrial Workers – All-India and Selected Centres S 5637. Consumer Price Index Numbers for Urban Non-Manual Employees – All-India and Selected Centres S 5738. Consumer Price Index Numbers for Agricultural / Rural Labourers S 5839. Index Numbers of Wholesale Prices in India – By Groups and Sub-Groups (Averages) S 6040. Index Numbers of Wholesale Prices in India – By Groups and Sub-Groups (Month-end / Year-end) S 64

Trade and Balance of Payments41. Foreign Trade (Annual and Monthly) S 6842. India’s Overall Balance of Payments S 6943. India’s Overall Balance of Payments S 7744. Foreign Exchange Reserves S 8545. NRI Deposits – Outstandings and Inflows(+) / Outflows(–) S 8646. Foreign Investment Inflows S 8746A Outward Remittances under the Liberalised Remittance Scheme for Resident Individuals S 8847. Daily Foreign Exchange Spot Rates S 8948. Sale / Purchase of US Dollar by Reserve Bank of India S 9049. Turnover in Foreign Exchange Market S 9150. Indices of REER and NEER of the Indian Rupee (36-Currency Export and Trade Based Weights) S 9251. Indices of REER and NEER of the Indian Rupee (6-Currency Trade Based Weights) S 93

Quarterly Tables52. Savings Deposits with Commercial Banks53. Short and Medium-Term Advances of NABARD to State Co-operative Banks54. Small Savings55. Details of Central Government Market Borrowings55A. Details of State Government Market Borrowings

Special Table56. Combined Receipts and Disbursements of the Central and State Governments S 94

Notes on Tables S 95

Notes : (1) The coverage of data will be expanded from time to time to include new statistical information as and when itbecomes available.

(2) Some of the figures included in the tables are provisional and may be revised in later issues. Each issue containsall the revisions made upto the date of publication of the Bulletin.

(3) The following symbols have been used throughout this Section :

.. = Figure is not available.

– = Figure is nil or negligible.P = Provisional.

(4) Where necessary, each figure has been rounded off to the nearest final digit. For this reason, there may be, insome tables, a slight discrepancy between the sum of the constituent items and the total.

(5) A line drawn across a column between two consecutive figures indicates that the figures above and below the linehave been compiled on different basis and are not strictly comparable. In each case, a suitable footnote is added.

(6) For definitions of important items, sources of data, coverage, scope, method of compilation, etc. a reference maybe made to the Explanatory Notes, issued as a supplement to the October 1978 issue of the Bulletin.

(7) 1 Lakh = 1,00,000, 1 Million = 10 lakh, 1 Crore = 10 Million.

Table No. Title Page


CURRENT

STATISTICS

General

General

No. 1: Selected Economic Indicators

Item Unit / Base 1990-91 2005-06 2006-07 2007-08 2008

Sep. Oct. Nov.

1 2 3 4 5 6 7 8 9

Output

1. Gross Domestic Product atFactor Cost (at 1999-00 prices) Rs. crore 10,83,572 26,12,847 (P) 28,64,310 (Q.E.) 31,22,862 (R.E.)

2. Index number of TrienniumAgricultural Production ended(All crops) 1993-94=100 148.4 146.7 167.2 ($) 168.6 ($)

a. Foodgrains Production Million tonnes 176.4 208.6 217.3 230.7 (A.E.)

3. General Index ofIndustrial Production (1) 1993-94=100 212.6 * 221.5 247.1 268.0 (P) 273.0 (P) 261.5 (P) —

Money and Banking

Reserve Bank of India (2)

4. Notes in Circulation Rs. crore 53,784 4,21,922 4,96,775 5,82,055 6,03,489 6,38,204 6,32,454

5. Rupee Securities (3) " 86,035 70,409 96,861 83,707 1,32,329 1,56,178 96,333

6. Loans and Discount " 19,900 4,746 6,585 4,579 6,690 23,579 22,541

(a) Scheduled Commercial Banks (4) " 8,169 1,488 6,245 4.000 6,094 8,454 6,029

(b) Scheduled State Co-operative Banks (4) " 38 7 — — 22 — 25

(c) Bills Purchased and Discounted (internal) " — — — — — — —

Scheduled Commercial Banks

7. Aggregate Deposits (5) Rs. crore 1,92,541 21,09,049 26,11,933 31,96,939 34,39,327 34,89,126 35,19,593 (P)

8. Bank Credit (5) " 1,16,301 15,07,077 19,31,189 23,61,914 25,51,026 26,15,981 26,32,700 (P)

9. Investment in Govt.Securities (5) " 49,998 7,00,742 7,76,058 9,58,661 9,72,265 10,43,116 10,49,958 (P)

10. Cheque Clearances (6) Rs. thousandcrore 1,703 6,354 6,467 7,044 (P) 526 (P) 520 (P) 417 (P)

11. Money Stock Measures (7)

(a) M1

Rs. crore 92,892 8,26,375 9,66,089 11,50,953 11,37,129 11,35,634 11,14,287

(b) M3

" 2,65,828 27,29,545 33,16,093 40,06,722 42,71,086 43,38,172 43,80,915

Cash Reserve Ratio andInterest Rates

12. Cash Reserve Ratio (2), (16) Per cent 15.00 5.00 6.50 7.50 9.00 6.00 5.50

13. Bank Rate Per centPer annum 10.00 6.00 6.00 6.00 6.00 6.00 6.00

14. Inter-bank Call Money Rate(Mumbai) (8) " 4.00-70.00 3.00-8.25 0.50-4.90 6.15-9.30 9.00-16.00 5.00-21.00 4.00-6.50

15. Deposit Rate (9)

(a) 30 days and 1 year " 8.00 (11) 2.25-5.50 3.00-9.50 3.00-7.50 3.00-8.50 3.00-8.75 3.00-8.75

(b) 1 year and above " 9.00-11.00 6.00-7.00 7.50-9.60 8.25-9.00 9.75-9.75 9.75-9.75 9.50-9.75}Q.E. : Quick Estimate. R.E. : Revised Estimate. A.E. : Fourth Advance Estimate.* : Base : 1980-81 = 100. + : Base : Triennium ending 1981-82=100. ‡ : Base 1982=100.^ : Base : 2001 = 100 from January 2006 onwards. ^̂ : CPI (UNME) are Linked All - India Index from the April 2008 onwards.$ : Based on Fourth Advance Estimates for 2007-08 except potato and tobacco for which Final estimates for 2006-07 have been used.@ : As the security 12.50% 2004 had matured on March 23, 2004, it has been substituted by 11.40% Loan 2008, with effect from March 2004, to represent the short-

term yield.# : As the maturity of the security 11.50% 2008, which represents the trends in long term yield, had become less than 5 years, it has been substituted by 7.40%

Loan 2012, with effect from April 2004.Also see 'Notes on Tables'.

RBIMonthly Bulletin

January 2009 S 5

CURRENT

STATISTICS

General

No. 1: Selected Economic Indicators (Concld.)

Item Unit / Base 1990-91 2005-06 2006-07 2007-08 2008

Sep. Oct. Nov.

1 2 3 4 5 6 7 8 9

16. Prime Lending Rate (10) " — 10.25-10.75 12.25-12.50 12.25-12.75 13.75-14.00 13.75-14.00 13.00-13.50

17. Yield on 11.40% Loan 2008 @ " — 6.40 7.22 7.26 — — —

18. Yield on 7.40% Loan 2012 # " — 6.95 7.55 7.83 8.96 8.06 7.52

Government Securities Market (2)

19. Govt. of India 91-day TreasuryBills (Total outstandings) Rs. crore 16,318 45,229 39,957 59,956 67,206 71,780

Price Indices

20. Wholesale Prices (13) 1993-94=100

(a) All Commodities " 182.7 + 195.6 206.1 215.9 241.5 .. ..

(b) Primary Articles " 184.9 + 193.6 208.6 224.8 252.2 .. ..

(c) Fuel, Power, Light andLubricants " 175.8 + 306.8 324.9 327.2 375.3 .. ..

(d)Manufactured Products " 182.8 + 171.5 179.0 188.0 208.0 .. ..

(e) Foodgrains(Cereals + Pulses) " 179.2 + 186.9 205.9 215.6 229.9 .. ..

(f) Edible Oils " 223.3 + 146.1 154.6 175.4 192.5 .. ..

(g) Sugar, Khandsari & Gur " 152.3 + 178.8 179.8 155.2 168.6 .. ..

(h)Raw Cotton " 145.5 + 144.3 151.8 193.0 246.6 .. ..

21. Consumer Prices (All-India) (1)

(a) Industrial Workers ^ 2001=100 193 542 125 133 146 148 148

(b) Urban Non-Manual Employees ^̂ 1984-85=100 161 456 486 515 565 574 ..

(c) Agricultural Labourers July 1986-June 1987=100 .. 358 388 417 455 459 460

Foreign Trade

22. Value of Imports U.S. $ Million 24,073 1,49,166 1,85,749 2,39,651 24,380 (P) 23,360 (P) ..

23. Value of Exports " 18,145 1,03,091 1,26,361 1,59,007 13,748 (P) 12,822 (P) ..

24. Balance of Trade " –5,927 –46,075 –59,388 –80,644 –10,632 (P) –10,538 (P) ..

25. Foreign Exchange Reserves (14)

(a) Foreign Currency Assets U.S. $ Million 2,236 1,45,108 1,91,924 2,99,230 2,77,300 2,44,045 2,38,968

(b) Gold " 3,496 5,755 6,784 10,039 8,565 8,382 7,861

(c) SDRs " 102 3 2 18 4 9 3

Employment ExchangeStatistics (15)

26. Number of Registrations Thousand 6,541 .. .. .. .. .. ..

27. Number of Applicants

(a) Placed in Employment " 265 .. .. .. .. .. ..

(b) On live Register (14) " 34,632 .. .. .. .. .. ..


CURRENT

STATISTICS

Money andBanking

No. 2: Reserve Bank of India

(Rs. crore)

Last Friday / 1990-91 2006-07 2007-08 2007 2008

Friday Dec. Jun. Jul. Aug. Sep. Oct. Nov. Dec. 5 Dec. 12 Dec. 19 Dec. 26

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Issue

Department

Liabilities

Notes in

Circulation 53,784 4,96,775 5,82,055 5,44,865 6,12,534 6,10,304 6,01,704 6,03,489 6,38,204 6,32,454 6,38,203 6,43,861 6,41,579 6,41,245

Notes held in

Banking

Department 23 11 20 18 17 17 21 18 26 112 13 12 9 23

Total Liabilities

(Total Notes

Issued) or

Assets 53,807 4,96,786 5,82,075 5,44,883 6,12,550 6,10,321 6,01,725 6,03,507 6,38,230 6,32,566 6,38,216 6,43,873 6,41,588 6,41,267

Assets

Gold Coin

and Bullion 6,654 24,160 31,170 27,082 32,016 32,309 31,096 31,096 33,724 32,006 32,006 32,006 32,006 32,006

Foreign

Securities 200 4,71,567 5,49,722 5,16,609 5,79,377 5,76,919 5,69,417 5,71,259 6,03,430 5,99,341 6,05,008 6,10,674 6,08,404 6,08,097

Rupee Coin (1) 29 12 136 145 111 47 166 105 29 173 156 147 132 119

Government of

India Rupee

Securities 46,924 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046 1,046

Banking

Department

Liabilities

Deposits 38,542 3,02,615 5,36,851 5,04,472 5,26,719 5,29,414 5,16,736 5,44,888 4,59,304 3,91,077 3,60,160 3,73,181 3,62,075 3,64,407

Central

Government 61 36,661 83,645 60,691 16,613 101 100 20,458 100 101 101 101 101 101

Market

Stabilisation

Scheme — 62,974 1,68,392 1,59,717 1,74,433 1,71,327 1,73,658 1,73,804 1,65,187 1,32,531 1,29,646 1,29,646 1,20,050 1,20,050

State

Governments 33 41 41 41 41 41 41 41 41 41 41 41 41 41

Scheduled

Commercial

Banks 33,484 1,80,222 2,57,122 2,57,725 3,05,963 3,26,959 3,11,217 3,18,301 2,65,773 2,33,607 2,06,185 2,18,890 2,09,874 2,19,867

Scheduled State

Co-operative

Banks 244 2,851 3,396 3,021 4,009 4,277 4,289 4,230 3,467 2,780 2,755 2,788 2,651 2,745

Non-Scheduled

State Co-operative

Banks 13 55 62 48 55 66 56 67 62 158 52 55 55 60

Other Banks 88 8,202 11,946 11,224 13,712 14,802 15,312 15,735 12,294 9,895 9,811 9,819 9,981 9,836

Others 4,619 11,609 12,247 12,005 11,893 11,841 12,062 12,250 12,380 11,964 11,569 11,840 19,322 11,706

Other

Liabilities (2) 28,342 1,79,897 2,14,216 1,46,052 3,12,551 3,08,577 2,82,117 3,61,210 3,40,946 3,40,802 3,28,190 3,27,924 3,06,648 3,26,592

Total Liabilities

or Assets 66,884 4,82,512 7,51,067 6,50,524 8,39,269 8,37,992 7,98,853 9,06,098 8,00,250 7,31,880 6,88,350 7,01,105 6,68,723 6,90,999

See ‘Notes on Tables’.

Money and Banking

RBIMonthly Bulletin

January 2009 S 7

CURRENT

STATISTICS

Money andBanking

No. 2: Reserve Bank of India (Concld.)

(Rs. crore)

Last Friday / 1990-91 2006-07 2007-08 2007 2008

Friday Dec. Jun. Jul. Aug. Sep. Oct. Nov. Dec. 5 Dec. 12 Dec. 19 Dec. 26

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Assets

Notes and Coins 23 11 20 18 17 18 22 19 27 112 13 13 9 23

Balances held

Abroad (3) 4,008 3,64,834 6,49,661 5,35,335 7,12,885 6,76,555 6,83,283 7,40,875 5,98,272 5,91,453 5,73,163 5,66,550 5,46,288 5,69,154

Loans and

Advances

Central

Government — — — — — — — — — — 30,986 23,813 — —

State

Governments (4) 916 — — 569 — — — 7 948 — 181 323 305 —

Scheduled

Commercial

Banks 8,169 6,245 4,000 2,278 3,096 5,493 2,087 6,094 8,454 6,029 4,518 7,049 11,634 13,516

Scheduled State

Co-op.Banks 38 — — 29 19 9 2 22 — 25 — — — 19

Industrial Dev.

Bank of India 3,705 — — — — — — — — — — — — —

NABARD 3,328 — — — — — — — 13,329 16,312 1,510 1,556 — —

EXIM Bank 745 — — — — — — — — — — — — —

Others 1,615 340 579 253 210 263 81 567 848 175 81 81 81 781

Bills Purchased

and Discounted

Internal — — — — — — — — — — — — — —

Government

Treasury Bills 1,384 — — — — — — — — — — — — —

Investments 40,286 99,983 85,607 1,02,230 1,10,027 1,29,442 86,312 1,34,250 1,58,100 98,259 56,516 81,160 90,043 86,854

Other Assets (5) 2,666 11,099 11,201 9,812 13,015 26,213 27,068 24,264 20,272 19,514 21,382 20,561 20,364 20,652

(—) (5,414) (6,984) (6,068) (7,174) (7,240) (6,968) (6,968) (7,557) (7,172) (7,172) (7,172) (7,172) (7,172)


CURRENT

STATISTICS

Money andBanking

No. 3: All Scheduled Banks — Business in India(Rs. crore)

Last Reporting Friday 1990-91 2006-07 2007-08 2007 2008

(in case of March)/

Last Friday Nov. May Jun. Jul. Aug. Sep. Oct. Nov. (P)

1 2 3 4 5 6 7 8 9 10 11 12

Number of Reporting Banks 299 249 239 241 234 235 235 234 234 233 233

Liabilities to the

Banking System (1) 6,673 91,541 1,01,724 80,778 1,04,008 1,16,272 1,15,861 1,07,475 1,10,040 1,25,971 1,20,339

Demand and Time

Deposits from Banks (2) 5,598 43,620 50,306 39,835 46,206 50,423 43,191 43,465 46,046 48,419 47,327

Borrowings from Banks (3) 998 35,532 33,034 23,163 34,245 37,574 41,790 33,906 29,090 36,749 29,253

Other Demand and

Time Liabilities (4) 77 12,389 18,385 17,779 23,557 28,274 30,880 30,104 34,904 40,803 43,759

Liabilities to Others (1) 2,13,125 30,26,644 37,06,404 34,13,043 37,70,423 37,80,757 37,98,457 38,91,900 39,59,768 40,18,560 40,35,878

Aggregate Deposits (5) 1,99,643 26,94,678 32,97,074 30,42,973 33,55,679 33,79,920 34,08,865 34,93,881 35,45,151 35,96,529 36,20,780

Demand 34,823 4,40,543 5,35,930 4,57,245 4,70,559 4,73,168 4,59,241 4,81,132 5,10,555 4,75,895 4,53,655

Time (5) 1,64,820 22,54,135 27,61,144 25,85,728 28,85,120 29,06,752 29,49,624 30,12,749 30,34,596 31,20,633 31,67,126

Borrowings (6) 645 86,910 1,07,712 1,08,381 1,20,713 1,09,199 1,04,353 1,07,997 1,14,403 1,14,763 1,12,825

Other Demand and

Time Liabilities (4) 12,838 2,45,056 3,01,618 2,61,690 2,94,031 2,91,638 2,85,239 2,90,021 3,00,214 3,07,268 3,02,272

Borrowings from

Reserve Bank (7) 3,483 6,348 4,000 415 2,684 3,115 5,587 2,089 6,116 708 6,794

Against Usance Bills /

Promissory Notes — — — — — — — — — — —

Others (8) 3,483 6,348 4,000 415 2,684 3,115 5,587 2,089 6,116 708 6,794

Cash in Hand and

Balances with

Reserve Bank 25,995 2,02,595 2,83,514 2,75,993 3,40,251 3,34,747 3,56,820 3,43,141 3,52,557 2,41,251 2,41,179

Cash in Hand 1,847 16,637 18,593 19,099 20,965 19,836 20,049 21,855 24,089 24,370 23,312

Balances with

Reserve Bank (9) 24,147 1,85,958 2,64,921 2,56,894 3,19,286 3,14,911 3,36,771 3,21,285 3,28,468 2,16,880 2,17,867

See “Notes on Tables”

RBIMonthly Bulletin

January 2009 S 9

CURRENT

STATISTICS

Money andBanking

No. 3: All Scheduled Banks — Business in India (Concld.)(Rs. crore)


(in case of March)/


1 2 3 4 5 6 7 8 9 10 11 12

Assets with the Banking

System 6,848 87,303 1,03,411 88,280 1,02,548 1,08,326 1,12,540 1,12,307 1,18,777 1,40,877 1,39,650

Balances with Other Banks 3,347 33,868 41,310 37,090 38,506 38,051 37,841 37,663 41,271 43,958 43,939

In Current Account 1,926 14,518 16,553 12,715 14,776 14,514 13,696 12,702 15,436 14,839 14,381

In Other Accounts 1,421 19,350 24,757 24,374 23,730 23,536 24,144 24,961 25,835 29,119 29,558

Money at Call and

Short Notice 2,201 22,761 25,766 16,701 22,042 27,131 25,570 23,303 21,022 27,993 25,242

Advances to Banks (10) 902 6,516 4,157 3,985 3,762 3,829 3,544 3,986 2,804 4,180 2,789

Other Assets 398 24,159 32,177 30,504 38,238 39,315 45,585 47,355 53,680 64,747 67,680

Investment 76,831 8,21,334 10,05,952 9,94,568 10,33,900 10,24,525 10,22,936 10,53,525 10,20,670 10,92,254 11,03,526

Government Securities (11) 51,086 8,04,846 9,91,899 9,79,789 10,19,963 10,11,178 10,09,434 10,40,616 10,07,334 10,78,696 10,83,493

Other Approved Securities 25,746 16,488 14,053 14,779 13,936 13,347 13,502 12,909 13,336 13,558 20,033

Bank Credit 1,25,575 20,08,608 24,47,646 21,77,199 24,55,726 24,97,141 24,83,237 25,45,690 26,37,632 27,00,386 27,10,240

Loans, Cash-credits and

Overdrafts 1,14,982 19,19,506 23,45,470 20,89,092 23,53,671 23,93,858 23,82,535 24,40,965 25,29,105 25,94,387 26,09,822

Inland Bills-Purchased 3,532 16,414 12,988 11,278 12,269 12,131 11,740 12,601 13,872 13,968 13,443

Inland Bills-Discounted 2,409 31,948 41,400 35,264 42,857 44,527 43,950 44,525 44,334 43,292 39,439

Foreign Bills-Purchased 2,788 16,174 16,535 13,088 17,408 15,903 18,055 17,911 19,449 18,419 17,991

Foreign Bills-Discounted 1,864 24,567 31,253 28,476 29,522 30,722 26,957 29,689 30,871 30,320 29,545

Cash-Deposit Ratio 13.0 7.5 8.6 9.1 10.1 9.9 10.5 9.8 9.9 6.7 6.7

Investment-Deposit Ratio 38.5 30.5 30.5 32.7 30.8 30.3 30.0 30.2 28.8 30.4 30.5

Credit-Deposit Ratio 62.9 74.5 74.2 71.5 73.2 73.9 72.8 72.9 74.4 75.1 74.9


CURRENT

STATISTICS

Money andBanking

No. 4: All Scheduled Commercial Banks — Business in India(Rs. crore)


(in case of March)/


1 2 3 4 5 6 7 8 9 10 11 12

Number of Reporting Banks 271 179 170 172 165 166 166 165 165 164 164

Liabilities to the BankingSystem (1) 6,486 88,545 98,154 77,416 1,00,077 1,12,351 1,11,984 1,03,739 1,06,292 1,21,991 1,18,423

Demand and Time Depositsfrom Banks (2), (12) 5,443 40,772 46,778 36,508 42,304 46,519 39,332 39,736 42,327 44,799 45,762

Borrowings from Banks (3) 967 35,399 32,996 23,129 34,218 37,561 41,773 33,900 29,064 36,390 28,906

Other Demand andTime Liabilities (4) 76 12,374 18,379 17,778 23,555 28,272 30,879 30,102 34,902 40,802 43,756

Liabilities to Others (1) 2,05,600 29,40,003 36,01,799 33,18,081 36,62,813 36,72,250 36,88,447 37,79,760 38,48,201 39,06,420 39,30,422

Aggregate Deposits (5) 1,92,541 26,11,933 31,96,939 29,51,949 32,51,980 32,75,760 33,03,821 33,86,836 34,39,327 34,89,126 35,19,593

Demand 33,192 4,29,731 5,24,310 4,46,856 4,59,189 4,61,721 4,47,765 4,69,247 4,98,899 4,64,137 4,42,621

Time (5) 1,59,349 21,82,203 26,72,630 25,05,093 27,92,791 28,14,039 28,56,056 29,17,589 29,40,428 30,24,989 30,76,972

Borrowings (6) 470 85,836 1,06,504 1,07,340 1,20,050 1,08,226 1,03,246 1,06,461 1,12,404 1,13,931 1,11,957

Other Demand andTime Liabilities (4), (13) 12,589 2,42,234 2,98,355 2,58,791 2,90,783 2,88,264 2,81,379 2,86,463 2,96,469 3,03,362 2,98,871

Borrowings fromReserve Bank (7) 3,468 6,245 4,000 396 2,665 3,096 5,493 2,087 6,094 685 6,794

Against Usance Bills/Promissory Notes — — — — — — — — — — —

Others 3,468 6,245 4,000 396 2,665 3,096 5,493 2,087 6,094 685 6,794


RBIMonthly Bulletin

January 2009 S 11

CURRENT

STATISTICS

Money andBanking

No. 4: All Scheduled Commercial Banks — Business in India (Concld.)(Rs. crore)


(in case of March)/


1 2 3 4 5 6 7 8 9 10 11 12

Cash in Hand and

Balances with

Reserve Bank 25,665 1,96,361 2,75,166 2,68,020 3,30,359 3,25,198 3,46,399 3,32,445 3,41,783 2,33,603 2,34,137

Cash in Hand 1,804 16,139 18,044 18,431 20,391 19,235 19,441 21,228 23,482 23,680 22,726

Balances with

Reserve Bank (9) 23,861 1,80,222 2,57,122 2,49,589 3,09,968 3,05,963 3,26,959 3,11,217 3,18,301 2,09,924 2,11,411

Assets with the

Banking System 5,582 77,442 90,877 75,951 90,579 95,985 98,711 98,048 1,03,184 1,23,329 1,22,311

Balances with

Other Banks 2,846 29,469 36,016 31,441 33,845 33,139 32,564 32,055 35,276 38,388 38,978

In Current Account 1,793 13,268 14,871 11,350 13,238 13,006 12,073 10,960 13,562 13,227 13,304

In Other Accounts 1,053 16,201 21,145 20,091 20,607 20,132 20,491 21,095 21,714 25,161 25,674

Money at Call and

Short Notice 1,445 18,267 19,925 11,343 16,126 21,102 20,036 18,034 15,602 20,234 17,304

Advances to Banks (10) 902 6,203 3,779 3,314 3,375 3,446 3,161 3,603 2,419 3,825 2,432

Other Assets 388 23,503 31,156 29,853 37,233 38,298 42,950 44,355 49,888 60,882 63,597

Investment 75,065 7,91,516 9,71,715 9,61,644 9,96,982 9,87,926 9,85,509 10,15,797 9,84,558 10,55,599 10,68,911

Government Securities (11) 49,998 7,76,058 9,58,661 9,47,888 9,84,125 9,75,575 9,73,104 10,03,990 9,72,265 10,43,116 10,49,958

Other Approved Securities 25,067 15,458 13,053 13,755 12,857 12,352 12,405 11,807 12,293 12,483 18,953

Bank credit (14) 1,16,301 19,31,189 23,61,914 20,97,008 23,71,579 24,14,025 23,99,347 24,60,754 25,51,026 26,15,981 26,32,700

(4,506) (46,521) (44,399) (38,967) (48,379) (50,636) (43,891) (44,343) (45,175) (48,255) (49,391)

Loans,Cash-Credits and

Overdrafts 1,05,982 18,43,871 22,61,576 20,10,561 22,71,321 23,12,410 23,00,558 23,58,105 24,44,734 25,12,190 25,34,448

Inland Bills-Purchased 3,375 15,919 12,594 10,914 11,912 11,793 11,333 12,075 13,118 13,333 12,835

Inland Bills-Discounted 2,336 31,314 40,553 34,535 41,986 43,768 42,995 43,540 43,436 42,324 38,463

Foreign Bills-Purchased 2,758 16,142 16,499 13,058 17,361 15,859 18,017 17,880 19,416 18,388 17,947

Foreign Bills-Discounted 1,851 23,944 30,691 27,940 28,999 30,195 26,444 29,154 30,322 29,746 29,007

Cash-Deposit Ratio 13.3 7.5 8.6 9.1 10.2 9.9 10.5 9.8 9.9 6.7 6.7

Investment- Deposit Ratio 39.0 30.3 30.4 32.6 30.7 30.2 29.8 30.0 28.6 30.3 30.4

Credit-Deposit Ratio 60.4 73.9 73.9 71.0 72.9 73.7 72.6 72.7 74.2 75.0 74.8


CURRENT

STATISTICS

Money andBanking

No. 5: Scheduled Commercial Banks' Investments

Shares Issued by Bonds / Debentures issued by Instruments Issued by

Outstanding as on SLR Commercial PSUs Private Others PSUs Private Others Mutual FinancialSecurities Paper Corporate Corporate Funds Instituations

Sector Sector

1 2 3 4 5 6 7 8 9 10 11

March 22, 2002 4,38,269 8,506 2,264 4,327 — 40,733 27,132 — 5,355 29,868

March 21, 2003 5,47,546 4,041 1,639 7,591 — 48,258 33,026 — 6,455 31,066

March 19, 2004 6,77,588 3,835 1,565 7,400 41 49,720 27,966 5,232 11,930 32,988

March 18, 2005 7,39,154 3,944 1,886 10,289 44 46,939 31,994 6,980 12,744 31,557

March 31, 2006 7,17,454 4,837 2,627 10,502 41 33,018 29,550 15,153 10,410 29,203

March 30, 2007 7,91,516 9,038 2,129 16,225 74 29,232 27,641 17,787 11,761 26,568

March 28, 2008 9,71,715 13,270 3,025 23,389 294 27,935 28,700 29,230 18,824 25,942

November 9, 2007 9,46,799 7,361 1,999 18,953 184 26,143 25,744 15,933 70,753 23,963

November 23, 2007 9,63,155 10,046 2,249 19,409 181 26,128 25,520 15,281 54,422 24,290

December 7, 2007 9,55,213 8,608 2,261 19,389 182 25,775 25,782 16,611 47,132 23,632

December 21, 2007 9,35,935 8,702 2,414 21,464 180 26,310 26,374 16,281 38,680 23,145

January 4, 2008 9,63,052 9,526 2,430 22,377 332 26,352 26,664 16,479 46,524 23,217

January 18, 2008 9,53,499 12,133 2,626 22,820 329 26,692 26,769 18,327 59,605 23,945

February 1, 2008 9,50,953 12,846 2,996 24,038 319 27,579 27,590 16,573 50,525 23,413

February 15, 2008 9,82,588 13,297 3,143 24,116 315 28,005 26,635 16,911 45,995 24,158

February 29, 2008 9,88,424 12,740 3,080 23,897 303 27,932 26,565 18,796 41,346 26,039

March 14, 2008 9,82,827 11,698 3,016 23,691 299 27,622 27,170 19,167 40,386 25,352

March 28, 2008 9,71,715 13,270 3,025 23,389 294 27,935 28,700 29,230 18,824 25,942

April 11, 2008 10,13,780 11,198 3,271 24,020 345 26,899 27,892 28,868 51,078 26,121

April 25, 2008 10,18,104 11,433 3,516 23,598 318 26,323 27,172 27,539 44,778 27,158

May 9, 2008 10,09,815 11,123 3,712 23,119 303 25,603 26,696 26,971 61,992 26,900

May 23, 2008 10,22,294 11,101 3,775 23,734 276 26,065 26,880 23,901 51,766 26,820

June 6, 2008 10,21,217 11,037 3,892 23,835 346 25,827 26,850 25,436 48,450 26,648

June 20, 2008 10,04,766 11,794 3,782 23,939 345 25,977 27,076 24,344 36,429 27,060

July 4, 2008 10,14,992 10,160 3,554 23,362 120 25,266 27,069 24,703 36,877 26,150

July 18, 2008 9,82,096 9,949 3,509 23,632 147 24,788 26,917 23,654 20,587 25,746

August 1, 2008 10,02,019 10,980 3,459 23,241 180 24,263 27,139 25,134 23,508 25,340

August 15, 2008 9,96,496 11,565 3,508 23,916 144 23,847 27,361 23,628 21,492 25,415

August 29, 2008 10,15,797 11,482 3,553 23,969 143 24,588 27,053 26,367 21,526 24,985

September 12, 2008 10,04,793 12,405 3,482 24,209 169 24,977 27,841 27,014 21,697 23,391

September 26, 2008 9,87,240 11,500 3,412 24,185 114 26,841 28,824 24,520 10,759 24,228

October 10, 2008 9,80,916 10,610 3,405 24,364 149 23,661 29,080 23,925 9,124 23,712

October 24, 2008 10,52,233 15,517 3,427 24,523 119 23,158 28,533 26,215 13,630 22,916

November 7, 2008 10,71,079 16,644 3,397 24,882 110 23,827 29,418 26,577 16,659 22,964

November 21, 2008 10,68,911 15,612 3,414 24,937 110 23,881 28,600 29,159 27,951 23,399

PSUs : Public Sector Undertakings.Note :Note :Note :Note :Note : Data on Investments are based on Statutory Section 42(2) Returns.

Final data upto : August 29, 2008.

(Rs. crore)

RBIMonthly Bulletin

January 2009 S 13

CURRENT

STATISTICS

Money andBanking

No. 6: State Co - Operative Banks - Maintaining Accounts with the Reserve Bank of India(Rs. crore)

Last Reporting Friday 1990-91 2006-07 2007-08 2007 2008(in case of March)/ Last Friday/

Aug. Mar. Apr. May Jun. Jul. Aug. 1 Aug. 15 Aug. 29Reporting Friday

1 2 3 4 5 6 7 8 9 10 11 12 13

Number of Reporting Banks 28 31 31 31 31 31 31 31 31 31 31 31

Demand and TDemand and TDemand and TDemand and TDemand and Time Liabilitiesime Liabilitiesime Liabilitiesime Liabilitiesime Liabilities

Aggregate Deposits (1)Aggregate Deposits (1)Aggregate Deposits (1)Aggregate Deposits (1)Aggregate Deposits (1) 2,152 2,152 2,152 2,152 2,152 17,105 17,105 17,105 17,105 17,105 19,611 19,611 19,611 19,611 19,611 17,635 17,635 17,635 17,635 17,635 19,611 19,611 19,611 19,611 19,611 20,346 20,346 20,346 20,346 20,346 20,356 20,356 20,356 20,356 20,356 20,395 20,395 20,395 20,395 20,395 20,602 20,602 20,602 20,602 20,602 20,541 20,541 20,541 20,541 20,541 20,653 20,653 20,653 20,653 20,653 20,563 20,563 20,563 20,563 20,563

Demand LiabilitiesDemand LiabilitiesDemand LiabilitiesDemand LiabilitiesDemand Liabilities 1,8311,8311,8311,8311,831 7,3247,3247,3247,3247,324 6,6366,6366,6366,6366,636 6,2796,2796,2796,2796,279 6,6366,6366,6366,6366,636 7,7627,7627,7627,7627,762 6,8736,8736,8736,8736,873 6,6166,6166,6166,6166,616 7,0817,0817,0817,0817,081 6,7276,7276,7276,7276,727 7,0647,0647,0647,0647,064 7,2617,2617,2617,2617,261

DepositsDepositsDepositsDepositsDeposits

Inter-Bank 718 1,921 1,539 1,438 1,539 2,379 1,710 1,567 1,383 1,423 1,411 1,408

Others 794 3,571 3,628 3,529 3,628 3,754 3,759 3,604 3,691 3,725 3,742 3,675

Borrowings from Banks 181 914 428 494 428 380 222 230 272 227 560 807

Others 139 918 1,041 818 1,041 1,250 1,183 1,215 1,736 1,353 1,350 1,371

TTTTTime Liabilitiesime Liabilitiesime Liabilitiesime Liabilitiesime Liabilities 3,9633,9633,9633,9633,963 39,425 39,425 39,425 39,425 39,425 47,523 47,523 47,523 47,523 47,523 38,915 38,915 38,915 38,915 38,915 47,523 47,523 47,523 47,523 47,523 49,846 49,846 49,846 49,846 49,846 50,314 50,314 50,314 50,314 50,314 50,410 50,410 50,410 50,410 50,410 50,572 50,572 50,572 50,572 50,572 50,499 50,499 50,499 50,499 50,499 50,609 50,609 50,609 50,609 50,609 50,096 50,096 50,096 50,096 50,096

DepositsDepositsDepositsDepositsDeposits

Inter-Bank 2,545 25,540 31,111 24,371 31,111 32,804 33,279 33,149 33,220 33,236 33,237 32,754

Others 1,359 13,534 15,983 14,106 15,983 16,592 16,598 16,791 16,911 16,816 16,911 16,888

Borrowings from Banks ————— 10 8 9 8 8 8 8 8 8 8 8

Others 59 341 421 428 421 441 428 461 432 439 453 446

Borrowing from RBorrowing from RBorrowing from RBorrowing from RBorrowing from Reseresereseresereserve Bankve Bankve Bankve Bankve Bank 1515151515 ————— ————— ————— ————— ————— 1919191919 1919191919 99999 11111 00000 22222

Borrowings from theBorrowings from theBorrowings from theBorrowings from theBorrowings from theState Bank and / or aState Bank and / or aState Bank and / or aState Bank and / or aState Bank and / or aNotified bank (2) andNotified bank (2) andNotified bank (2) andNotified bank (2) andNotified bank (2) andState GovernmentState GovernmentState GovernmentState GovernmentState Government 1,8611,8611,8611,8611,861 13,63913,63913,63913,63913,639 13,98813,98813,98813,98813,988 13,53913,53913,53913,53913,539 13,98813,98813,98813,98813,988 13,83013,83013,83013,83013,830 12,88512,88512,88512,88512,885 12,70312,70312,70312,70312,703 13,02413,02413,02413,02413,024 12,91712,91712,91712,91712,917 12,71812,71812,71812,71812,718 12,73512,73512,73512,73512,735

Demand 116 3,292 3,378 2,825 3,378 3,506 3,368 3,130 3,154 3,226 3,305 3,314

Time 1,745 10,347 10,610 10,714 10,610 10,324 9,518 9,573 9,870 9,691 9,413 9,421

AssetsAssetsAssetsAssetsAssets

Cash in Hand and BalancesCash in Hand and BalancesCash in Hand and BalancesCash in Hand and BalancesCash in Hand and Balanceswith Rwith Rwith Rwith Rwith Reseresereseresereserve Bankve Bankve Bankve Bankve Bank 334334334334334 3,0543,0543,0543,0543,054 3,6393,6393,6393,6393,639 2,8082,8082,8082,8082,808 3,6393,6393,6393,6393,639 3,8113,8113,8113,8113,811 4,3084,3084,3084,3084,308 4,2154,2154,2154,2154,215 4,5014,5014,5014,5014,501 4,3084,3084,3084,3084,308 4,4274,4274,4274,4274,427 4,4954,4954,4954,4954,495

Cash in Hand 24 153 143 157 143 155 150 149 156 146 130 149

Balance with Reserve Bank 310 2,900 3,496 2,652 3,496 3,656 4,158 4,066 4,345 4,162 4,297 4,346

Balances with Other Banks inCurrent Account 93 486 486 403 486 490 366 363 440 420 404 424

Investments in GovernmentSecurities (3) 1,058 14,146 16,806 14,723 16,806 17,822 18,452 19,214 19,123 19,054 18,785 18,907

Money at Call and Short Notice 498 6,749 7,855 5,418 7,855 9,664 8,138 7,350 7,408 7,580 7,184 7,280

Bank Credit (4)Bank Credit (4)Bank Credit (4)Bank Credit (4)Bank Credit (4) 2,553 2,553 2,553 2,553 2,553 17,01717,01717,01717,01717,017 17,34517,34517,34517,34517,345 16,29216,29216,29216,29216,292 17,34517,34517,34517,34517,345 17,47617,47617,47617,47617,476 17,87117,87117,87117,87117,871 17,83217,83217,83217,83217,832 17,48617,48617,48617,48617,486 17,53717,53717,53717,53717,537 17,32917,32917,32917,32917,329 17,30617,30617,30617,30617,306

AdvancesAdvancesAdvancesAdvancesAdvances

Loans, Cash-Credits and Overdrafts 2,528 17,001 17,336 16,283 17,336 17,443 17,861 17,822 17,478 17,528 17,321 17,298

Due from Banks (5) 5,560 30,098 32,466 32,018 32,466 31,869 30,605 30,702 30,942 30,647 31,201 31,717

Bills Purchased and Discounted 25 16 9 8 9 33 11 10 8 9 8 8

Cash - Deposit Ratio 15.5 17.9 18.6 15.9 18.6 18.7 21.2 20.7 21.8 21.0 21.4 21.9

Investment - Deposit Ratio 49.2 82.7 85.7 83.5 85.7 87.6 90.6 94.2 92.8 92.8 91.0 91.9

Credit - Deposit Ratio 118.6 99.5 88.4 92.4 88.4 85.9 87.8 87.4 84.9 85.4 83.9 82.2



CURRENT

STATISTICS

Money andBanking

No. 7: Reserve Bank’s Standing Facilities to Scheduled Commercial Banks

(Rs. crore)

As on last reporting Export Credit General Special Liquidity Total

Friday of Refinance (1) Refinance (2) Support (3) Refinance (4)

Limit Outstanding Limit Outstanding Limit Outstanding Limit Outstanding

1 2 3 4 5 6 7 8 9

1996-97 6,654.40 559.97 — — 6,654.40 559.97

1997-98 2,402.96 394.52 1,115.02 0.11 3,517.98 394.63

1998-99 7,269.27 2,616.57 1,115.02 19.23 3,235.02 258.00 11,619.31 2,893.80

March 1999 7,269.27 2,616.57 1,115.02 19.23 3,235.02 258.00 11,619.31 2,893.80

April 1999 8,638.29 5,164.76 1,115.02 56.31 — — 9,753.31 5,221.07

@ : ‘Others’ include Collateralised Lending Facility (CLF) (withdrawn completely effective from October 5, 2002) / Additional CLF (withdrawn effective from June 5,

2000), etc.

* : Normal Limit = 1/2 of total limit effective from November 16, 2002; 1/3 rd of the total limit effective from December 27, 2003.

** : Back-Stop Limit = 1/2 of total limit effective from November 16, 2002; 2/3 rd of the total limit effective from December 27, 2003.

*** : Total limits under Normal Facility and Back-Stop facility merged in to a single facility effective from March 29, 2004.

Also see ‘Notes on Tables’.

As on last Export Credit Refinance (1) Others @ Total

reportingNormal * Back Stop ** Total *** Normal * Back Stop ** Total

Standing FacilityFriday of

Limit Out- Limit Out- Limit Out- Limit Out- Limit Out- Limit Out- Limit Out-

standing standing standing standing standing standing standing

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

=(2+4) =(3+5) =(8+10) =(9+11) =(6+12) =(7+13)

2001-02 6,060.29 3,144.11 3,025.60 49.83 9,085.89 3,193.94 837.62 422.35 218.65 — 1,056.27 422.35 10,142.16 3,616.29

2002-03 2,524.13 61.51 2,524.13 23.00 5,048.26 84.51 399.66 — — — 399.66 — 5,447.92 84.51

2003-04 1,553.25 — 3,111.17 — 4,664.42 — 399.66 — — — 399.66 — 5,064.08 —

2004-05 — — — — 4,912.13 50.00 399.66 — — — 399.66 — 5,311.79 50.00

2005-06 — — — — 6,050.63 1,567.68 — — — — — — 6,050.63 1,567.68

2006-07 — — — — 8,110.33 4,984.94 — — — — — — 8,110.33 4,984.94

2007-08 — — — — 9,103.46 2,825.00 — — — — — — 9,103.46 2,825.00

Sep. 2007 — — — — 7,505.46 45.00 — — — — — —- 7,505.46 45.00

Dec. 2007 — — — — 7,818.76 779.00 — — — — — — 7,818.76 779.00

Mar. 2008 — — — — 9,103.46 2,825.00 — — — — — — 9,103.46 2,825.00

Jun. 2008 — — — — 9,052.03 1,132.14 — — — — — — 9,052.03 1,132.14

Oct. 2007 — — — — 7,705.45 — — — — — — — 7,705.45 —

Nov. 2007 — — — — 7,836.03 169.00 — — — — — — 7,836.03 169.00

Dec. 2007 — — — — 7,818.76 779.00 — — — — — — 7,818.76 779.00

Jan. 2008 — — — — 8,413.40 3,844.07 — — — — — — 8,413.40 3,844.07

Feb. 2008 — — — — 8,709.42 172.50 — — — — — — 8,709.42 172.50

Mar. 2008 — — — — 9,103.46 2,825.00 — — — — — — 9,103.46 2,825.00

Apr. 2008 — — — — 9,509.23 474.00 — — — — — — 9,509.23 474.00

May 2008 — — — — 9,264.62 166.00 — — — — — — 9,264.62 166.00

Jun. 2008 — — — — 9,052.03 1,132.14 — — — — — — 9,052.03 1,132.14

Jul. 2008 — — — — 9,763.13 3,129.09 — — — — — — 9,763.13 3,129.09

Aug. 2008 — — — — 9,449.95 976.58 — — — — — — 9,449.95 976.58

Sep. 2008 — — — — 9,434.35 4,481.44 — — — — — — 9,434.35 4,481.44

Oct. 2008 — — — — 9,653.48 91.00 — — — — — — 9,653.48 91.00

RBIMonthly Bulletin

January 2009 S 15

CURRENT

STATISTICS

Money andBanking

(Number in Lakhs and Amount in Rs. crore)

Month/Year Total Total MICR* Total Non-MICR** Total of RBI RBI Centres***

Centres Centres CentresAhmedabad Bangalore Bhopal

1 2 = (3+4) 3 = (5+22) 4 5 6 7 8

Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount

No. 8: Cheque Clearing Data

2001-02 9,015.0 1,25,75,254.0 5,377.0 1,09,47,391.0 3638.0 16,27,863.0 5377.0 1,09,47,391.0 414.0 2,07,524.0 445.0 2,69,346.0 — —

2002-03 10,139.0 1,34,24,313.0 5,980.0 1,09,78,762.0 4159.0 24,45,551.0 5980.0 1,09,78,762.0 434.0 2,25,060.0 485.0 3,07,577.0 — —

2003-04 10,228.0 1,15,95,960.0 6,241.0 91,78,751.0 3987.0 24,17,209.0 6241.0 91,78,751.0 473.0 2,80,649.0 547.0 3,75,885.0 — —

2004-05 11,668.5 1,04,58,894.9 9,414.6 93,56,252.2 2253.9 11,02,642.7 7384.8 84,93,320.7 525.5 3,52,696.6 601.6 4,77,810.1 59.3 47,188.1

2005-06 12,867.6 1,13,29,133.5 10,318.4 94,74,370.8 2549.2 18,54,762.8 7942.4 81,94976.7 603.7 4,06,598.7 656.1 4,98,344.5 71.9 32,181.0

2006-07 13,672.8 1,20,42,425.7 11,441.0 1,04,35,436.1 2231.8 16,06,989.5 8309.9 85,99,494.3 594.4 4,29,955.8 702.5 5,58,675.6 71.7 52,224.6

2007-08(P) 14,605.6 1,33,96,065.9 12,229.6 1,15,28,690.2 2376.0 18,67,375.7 8775.9 94,51,748.3 647.3 5,06,759.2 734.5 6,32,327.8 77.4 62,651.9

2007-08 (P)

April 1,169.0 10,20,648.7 982.6 8,58,100.5 186.4 1,62,548.3 711.0 6,94,136.3 48.2 37,977.6 60.0 52,523.2 6.2 4,796.6

May 1,178.9 11,12,303.6 990.5 8,71,552.9 188.4 2,40,750.7 705.8 7,08,984.3 50.3 36,212.7 62.3 56,277.7 6.0 4,835.0

June 1,140.3 10,20,164.4 951.9 8,87,891.6 188.4 1,32,272.7 687.2 7,30,703.4 51.1 38,572.6 61.4 48,857.2 5.8 4,512.8

July 1,225.6 10,33,767.4 1,028.1 9,17,884.1 197.6 1,15,883.3 752.0 7,65,059.7 56.8 39,463.9 61.9 52,540.1 6.7 3,844.4

August 1,215.2 9,95,281.6 1,020.9 8,75,538.0 194.3 1,19,743.6 730.4 7,16,282.5 52.5 36,681.2 62.7 49,593.2 6.8 4,326.5

September 1,106.2 9,82,442.3 913.8 8,69,312.0 192.4 1,13,130.2 657.2 7,18,007.9 48.1 36,914.0 53.5 48,357.6 6.1 4,208.3

October 1,309.6 11,18,384.8 1,099.3 9,92,996.9 210.3 1,25,387.9 785.8 8,17,338.5 59.5 42,892.1 61.2 50,863.0 7.1 4,865.2

November 1,180.5 11,98,037.8 979.7 9,78,282.4 200.8 2,19,755.4 701.5 8,09,893.4 52.6 44,910.1 60.0 47,361.3 6.3 5,329.8

December 1,243.0 11,49,430.4 1,044.8 10,07,810.6 198.1 1,41,619.8 737.2 8,16,611.9 55.3 44,079.8 60.5 54,352.0 5.7 5,093.8

January 1,313.9 12,99,798.0 1,101.4 11,45,967.5 212.5 1,53,830.5 793.6 9,53,207.6 62.4 51,572.2 64.5 54,470.3 7.1 6,874.4

February 1,244.1 11,56,446.5 1,043.7 9,88,547.6 200.4 1,67,899.0 744.2 7,94,535.6 54.5 43,559.4 63.4 55,496.2 7.0 5,710.0

March 1,279.4 13,09,360.4 1,073.0 11,34,806.2 206.4 1,74,554.3 770.2 9,26,987.3 56.1 53,923.5 63.0 61,635.9 6.7 8,254.9

2008-09 (P)

April 1,189.1 12,07,897.2 990.1 9,72,117.8 199.0 2,35,779.4 711.8 7,93,764.5 48.8 42,523.7 59.7 50,815.7 6.2 6,141.1

May 1,156.6 10,97,478.6 965.8 9,14,063.8 190.8 1,83,414.8 688.4 7,35,573.5 49.4 44,123.5 59.2 47,445.8 6.7 5,431.2

June 1,125.4 10,73,408.2 933.8 9,11,800.1 191.6 1,61,608.1 671.6 7,38,462.2 47.6 40,484.2 57.3 47,982.1 5.6 4,784.8

July 1,206.8 11,02,837.5 1,007.9 9,39,457.5 198.9 1,63,380.0 734.3 7,73,861.4 50.7 41,511.1 63.5 51,084.8 6.6 6,334.2

August 1,131.3 9,93,405.2 948.1 8,54,943.9 183.3 1,38,461.3 674.1 6,67,580.9 46.8 38,179.2 57.7 45,389.6 6.1 4,885.8

September 1,107.8 10,38,127.1 925.7 9,02,794.3 182.1 1,35,332.8 663.4 7,10,561.0 44.9 38,924.6 52.1 43,490.3 6.3 4,969.9

October 1,231.5 10,62,220.6 1,032.7 9,21,340.1 198.7 1,40,880.6 722.0 7,26,711.5 55.0 41,697.0 60.4 52,112.4 6.7 6,034.7

November 1,090.3 8,74,462.3 904.3 7,31,670.4 186.1 1,42,791.9 638.8 5,87,150.8 40.5 35,366.3 53.9 37,748.8 5.9 5,373.9

Total (upto

Nov. 08) 9,238.8 84,49,836.9 7,708.3 71,48,188.0 1530.5 13,01,648.9 5504.5 57,33,665.8 383.8 3,22,809.7 463.9 3,76,069.5 50.1 43,955.6

* : MICR - Magnetic Ink Character Recognition - automated CPC (Cheque Processing Centres).

** : Non MICR - Clearing done at the clearing house where MICR cheque processing centres have not been setup. The processing is done either usingmagnetic media based clearing system (MMBCS) or is done manually.

*** : RBI Centres (MICR) refers to all centres where RBI is the manager of Clearing House.


CURRENT

STATISTICS

Money andBanking

No. 8: Cheque Clearing Data (Contd.)


Month/Year RBI Centres***

Bhubaneswar Chandigarh Chennai Guwahati Hyderabad Jaipur Kanpur

1 9 10 11 12 13 14 15

Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount

2001-02 27.0 21,625.0 — — 522.0 5,00,872.0 30.0 19,592.0 305.0 1,82,764.0 123.0 54,432.0 67.0 32,369.0

2002-03 33.0 26,349.0 — — 557.0 5,52,913.0 34.0 22,436.0 337.0 2,15,035.0 130.0 58,202.0 73.0 34,532.0

2003-04 37.0 37,136.0 — — 602.0 6,12,158.0 37.0 27,840.0 369.0 2,75,503.0 148.0 70,122.0 78.0 41,397.0

2004-05 41.8 47,252.7 112.8 1,11,091.8 735.1 7,59,883.1 42.4 32,713.9 390.2 3,01,678.8 168.0 89,086.6 87.1 47,225.8

2005-06 48.6 53,649.7 123.8 1,27,037.9 813.2 6,55,277.9 48.2 39,660.5 416.8 3,63,317.1 187.4 1,13,452.5 92.7 55,328.7

2006-07 56.2 64,833.9 140.7 1,98,205.1 803.5 6,92,201.6 55.1 49,100.5 438.9 3,95,911.4 197.8 1,37,784.8 96.9 64,396.1

2007-08(P) 60.0 80,993.5 141.4 1,61,218.5 854.1 7,78,853.6 59.5 55,169.2 454.6 4,52,498.8 219.3 1,62,021.8 100.0 69,885.1

2007-08 (P)

April 4.6 5,831.5 11.0 14,150.3 69.8 66,324.2 4.5 4,578.5 36.9 35,342.0 17.0 12,404.9 8.3 5,508.0

May 4.9 5,938.9 11.8 15,226.9 69.3 59,764.8 4.8 4,088.7 35.6 33,432.0 17.0 12,148.7 8.6 5,774.8

June 4.8 5,694.7 11.4 11,972.4 68.7 63,265.4 4.9 4,514.6 34.8 34,164.7 16.4 12,873.3 7.9 6,244.2

Jul 5.0 6,288.5 11.7 13,279.9 73.3 63,481.3 4.9 4,258.1 38.4 37,798.9 18.4 13,024.8 8.2 5,548.1

August 5.4 5,905.7 11.9 13,575.2 72.9 63,566.8 5.0 3,911.1 37.8 37,093.1 17.0 11,957.0 8.3 5,397.6

September 4.5 6,429.3 10.9 11,191.7 65.8 61,810.7 4.5 4,305.6 33.6 32,219.9 17.1 11,708.9 7.6 4,810.6

October 5.4 6,434.0 12.5 14,026.7 74.9 66,808.0 5.1 4,637.9 38.9 37,455.3 19.2 14,238.1 8.9 5,990.5

November 5.0 6,400.5 11.5 12,886.3 69.1 65,667.0 4.9 4,583.7 38.6 36,183.5 18.4 14,223.6 7.8 5,521.2

December 5.0 6,080.9 11.8 12,674.3 70.2 66,549.4 5.0 4,409.5 39.1 39,326.6 18.8 13,940.1 8.2 5,745.3

January 5.3 7,942.6 12.5 14,353.3 71.8 62,658.0 5.3 4,814.9 41.2 42,302.6 21.5 15,688.9 9.2 6,575.3

February 5.1 8,446.4 12.4 12,383.0 72.5 65,503.0 5.2 4,782.7 40.7 42,347.5 19.5 13,948.2 8.5 6,069.7

March 5.2 9,600.6 12.1 15,498.5 75.9 73,455.1 5.5 6,283.9 39.1 44,832.8 19.1 15,865.3 8.6 6,699.9

2008-09

April 4.8 7,898.6 11.1 15,341.9 70.7 72,489.2 4.9 6,274.0 38.4 40,598.4 16.6 13,502.7 8.1 6,010.4

May 4.8 8,125.9 11.4 13,000.7 69.6 69,582.6 5.1 5,392.7 38.8 38,131.8 16.6 13,568.5 8.3 6,029.0

June 4.5 6,632.5 10.2 11,862.1 68.7 71,149.3 4.6 4,930.8 37.3 38,755.0 15.6 12,802.2 7.1 5,740.4

July 5.3 8,800.5 11.4 11,275.7 64.7 69,784.4 5.1 5,111.4 41.1 41,507.0 17.3 13,557.8 8.0 5,968.0

August 4.7 6,984.8 10.7 11,619.5 57.4 63,086.0 4.6 4,265.3 36.9 36,005.4 16.0 12,053.7 7.6 5,526.9

September 4.9 6,957.5 10.5 13,186.6 57.4 65,891.2 4.6 4,265.3 37.8 36,634.4 15.8 14,134.9 6.4 4,998.1

October 5.3 7,253.1 11.9 13,155.4 57.2 63,369.2 4.9 4,905.6 38.0 36,958.1 18.4 14,329.4 8.7 7,371.3

November 4.7 6,844.5 10.7 11,879.8 53.1 55,258.4 5.0 4,954.1 37.1 34,102.3 15.7 11,459.3 8.3 5,956.9

Total (upto

Nov, 08) 38.9 59,497.4 87.9 1,01,321.7 498.7 5,30,610.2 38.8 40,099.2 305.3 3,02,692.5 132.1 1,05,408.6 62.5 47,601.1

RBIMonthly Bulletin

January 2009 S 17

CURRENT

STATISTICS

Money andBanking

No. 8: Cheque Clearing Data (Contd.)


Month/Year

Kolkata Mumbai Nagpur New Delhi Patna Thiruvananthapuram

1 16 17 18 19 20 21

Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount

2001-02 523.0 3,73,131.0 1,679.0 82,17,816.0 102.0 41,151.0 1079.0 9,90,315.0 27.0 17,421.0 34.0 19,032.0

2002-03 531.0 4,19,164.0 2,019.0 76,94,748.0 109.0 46,924.0 1164.0 13,19,625.0 37.0 19,506.0 37.0 36,691.0

2003-04 470.0 4,65,308.0 2,162.0 55,11,293.0 120.0 56,330.0 1107.0 13,54,677.0 50.0 26,739.0 41.0 43,714.0

2004-05 599.9 5,60,659.9 2,304.1 37,53,670.3 124.4 63,495.1 1479.3 17,73,610.1 65.0 30,861.7 48.2 44,396.1

2005-06 642.4 6,58,639.7 2,391.9 33,42,829.4 134.8 75,772.3 1597.2 16,97,583.2 59.2 36,819.8 54.6 38,484.0

2006-07 684.2 6,82,358.0 2,518.3 33,19,090.1 145.6 92,546.6 1690.9 17,73,548.3 56.8 47,968.8 56.2 40,693.0

2007-08 (P) 730.5 7,78,304.3 2,651.6 36,85,407.3 151.3 1,06,351.7 1775.7 18,00,975.6 62.6 61,006.5 56.0 57,323.4

2007-08 (P)

April 57.8 58,696.5 221.0 2,29,445.8 11.3 8,695.7 145.3 1,46,705.0 4.8 6,928.5 4.5 4,228.0

May 59.9 61,399.2 208.0 2,61,566.1 11.9 8,660.5 146.0 1,34,494.9 4.7 5,352.2 4.8 3,811.2

June 57.5 62,309.8 203.1 2,80,461.1 12.0 8,428.3 137.9 1,40,266.4 5.0 4,335.6 4.6 4,230.2

July 61.0 61,348.0 231.1 3,06,618.1 12.7 7,646.3 152.2 1,41,101.1 5.2 5,217.5 4.7 3,600.6

August 62.2 59,161.4 219.2 2,74,074.2 12.8 7,849.0 146.2 1,34,970.6 5.4 3,959.9 4.5 4,260.0

September 55.0 57,083.7 194.4 2,84,887.2 11.3 7,589.8 135.5 1,38,687.4 4.9 3,760.4 4.4 4,042.7

October 61.6 60,282.9 248.1 3,32,783.2 14.1 8,763.1 159.0 1,57,435.9 5.4 5,044.4 4.9 4,818.3

November 59.3 59,713.8 206.1 3,50,427.6 12.5 8,369.6 140.0 1,38,811.1 4.9 4,530.0 4.6 4,974.2

December 62.8 66,027.1 225.5 3,29,424.9 12.6 8,327.6 146.6 1,50,380.8 5.4 4,694.2 4.7 5,505.5

January 65.3 67,906.6 242.5 4,17,848.2 13.8 10,609.2 160.5 1,76,864.6 5.8 5,393.5 4.9 7,333.1

February 60.8 65,791.2 221.7 3,00,298.8 13.1 9,534.0 149.7 1,50,895.5 5.7 5,058.4 4.6 4,711.6

March 67.3 98,584.0 230.9 3,17,572.1 13.4 11,878.5 156.8 1,90,362.4 5.5 6,731.9 4.9 5,808.1

2008-09 (P)

April 57.9 67,101.2 215.7 2,83,396.5 12.4 9,090.9 146.9 1,61,140.8 5.0 5,581.2 4.7 5,858.2

May 58.3 64,139.9 206.7 2,65,785.6 12.4 9,361.1 146.2 1,43,245.2 5.1 5,105.0 4.7 5,038.1

June 53.1 64,292.9 201.7 2,64,352.0 11.5 9,176.0 137.8 1,45,474.3 4.6 5,939.4 4.4 4,104.2

July 61.9 70,511.5 221.9 2,75,708.5 12.7 9,900.2 153.8 1,52,336.3 5.3 5,540.7 4.9 4,929.1

August 56.7 61,340.9 209.1 2,28,975.1 11.8 8,125.4 138.5 1,32,723.4 4.9 4,566.5 4.5 3,853.2

September 59.5 66,626.1 201.0 2,46,840.5 11.3 8,364.3 141.5 1,46,688.8 5.2 4,539.5 4.3 4,048.7

October 55.4 52,842.5 223.5 2,54,526.8 13.2 9,625.6 152.4 1,49,637.9 5.9 6,788.9 5.0 6,103.7

November 56.0 55,757.8 194.2 1,90,205.0 11.8 7,845.1 132.2 1,15,444.6 5.0 5,122.5 4.6 3,831.4

Total (upto

Nov, 08) 458.9 5,02,613.0 1,673.9 20,09,790.0 97.1 71,488.6 1,149.3 1146,691.4 41.1 43,183.8 37.0 37,766.7

RBI Centres***


CURRENT

STATISTICS

Money andBanking

No. 8: Cheque Clearing Data (Concld.)


Month/Year Other MICR Centres

1 22

Number Amount

2001-02 — —

2002-03 — —

2003-04 — —

2004-05 2,029.8 8,62,931.5

2005-06 2,375.9 12,79,394.1

2006-07 3,131.1 18,35,941.8

2007-08(P) 3,453.7 20,76,941.9

2007-08 (P)

April 271.6 1,63,964.1

May 284.7 1,62,568.6

June 264.8 1,57,188.2

July 276.1 1,52,824.4

August 290.5 1,59,255.4

September 256.6 1,51,304.2

October 313.5 1,75,658.4

November 278.2 1,68,389.1

December 307.6 1,91,198.7

January 307.8 1,92,759.9

February 299.5 1,94,011.9

March 302.8 2,07,818.8

2008-09 (P)

Apri 278.2 1,78,353.3

May 277.4 1,78,490.3

June 262.2 1,73,337.9

July 273.5 1,65,596.2

August 274.0 1,87,363.0

September 262.3 1,92,233.3

October 310.7 1,94,628.5

November 265.5 1,44,519.6

Total (upto

Nov, 08) 2,203.8 14,14,522.2

RBIMonthly Bulletin

January 2009 S 19

CURRENT

STATISTICS

Money andBanking

(Number in Lakh and Amount in Rs. crore)

Year / Period Total ElectronicElectronic Clearing Services (ECS)

Electronic FundsCard Payments#

Payments Transfer (EFT)

ECS (Credit) ECS (Debit) Credit Debit*

1 2=(3+4+5+6+7) 3 4 5 6 7

Volume Amount Volume Amount Volume Amount Volume Amount Number Volume Amount Number Volume Amount

of of

Out- Out-

standing standing

Cards** Cards**

No. 9A: Retail Electronic Payment Systems

2003-04 1,669.55 52,142.78 203.00 10,228.00 79.00 2,253.58 8.19 17,124.81 — 1,001.79 17,662.72 — 377.57 4,873.67

2004-05 2,289.04 1,08,749.83 400.51 20,179.81 153.00 2,921.24 25.49 54,601.38 — 1,294.72 25,686.36 — 415.32 5,361.04

2005-06 2,850.13 1,46,382.68 442.16 32,324.35 359.58 12,986.50 30.67 61,288.22 173.27 1,560.86 33,886.47 497.63 456.86 5,897.14

2006-07 3,787.09 2,35,693.12 690.19 83,273.09 752.02 25,440.79 47.76 77,446.31 231.23 1,695.36 41,361.31 749.76 601.77 8,171.63

2007-08 5,353.09 10,41,991.93 783.65 7,82,222.30 1,271.20 48,937.20 133.15 1,40,326.48 275.47 2,282.03 57,984.73 1,024.37 883.06 12,521.22

2007-08 (P)

April 376.45 28,346.53 60.07 8,027.76 82.63 3,040.37 6.75 12,159.06 235.03 167.35 4,258.26 758.66 59.65 861.07

May 370.93 24,451.57 38.70 3,620.43 88.98 2,942.11 7.42 12,734.62 241.29 174.70 4,296.39 784.59 61.13 858.02

June 385.26 24,170.64 52.90 7,824.70 90.56 4,586.06 7.50 6,704.94 243.98 171.86 4,190.71 795.65 62.43 864.23

July 440.52 29,912.23 89.85 11,709.17 96.57 3,231.45 8.48 9,615.62 244.89 179.50 4,450.51 819.74 66.12 905.48

August 449.29 28,259.80 81.17 11,944.00 98.47 3,310.76 8.97 7,395.73 249.48 188.37 4,600.60 849.54 72.30 1,008.71

September 414.09 28,685.38 58.41 9,575.51 103.02 4,540.73 9.60 9,301.03 251.40 174.15 4,315.04 876.52 68.91 953.07

October 493.02 37,516.39 83.98 12,401.66 111.56 4,212.86 12.28 14,583.40 256.16 207.51 5,201.23 897.07 77.69 1,117.23

November 486.38 32,926.05 75.14 12,555.05 114.79 4,348.66 13.17 9,387.33 258.74 199.44 5,375.01 922.58 83.84 1,260.00

December 467.73 38,215.50 55.40 15,273.70 116.06 5,203.72 13.07 11,143.71 262.45 202.47 5,362.94 946.86 80.72 1,231.42

January 473.89 34,522.43 52.55 7,430.35 117.75 4,561.57 14.82 15,938.36 266.33 207.24 5,450.74 967.86 81.54 1,141.40

February 505.09 6,97,237.84 86.58 6,75,224.00 122.81 4,756.84 15.18 10,941.22 268.75 198.93 5,183.29 996.04 81.58 1,132.49

March 490.43 37,747.57 48.88 6,635.96 128.01 4,202.06 15.90 20,421.47 275.47 210.49 5,300.00 1,024.37 87.15 1,188.09

2008-09 (P)

April 504.99 38,723.13 60.96 8,590.47 127.11 5,009.43 17.02 18,286.34 283.12 215.45 5,611.38 1,049.91 84.44 1,225.51

May 506.95 37,466.82 47.25 5,314.57 132.70 5,129.74 18.71 20,067.09 267.34 214.96 5,581.88 1,082.53 93.33 1,373.54

June 514.71 32,493.74 64.17 7,553.91 132.26 5,196.29 19.16 13,194.69 270.16 206.21 5,261.63 1,101.52 92.91 1,287.22

July 573.60 45,791.13 92.35 10,371.04 133.35 5,447.80 22.93 22,999.52 268.68 224.47 5,578.37 1,130.39 100.49 1,394.40

August 616.33 37,792.91 121.09 9,493.34 133.94 5,546.76 22.61 15,213.86 267.33 226.28 5,801.48 1,140.63 112.41 1,737.47

September 576.27 39,119.45 96.34 9,122.00 131.57 5,627.37 25.25 17,221.08 268.20 219.16 5,635.60 1,197.44 103.96 1,513.40

October 642.60 49,765.73 121.40 9,733.60 134.92 5,906.58 30.77 25,722.44 266.75 236.47 6,442.34 1,219.60 119.03 1,960.77

November 532.90 41,524.41 57.72 6,758.28 137.13 5,755.72 27.19 22,097.04 253.23 205.74 5,355.01 1,255.11 105.12 1,558.36

Total (upto

Nov, 08) 4,468.35 3,22,677.32 661.28 66,937.21 1,062.98 43,619.68 183.65 1,54,802.07 253.23 1,748.75 4,5267.70 1,255.11 811.70 12,050.66

# : Card Payments figures pertain only to Point of Sale (POS) transactions.* : Debit Cards figures for 2003-04 and 2004-05 are estimated based on 2005-06 figures.** : Cards issued by banks (excluding those withdrawn/blocked).


CURRENT

STATISTICS

Money andBanking

No. 9B: Large Value Clearing and Settlement Systems


Year / Period Real Time Gross Settlement System

Total Customer remittance Inter-Bank remittance Inter-bank clearing Total Inter-bank

settlement**

1 2=(3+4+5) 3 4 5 6=(4+5)

Number Amount Number Amount Number Amount Number Amount Number Amount

2003-04 0.001 1,965.49 0.00 0.00 0.001 1,965.49 — — 0.001 1,965.49

2004-05 4.604 40,66,184.00 0.68 2,49,662.00 3.92 38,16,522.00 — — 3.92 38,16,522.00

2005-06 17.670 1,15,40,836.25 7.13 25,70,212.29 10.54 89,70,623.96 — — 10.54 89,70,623.96

2006-07 38.80 2,46,19,179.99 24.82 71,67,807.91 13.94 1,13,13,346.69 0.04 61,38,025.39 13.98 1,74,51,372.08

2007-08 58.54 4,82,94,558.97 41.46 1,61,00,172.88 16.94 1,12,18,157.41 0.14 2,09,76,228.68 17.08 3,21,94,386.10

2007-08

April 3.30 30,52,145.05 2.06 8,37,607.28 1.23 11,09,957.75 0.006 11,04,580.02 1.24 22,14,537.77

May 3.69 30,56,182.88 2.37 9,33,089.84 1.32 8,75,831.15 0.009 12,47,261.89 1.32 21,23,093.04

June 3.82 31,85,137.95 2.49 12,50,113.93 1.31 8,16,059.70 0.019 11,18,964.32 1.33 19,35,024.02

July 3.97 33,90,128.37 2.63 13,83,382.06 1.31 8,40,713.46 0.021 11,66,032.85 1.33 20,06,746.31

August 4.19 39,46,479.77 2.81 11,88,033.68 1.37 9,83,548.72 0.012 17,74,897.37 1.39 27,58,446.09

September 4.06 41,53,981.12 2.78 12,09,224.98 1.27 9,10,182.26 0.009 20,34,573.88 1.28 29,44,756.14

October 4.83 49,49,173.65 3.41 13,07,702.75 1.41 8,46,505.29 0.013 27,94,965.61 1.43 36,41,470.90

November 5.24 40,72,777.90 3.76 13,94,946.07 1.47 8,87,495.28 0.010 17,90,336.55 1.48 26,77,831.83

December 5.54 39,16,030.07 4.08 14,14,048.47 1.45 7,91,095.44 0.009 17,10,886.16 1.46 25,01,981.60

January 6.35 51,59,519.91 4.75 17,46,044.67 1.59 11,88,764.30 0.010 22,24,710.94 1.60 34,13,475.24

February 6.38 47,01,199.15 4.81 16,37,191.34 1.56 9,89,586.62 0.010 20,74,421.18 1.57 30,64,007.80

March 7.16 47,11,803.16 5.51 17,98,787.80 1.64 9,78,417.44 0.009 19,34,597.92 1.65 29,13,015.36

2008-09

April 6.78 48,47,956.95 5.19 15,95,777.62 1.57 8,53,187.78 0.011 23,98,991.55 1.58 32,52,179.34

May 7.63 44,48,417.00 5.95 15,80,007.83 1.67 8,85,628.25 0.012 19,82,780.92 1.68 28,68,409.17

June 7.87 45,13,960.83 6.21 16,46,155.13 1.65 9,51,811.99 0.012 19,15,993.71 1.66 28,67,805.70

July 8.70 49,62,469.06 6.92 15,87,652.09 1.76 11,00,562.35 0.016 22,74,254.62 1.78 33,74,816.97

August 8.52 41,00,796.82 6.86 14,36,487.67 1.64 9,70,634.47 0.014 16,93,674.67 1.65 26,64,309.14

September 9.50 54,67,011.33 7.83 18,56,151.15 1.66 11,07,216.33 0.016 25,03,643.85 1.67 36,10,860.18

October 10.91 57,09,503.32 9.17 16,00,262.02 1.72 11,38,951.40 0.019 29,70,289.89 1.74 41,09,241.29

November 11.39 40,13,012.27 9.64 13,33,676.48 1.73 10,05,503.61 0.018 16,73,832.18 1.75 26,79,335.79

Total (upto

Nov. 08) 71.30 3,80,63,127.56 57.77 1,26,36,169.99 13.41 80,13,496.18 0.12 1,74,13,461.39 13.53 2,54,26,957.57

* : Inter-Bank Clearing Settlement pertains to the MNSB batches. MNSB settlement in RTGS started from 12 August, 2006.

** : The MNSB Settlement relates to the settlement of ECS, EFT, NEFT, REPO, Outright, FOREX, CBLO and Cheque Clearing at Mumbai.

RBIMonthly Bulletin

January 2009 S 21

CURRENT

STATISTICS

Money andBanking

No. 9B: Large Value Clearing and Settlement Systems (Concld.)


Year / Period CCIL Operated Systems

Government Securities Settlement Forex Settlement CBLO Settlement

Outright Repo

1 7 8 9 10

Number of Value Number of Value Number of Value Number of Value

Trades Trades Trades Trades

2003-04 2.44 15,75,133.00 0.21 9,43,189.00 3.31 23,18,530.80 0.03 76,850.70

2004-05 1.61 11,34,222.08 0.24 15,57,906.55 4.66 40,42,434.86 0.29 9,76,757.10

2005-06 1.25 8,64,751.40 0.25 16,94,508.70 4.90 52,39,673.90 0.68 29,53,133.90

2006-07 1.37 10,21,535.70 0.30 25,56,501.50 6.06 80,23,078.00 0.86 47,32,271.30

2007-08 1.89 16,53,851.30 0.27 39,48,750.70 7.57 1,27,26,831.90 1.13 81,10,828.60

2007-08

April 0.09 79,052.00 0.02 1,50,668.90 0.68 10,33,519.20 0.08 3,97,902.20

May 0.10 78,229.50 0.02 2,24,137.20 0.63 8,67,577.50 0.09 5,20,253.50

June 0.14 1,13,569.70 0.02 2,57,372.10 0.62 9,03,131.40 0.07 5,39,299.60

July 0.26 2,28,950.90 0.02 2,71,081.40 0.61 9,78,291.00 0.06 5,19,190.00

August 0.14 1,20,419.00 0.03 4,17,198.80 0.67 10,28,677.00 0.09 6,72,243.00

September 0.12 97,568.60 0.02 4,11,137.80 0.58 10,58,687.20 0.09 6,68,018.10

October 0.12 1,20,504.80 0.02 3,97,798.60 0.72 12,02,092.20 0.11 7,69,062.20

November 0.09 81,124.70 0.02 3,05,487.90 0.57 9,00,169.30 0.11 6,86,745.60

December 0.14 1,31,217.20 0.02 3,20,507.90 0.51 9,16,269.70 0.10 7,22,081.30

January 0.35 3,13,153.20 0.03 4,25,726.10 0.62 11,36,947.00 0.12 8,92,784.10

February 0.22 1,92,139.60 0.03 4,42,037.30 0.66 12,69,787.80 0.11 9,00,168.50

March 0.12 97,922.10 0.02 3,25,596.70 0.69 14,31,682.60 0.11 8,23,080.50

2008-09

April 0.12 1,08,602.80 0.02 3,44,220.20 0.56 12,06,935.70 0.11 8,93,038.50

May 0.17 1,42,728.70 0.02 3,68,236.20 0.75 12,28,186.00 0.11 9,08,156.90

June 0.10 1,09,956.10 0.02 2,81,545.80 0.69 13,67,490.70 0.11 8,94,344.20

July 0.10 93,002.60 0.01 2,23,370.40 0.83 15,57,981.60 0.10 6,15,406.80

August 0.16 1,21,961.30 0.01 2,50,899.70 0.76 14,50,096.30 0.09 5,30,643.70

September 0.22 1,66,720.60 0.01 2,55,691.60 0.81 17,15,233.60 0.09 4,93,139.60

October 0.18 1,42,787.80 0.02 2,10,993.60 0.76 17,12,726.60 0.08 3,69,994.30

November 0.23 1,92,139.70 0.02 3,49,388.60 0.69 14,66,754.00 0.09 5,60,709.60

Total (upto

Nov, 08) 1.28 10,77,899.60 0.14 22,84,346.10 5.86 1,17,05,404.50 0.78 52,65,433.60


CURRENT

STATISTICS

Money andBanking

Note : Monetary aggregates as at end-March incorporate data on i) scheduled commercial banks as on last reporting Friday and ii) the Reserve Bank of India

pertaining to the last working day of the fiscal year.


No. 10: Money Stock Measures

March 31/ReportingFridays ofthe month/Last reportingFridayof the month

Currency with the public Deposit money of the public

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

2005-2006 4,21,922 6,190 2,564 17,557 4,13,119 4,06,388 6,869 4,13,256 8,26,375 5,041 8,31,416 19,03,170 27,29,545 25,969 27,55,514

2006-2007 4,95,938 6,684 1,577 21,293 4,82,906 4,75,687 7,496 4,83,183 9,66,089 5,041 9,71,130 23,50,004 33,16,093 25,969 33,42,062

2007-2008 5,81,577 7,656 1,668 23,425 5,67,476 5,74,408 9,069 5,83,477 11,50,953 5,041 11,55,994 28,55,769 40,06,722 25,969 40,32,691

November 9, 2007 5,41,863 7,221 1,635 20,944 5,29,775 4,71,358 5,223 4,76,581 10,06,356 5,041 10,11,397 26,66,881 36,73,237 25,969 36,99,206

November 23, 2007 5,38,279 7,385 1,641 22,192 5,25,113 4,80,083 4,784 4,84,866 10,09,979 5,041 10,15,020 26,70,774 36,80,753 25,969 37,06,722

July 2008 6,16,330 7,946 1,567 22,924 6,02,920 4,93,342 5,077 4,98,419 11,01,339 5,041 11,06,380 30,32,383 41,33,721 25,969 41,59,690

August 2008 6,01,704 8,057 1,567 24,628 5,86,700 5,17,045 5,226 5,22,270 11,08,970 5,041 11,14,011 31,06,639 42,15,609 25,969 42,41,578

September 2008 6,03,489 8,057 1,567 26,124 5,86,989 5,44,726 5,414 5,50,141 11,37,129 5,041 11,42,170 31,33,957 42,71,086 25,969 42,97,055

October 2008 6,28,848 8,057 1,567 27,549 6,10,924 5,19,727 4,982 5,24,710 11,35,634 5,041 11,40,675 32,02,538 43,38,172 25,969 43,64,141

November 7, 2008 6,39,925 8,057 1,567 27,351 6,22,198 5,01,658 6,456 5,08,113 11,30,312 5,041 11,35,353 32,47,535 43,77,847 25,969 44,03,816

November 21, 2008 6,35,845 8,057 1,567 26,746 6,18,723 4,90,694 4,871 4,95,564 11,14,287 5,041 11,19,328 32,66,628 43,80,915 25,969 44,06,884

(Rs. crore)

Notesin

circula-tion(1)

Circulation of

Rupeecoins

(2)

Smallcoins

(2)

Cashon

handwith

banks

Total(2+3+

4-5)

Demanddeposits

withbanks

‘Other’depos-

itswith

ReserveBank

(3)

Total(7+8)

M1

(6+9)

Postoffice

savingsbank

depos-its

M2

(10+11)

Timedeposits

withbanks

M3

(10+13)

Totalpost

officedepos-

its

M4

(14+15)

RBIMonthly Bulletin

January 2009 S 23

CURRENT

STATISTICS

Money andBanking

(Rs. crore)

Outstandings as on March 31/reporting Fridays of the month/last reporting Friday of the month

2005-2006 2006-2007 2007-2008 November 9, November 23,2007 2007

1 2 3 4 5 6

1. Net Bank Credit to Government (A+B) 7,65,058 8,34,235 9,07,077 8,61,778 8,67,122

A. RBI’s net credit to Government (i-ii) 6,599 2,423 –1,13,209 –1,28,888 –1,42,122

(i) Claims on Government (a+b) 72,044 97,512 1,16,194 77,842 50,967

(a) Central Government (1) 70,563 97,184 1,14,725 76,213 50,861

(b) State Governments 1,481 328 1,468 1,629 105

(ii) Government deposits with RBI (a+b) 65,445 95,089 2,29,403 2,06,731 1,93,089

(a) Central Government 65,404 95,048 2,29,361 2,06,685 1,92,964

(b) State Governments 41 41 41 46 125

B. Other Banks’ Credit to Government 7,58,459 8,31,812 10,20,286 9,90,666 10,09,244

2. Bank Credit to Commercial Sector(A+B) 16,93,004 21,30,078 25,69,912 22,68,913 22,80,861

A. RBI’s credit to commercial sector (2) 1,387 1,537 1,788 1,383 1,704

B. Other banks’ credit to commercial

sector (i+ii+iii) 16,91,617 21,28,541 25,68,124 22,67,530 22,79,157

(i) Bank credit by commercial banks 15,07,077 19,31,189 23,61,914 20,63,226 20,72,746

(ii) Bank credit by co-operative banks 1,63,731 1,78,229 1,89,776 1,86,952 1,89,095

(iii) Investments by commercial and

co-operative banks in other securities 20,809 19,123 16,435 17,352 17,317

3. Net Foreign Exchange Assets of

Banking Sector (A+B) 7,26,194 9,13,179 12,95,131 10,91,744 11,06,110

A. RBI’s net foreign exchange assets (i-ii)(3) 6,72,983 8,66,153 12,36,130 10,61,099 10,75,465

(i) Gross foreign assets 6,73,001 8,66,170 12,36,147 10,61,117 10,75,483

(ii) Foreign liabilities 17 17 17 17 17

B. Other banks’ net foreign exchange assets 53,211 47,026 59,001 30,644 30,644

4. Government’s Currency Liabilities to the Public 8,754 8,261 9,324 8,856 9,026

5. Banking Sector’s net Non-monetary

Liabilities Other than Time Deposits (A+B) 4,63,464 5,69,660 7,74,723 5,58,053 5,82,367

A. Net non-monetary liabilities of RBI(3) 1,22,463 1,77,019 2,10,206 1,45,196 1,51,433

B. Net non-monetary liabilities of

other banks(residual) 3,41,001 3,92,641 5,64,517 4,12,857 4,30,934

M3 (1+2+3+4-5) 27,29,545 33,16,093 40,06,722 36,73,237 36,80,753

No. 11: Sources of Money Stock (M3)


CURRENT

STATISTICS

Money andBanking

(Rs.crore)

Outstandings as on March 31/reporting Fridays of the month/last reporting Friday of the month

Source July August September October November 7, November 21,2008 2008 2008 2008 2008 2008

1 7 8 9 10 11 12

1. Net Bank Credit to Government (A+B) 9,74,333 9,73,943 9,68,627 9,86,352 10,41,538 10,51,208

A. RBI’s net credit to Government (i-ii) –59,096 –89,230 –61,862 –1,08,911 –71,456 –61,506

(i) Claims on Government (a+b) 1,12,485 84,570 1,32,442 56,418 92,015 81,002

(a) Central Government (1) 1,12,485 84,570 1,32,435 56,113 90,769 80,964

(b) State Governments — — 7 305 1246 39

(ii) Government deposits with RBI (a+b) 1,71,581 1,73,799 1,94,303 1,65,329 1,63,472 1,42,508

(a) Central Government 1,71,540 1,73,758 1,94,262 1,65,288 1,63,430 1,42,467

(b) State Governments 41 41 41 41 41 41

B. Other Banks’ Credit to Government 10,33,429 10,63,173 10,30,489 10,95,262 11,12,995 11,12,714

2. Bank Credit to Commercial Sector(A+B) 26,21,022 26,76,605 27,66,160 28,36,533 28,55,724 28,55,603

A. RBI’s credit to commercial sector (2) 1,438 1,381 1,867 1,381 1,926 1,514

B. Other banks’ credit to commercial

sector (i+ii+iii) 26,19,584 26,75,224 27,64,293 28,35,152 28,53,797 28,54,089

(i) Bank credit by commercial banks 24,07,308 24,58,334 25,42,467 26,15,041 26,34,893 26,32,700

(ii) Bank credit by co-operative banks 1,96,552 1,94,826 1,99,183 1,97,686 1,96,596 1,98,958

(iii)Investments by commercial and

co-operative banks in other securities 15,725 22,065 22,642 22,424 22,308 22,430

3. Net Foreign Exchange Assets of

Banking Sector (A+B) 13,33,609 13,12,878 13,72,326 13,07,838 12,21,499 12,48,757

A. RBI’s net foreign exchange assets (i-ii)(3) 13,11,682 12,90,951 13,50,398 12,85,910 11,99,571 12,26,829

(i) Gross foreign assets 13,11,699 12,90,968 13,50,416 12,85,927 11,99,589 12,26,847

(ii) Foreign liabilities 17 17 17 17 17 17

B. Other banks’ net foreign exchange assets 21,928 21,928 21,928 21,928 21,928 21,928

4. Government’s Currency Liabilities to the Public 9,513 9,624 9,624 9,624 9,624 9,624

5. Banking Sector’s net Non-monetary

Liabilities Other than Time Deposits (A+B) 8,04,756 7,57,442 8,45,651 8,02,174 7,50,538 7,84,277

A. Net non-monetary liabilities of RBI(3) 3,15,718 2,67,386 3,49,282 3,33,171 2,89,072 3,24,939

B. Net non-monetary liabilities of other

banks(residual) 4,89,038 4,90,056 4,96,368 4,69,003 4,61,467 4,59,338

M3 (1+2+3+4-5) 41,33,721 42,15,609 42,71,086 43,38,172 43,77,847 43,80,915

Notes : Monetary aggregates as at end-March incorporate data on i) scheduled commercial banks as on last reporting Friday and ii) the Reserve Bankof India pertaining to the last working day of the fiscal year.


No. 11: Sources of Money Stock (M3) (Concld.)

RBIMonthly Bulletin

January 2009 S 25

CURRENT

STATISTICS

Money andBanking

No. 11A: Commercial Bank Survey

(Rs. crore)

Outstanding as on

Item Mar. 31 Mar. 30 Nov. 09 Nov. 23 Mar. 28 Nov. 07 Nov. 21

2006 2007 2007 2007 2008 2008 2008

1 2 3 4 5 6 7 8

Components

C.I Aggregate Deposits of Residents 20,49,773 25,44,473 28,49,040 28,61,502 31,40,004 34,56,136 34,56,908

(C.I.1+C.I.2)

C.I.1 Demand Deposits 3,64,640 4,29,731 4,26,676 4,35,116 5,24,310 4,54,184 4,42,621

C.I.2 Time Deposits of Residents 16,85,133 21,14,742 24,22,364 24,26,386 26,15,695 30,01,952 30,14,287

(C.I.2.1+C.I.2.2 )

C.I.2.1 Short-term Time Deposits 7,58,310 9,51,634 10,90,064 10,91,874 11,77,063 13,50,878 13,56,429

C.I.2.1.1 Certificates of Deposits (CDs) 44,499 97,442 1,33,902 1,31,054 1,66,642 1,52,904 1,51,141

C.I.2.2 Long-term Time Deposits 9,26,823 11,63,108 13,32,300 13,34,512 14,38,632 16,51,073 16,57,858

C.II Call/Term Funding from Financial Institutions 83,144 85,836 91,979 88,936 1,06,504 1,06,004 1,11,957

Sources

S.I Domestic Credit (S.I.1+S.I.2) 23,64,241 28,65,959 32,04,968 32,17,113 35,07,759 38,72,025 38,81,377

S.I.1 Credit to the Government 7,00,742 7,76,058 9,33,022 9,49,519 9,58,661 10,52,160 10,49,958

S.I.2 Credit to the Commercial Sector 16,63,499 20,89,901 22,71,946 22,67,595 25,49,097 28,19,865 28,31,419

(S.I.2.1+S.I.2.2+S.I.2.3+S.I.2.4)

S.I.2.1 Bank Credit 15,07,077 19,31,189 20,63,226 20,72,746 23,61,914 26,34,893 26,32,700

S.I.2.1.1 Non-food Credit 14,66,386 18,84,669 20,26,506 20,35,049 23,17,515 25,83,319 25,83,309

S.I.2.2 Net Credit to Primary Dealers 4,369 2,799 3,910 3,688 3,521 1,574 2,704

S.I.2.3 Investments in Other Approved Securities 16,712 15,458 13,777 13,637 13,053 18,919 18,953

S.I.2.4 Other Investments (in non-SLR Securities) 1,35,340 1,40,455 1,91,033 1,77,525 1,70,609 1,64,480 1,77,062

S.II Net Foreign Currency Assets of

Commercial Banks (S.II.1-S.II.2-S.II.3) –45,616 –40,612 –61,953 –62,964 –70,196 –68,009 –76,512

S.II.1 Foreign Currency Assets 43,494 58,754 35,428 30,854 31,189 48,758 40,540

S.II.2 Non-resident Foreign Currency Repatriable 59,275 67,461 64,456 60,498 56,935 60,841 62,686

Fixed Deposits

S.II.3 Overseas Foreign Currency Borrowings 29,834 31,905 32,925 33,321 44,451 55,926 54,366

S.III Net Bank Reserves (S.III.1+S.III.2-S.III.3) 1,38,619 1,90,116 2,44,530 2,44,644 2,71,166 2,20,400 2,27,342

S.III.1 Balances with the RBI 1,27,061 1,80,222 2,27,109 2,26,526 2,57,122 1,99,785 2,11,411

S.III.2 Cash in Hand 13,046 16,139 17,421 18,287 18,044 23,673 22,726

S.III.3 Loans and Advances from the RBI 1,488 6,245 — 169 4,000 3,058 6,794

S.IV Capital Account 1,77,727 2,02,800 2,57,516 2,58,013 2,72,622 3,23,763 3,23,864

S.V. Other items (net) (S.I+S.II+S.III-S.IV-C.I-C.II) 1,46,600 1,82,354 1,89,011 1,90,342 1,89,598 1,38,513 1,39,478

S.V.1 Other Demand & Time Liabilities (net of S.II.3) 1,58,946 2,10,329 2,60,299 2,26,180 2,53,905 2,49,753 2,44,505

S.V.2 Net Inter-Bank Liabilities (other than to PDs) 25,141 13,903 8,952 6,143 10,797 –2,645 –1,184

Note : Data are provisional.


CURRENT

STATISTICS

Money andBanking

(Rs. crore)

Outstanding as on


2006 2007 2007 2007 2008 2008 2008

1 2 3 4 5 6 7 8

Monetary Aggregates

M1 (C.I+C.II.1+C.III) 8,30,269 9,69,408 10,09,190 10,12,625 11,52,851 11,33,384 11,17,040

NM2 (M

1+C.II.2.1) 16,55,646 19,90,617 21,70,749 21,76,865 24,00,856 25,57,808 25,48,448

NM3 (NM

2+C.II.2.2+C.IV = S.I+S.II+S.III-S.IV-S.V) 27,47,585 33,24,598 36,82,412 36,88,761 40,32,699 44,04,775 44,09,904

Components

C.I Currency with the Public 4,13,143 4,82,977 5,29,961 5,25,390 5,67,615 6,22,471 6,18,909

C.II Aggregate Deposits of Residents 22,44,430 27,48,289 30,55,249 30,69,651 33,49,511 36,69,845 36,74,166

(C.II.1+C.II.2)

C.II.1 Demand Deposits 4,10,258 4,78,935 4,74,007 4,82,451 5,76,167 5,04,458 4,93,260

C.II.2 Time Deposits of Residents 18,34,172 22,69,354 25,81,242 25,87,199 27,73,344 31,65,387 31,80,906

(C.II.2.1+C.II.2.2)

C.II.2.1 Short-term Time Deposits 8,25,378 10,21,209 11,61,559 11,64,240 12,48,005 14,24,424 14,31,408

C.II.2.1.1 Certificates of Deposits (CDs) 44,499 97,442 1,33,902 1,31,054 1,66,642 1,52,904 1,51,141

C.II.2.2 Long-term Time Deposits 10,08,795 12,48,144 14,19,683 14,22,960 15,25,339 17,40,963 17,49,498

C.III ‘Other’ Deposits with RBI 6,869 7,496 5,223 4,784 9,069 6,456 4,871

C.IV Call/Term Funding from Financial Institutions 83,144 85,836 91,979 88,936 1,06,504 1,06,004 1,11,957

Sources

S.I Domestic Credit (S.I.1+S.I.2) 25,93,131 30,96,138 33,10,806 33,11,644 36,31,337 40,62,759 40,85,666

S.I.1 Net Bank Credit to the Government 7,56,094 8,25,557 8,51,704 8,56,125 8,96,064 10,31,909 10,40,819

(S.I.1.1+S.I.1.2)

S.I.1.1 Net RBI credit to the Government 6,599 2,423 –1,28,888 –1,42,122 –1,13,209 –71,456 –61,506

S.I.1.2 Credit to the Government by 7,49,495 8,23,135 9,80,593 9,98,247 10,09,273 11,03,365 11,02,325

the Banking System

S.I.2 Bank Credit to the Commercial Sector 18,37,037 22,70,580 24,59,101 24,55,519 27,35,273 30,30,850 30,44,847

(S.I.2.1+S.I.2.2)

S.I.2.1 RBI Credit to the Commercial Sector 4,385 1,537 1,383 1,704 1,788 16,855 17,795

S.I.2.2 Credit to the Commercial Sector by 18,32,652 22,69,043 24,57,718 24,53,815 27,33,485 30,13,995 30,27,052

the Banking System

S.I.2.2.1 Other Investments ( Non-SLR Securities) 1,44,303 1,49,417 1,99,996 1,86,487 1,79,572 1,73,442 1,86,024

S.II Government’s Currency Liabilities

to the Public 8,754 8,261 8,856 9,026 9,324 9,624 9,624

S.III Net Foreign Exchange Assets of

the Banking Sector (S.III.1+S.III.2) 6,27,368 8,25,541 9,99,146 10,12,501 11,65,934 11,31,562 11,50,317

S.III.1 Net Foreign Exchange Assets of the RBI 6,72,983 8,66,153 10,61,099 10,75,465 12,36,130 11,99,571 12,26,829

S.III.2 Net Foreign Currency Assets of –45,616 –40,612 –61,953 –62,964 –70,196 –68,009 –76,512

the Banking System


S.V Other items (net) 1,63,123 2,21,092 2,17,695 2,21,329 2,97,923 1,72,618 1,75,237

Notes : 1. Data are provisional.2. Monetary aggregates as at end-March incorporate data on i) scheduled commercial banks as on Last Reporting Friday and ii) the Reserve Bank of

India pertaining to the last working day of the fiscal year.

No. 11B: Monetary Survey

RBIMonthly Bulletin

January 2009 S 27

CURRENT

STATISTICS

Money andBanking

No. 11C: Reserve Bank of India Survey

(Rs. crore)

Outstanding as on


2006 2007 2007 2007 2008 2008 2008

1 2 3 4 5 6 7 8

Components

C.I Currency in Circulation 4,30,676 5,04,199 5,50,719 5,47,305 5,90,901 6,49,549 6,45,469

C.II Bankers’ Deposits with the RBI 1,35,511 1,97,295 2,41,318 2,40,726 3,28,447 2,12,663 2,24,258

C.II.1 Scheduled Commercial Banks 1,27,061 1,86,322 2,27,109 2,26,526 3,11,880 1,99,785 2,11,411

C.III ‘Other’ Deposits with the RBI 6,869 7,496 5,223 4,784 9,069 6,456 4,871

C.IV Reserve Money (C.I+C.II+C.III = 5,73,055 7,08,990 7,97,260 7,92,815 9,28,417 8,68,667 8,74,598

S.I + S.II + S.III - S.IV - S.V)

Sources

S.I RBI’s Domestic Credit (S.I.1+S.I.2+S.I.3) 13,781 11,596 –1,27,499 –1,40,244 –1,06,831 –51,457 –36,916

S.I.1 Net RBI credit to the Government

(S.I.1.1+S.I.1.2) 6,599 2,423 –1,28,888 –1,42,122 –1,13,209 –71,456 –61,506

S.I.1.1 Net RBI credit to the Central Government 5,160 2,136 –1,30,472 –1,42,103 –1,14,636 –72,661 –61,503

(S.I.1.1.1+S.I.1.1.2+S.I.1.1.3+S.I.1.1.4-S.I.1.1.5)

S.I.1.1.1 Loans and Advances to the Central Government — — — — — 5,264 —

S.I.1.1.2 Investments in Treasury Bills — — — — — — —

S.I.1.1.3 Investments in dated Government Securities 70,409 97,172 76,161 50,639 1,14,593 85,290 80,777

S.I.1.1.3.1 Central Government Securities 69,362 96,125 75,114 49,592 1,13,547 84,244 79,731

S.I.1.1.4 Rupee Coins 154 12 52 223 132 215 186

S.I.1.1.5 Deposits of the Central Government 65,404 95,048 2,06,685 1,92,964 2,29,361 1,63,430 1,42,467

S.I.1.2 Net RBI credit to State Governments 1,439 287 1,583 –19 1,427 1,205 –3

S.I.2 RBI’s Claims on Banks 2,797 7,635 6 174 4,590 3,144 6,794

S.I.2.1 Loans and Advances to Scheduled

Commercial Banks 1,488 6,310 — 169 4,571 3,058 6,794

S.I.3 RBI’s Credit to Commercial Sector 4,385 1,537 1,383 1,704 1,788 16,855 17,795

S.I.3.1 Loans and Advances to Primary Dealers — 153 — 321 405 546 134

S.I.3.2 Loans and Advances to NABARD 2,998 — — — — 14,929 16,281

S.II Government’s Currency Liabilities

to the Public 8,754 8,261 8,856 9,026 9,324 9,624 9,624

S.III Net Foreign Exchange Assets of the RBI 6,72,983 8,66,153 10,61,099 10,75,465 12,36,130 11,99,571 12,26,829

S.III.1 Gold 25,674 29,573 30,712 30,712 40,124 41,281 41,281

S.III.2 Foreign Currency Assets 6,47,327 8,36,597 10,30,405 10,44,771 11,96,023 11,58,308 11,85,566


S.V Other Items (net) 5,816 19,740 8,182 10,535 31,025 10,454 12,508

Note : Data are provisional.


CURRENT

STATISTICS

Money andBanking

(Rs. crore)

Liabilities of Financial Institutions Public Deposits

Month/Year NM3

Postal L1

Term Money CDs Term Total L2

withL3

Deposits Borrowings DepositsNBFCs

1 2 3 4=(2+3) 5 6 7 8=(5+6+7) 9=(4+8) 10 11=(9+10)

2006-07

April 27,84,883 1,04,700 28,89,583 2,656 31 245 2,932 28,92,515

May 27,88,335 1,05,852 28,94,187 2,656 31 245 2,932 28,97,119

June 28,01,951 1,07,171 29,09,122 2,656 31 245 2,932 29,12,054 22,623 29,34,677

July 28,46,735 1,08,492 29,55,227 2,656 31 245 2,932 29,58,159

August 28,90,723 1,09,931 30,00,654 2,656 31 245 2,932 30,03,586

September 29,65,093 1,11,023 30,76,116 2,656 31 245 2,932 30,79,048 25,578 31,04,625

October 29,59,194 1,11,997 30,71,191 2,656 31 245 2,932 30,74,123

November 30,03,278 1,13,240 31,16,518 2,656 31 245 2,932 31,19,450

December 30,21,785 1,14,365 31,36,150 2,656 31 245 2,932 31,39,082 24,623 31,63,706

January 30,84,631 1,14,759 31,99,390 2,656 31 245 2,932 32,02,322

February 31,52,769 1,14,804 32,67,573 2,656 31 245 2,932 32,70,505

March 33,24,598 1,15,549 34,40,147 2,656 31 245 2,932 34,43,079 24,019 34,67,098

2007-08

April 33,28,180 1,15,589 34,43,769 2,656 31 245 2,932 34,46,701

May 33,43,121 1,16,135 34,59,256 2,656 31 245 2,932 34,62,188

June 33,96,184 1,16,573 35,12,757 2,656 31 245 2,932 35,15,689 24,215 35,39,904

July 34,63,052 1,16,874 35,79,926 2,656 31 245 2,932 35,82,858

August 34,97,583 1,16,886 36,14,469 2,656 31 245 2,932 36,17,401

September 35,96,806 1,16,882 37,13,688 2,656 31 245 2,932 37,16,620 24,663 37,41,283

October 36,21,994 1,16,886 37,38,880 2,656 31 245 2,932 37,41,812

November 36,88,761 1,16,994 38,05,755 2,656 31 245 2,932 38,08,687

December 37,23,558 1,16,901 38,40,459 2,656 31 245 2,932 38,43,391 24,670 38,68,061

January 38,21,586 1,15,871 39,37,457 2,656 31 245 2,932 39,40,389

February 39,11,142 1,14,579 40,25,721 2,656 31 245 2,932 40,28,653

March 40,32,699 1,14,851 41,47,550 2,656 31 245 2,932 41,50,482 24,852 41,75,334

2008-09

April 40,49,842 1,14,497 41,64,339 2,656 31 245 2,932 41,67,271

May 40,99,026 1,15,131 42,14,157 2,656 31 245 2,932 42,17,089

June 41,15,870 1,15,471 42,31,341 2,656 31 245 2,932 42,34,273 24,647 42,58,920

July 41,51,482 1,15,714 42,67,196 2,656 31 245 2,932 42,70,128

August 42,39,751 1,15,507 43,55,258 2,656 31 245 2,932 43,58,190

September 42,93,140 1,15,451 44,08,591 2,656 31 245 2,932 44,11,523 24,647 44,36,170

October 43,67,793 1,15,441 44,83,234 2,656 31 245 2,932 44,86,166

November 44,09,904 1,15,441 45,25,345 2,656 31 245 2,932 45,28,277

CDs: Certificates of Deposits; L1, L

2 and L

3: Liquidity Aggregates; NBFCs: Non-Banking Financial Companies.

Notes: 1. Postal Deposits comprise post office savings bank deposits, post office time deposits, post office recurring deposits, other deposits and postoffice cumulative time deposits.

2. Financial Institutions (FIs), here, comprise IFCI, EXIM Bank, IIBI, SIDBI, NABARD, NHB, TFCI and IDFC. Since October 2004, data on FIs donot include that of IDBI reflecting its conversion into a banking entity.

3. Since July 2001, the term money borrowings of the FIs comprise borrowings from corporates and others.

4. Since August 2002, Term Deposits include CPs and Others.

5. Estimates of public deposits are generated on the basis of returns received from all NBFCs with public deposits of Rs. 20 crore and more ashad been recommended by the Working Group.

6. While L1 and L

2 are compiled on a monthly basis, L

3 is compiled on a quarterly basis.

7. Data are provisional. Wherever data are not available, the estimates for the last available month have been repeated.

No. 11D: Liquidity Aggregates (Outstanding Amounts)

RBIMonthly Bulletin

January 2009 S 29

CURRENT

STATISTICS

Money andBanking

(Rs. crore)

Outstandings as on March 31/each Friday/ Currency in circulation ‘Other’ deposits Bankers’ deposits Reserve Money

last reporting Friday of the monthTotal o / w cash

with RBI with RBI (2+4+5)

with banks

1 2 3 4 5 6

2005-2006 4,30,676 17,557 6,869 1,35,511 5,73,055

2006-2007 5,04,199 21,293 7,496 1,97,295 7,08,990

2007-2008 5,90,901 23,425 9,069 3,28,447 9,28,417

November 2, 2007 5,32,430 — 4,887 2,40,482 7,77,799

November 9, 2007 5,50,719 20,944 5,223 2,41,318 7,97,260

November 16, 2007 5,51,508 — 4,858 2,68,393 8,24,759

November 23, 2007 5,47,305 22,192 4,784 2,40,726 7,92,815

November 30, 2007 5,44,338 — 5,393 2,63,886 8,13,616

July 2008 6,25,843 22,924 5,077 3,20,967 9,51,887

August 2008 6,11,328 24,628 5,226 3,30,875 9,47,429

September 2008 6,13,113 26,124 5,414 3,38,334 9,56,861

October 2008 6,38,473 27,549 4,982 2,24,171 8,67,626

November 7, 2008 6,49,549 27,351 6,456 2,12,663 8,68,667

November 14, 2008 6,49,691 — 6,490 2,30,579 8,86,761

November 21, 2008 6,45,469 26,746 4,871 2,24,258 8,74,598

November 28, 2008 6,42,078 — 5,128 2,46,439 8,93,646


No. 12: Reserve Money and its Components


CURRENT

STATISTICS

Money andBanking

No. 13: Sources of Reserve Money

(Rs. crore)

Outstanding as on Reserve Bank’s claims on Net foreign Government’s Net non- ReserveMarch 31/each Friday/ exchange currency monetary Moneylast reporting Government Commercial National Commercial assets of liabilities liabilities (2+3+4+5Friday of the month (net)(1) & co-operative Bank for sector(2) RBI (3) to the public of RBI (3) +6+7–8)

banks Agriculture and Rural

Development

1 2 3 4 5 6 7 8 9

2005-2006 6,599 2,797 2,998 1,387 6,72,983 8,754 1,22,463 5,73,055

2006-2007 2,423 7,635 — 1,537 8,66,153 8,261 1,77,019 7,08,990

2007-2008 –1,13,209 4,590 — 1,788 12,36,130 9,324 2,10,206 9,28,417

November 2, 2007 –1,37,176 19 — 1,383 10,47,481 8,856 1,42,764 7,77,799

November 9, 2007 –1,28,888 6 — 1,383 10,61,099 8,856 1,45,196 7,97,260

November 16, 2007 –1,09,364 1,154 — 1,708 10,65,211 8,856 1,42,806 8,24,759

November 23, 2007 –142,122 174 — 1,704 10,75,465 9,026 1,51,433 7,92,815

November 30, 2007 –1,26,815 415 — 1,674 10,83,298 9,026 1,53,982 8,13,616

July 2008 –59,096 4,068 — 1,438 13,11,682 9,513 3,15,718 9,51,887

August 2008 –89,230 2,089 — 1,381 12,90,951 9,624 2,67,386 9,47,429

September 2008 –61,862 6,116 — 1,867 13,50,398 9,624 3,49,282 9,56,861

October 2008 –1,08,911 708 12,084 1,381 12,85,910 9,624 3,33,171 8,67,626

November 7, 2008 –71,456 3,144 14,929 1,926 11,99,571 9,624 2,89,072 8,68,667

November 14, 2008 –50,874 4,978 16,281 1,923 12,16,041 9,624 3,11,212 8,86,761

November 21, 2008 –61,506 6,794 16,281 1,514 12,26,829 9,624 3,24,939 8,74,598

November 28, 2008 –36,167 6,054 16,312 1,475 12,30,175 9,624 3,33,828 8,93,646


RBIMonthly Bulletin

January 2009 S 31

CURRENT

STATISTICS

Money andBanking

No. 14: Daily Call Money Rates

As on Range of Rates Weighted Average Rates

Borrowings Lendings Borrowings Lendings

1 2 3 4 5

November 1, 2008 5.00 — 21.00 5.00 — 21.00 17.84 17.84

November 2, 2008 5.00 — 21.00 5.00 — 21.00 17.84 17.84

November 3, 2008 4.50 — 8.00 4.50 — 8.00 6.99 6.99

November 4, 2008 4.60 — 7.90 4.60 — 7.90 7.43 7.43

November 5, 2008 4.60 — 7.65 4.60 — 7.65 7.42 7.42

November 6, 2008 4.25 — 7.00 4.25 — 7.00 6.30 6.30

November 7, 2008 4.00 — 10.18 4.00 — 10.18 6.20 6.20

November 8, 2008 4.20 — 8.00 4.20 — 8.00 7.81 7.81

November 9, 2008 4.20 — 8.00 4.20 — 8.00 7.81 7.81

November 10, 2008 4.65 — 8.00 4.65 — 8.00 7.68 7.68

November 11, 2008 4.60 — 7.50 4.60 — 7.50 7.41 7.41

November 12, 2008 4.65 — 7.50 4.65 — 7.50 7.43 7.43

November 13, 2008 4.65 — 7.50 4.65 — 7.50 7.43 7.43

November 14, 2008 4.25 — 10.09 4.25 — 10.09 7.15 7.15

November 15, 2008 4.25 — 6.75 4.25 — 6.75 6.58 6.58

November 16, 2008 4.25 — 6.75 4.25 — 6.75 6.58 6.58

November 17, 2008 4.25 — 9.84 4.25 — 9.84 6.98 6.98

November 18, 2008 4.40 — 7.00 4.40 — 7.00 6.71 6.71

November 19, 2008 4.00 — 7.75 4.00 — 7.75 6.46 6.46

November 20, 2008 4.05 — 6.50 4.05 — 6.50 6.26 6.26

November 21, 2008 3.00 — 6.75 3.00 — 6.75 6.52 6.52

November 22, 2008 4.05 — 7.75 4.05 — 7.75 7.01 7.01

November 23, 2008 4.05 — 7.75 4.05 — 7.75 7.01 7.01

November 24, 2008 4.05 — 7.25 4.05 — 7.25 6.96 6.96

November 25, 2008 4.00 — 6.90 4.00 — 6.90 6.69 6.69

November 26, 2008 4.05 — 6.70 4.05 — 6.70 6.44 6.44

November 27, 2008 4.05 — 6.70 4.05 — 6.70 6.44 6.44

November 28, 2008 4.00 — 7.10 4.00 — 7.10 6.61 6.61

November 29, 2008 4.00 — 6.50 4.00 — 6.50 5.57 5.57

November 30, 2008 4.00 — 6.50 4.00 — 6.50 5.57 5.57

December 1, 2008 4.05 — 6.40 4.05 — 6.40 6.21 6.21

December 2, 2008 4.05 — 7.00 4.05 — 7.00 6.18 6.18

December 3, 2008 4.05 — 6.25 4.05 — 6.25 6.09 6.09

December 4, 2008 4.05 — 6.25 4.05 — 6.25 6.10 6.10

December 5, 2008 4.00 — 6.50 4.00 — 6.50 6.10 6.10

December 6, 2008 4.05 — 6.20 4.05 — 6.20 6.10 6.10

December 7, 2008 4.05 — 6.20 4.05 — 6.20 6.10 6.10

December 8, 2008 3.05 — 5.50 3.05 — 5.50 5.26 5.26

December 10, 2008 3.05 — 5.50 3.05 — 5.50 5.26 5.26

December 11, 2008 3.05 — 6.00 3.05 — 6.00 5.37 5.37

December 12, 2008 3.00 — 5.80 3.00 — 5.80 5.53 5.53

December 13, 2008 3.05 — 5.70 3.05 — 5.70 5.63 5.63

December 14, 2008 3.05 — 5.70 3.05 — 5.70 5.63 5.63

December 15, 2008 3.15 — 6.55 3.15 — 6.55 6.17 6.17


CURRENT

STATISTICS

Money andBanking

No. 15: Average Daily Turnover in Call Money Market

(Rs. crore)

Fortnight ended

Banks Primary Dealers Total

Borrowings Lendings Borrowings Lendings

1 2 3 4 5 6

October 26, 2007 8,618 9,603 989 5 19,214

November 9, 2007 9,535 10,929 1,396 2 21,862

November 23, 2007 7,867 9,013 1,166 21 18,066

December 7, 2007 7,420 8,819 1,428 29 17,697

December 21, 2007 7,237 8,564 1,357 30 17,185

January 4, 2008 8,972 10,297 1,425 96 20,786

January 18, 2008 9,574 11,049 1,548 74 22,245

February 1, 2008 13,854 15,452 1,709 111 31,127

February 15, 2008 10,618 11,906 1,327 40 23,891

February 29, 2008 9,897 10,734 854 17 21,501

March 14, 2008 8,493 9,688 1,202 8 19,391

March 28, 2008 13,366 14,339 973 _ 28,678

April 11, 2008 6,289 7,285 1,055 59 14,688

April 25, 2008 9.011 10.020 1,127 117 20,275

May 9, 2008 9,706 10,560 997 143 21,406

May 23, 2008 7,970 8,910 1,032 92 18,004

June 6, 2008 9,716 10,706 1,001 11 21,435

June 20, 2008 9,229 9,929 711 10 19,878

July 4, 2008 11,049 11,845 828 33 23,756

July 18, 2008 13,007 13,363 399 42 26,811

August 1, 2008 11,185 11,475 347 57 23,063

August 15. 2008 12,401 12,661 313 53 25,428

August 29. 2008 11,321 11,692 411 41 23,466

September 12, 2008 11,812 12,389 587 9 24,797

September 26, 2008 10,756 11,205 472 22 22,455

October 10, 2008 12,426 12,909 510 28 25,873

October 24, 2008 12,500 13,288 1,022 234 27,044

November 7, 2008 12,473 13,338 914 48 26,773

November 21, 2008 9,655 10,713 1,069 11 21,449

Notes : 1. Data are provisional.

2. Since August 6, 2005 eligible participants are Banks and Primary Dealers.

Average Daily Call Money Turnover

RBIMonthly Bulletin

January 2009 S 33

CURRENT

STATISTICS

Money andBanking

No. 16: Issue of Certificates of Deposit by Scheduled Commercial Banks


Fortnight ended Total Range of Fortnight Total Range of Fortnight Total Range ofAmount Discount Rate ended Amount Discount Rate ended Amount Discount Rate

Outstanding (per cent) @ Outstanding (per cent) @ Outstanding (per cent) @

1 2 3 1 2 3 1 2 3

2006-07 2007-08 2008-09

April 14 38,568 6.00–8.90 April 13 93,808 9.50–11.50 April 11 1,49,986 8.00–9.72

28 44,059 6.00–8.45 27 95,980 9.40–11.50 25 1,50,865 7.70–9.96

May 12 48,515 6.50–7.90 May 11 97,292 10.05–11.50 May 9 1,53,410 7.75–10.20

26 50,228 6.37–8.67 25 99,715 7.00–10.82 23 1,56,780 8.00–10.20

June 9 53,863 5.75–7.96 June 8 99,287 6.13–10.95 June 6 1,59,696 8.60–10.20

23 56,390 5.50–8.16 22 98,337 7.00–10.20 20 1,63,143 8.62–9.79

July 7 57,256 6.00–8.70 July 6 1,02,992 6.25–9.69 July 4 1,64,557 8.30–10.60

21 59,167 4.35–8.21 20 1,05,317 5.50–10.82 18 1,64,892 8.92–10.95

August 4 64,748 6.00–8.62 August 3 1,03,750 6.05–10.75 August 1 1,63,546 8.92–11.05

18 65,621 4.75–8.50 17 1,06,350 6.87–8.91 15 1,66,996 8.92–11.11

September 1 66,340 4.60–8.50 31 1,09,224 6.87–10.75 29 1,71,966 10.00–11.57

15 63,864 7.13–8.50 September 14 1,13,892 6.87–10.00 September 12 1,78,280 8.92–12.00

29 65,274 7.25–8.50 28 1,18,481 6.87–10.00 26 1,75,522 8.92–12.35

October 13 64,482 4.75–8.50 October 12 1,22,142 6.87–10.00 October 10 1,74,975 8.92-21.00

27 65,764 6.00–8.50 26 1,24,232 6.85–10.00 24 1,58,562 8.80-12.90

November 10 67,694 6.75–8.50 November 9 1,25,653 6.87–9.00 November 7 1,54,172 8.92-11.50

24 68,911 7.50–8.33 23 1,27,143 6.87–9.03 21 1,51,493 8.80-11.75

December 8 69,664 6.00–8.36 December 7 1,25,327 8.05–9.25

22 68,619 7.25–8.90 21 1,23,466 8.05–10.00

January 5 68,928 8.26–9.25 January 4 1,27,154 6.87–9.82

19 70,149 8.00–9.55 18 1,29,123 7.90–9.21

February 2 70,727 8.41–9.80 February 1 1,32,395 7.90–9.85

16 72,795 9.40–10.83 14 1,35,097 6.83–9.75

March 2 77,971 9.90–11.30 29 1,39,160 9.22–10.27

16 92,468 10.30–11.25 March 14 1,43,714 7.00–10.48

30 93,272 10.23–11.90 28 1,47,792 9.00–10.75

@ : Effective discount rate range per annum.


CURRENT

STATISTICS

Money andBanking


Fortnight ended Total Rate of Fortnight ended Total Rate of Fortnight ended Total Rate ofAmount Interest Amount Interest Amount Interest

Outstanding (per cent) @ Outstanding (per cent) @ Outstanding (per cent) @

1 2 3 1 2 3 1 2 3

2006-07 2007-08 2008-09

April 15 12,968.25 6.77–8.95 April 15 19,012.70 10.00–14.00 April 15 35,793.55 7.74–10.25

30 16,550.15 6.35–9.25 30 18,759.00 9.65–11.75 30 37,583.55 7.35–10.10

May 15 17,264.35 6.32–7.95 May 15 19,288.00 9.25–11.45 May 15 41,005.55 7.15–10.75

31 17,066.51 6.40–9.25 31 22,024.00 8.71–12.00 31 42,031.55 7.70–10.50

June 15 18,932.51 6.44–9.25 June 15 25,499.75 7.00–10.80 June 15 45,982.80 8.25–11.60

30 19,649.51 6.59–9.25 30 26,256.25 7.35–12.00 30 46,847.30 9.00–12.25

July 15 21,652.30 6.25–8.30 July 15 28,129.25 4.00–11.50 July 15 48,342.30 9.50–12.25

31 21,110.30 6.50–8.25 31 30,631.25 7.05–11.50 31 51,569.30 9.60–12.00

August 15 23,084.30 6.25–8.10 August 15 31,784.25 7.59–13.50 August 15 52,830.55 9.54–12.50

31 23,299.30 6.60–9.00 31 31,527.00 8.30–10.25 31 55,035.55 10.20–14.75

September 15 24,011.30 6.40–8.17 September 15 33,227.00 6.35–10.90 September 15 54,181.95 10.25–14.25

30 24,444.30 7.10–9.25 30 33,614.05 7.70–12.00 30 52,037.60 11.40–13.95

October 15 23,521.00 7.20–8.65 October 15 38,494.55 7.00–13.00 October 15 49,359.00 11.90–17.75

31 23,171.00 7.00–8.75 31 42,182.55 6.70–12.00 31 48,442.00 11.55–16.90

November 15 23,450.20 7.25–9.25 November 15 41,677.55 7,50–12,00 November 15 45,382.10 11.50–15.50

30 24,238.20 7.50–9.50 30 41,307.55 8.05–11.50 30 44,487.10 9.00–15.50

December 15 23,827.20 7.50–8.75 December 15 40,913.55 8.22–11.50

31 23,536.20 7.74–10.00 31 40,231.17 8.40–11.70

January 15 23,758.20 8.30–9.58 January 15 42,391.55 7.35–12.50

31 24,398.20 8.25–10.50 31 50,063.05 7.55–16.00

February 15 23,999.20 8.00–11.25 February 15 43,920.58 6.95–11.00

28 21,167.20 8.70–12.00 29 40,642.05 7.40–11.00

March 15 19,102.20 7.50–13.35 March 15 37,282.76 9.50–11.00

31 17,688.20 10.25–13.00 31 32,591.55 9.50–14.25

* : Issued at face value by companies.

@ : Typical effective discount rate range per annum on issues during the fortnight.

No. 17: Issue of Commercial Paper* By Companies

RBIMonthly Bulletin

January 2009 S 35

CURRENT

STATISTICS

Government

Accounts

No. 18: Union Government Accounts at a Glance


Item Financial Year April - November

2008-09 2007-08 2008-09 Percentage to Budget Estimates

(Budget Estimates) (Actuals) (Actuals)

1 2 3 4 5 6

1. Revenue Receipts 6,02,935 2,74,633 3,14,974 56.5 52.2

2. Tax Revenue (Net) 5,07,150 2,20,372 2,53,558 54.6 50.0

3. Non-Tax Revenue 95,785 54,261 61,416 65.7 64.1

4. Capital Receipts 1,47,949 1,36,742 1,79,150 70.4 121.1

5. Recovery of Loans 4,497 2,768 2,597 184.5 57.7

6. Other Receipts 10,165 37,700 43 90.5 0.4

7. Borrowings and Other Liabilities 1,33,287 96,274 1,76,510 63.8 132.4

8. Total Receipts (1+4) 7,50,884 4,11,375 4,94,124 60.5 65.8

9. Non-Plan Expenditure 5,07,498 2,98,756 3,57,994 62.8 70.5

10. On Revenu,e Account 4,48,352 2,52,599 3,39,555 65.9 75.7of which :

( i ) Interest Payments 1,90,807 1,03,648 1,11,680 65.2 58.5

11. On Capital Account 59,146 46,157 18,439 50.2 31.2

12. Plan Expenditure 2,43,386 1,12,619 1,36,130 54.9 55.9

13. On Revenue Account 2,09,767 92,008 1,16,783 52.8 55.7

14. On Capital Account 33,619 20,611 19,347 67.0 57.5

15. Total Expenditure (9+12) 7,50,884 4,11,375 4,94,124 60.5 65.8

16. Revenue Expenditure (10+13) 6,58,119 3,44,607 4,56,338 61.8 69.3

17. Capital Expenditure (11+14) 92,765 66,768 37,786 54.5 40.7

18. Revenue Deficit (16-1) 55,184 69,974 1,41,364 97.9 256.2

19. Fiscal Deficit {15-(1+5+6)} 1,33,287 96,274 1,76,510 63.8 132.4

20. Gross Primary Deficit [19-10(i)] -57,520 -7,374 64,830 91.6 –112.7

Notes : 1. Financial year runs from “April to March”.

2. Actuals are unaudited figures.

Source : Controller General of Accounts, Ministry of Finance, Government of India.

Government Accounts

2007-08 2008-09


CURRENT

STATISTICS

Government

Securities

Market

No. 19: Government of India : 91 Day Treasury Bills(Outstanding at Face Value)

(Rs. crore)

March 31/ Last Reserve Bank of India Banks State Governments Others Foreign Central Banks

Friday/ Friday Tap*Auction Tap* Auction Tap* Auction Tap* Auction Tap* Auction

Re-discounted Ad hocs

1 2 3 4 5 6 7 8 9 10 11 12

Mar. 31, 2000 — — 288 — 557 — — — 455 — 220

Mar. 31, 2001 — — 67 — 868 — — — 153 — 630

Mar. 31, 2002 — — 154 — 2,292 — 450 — 360 — 1,301

Mar. 31, 2003 — — — — 6,427 — 800 — 780 — 700

Mar. 31, 2004 — — — — 3,948 — 600 — 1,452 — 39

Mar. 31, 2005 — — — — 21,176 — 1,755 — 4,829 — 32

Mar. 31, 2006 — — — — 5,943 — 9,762 — 576 — 37

Mar. 31, 2007 — — — — 12,684 — 24,250 — 6,743 — 5

Mar. 31, 2008 — —. — — 6,057 — 23,825 — 10,075 — —

Feb. 2007 — — — — 12,810 — 12,793 — 5,762 — 5

Mar. 2007 — — — — 12,684 — 24,250 — 6,743 — 5

Apr. 2007 — — — — 16,126 — 24,050 — 6,927 — 5

May 2007 — — — — 14,956 — 22,303 — 9,075 — 1

Jun. 2007 — — — — 26,331 — 27,246 — 12,378 — 1

Jul. 2007 — — — — 25,736 — 32,296 — 12,764 — 1

Aug. 2007 — — — — 27,491 — 33,596 — 12,509 — —

Sep. 2007 — — — — 22,194 — 27,953 — 9,807 — —

Oct. 2007 — — — — 23,927 — 26,503 — 15,573 — —

Nov. 2007 — — — — 21,013 — 24,028 — 12,397 — —

Dec. 2007 — — — — 13,999 — 21,978 — 8,501 — 20

Jan. 2008 — — — — 11,143 — 23,278 — 6,946 — 20

Feb. 2008 — — — — 8,503 — 26,135 — 8,629 — —

Mar. 2008 — — — — 6,057 — 23,825 — 10,075 — —

Apr. 2008 — — — — 7,596 — 23,547 — 10,946 — —

May 2008 — — — — 10,949 — 24,951 — 16,051 — —

Jun. 2008 — — — — 15,065 — 26,704 — 18,435 — —

July 2008 — — — — 12,320 — 27,131 — 16,181 — —

Aug. 2008 — — — — 12,874 — 28,939 — 16,626 — —

Sep. 2008 — — — — 18,140 — 23,706 — 18,110 — —

Oct. 2008 — — — — 28,100 — 20,456 — 18,650 — —

Week Ended

Nov. 7, 2008 — — — — 30,560 — 17,959 — 18,190 — —

Nov. 14, 2008 — — — — 30,835 — 16,562 — 19,915 — —

Nov. 21, 2008 — — — — 32,887 — 16,324 — 19,863 — —

Nov. 28, 2008 — — — — 33,507 — 16,029 — 22,243 — —

* : The rate of discount is 4.60 per cent per annum.

Government Securities Market

RBIMonthly Bulletin

January 2009 S 37

CURRENT

STATISTICS

Government

Securities

Market

1 2 3 4 5 6 7 8 9 10 11 12 13 14

2007-08

Dec. 5 Dec. 7 2,000 63 2,609.00 2,400.00 33 1,500.00 2,400.00 — 3,900.00 98.16 7.5186 55,848.46

Dec. 12 Dec. 14 500 52 2,481.62 1,800.00 10 500.00 1,800.00 — 2,300.00 98.18 7.4353 50,348.46

Dec. 19 Dec. 20 500 54 3,179.50 7,300.00 9 500.00 7,300.00 — 7,800.00 98.20 7.3521 47,548.46

Dec. 26 Dec. 28 500 55 2,510.00 950.00 16 500.00 950.00 — 1,450.00 98.20 7.3521 44,498.46

Jan. 2 Jan. 4 500 71 3,411.05 1,000.00 7 500.00 1,000.00 — 1,500.00 98.28 7.0196 38,498.46

Jan. 9 Jan. 11 3,500 77 6,274.10 3,500.00 40 3,500.00 3,500.00 — 7,000.00 98.28 7.0196 40,798.46

Jan. 16 Jan. 18 3,500 75 3,674.40 200.00 64 3,000.00 200.00 — 3,200.00 98.26 7.1027 39,398.46

Jan. 23 Jan. 25 3,500 61 2,974.00 3,000.00 54 2,589.00 3,000.00 — 5,589.00 98.24 7.1858 41,387.46

Jan. 30 Feb. 1 2,000 50 1,616.58 883.32 26 500.00 883.32 — 1,383.32 98.22 7.2689 41,889.79

Feb. 6 Feb. 8 2,000 66 2,540.28 2,300.00 58 2,000.00 2,300.00 — 4,300.00 98.22 7.2689 45,089.79

Feb. 13 Feb. 15 2,500 70 2,488.37 703.00 29 1,042.77 703.00 — 1,745.77 98.22 7.2689 43,132.56

Feb. 20 Feb. 22 500 51 2,110.66 1,350.00 11 500.00 1,350.00 — 1,850.00 98.19 7.3937 43,512.56

Feb. 27 Feb. 29 500 58 1,733.37 748.97 28 500.00 748.97 — 1,248.97 98.18 7.4353 43,267.06

Mar. 5 Mar. 7 500 65 2,417.51 2,200.00 31 500.00 2,200.00 — 2,700.00 98.19 7.3937 42,067.06

Mar. 12 Mar. 14 500 64 2,120.72 200.00 23 500.00 200.00 — 700.00 98.19 7.3937 40,467.06

Mar. 19 Mar. 24 500 55 1,573.75 700.00 14 500.00 700.00 — 1,200.00 98.21 7.3105 33,867.06

Mar. 26 Mar. 28 500 62 1,833.15 7,040.00 9 500.00 7,040.00 — 7,540.00 98.23 7.2274 39,957.06

2008-09

Apr. 2 Apr. 4 500 49 2,633.08 4,500.00 3 500.00 4,500.00 — 5,000.00 98.30 6.9366 43,457.06

Apr. 9 Apr. 11 6,000 135 8,076.23 2,422.12 113 6,000.00 2,422.12 — 8,422.12 98.23 7.2274 44,879.18

Apr. 16 Apr. 17 5,500 117 7,192.80 — 56 3,000.00 — — 3,000.00 98.18 7.4353 44,679.18

Apr. 23 Apr. 25 2,500 106 6,747.10 500.00 40 2,500.00 500.00 — 3,000.00 98.18 7.4353 42,090.18

Apr. 30 May 2 3,000 111 7,695.28 — 52 3,000.00 — — 3,000.00 98.20 7.3521 43,706.86

May 7 May 9 3,000 132 8,457.10 2,635.68 76 3,000.00 2,635.68 — 5,635.68 98.21 7.3105 45,042.54

May 14 May 16 3,500 115 8,527.07 250.50 67 3,500.00 250.50 — 3,750.50 98.19 7.3937 47,047.27

May 21 May 23 3,000 91 7,919.91 4,000.00 52 3,000.00 4,000.00 — 7,000.00 98.17 7.4769 52,197.27

May 28 May 30 500 43 1,882.72 503.48 23 500.00 503.48 — 1,003.48 98.17 7.4769 51,951.78

No. 21: Auctions of 91 Day Government of India Treasury Bills

Number NumberCom-

petitiveNon-Com-

petitive

Com-petitive

Non-Com-

petitive


Date ofAuction

Date of

Issue

Notified

Amount

Bids Received

Total Face Value

Bids Accepted

Total Face Value

Devolve-

ment on

PDs/

SDs*

Total

Issue

(8+9+10)

Cut-off

Price

Implicit

Yield at

Cut-offPrice

(per cent)

Amount

Out-

standing

as on theDate of

Issue (FaceValue)


CURRENT

STATISTICS

Government

Securities

Market

No. 21: Auctions of 91 Day Government of India Treasury Bills (Concld.)

1 2 3 4 5 6 7 8 9 10 11 12 13 14

2008-09

Jun. 4 Jun. 6 3,000 82 5,569.37 4,426.94 67 3,000.00 4,426.94 — 7,426.94 98.15 7.5602 56,678.72

Jun. 11 Jun. 13 3,000 75 5,211.37 1,450.00 50 3,000.00 1,450.00 — 4,450.00 98.12 7.6851 60,428.72

Jun. 18 Jun. 20 2,000 80 4,164.30 715.38 55 2,000.00 715.38 — 2,715.38 98.03 8.0604 61,944.10

Jun. 25 Jun. 27 500 60 2,068.80 5,300.00 9 500.00 5,300.00 — 5,800.00 97.87 8.7293 60,204.10

Jul. 2 Jul. 4 500 68 2,130.75 750.00 10 500.00 750.00 — 1,250.00 97.85 8.8131 56,454.10

Jul. 9 Jul. 11 3,500 118 6,508.94 4,100.00 26 500.00 4,100.00 — 4,600.00 97.80 9.0227 52,631.98

Jul. 16 Jul. 18 3,000 130 8,219.61 2,250.00 66 3,000.00 2,250.00 — 5,250.00 97.78 9.1066 54,881.98

Jul. 23 Jul. 25 3,000 115 6,685.73 750.00 43 3,000.00 750.00 — 3,750.00 97.79 9.0646 55,631.98

Jul. 30 Aug. 1 3,000 132 9,274.83 800.00 62 3,000.00 800.00 — 3,800.00 97.72 9.3584 56,431.98

Aug. 6 Aug. 8 3,000 128 7,893.64 2,639.10 78 3,000.00 2,638.10 — 5,638.10 97.75 9.2325 56,434.40

Aug. 13 Aug. 14 3,000 116 9,177.67 2,150.00 56 3,000.00 2,150.00 — 5,150.00 97.77 9.1485 57,833.90

Aug. 20 Aug. 22 3,000 101 8,778.52 2,000.00 21 3,000.00 2,000.00 — 5,000.00 97.77 9.1485 55,833.90

Aug. 27 Aug. 29 2,000 83 6,721.82 1,608.09 32 2,000.00 1,608.09 — 3,608.09 97.79 9.0646 58,438.51

Sep. 2 Sep. 5 5,000 110 11,692.25 1,000.00 58 5,000.00 1,000.00 — 6,000.00 97.80 9.0227 57,011.57

Sep. 10 Sep. 12 5,000 154 13,638.73 4,836.00 65 5,000.00 4,836.00 — 9,836.00 97.87 8.7293 62,397.57

Sep. 17 Sep. 19 5,000 140 10,967.30 573.48 68 5,000.00 573.48 — 5,573.48 97.89 8.6456 65,255.67

Sep. 24 Sep. 26 500 58 2,493.14 0.04 16 500.00 0.04 — 500.04 97.91 8.5619 59,955.71

Oct. 1 Oct. 3 5,000 109 7,752.00 500.00 10 500.00 500.00 — 1,000.00 97.84 8.8550 59,705.71

Oct. 8 Oct. 10 5,000 147 9,520.27 500.00 94 5,000.00 500.00 — 5,500.00 97.93 8.4782 60,605.71

Oct. 15 Oct. 17 5,000 138 9,103.80 2,000.00 91 5,000.00 2,000.00 — 7,000.00 97.88 8.6875 62,355.71

Oct. 22 Oct. 24 5,000 169 13,426.53 1,000.00 29 5,000.00 1,000.00 — 6,000.00 98.24 7.1858 64,605.71

Oct. 29 Oct. 31 5,000 158 8,835.26 1,400.00 106 5,000.00 1,400.00 — 6,400.00 98.18 7.4353 67,205.71

Nov. 5 Nov. 7 5,000 123 12,732.65 141.19 62 5,000.00 141.19 — 5,141.19 98.19 7.3937 66,708.80

Nov. 12 Nov. 14 5,000 133 8,873.07 753.00 89 5,000.00 753.00 — 5,753.00 98.20 7.3521 67,311.80

Nov. 19 Nov. 21 5,000 136 14,842.52 1,762.00 85 5,000.00 1,762.00 — 6,762.00 98.21 7.3105 69,073.80

Nov. 26 Nov. 28 5,000 157 11,617.88 1,313.79 70 5,000.00 1,313.79 — 6,313.79 98.25 7.1443 71,779.50

* : Effective from auction dated May 14,1999, devolvement would be on RBI only.

Note : The presentation of implicit yield at cut-off price has been changed from actual/364-day count convention to actual/365-day count convention from

auction dated October 27, 2004.

Number NumberCom-

petitiveNon-Com-

petitive

Com-petitive

Non-Com-

petitive


Date ofAuction

Date of

Issue

Notified

Amount

Bids Received

Total Face Value

Bids Accepted

Total Face Value

Devolve-

ment on

PDs/

SDs*

Total

Issue

(8+9+10)

Cut-off

Price

Implicit

Yield at

Cut-offPrice

(per cent)

Amount

Out-

standing

as on theDate of

Issue (FaceValue)

RBIMonthly Bulletin

January 2009 S 39

CURRENT

STATISTICS

Government

Securities

Market

No. 22: Auctions of 182-day Government of India Treasury Bills

1 2 3 4 5 6 7 8 9 10 11 12 13 14

2007-08

Sep. 5 Sep. 7 2,500 105 4,573.00 855.00 62 2,500.00 855.00 — 3,355.00 96.44 7.4031 28,496.44

Sep. 19 Sep. 21 2,500 102 9,980.00 — 38 2,500.00 — — 2,500.00 96.51 7.2523 30,141.44

Oct. 3 Oct. 5 2,500 71 4,990.00 — 48 2,500.00 — — 2,500.00 96.48 7.3169 31,141.44

Oct. 17 Oct. 19 2,500 98 4,815.00 500.00 79 2,500.00 500.00 — 3,000.00 96.42 7.4462 32,117.28

Oct. 31 Nov. 2 2,500 75 3,165.00 — 18 500.00 — — 500.00 96.36 7.5758 30,990.95

Nov. 14 Nov. 16 2,500 81 3,071.00 — 14 500.00 — — 500.00 96.35 7.5974 29,990.95

Nov. 28 Nov. 30 1,500 71 2,310.00 — 18 500.00 — — 500.00 96.30 7.7054 28,755.00

Dec. 12 Dec. 14 500 53 2,535.30 125.00 5 500.00 125.00 — 625.00 96.35 7.5974 24,880.00

Dec. 26 Dec. 28 500 57 2,135.50 — 22 500.00 — — 500.00 96.35 7.5974 22,880.00

Jan. 9 Jan. 11 1,500 62 3,102.00 — 29 1,500.00 — — 1,500.00 96.52 7.2308 22,880.00

Jan. 23 Jan. 25 2,500 60 2,855.00 — 41 2,105.00 — — 2,105.00 96.51 7.2523 22,585.00

Feb. 6 Feb. 8 1,500 60 3,267.00 — 26 1,500.00 — — 1,500.00 96.50 7.2738 22,085.00

Feb. 20 Feb. 22 500 40 1,822.00 — 12 500.00 — — 500.00 96.38 7.5326 19,585.00

Mar. 5 Mar. 7 500 57 1,827.50 855.00 34 500.00 855.00 — 1,355.00 96.38 7.5326 17,585.00

Mar. 19 Mar. 24 500 42 2,340.00 1,200.00 6 500.00 1,200.00 — 1,700.00 96.46 7.3600 16,785.00

2008-09

Apr. 2 Apr. 4 500 52 2,095.00 — 2 500.00 — — 500.00 96.54 7.1877 14,785.00

Apr. 16 Apr. 17 3,000 77 2,663.00 1,500.00 28 500.00 1,500.00 — 2,000.00 96.35 7.5974 13,785.00

Apr. 30 May 2 1,000 84 4,430.25 750.00 8 1,000.00 750.00 — 1,750.00 96.42 7.4462 15,035.00

May 14 May 16 2,000 85 3,431.00 553.00 61 2,000.00 553.00 — 2,553.00 96.36 7.5758 17,088.00

May 28 May 30 500 52 1,872.00 700.00 6 500.00 700.00 — 1,200.00 96.38 7.5326 17,788.00

Jun. 11 Jun. 13 500 52 1,366.20 1,125.00 17 500.00 1,125.00 — 1,625.00 96.31 7.6838 18,788.00

Jun. 25 Jun. 27 500 41 1,393.00 1,000.00 18 500.00 1,000.00 — 1,500.00 95.63 9.1645 19,788.00

Jul. 9 Jul. 11 1,500 84 3,923.46 500.00 44 1,500.00 500.00 — 2,000.00 95.55 9.3401 20,288.00

Jul. 23 Jul. 25 1,500 83 4,232.25 — 23 1,500.00 — — 1,500.00 95.56 9.3181 19,683.00

Aug. 6 Aug. 8 1,500 91 4,666.50 1,000.00 39 1,500.00 1,000.00 — 2,500.00 95.57 9.2962 20,683.00

Aug. 20 Aug. 22 1,500 86 3,915.65 1,000.00 32 1,500.00 1,000.00 — 2,500.00 95.56 9.3181 22,683.00

Sep. 2 Sep. 5 2,500 96 8,519.50 — 17 2,500.00 — — 2,500.00 95.67 9.0768 23,828.00

Sep. 17 Sep. 19 2,000 94 5,328.50 — 31 2,000.00 — — 2,000.00 95.81 8.7705 24,128.00

Oct. 1 Oct. 3 2,000 77 3,252.00 175.00 11 500.00 175.00 — 675.00 95.70 9.0111 24,303.00

Oct. 15 Oct. 17 2,000 128 4,592.47 — 64 2,000.00 — — 2,000.00 95.85 8.6832 24,303.00

Oct. 29 Oct. 31 2,000 146 6,649.00 — 32 2,000.00 — — 2,000.00 96.45 7.3816 24,553.00

Nov. 12 Nov. 14 2,000 102 5,322.25 — 21 2,000.00 — — 2,000.00 96.53 7.2092 24,000.00

Nov. 26 Nov. 28 2,000 94 6,566.00 — 27 2,000.00 — — 2,000.00 96.60 7.0587 24,800.00

Notes : 1. Outstanding amount is net of redemption during the week.

2. The presentation of implicit yield at cut-off price has been changed from actual/364-day count convention to actual/365-day count convention from

auction dated April 6, 2005.

3. The auctions of 182-day Treasury Bills (TBs) which were discontinued effective May 14, 2001 have been reintroduced from April 6, 2005 onwards.

Number NumberCom-

petitiveNon-Com-

petitive

Com-petitive

Non-Com-

petitive


Date ofAuction

Date of

Issue

Notified

Amount

Bids Received

Total Face Value

Bids Accepted

Total Face Value

Devolve-

ment on

PDs

Total

Issue

(8+9+10)

Cut-off

Price

Implicit

Yield at

Cut-offPrice

(per cent)

Amount

Out-

standing

as on theDate of

Issue (FaceValue)


CURRENT

STATISTICS

Government

Securities

Market

1 2 3 4 5 6 7 8 9 10 11 12 13 14

2007-08

Dec. 5 Dec. 7 2,000 97 5,711.70 — 50 2,000 — — 2,000.00 92.86 7.7101 60,039.50

Dec. 19 Dec. 20 1,000 79 4,485.00 250.00 18 1,000 250.00 — 1,250.00 92.90 7.6636 59,039.50

Jan. 2 Jan. 4 1,000 98 6,415.00 — 8 1,000 — — 1,000.00 93.14 7.3855 58,034.40

Jan. 16 Jan. 18 3,000 118 6,897.00 118.75 59 3,000 118.75 — 3,118.75 93.14 7.3855 59,595.95

Jan. 30 Feb. 1 2,000 75 3,185.00 — 42 2,000 — — 2,000.00 93.05 7.4896 60,345.95

Feb. 13 Feb. 15 3,000 114 9,149.00 503.70 46 3,000 503.70 — 3,503.70 93.06 7.478 61,753.65

Feb. 27 Feb. 29 1,000 71 3,690.00 — 14 1,000 — — 1,000.00 93.00 7.5476 60,753.65

Mar. 12 Mar. 14 1,000 85 5,816.82 272.65 5 1,000 272.65 — 1,272.65 93.09 7.4433 59,755.30

Mar. 26 Mar. 28 1,000 79 5,573.36 — 5 1,000 — — 1,000.00 93.17 7.3508 57,205.30

2008-09

Apr. 9 Apr. 11 2,000 95 4,697.50 — 44 2,000 — — 2,000.00 93.15 7.3739 57,075.30

Apr. 23 Apr. 25 2,000 102 4,735.00 — 55 2,000 — — 2,000.00 92.88 7.6869 56,775.30

May 7 May 9 3,500 166 9,640.50 650.00 68 3,500 650.00 — 4,150.00 93.00 7.5476 58,925.30

May 21 May 23 1,000 109 4,100.00 1,500.00 42 1,000 1,500.00 — 2,500.00 92.90 7.6636 59,425.30

Jun. 4 Jun. 6 1,000 79 3,695.00 1,400.00 5 1,000 1,400.00 — 2,400.00 92.95 7.6056 58,706.76

Jun. 18 Jun. 20 1,000 68 1,900.70 — 54 1,000 — — 1,000.00 92.40 8.2477 56,210.80

Jul. 2 Jul. 4 1,000 107 3,385.55 8.75 14 1,000 8.75 — 1,008.75 91.62 9.1716 56,219.55

Jul. 16 Jul. 18 2,000 110 4,703.50 250.00 49 2,000 250.00 — 2,250.00 91.39 9.447 55,886.12

Jul. 30 Aug. 1 2,000 154 9,661.00 36.55 26 2,000 36.55 — 2,036.55 91.30 9.5552 55,922.67

Aug. 13 Aug. 14 2,500 138 8,411.50 — 53 2,500 — — 2,500.00 91.52 9.2912 56,422.67

Aug. 27 Aug. 29 2,000 140 10,229.00 26.65 24 2,000 26.65 — 2,026.65 91.61 9.1835 56,416.05

Sep. 10 Sep. 12 4,000 194 15,037.00 — 46 4,000 — — 4,000.00 91.88 8.8619 57,416.05

Sep. 24 Sep. 26 1,000 87 3,383.98 — 36 1,000 — — 1,000.00 91.93 8.8025 55,041.05

Oct. 8 Oct. 10 2,000 131 7,344.00 — 38 2,000 — — 2,000.00 92.23 8.4477 54,041.05

Oct. 22 Oct. 24 2,000 153 8,652.50 32.00 14 2,000 32.00 — 2,032.00 93.13 7.3971 53,049.05

Nov. 5 Nov. 7 2,000 85 5,310.00 — 16 2,000 — — 2,000.00 93.15 7.3739 52,049.05

Nov. 19 Nov. 21 2,000 136 8,735.00 — 22 2,000 — — 2,000.00 93.40 7.0858 53,049.05

* : Effective from auction dated May 19, 1999, devolvement would be on RBI only.

Notes : 1. Outstanding amount is net of redemption during the week.

2. The presentation of implicit yield at cut-off price has been changed from actual/364-day count convention to actual/365-day count convention from

auction dated October 27, 2004.

No. 23: Auctions of 364-day Government of India Treasury Bills

Number NumberCom-

petitiveNon-Com-

petitive

Com-petitive

Non-Com-

petitive


Date ofAuction

Date of

Issue

Notified

Amount

Bids Received

Total Face Value

Bids Accepted

Total Face Value

Devolve-

ment on

PDs/

SDs*

Total

Issue

(8+9+10)

Cut-off

Price

Implicit

Yield at

Cut-offPrice

(per cent)

Amount

Out-

standing

as on theDate of

Issue (FaceValue)

RBIMonthly Bulletin

January 2009 S 41

CURRENT

STATISTICS

Government

Securities

Market

@ : Based on SGL outright transactions in government securities in secondary market at Mumbai. It excludes repo transactions.

+ : Turnover upto the last Friday of the month over the last Friday of preceding month.

* : RBI's Sales and Purchases include transactions in other offices also. It excludes transactions relating to the Government of India and the WelfareCommissioner, Bhopal.

(Rs. crore)

Week / Month + Govt. of India State Govt. Treasury Bills RBI*

Dated Securities Securities

91 Day 182 Day 364 Day

1 2 3 4 5 6 7

2006-07

April 1,10,559.28 851.16 2,193.88 2,046.40 16,666.50 922.00

May 1,00,542.72 4,781.64 6,217.52 4,076.30 10,766.88 1,453.00

June 77,255.06 2,395.66 5,996.84 8,689.56 12,871.16 883.00

July 65,538.70 1,376.06 5,206.80 3,761.72 8,127.34 387.88

August 1,48,081.02 1,048.40 10,290.66 8,646.20 12,898.72 166.48

September 2,84,464.66 1,893.48 8,821.54 6,014.18 17,127.28 279.19

October 1,22,101.80 776.32 5,898.98 3,134.06 9,134.16 233.42

November 2,57.667.60 1,358.46 4,857.48 8,209.80 13,484.26 151.08

December 2,39,765.16 3,072.80 6,087.18 2,928.06 9,965.98 58.44

January 1,40,660.36 1,319.26 6,006.94 3,306.44 6,204.12 551.14

February 1,13,360.08 1,362.28 4,998.06 2,854.74 4,948.44 72.88

March 1,10,983.52 4,861.96 5,968.82 4,739.42 6,464.76 1,405.99

2007-08

April 1,29,393.26 3,090.88 9,866.80 2,869.22 5,782.54 333.23

May 1,14,658.96 2,481.32 7,160.10 1,498.68 3,183.70 680.35

June 2,20,172.02 2,078.77 29,236.33 7,998.44 10,091.95 266.57

July 3,83,106.46 1,906.39 19,820.37 3,291.27 22,143.25 715.20

August 2,41,706.99 2,514.20 11,899.43 6,877.99 13,643.66 482.50

September 1,74,533.46 1,201.42 5,521.11 8,768.86 10,539.40 428.36

October 1,45,814.85 1,714.00 22,191.33 13,299.05 20,733.58 531.41

November 1,73,573.07 3,058.32 8,788.56 6,219.26 14,338.14 193.03

December 2,12,467.87 2,344.34 5,998.31 2,498.72 13,450.44 5,372.6

January 5,54,272.55 4,412.28 5,581.92 6,000.66 21,903.31 5,344.63

February 4,34,802.32 4,730.56 2,810.06 4,485.10 11,915.60 2,998.8

March 1,72,568.68 1,962.38 2,892.25 2,054.68 8,168.54 3,429.97

2008-2009

April 1,63,277.17 2,403.36 8,859.65 2,530.12 8,201.96 1,590.93

May 3,18,354.85 11,798.94 11,537.89 2,526.64 4,653.09 350.87

June 1,95,337.16 1,445.24 10,065.13 1,546.76 4,919.92 13,982.55

July 1,44,355.59 4,278.14 4,681.45 2,666.96 7,285.49 7,236.53

August 2,67,462.66 1,453.34 14,490.31 2,031.75 6,843.55 8,110.26

September 2,98,155.18 658.34 16,333.94 2,676.00 5,348.21 2,680.46

October 2,81,273.76 3,210.06 12,052.81 2,694.73 6,280.86 1,264.93

Week-Ended

November 7, 2008 74,900.19 294.38 3,362.56 833.62 2,297.66 16.00

November 14, 2008 50,559.15 727.44 4,101.97 525.62 3,433.98 157.18

November 21, 2008 1,17,901.42 952.08 7,173.14 927.82 4,765.54 —

November 28, 2008 1,08,961.34 8,80.20 5,965.80 906.00 1,489.88 710.51

No. 24: Turnover in Government Securities Market (Face Value) at Mumbai @


CURRENT

STATISTICS

Government

Securities

Market

No. 25: Repo / Reverse Repo auctions under Liquidity Adjustment Facility


LAF OutstandingDate Amount @

Cut-off Cut-off

Number Amount Number AmountRate (%)

Number Amount Number AmountRate (%)

1 2 3 4 5 6 7 8 9 10 11 12 13 14

November 3, 2008 1 2 550 2 550 7.50 — — — — — 550# 14 4 1,310 4 1,310 7.50 — — — — — 1,310$ 1 21 13,155 21 13,155 7.50 5 565 5 565 6.00 12,590 –20,900

November 4, 2008 1 5 2,360 5 2,360 7.50 — — — — — 2,360# 14 4 1,465 4 1,465 7.50 — — — — — 1,465$ 1 8 5,495 8 5,495 7.50 5 4,030 5 4,030 6.00 1,465 –13,050

November 5, 2008 1 3 1,850 3 1,850 7.50 1 800 1 800 6.00 1,050# 14 2 1,500 2 1,500 7.50 — — — — — 1,500$ 1 2 850 2 850 7.50 27 29,070 27 29,070 6.00 –28,220 16,445

November 6, 2008 1 — — — — — 10 14,240 10 14,240 6.00 –14,240# 14 2 1,250 2 1,250 7.50 — — — — — 1,250$ 1 1 1,200 1 1,200 7.50 13 17,590 13 17,590 6.00 –16,390 18,905

November 7, 2008 3 — — — — — 7 3,395 7 3,395 6.00 –3,395# 14 — — — — — — — — — — —$ 3 6 7,300 6 7,300 7.50 23 23,255 23 23,255 6.00 –15,955 7,625

November 10, 2008 1 5 1,835 5 1,835 7.50 — — — — — 1,835# 14 — — — — — — — — — — —$ 1 11 10,600 11 10,600 7.50 2 25 2 25 6.00 10,575 –23,985

November 11, 2008 1 5 2,750 5 2,750 7.50 — — — — — 2,750# 14 1 200 1 200 7.50 — — — — — 200$ 1 8 5,835 8 5,835 7.50 1 15 1 15 6.00 5,820 –20,345

November 12, 2008 2 5 3,490 5 3,490 7.50 — — — — — 3,490# 14 3 895 3 895 7.50 — — — — — 895$ 2 5 7,500 5 7,500 7.50 1 15 1 15 6.00 7,485 –21,220

November 14, 2008 3 1 2,000 1 2,000 7.50 — — — — — 2,000# 14 1 300 1 300 7.50 — — — — — 300$ 3 6 6,840 6 6,840 7.50 1 40 1 40 6.00 6,800 –15,720

November 17, 2008 1 3 4,400 3 4,400 7.50 — — — — — 4,400# 14 2 600 2 600 7.50 — — — — — 600$ 1 2 1,650 2 1,650 7.50 9 7,525 9 7,525 6.00 –5,875 –4,735

November 18, 2008 1 1 2,000 1 2,000 7.50 2 2,500 2 2,500 6.00 –500# 14 — — — — — — — — — — —$ 1 3 2,700 3 2,700 7.50 11 13,600 11 13,600 6.00 –10,900 6,655

November 19, 2008 1 1 2,000 1 2,000 7.50 5 7,125 5 7,125 6.00 –5,125# 14 2 1,950 2 1,950 7.50 — — — — — 1,950$ 1 2 1,950 2 1,950 7.50 11 17,310 11 17,310 6.00 –15,360 15,290

November 20, 2008 1 1 1,000 1 1,000 7.50 6 8,435 6 8,435 6.00 –7,435# 14 1 1,000 1 1,000 7.50 — — — — — 1,000$ 1 3 1,600 3 1,600 7.50 11 19,110 11 19,110 6.00 –17,510 20,000

November 21, 2008 3 2 2,800 2 2,800 7.50 4 4,640 4 4,640 6.00 –1,840# 14 — — — — — — — — — — —$ 3 5 4,000 5 4,000 7.50 27 11,375 27 11,375 6.00 –7,375

~ 90 1 250 1 250 7.50 — — — — — 250 4,020November 24, 2008 1 1 2,400 1 2,400 7.50 1 80 1 80 6.00 2,320

# 14 — — — — — — — — — — —$ 1 4 2,825 4 2,825 7.50 8 6,635 8 6,635 6.00 –3,810

~ 88 1 790 1 790 7.50 — — — — — 790 –4,495November 25, 2008 1 1 1,600 1 1,600 7.50 3 805 3 805 6.00 795

# 15 — — — — — — — — — — —$ 1 4 2,175 4 2,175 7.50 8 3,690 8 3,690 6.00 –1,515 –5,065

November 26, 2008 2 1 1,600 1 1,600 7.50 8 5,505 8 5,505 6.00 –3,905# 14 1 600 1 600 7.50 — — — — — 600$ 2 2 1,500 2 1,500 7.50 9 6,475 9 6,475 6.00 –4,975 3,390

November 27, 2008 1 3 735 3 735 7.50 — — — — — 735# 14 1 150 1 150 7.50 — — — — — 150$ 1 2 2,000 2 2,000 7.50 4 2,350 4 2,350 6.00 –350 2,855

November 28, 2008 3 4 10,000 4 10,000 7.50 — — — — — 10,000# 14 — — — — — — — — — — —$ 3 3 2,250 3 2,250 7.50 17 7,710 17 7,710 6.00 –5,460 –9,880

$ : Second LAF # : Special Fixed Rate Repo under LAF ~ : Under forex swap facility @ : Net of Repo.

Net Injection(+)/

Absorption (–)of liquidity

[ (6) — (11) ]

Bids Received Bids Accepted

REPO (INJECTION) REVERSE REPO (ABSORPTION)

Bids Received Bids Accepted

Repo/Reverse

RepoPeriod

(Day(s))

RBIMonthly Bulletin

January 2009 S 43

CURRENT

STATISTICS

Government

Securities

Market

No. 26: Open Market Operations of Reserve Bank of India*

(Rs. crore)

Month End Government of India Dated Securities – Face Value Treasury Bills

Purchase Sale Net Purchases (+) Purchase Sale Net Purchases (+)/ Net Sales (–) / Net Sales (–)

1 2 3 4 5 6 7

2006-07

April 2006 405.00 516.80 –111.80 — — —

May 2006 85.00 1,386.74 –1,301.74 — — —

June 2006 55.00 809.88 –754.88 — — —

July 2006 25.00 374.36 –349.36 — — —

August 2006 80.00 127.64 –47.64 — — —

September 2006 40.00 237.24 –197.24 — — —

October 2006 — 191.10 –191.10 — — —

November 2006 10.00 140.20 –130.20 — — —

December 2006 15.00 36.41 –21.41 — — —

January 2007 — 571.36 –571.36 — — —

February 2007 — 118.09 –118.09 — — —

March 2007 5.00 1,335.56 –1,330.56 — — —

April 2007 10.00 332.24 –322.24 — — —

Year / Month Government of India Dated Securities – Face Value Treasury bills

Purchase Sale Net Purchase Sale Net

Market State Market Statepurchase

Market State Market Statepurchase

Government Government(+)/net

Government Government(+)/net

sale (-) sale (-)

1 2 3 4 5 6 7 8 9 10 11

2007- 08

April 10.00 — — 332.24 –322.24 — — — — —

May — — — 742.80 –742.80 — — — — —

June — — — 254.86 –254.86 — — — — —

July 25.00 — — 656.74 –631.74 — — — — —

August — — — 456.28 –456.28 — — — — —

September 15.00 — — 413.35 –398.35 — — — — —

October — — — 539.93 –539.93 — — — — —

November — — — 184.51 –184.51 — — — — —

December 5,485.00 — — 167.44 5,317.56 — — — — —

January 2,535.00 — — 2,577.82 –42.82 — — — — —

February 2,660.00 — — 290.27 2,369.73 — — — — —

March 2,780.00 — — 970.93 1,809.07 — — — — —

2008-09

April 745.58 — — 861.19 –115.61 — — — — —

May 127.50 — — 216.63 –89.13 — — — — —

June 15,238.80 — — 310.18 14,928.62 — — — — —

July 5,218.50 — — 701.20 4,517.30 — — — — —

August 4,338.00 — — 4,446.59 –108.59 — — — — —

September 922.17 — — 930.92 –8.75 — — — — —

October 627.75 — — 530.30 97.46 — — — — —

November 757.20 + — — 127.51 629.69 — — — — —

* : Excluding transactions of RBI with the Government of India and the Welfare Commissioner, Bhopal.+ : Includes purchase of Oil Marketing Companies Government of India Special Bonds (Oil Bonds) of Rs.630 Crore (face value) in July 2008 under

Special Market Operations (SMOs)


CURRENT

STATISTICS

Government

Securities

Market

No. 27 A: Secondary Market Outright Transactions in Government dated Securities (Face Value)


Week ended State Govt.Securities

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-17 2017-18 2018-19 Beyond 2019

1 2 3 4 5 6 7 8 9 10 11 12

I. November 7, 2008

a. Amount — 2,493.00 1,140.02 1,120.00 1,362.00 1,538.05 4,661.47 861.10 18,100.36 6,174.10 147.19

b. YTM *

Min. — 6.7518 7.2308 7.2990 7.4491 7.4504 7.3123 7.5702 7.4223 7.6200 7.9502

Max. — 7.5202 7.6669 7.4702 7.5652 7.5423 7.7412 7.9625 7.7644 9.5961 8.1697

II. November 14, 2008

a. Amount 155.00 1,524.20 619.99 160.09 661.59 871.33 2,536.13 221.18 14,992.38 3,537.71 363.72

b. YTM *

Min. 8.2779 6.7256 7.0525 7.3523 7.4321 7.4633 7.3644 7.6929 7.6015 7.8570 8.1079

Max. 8.9051 8.6867 7.3600 7.4015 7.5000 7.4923 7.8507 7.9502 7.9513 9.5927 8.3000

III. November 21, 2008

a. Amount 405.00 1,052.11 518.74 202.43 0.70 531.36 6,204.78 3,115.23 27,501.41 19,418.97 476.04

b. YTM *

Min. 8.3054 6.7445 6.8626 7.0288 — 7.2409 7.0219 7.3912 7.2022 7.6200 7.0462

Max. 8.4511 7.1341 7.4006 7.0333 — 7.3965 7.9334 7.6510 7.8441 9.5544 8.2147

IV. November 28, 2008

a. Amount 30.00 715.74 435.06 85.00 16.70 380.37 8,335.87 2,375.88 23,010.05 19,095.99 440.10

b. YTM *

Min. 8.2236 6.3381 6.7142 7.0783 7.2062 7.1406 7.0365 7.2466 7.0948 7.3348 7.5001

Max. 8.5609 7.1967 7.0800 7.2608 7.2062 7.4001 7.5950 7.4543 7.5749 9.2003 7.9850

* : Minimum and maximum YTMs (% PA) indicative have been given excluding transactions of non-standard lot size (less than Rs.5 crore).

Government of India Dated Securities — Maturing in the year

RBIMonthly Bulletin

January 2009 S 45

CURRENT

STATISTICS

Government

Securities

Market

No. 27 B: Secondary Market Outright Transactions in Treasury Bills

(Amount in Rs. crore, YTM in per cent per annum)

Week ended Treasury Bills Residual Maturity in Days

up to 14 days 15 - 91 days 92 - 182 days 183 - 364 days

1 2 3 4 5

I. November 7, 2008

a. Amount 97.50 1,689.41 991.81 468.20

b. YTM *

Min. 6.9509 6.2506 7.0001 7.0500

Max. 7.9953 7.3521 7.3998 7.3508

II. November 14, 2008

a. Amount 178.50 1,917.49 767.81 1,166.99

b. YTM *

Min. 6.1006 6.2736 7.0001 7.0500

Max. 8.0000 7.3521 7.1799 7.3653

III. November 21, 2008

a. Amount 291.06 3,545.51 973.91 1,622.77

b. YTM *

Min. 6.9000 6.7292 6.9001 6.8000

Max. 7.2480 7.3105 7.2501 7.2000

IV. November 28, 2008

a. Amount 865.00 2,409.00 453.00 453.84

b. YTM *

Min. 6.3000 6.5000 6.9708 6.7500

Max. 7.0000 7.2299 7.0372 6.8700

* : Minimum and maximum YTMs (% PA) indicative have been given excluding transactions of non-standard lot size (less than Rs.5 crore).


CURRENT

STATISTICS

Government

Securities

Market

No. 27 C: Month-end Yield to Maturity of SGL Transactions in Central GovernmentDated Securities for Various Residual Maturities

(Per cent)

Term to 2007 2008

Maturity(in years) Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov,

1 2 3 4 5 6 7 8 9 10 11 12 13

1 7.6573 7.4307 7.4481 7.4252 7.7279 7.8502 9.1340 9.4748 9.0966 8.7855 7.3525 6.6751

2 7.6615 7.5106 7.5449 7.5140 7.8050 7.9675 9.3297 9.3916 9.0076 8.7130 7.3839 6.8129

3 7.6656 7.5426 7.5749 7.5433 7.8901 7.9923 9.2864 9.3656 8.9396 8.6613 7.4717 6.8821

4 7.6698 7.5281 7.5699 7.5429 7.9165 8.0172 9.2257 9.4132 8.8716 8.6096 7.4991 6.9298

5 7.6740 7.5137 7.5649 7.5424 7.9151 8.0421 9.1651 9.4609 8.8036 8.5783 7.5285 6.9775

6 7.6944 7.5061 7.6111 7.5534 7.9217 8.0743 9.1045 9.5085 8.8432 8.6979 7.5343 7.0371

7 7.7159 7.5084 7.6674 7.5640 7.9326 8.1091 9.0439 9.5562 8.8840 8.6850 7.5962 7.2363

8 7.7371 7.5180 7.5376 7.5742 7.9595 8.1430 8.9727 9.5819 8.9212 8.6722 7.6254 7.3178

9 7.7727 7.5375 7.5760 7.5816 7.9691 8.1348 8.8334 9.3691 8.8074 8.6593 7.5558 7.2131

10 7.8057 7.5737 7.6268 7.6367 8.0181 8.1069 8.6518 9.3500 8.7121 8.7184 7.4808 7.1197

11 7.8411 7.6318 7.6775 7.7147 8.0914 8.2966 8.7884 9.3822 8.8126 8.8703 7.5441 7.1987

12 7.8765 7.6900 7.7282 7.7928 8.1647 8.3057 8.9250 9.4143 8.9132 9.0223 7.6074 7.2777

13 7.9118 7.7482 7.7789 7.8708 8.2380 8.3148 9.0559 9.4465 9.0137 9.1253 7.7548 7.5245

14 7.9472 7.7492 7.8277 7.8804 8.2975 8.3240 9.1168 9.4787 9.1142 9.1360 7.8462 7.6298

15 8.0368 7.7489 7.8371 7.8321 8.3047 8.3331 9.1776 9.5109 9.2147 9.1466 7.8706 7.6530

16 8.0733 7.7585 7.8494 7.8492 8.3119 8.3422 9.2384 9.5430 9.3153 9.1573 7.8950 7.6761

17 8.0782 7.7682 7.8618 7.8664 8.3191 8.3514 9.2992 9.5752 9.4158 9.1680 7.9194 7.6993

18 8.0831 7.7779 7.8741 7.8836 8.3263 8.3605 9.3601 9.6074 9.5163 9.1787 7.9438 7.7225

19 8.0880 7.7875 7.8865 7.9008 8.3334 8.3696 9.4027 9.6395 9.5659 9.1894 7.9571 7.7214

20 8.0929 7.7972 7.8988 7.9180 8.3406 8.3788 9.4140 9.6717 9.5720 9.2001 7.9659 7.7136

21 8.0977 7.8068 7.9111 7.9352 8.3478 8.3879 9.4252 9.7039 9.5780 9.2108 7.9747 7.7059

22 8.1026 7.8165 7.9235 7.9523 8.3550 8.3970 9.4365 9.7361 9.5841 9.2215 7.9834 7.6982

23 8.1075 7.8261 7.9358 7.9695 8.3622 8.4062 9.4477 9.7682 9.5901 9.2322 7.9922 7.6904

24 8.1124 7.8358 7.9482 7.9867 8.3694 8.4153 9.4590 9.8004 9.5961 9.2429 8.0002 7.6896

25 8.1159 7.8431 7.9603 7.9988 8.3766 8.4244 9.4702 — — — 8.0048 7.7097

26 8.1168 7.8473 7.9723 8.0072 8.3838 8.4336 — — — — 8.0094 7.7296

27 8.1176 7.8515 7.9843 8.0155 8.3910 8.4427 — — — — 8.0139 7.7624

28 8.1185 7.8557 7.9964 8.0239 8.3982 8.4518 — — — — 8.0185 7.8415

29 8.1193 7.8599 8.0084 8.0323 8.4053 8.4610 — — — — — —

30 — — — — — — — — — — — —

RBIMonthly Bulletin

January 2009 S 47

CURRENT

STATISTICS

Government

Securities

Market

No. 28: Redemption Yield on Government of India Securities Based on SGL Transactions*

(Per cent per annum)

Sr. Nomenclature 2005-06 2006-07 2007-08 2007 2008

No. of the loanOct. Nov. Aug. Sep. Oct. Nov.

1 2 3 4 5 6 7 8 9 10 11

A) Terminable Under 5 years1 6.00% 2008 . . . . . . . . . . . . . . . . . .2 9.50% 2008 6.59 7.14 7.32 . . . . . . . . . . . .3 11.50% 2008 6.38 7.08 7.81 7.37 8.22 . . . . . . . .4 12.00% 2008 6.41 7.04 7.60 6.35 7.47 . . . . . . . .5 12.10% 2008 6.62 7.54 7.86 . . . . . . . . . . . .6 12.15% 2008 6.32 7.75 . . . . . . . . . . . . . .7 12.22% 2008 6.35 6.86 . . . . . . . . . . . . . .8 12.25% 2008 6.55 7.07 8.15 9.35 7.70 . . . . . . . .9 5.48% 2009 6.87 6.88 7.63 7.71 7.76 9.17 8.71 7.89 7.03

10 6.65% 2009 6.54 7.51 7.66 7.73 7.76 9.30 8.89 7.55 6.8311 6.99% 2009 . . . . . . . . . . . . . . . . . .12 7.00% 2009 6.73 7.50 8.09 9.18 . . 11.10 8.82 8.36 . .13 11.50% 2009 6.71 7.52 7.95 . . . . . . 9.98 . . . .14 11.99% 2009 6.59 7.25 7.65 . . . . 9.14 8.68 8.16 7.0815 5.87% 2010 6.57 . . 7.63 7.75 7.76 9.18 8.69 7.82 7.0416 6.00% 2010 . . . . . . . . . . . . . . . . . .17 6.20% 2010 . . . . . . . . . . . . . . . . . .18 7.50% 2010 6.89 7.77 7.35 . . . . 9.62 8.85 9.25 8.1219 7.55% 2010 6.69 7.42 7.69 7.72 7.71 9.17 8.41 7.37 7.1020 8.75% 2010 6.95 7.98 . . . . . . 9.26 8.62 . . . .21 11.30% 2010 6.85 7.39 7.70 7.75 7.72 9.20 8.90 7.77 7.3722 11.50% 2010 6.85 7.43 7.70 . . . . . . . . 7.79 7.5523 12.25% 2010 6.86 7.45 7.55 . . . . 9.24 8.91 8.00 7.3024 12.29% 2010 6.85 7.50 7.78 7.72 7.84 9.88 8.84 . . . .25 5.03% 2011 . . . . . . . . . . . . . . . . . .26 6.57% 2011 . . . . 7.37 . . . . 9.19 8.44 7.70 7.1627 8.00% 2011 7.10 7.86 7.93 . . 8.07 9.58 . . . . 7.5128 9.39% 2011 6.86 7.52 7.78 7.73 7.75 9.61 8.64 7.93 7.3029 10.95% 2011 6.96 7.33 7.94 . . . . . . 8.62 . . . .30 11.50% 2011 6.98 7.43 7.82 7.68 . . 9.23 8.75 7.80 7.3531 12.00% 2011 7.03 7.97 7.95 . . . . . . . . 7.54 7.8332 12.32% 2011 6.89 7.59 7.85 7.67 . . 9.32 . . . . . .33 6.72% 2012 6.51 6.93 7.87 . . . . . . . . . . 7.7534 6.85% 2012 6.86 7.58 7.80 7.88 7.72 . . . . . . 7.7535 7.40% 2012 6.95 7.55 7.83 7.92 8.20 9.36 8.96 8.06 7.5236 9.40% 2012 6.96 7.60 7.87 7.92 . . . . . . 8.15 . .37 10.25% 2012 7.06 7.88 8.08 8.46 8.05 . . 8.69 7.78 7.2138 11.03% 2012 7.02 7.81 8.10 . . . . . . . . . . 8.0539 7.27% 2013 6.98 7.58 7.66 7.75 7.83 9.17 8.53 7.93 7.3540 9.00% 2013 7.06 7.86 8.25 8.12 . . 9.18 8.65 . . 7.8441 9.81% 2013 7.11 7.85 8.11 . . . . . . . . 7.88 . .42 12.40% 2013 7.17 7.93 7.99 . . . . 9.14 8.66 7.97 7.7443 6.72% 2014 7.05 8.05 7.89 . . 7.89 . . . . . . . .44 7.37% 2014 7.04 7.74 7.86 7.84 7.86 9.18 8.55 7.92 7.5045 7.56% 2014 . . . . . . . . . . . . . . 7.54 7.3346 10.00% 2014 7.22 7.71 8.09 8.01 . . 9.82 . . . . 9.6247 10.50% 2014 7.28 7.83 7.85 . . . . 9.15 8.20 . . 9.5748 11.83% 2014 7.17 7.84 7.94 7.91 8.00 9.22 8.45 7.92 7.7349 10.47% 2015 7.22 7.59 8.06 . . . . 9.28 8.76 8.20 7.7250 7.38% 2015 7.06 7.70 7.95 7.93 7.87 9.00 8.38 7.84 7.5351 9.85% 2015 7.24 7.76 8.01 . . . . . . 9.00 . . . .52 10.79% 2015 7.22 7.65 8.02 7.95 . . 9.39 8.51 8.38 . .


CURRENT

STATISTICS

Government

Securities

Market

No. 28: Redemption Yield on Government of India Securities Based on SGL Transactions*(Concld.)

(Per cent per annum)

Sr. Nomenclature 2005-06 2006-07 2007-08 2007 2008

No. of the loanOct. Nov. Aug. Sep. Oct. Nov.

1 2 3 4 5 6 7 8 9 10 11

53 11.43% 2015 7.19 7.92 8.06 7.92 7.88 . . . . . . 8.1654 11.50% 2015 7.27 7.91 8.12 . . . . 9.31 8.84 7.92 7.5855 5.59% 2016 7.17 7.66 8.18 . . . . 9.40 . . . . . .56 7.59% 2016 . . 7.79 7.91 7.88 7.91 9.10 8.42 7.94 7.5857 10.71% 2016 7.26 7.95 7.89 7.90 7.86 . . . . . . . .58 12.30% 2016 7.26 8.21 8.41 . . . . 9.14 8.68 7.95 8.2459 7.46% 2017 7.25 7.81 7.88 7.90 8.01 9.50 8.71 7.86 7.4560 7.49% 2017 7.25 7.82 7.87 7.90 7.90 9.05 8.58 7.93 7.6661 7.99% 2017 . . . . 7.85 7.88 7.89 9.10 8.36 8.00 7.6462 8.07% 2017 7.22 7.80 7.93 7.94 7.94 9.14 8.50 8.00 7.70

B) Between 10 to 15 years63 5.69% 2018 7.29 7.95 7.99 8.00 8.05 9.34 8.58 7.98 . .64 6.25% 2018 7.23 7.91 8.03 8.12 8.03 . . 8.54 7.89 7.7065 8.24% 2018 . . . . . . . . . . 9.02 8.41 7.84 7.4766 10.45% 2018 7.34 8.05 8.19 . . 8.00 . . . . 7.90 . .67 12.60% 2018 7.61 7.91 . . . . . . 9.29 8.45 . . 8.1268 5.64% 2019 7.27 8.12 8.07 8.14 8.10 9.44 8.76 8.09 7.8169 6.05% 2019 7.27 7.91 8.11 8.13 8.17 9.22 8.99 7.91 7.7470 10.03% 2019 7.38 7.83 8.22 8.15 . . 10.30 . . 8.18 . .71 6.35% 2020 7.33 7.95 8.12 8.00 8.25 . . . . . . . .72 10.70% 2020 7.46 8.00 8.48 . . . . 10.70 . . . . 9.5273 11.60% 2020 7.36 7.73 8.00 . . . . . . 8.66 . . 8.0774 10.25% 2021 7.46 8.07 8.11 8.08 8.16 9.35 9.36 . . 8.2475 7.94% 2021 . . 8.07 8.11 8.11 8.13 9.40 8.98 8.21 7.6776 5.87% 2022 7.51 8.02 6.87 . . . . . . . . 8.23 8.1877 8.08% 2022 . . . . 7.90 . . . . . . . . . . . .78 8.13% 2022 . . . . 7.90 . . . . . . . . . . . .79 8.20% 2022 . . . . 7.95 8.16 8.17 . . 8.70 7.98 7.7080 8.35% 2022 7.41 8.02 7.99 8.17 8.15 9.36 9.10 8.04 7.84

C) Over 15 years81 6.17% 2023 7.38 8.01 8.18 8.29 8.20 9.76 9.03 8.13 7.8682 6.30% 2023 7.36 8.01 8.08 . . 8.23 . . . . . . 8.0383 10.18%2026 7.49 7.86 8.26 . . . . . . . . . . 8.3384 8.24% 2027 . . 8.19 8.06 . . . . 9.70 8.93 8.40 7.9885 8.26% 2027 . . . . 8.21 . . . . . . . . 8.08 8.2686 6.01% 2028 7.38 8.02 8.28 8.36 8.40 9.55 9.08 8.64 7.9787 6.13% 2028 7.42 8.02 8.31 8.42 8.26 . . 9.04 8.67 8.1588 7.95% 2032 7.57 8.07 8.19 8.38 8.34 9.74 8.97 8.40 8.0589 8.28% 2032 . . . . . . . . . . 9.61 8.98 8.58 8.0590 8.32% 2032 . . . . 7.94 . . . . . . . . . . . .91 8.33% 2032 . . . . . . . . . . . . 82.61 . . . .92 7.5% 2034 7.54 8.19 8.38 8.54 8.35 . . 8.82 8.57 8.3293 7.40% 2035 7.55 8.14 8.27 8.49 8.44 . . 8.97 . . 8.1594 8.33% 2036 . . 8.13 8.28 8.38 8.34 9.52 8.97 8.24 7.98

* : Monthly redemption yield is computed from April 2000 as the mean of the daily weighted average yields of the transactions in each tradedsecurity. The weight is calculated as the share of the transaction in a given security in the aggregated value of transactions in the said security.Prior to April 2000, the redemption yield was not weighted and was computed as an average of daily prices of each security.

@ : GOI Securities issued with call and put options exercisable on or after 5 years from the date of issue.

— : Indicates that the relevant security was not available for trading.

.. : Indicates that trading in the relevant security was nil/negligible during the month.

RBIMonthly Bulletin

January 2009 S 49

CURRENT

STATISTICS

Production

Production

No. 29: Group-wise Index Number of Industrial Production(Base: 1993-94=100)

Sr. Industry Weight Annual Cumulative MonthlyNo.

2005-06 2006-07 2007-08 (P) April-October October

2007-08 2008-09 P 2007 2008 P

1 2 3 4 5 6 7 8 9 10

General Index 100.00 221.5 247.1 268.0 258.2 268.8 262.6 261.5

I. Sectoral Classification

1 Mining and Quarrying 10.47 154.9 163.2 171.6 160.6 166.6 169.6 174.4

2 Manufacturing 79.36 234.2 263.5 287.2 276.4 288.1 280.2 276.9

3 Electricity 10.17 190.9 204.7 217.7 217.2 223.3 221.4 231.2

II. Use-Based Classification

1 Basic Goods 35.57 189.8 209.3 223.9 218.2 226.1 227.2 233.3

2 Capital Goods 9.26 265.8 314.2 370.8 342.5 373.9 350.8 361.7

3 Intermediate Goods 26.51 216.4 242.4 264.1 262.3 261.5 260.5 250.9

4 Consumer Goods 28.66 251.4 276.8 293.6 277.4 294.5 280.6 274.2

4(a) Consumer Durables 5.36 349.9 382.0 378.0 376.0 396.9 431.9 419.0

4(b) Consumer Non-Durables 23.30 228.8 252.6 274.2 254.7 271.0 245.8 240.8

Source : Central Statistical Organisation, Government of India.


CURRENT

STATISTICS

Production

No. 29 : Group-wise Index Number of Industrial ProductionNo. 30: IIP — Seventeen Major Industry Groups of Manufacturing Sector(Base : 1993-94 = 100 )

Industry Industry Weight Annual Cumulative Monthly

Group2005-06 2006-07 2007-08 (P) April- October October

2007-08 2008-09 P 2007 2008 P

1 2 3 4 5 6 7 8 9 10

Manufacturing Index 79.36 234.2 263.5 287.2 276.4 288.1 280.2 276.9

20-21 Food Products 9.08 170.6 185.2 198.2 147.2 144.7 128.3 124.6

22 Beverages, Tobacco and Related Products 2.38 400.3 444.5 498.0 485.5 576.9 509.3 547.7

23 Cotton Textiles 5.52 137.0 157.3 164.0 164.3 162.4 165.4 149.6

24 Wool, Silk and Man-made Fibre Textiles 2.26 248.9 268.4 281.2 274.6 271.6 265.0 252.3

25 Jute and Other Vegetable Fibre Textiles (Except Cotton) 0.59 107.7 90.7 120.7 119.7 113.6 116.6 112.7

26 Textile Products (Including Wearing Apparel) 2.54 255.5 285.0 295.5 295.2 307.0 299.5 285.7

27 Wood and Wood Products, Furniture and Fixtures 2.70 70.5 91.0 127.9 129.6 115.9 131.5 112.6

28 Paper and Paper Products and Printing, Publishingand Allied Industries 2.65 228.6 248.6 255.3 251.1 262.1 258.6 272.6

29 Leather and Leather & Fur Products 1.14 149.3 150.2 167.8 165.7 159.7 167.1 136.9

30 Chemicals and Chemical Products(Except Products Of Petroleum and Coal) 14.00 258.5 283.4 313.4 315.8 330.0 307.6 290.6

31 Rubber, Plastic, Petroleum and Coal Products 5.73 200.5 226.3 246.4 243.4 236.3 225.9 237.5

32 Non-metallic Mineral Products 4.40 271.1 305.8 323.2 322.3 322.2 338.0 326.9

33 Basic Metal and Alloy Industries 7.45 227.0 278.9 312.7 304.3 322.2 321.4 334.3

34 Metal Products and Parts, Except Machineryand Equipment 2.81 164.4 183.2 172.9 165.2 168.1 168.9 171.0

35-36 Machinery and Equipment Other ThanTransport Equipment 9.57 312.8 357.1 394.4 378.3 409.8 398.3 399.6

37 Transport Equipment and Parts 3.98 319.7 367.7 378.4 366.5 400.4 416.0 390.6

38 Other Manufacturing Industries 2.56 276.9 298.4 357.4 329.9 332.2 335.7 372.7


RBIMonthly Bulletin

January 2009 S 55

CURRENT

STATISTICS

Prices

No. 35: Monthly Average price of Gold and Silver in Mumbai

Prices

Month / Year Standard Gold Silver(Rs. per 10 grams) (Rs. per kilogram)

1 2 3

2000-01 4,474 7,868

2001-02 4,579 7,447

2002-03 5,332 7,991

2003-04 5,719 8,722

2004-05 6,145 10,681

2005-06 6,901 11,829

2006-07 9,240 19,057

2007-08 9,996 19,427

December 2006 9,133 19,913

January 2007 9,069 19,356

February 2007 9,545 20,324

March 2007 9,370 19,494

April 2007 9,321 19,677

May 2007 8,878 18,537

June 2007 8,707 18,287

July 2007 8,741 17,815

August 2007 8,836 17,407

September 2007 9,311 17,651

October 2007 9,691 18,385

November 2007 10,340 19,573

December 2007 10,311 19,056

January 2008 11,291 20,405

February 2008 11,888 21,979

March 2008 12,632 24,357

April 2008 11,810 23,474

May 2008 12,143 23,796

June 2008 12,369 24,213

July 2008 13,055 25,269

August 2008 11,855 22,265

September 2008 12,214 20,191

October 2008 12,766 18,687

November 2008 12,207 17,174

December 2008 12,897 17,327

Source : Bombay Bullion Association Ltd.



CURRENT

STATISTICS

Prices

@ Base 1982=100.

Note : New series of Consumer Price Index for Industrial Workers with base 2001 = 100 was released in January 2006 by Labour Bureau, Shimla.

Linking Factors betwen old and new series as published by the Labour Bureau are reproduced in column 2.

For (1) and (2) See ‘Notes on Tables’.

Source : Labour Bureau, Ministry of Labour, Government of India.

(Base : 2001 = 100)(Base : 2001 = 100)(Base : 2001 = 100)(Base : 2001 = 100)(Base : 2001 = 100)

Centre New 1990-91 2006-07 2007-08 2008

Linking @

Factor (1) May Jun. Jul. Aug. Sep. Oct. Nov.

1 2 3 4 5 6 7 8 9 10 11 12

All India (2) 4.63 193 125 133 139 140 143 145 146 148 148

Ahmedabad 4.62 196 123 131 134 137 141 142 143 145 144

Alwaye (Ernakulam) 4.52 176 127 133 140 140 143 144 144 145 148

Asansol 4.37 189 128 141 149 151 153 155 155 158 156

Bangalore 4.51 183 128 138 144 145 149 152 156 158 160

Bhavnagar 4.76 198 122 131 134 136 137 138 138 139 137

Bhopal 4.83 196 130 136 143 145 149 150 149 151 150

Chandigarh 5.26 189 127 132 138 139 142 143 145 146 146

Chennai 4.95 189 119 126 131 134 135 138 140 142 144

Coimbatore 4.49 178 121 129 133 135 136 139 140 142 144

Delhi 5.60 201 124 130 135 136 138 139 141 145 144

Faridabad 4.79 187 124 133 141 142 149 150 151 153 153

Guwahati 4.80 195 117 120 124 125 128 132 134 135 136

Howrah 5.42 212 124 132 137 139 141 142 143 146 144

Hyderabad 4.79 182 118 125 130 133 135 138 140 144 145

Jaipur 4.25 190 130 136 141 143 145 147 150 152 152

Jamshedpur 4.23 187 128 134 139 141 146 147 147 148 148

Kolkata 5.12 203 123 134 139 141 144 145 146 148 147

Ludhiana 4.12 193 131 136 143 143 145 149 153 153 154

Madurai 4.51 192 117 123 131 135 136 135 136 140 145

Monghyr-Jamalpur 4.30 189 128 136 140 141 145 151 151 155 154

Mumbai 5.18 201 128 136 142 143 145 146 147 152 151

Mundakayam 4.37 184 126 132 144 145 146 148 149 151 153

Nagpur 4.68 201 134 142 149 151 153 156 158 158 157

Pondicherry 4.88 204 125 133 142 144 148 150 152 153 155

Rourkela 4.03 179 127 140 147 148 153 154 154 155 155

Kanpur 4.50 195 127 133 138 139 144 145 145 146 145

Solapur 4.73 197 127 141 147 147 150 152 152 153 154

Srinagar 5.62 184 120 126 128 133 137 138 139 139 141

No. 36: Consumer Price Index Numbers for Industrial Workers — All-India and Selected Centres

RBIMonthly Bulletin

January 2009 S 57

CURRENT

STATISTICS

Prices

No. 37: Consumer Price Index Numbers for Urban Non-manualEmployees — All-India and Selected Centres

Centre 1990-91 2006-07 2007-08 2007 2008

Mar. Sep. Oct. Nov. Dec. Jan. Feb. Mar.

1 2 3 4 5 6 7 8 9 10 11 12

All India (1) 161 486 515 498 516 520 519 518 520 523 528

Mumbai 154 478 504 490 502 506 508 510 509 510 513

Delhi 156 499 521 508 522 528 523 523 525 529 532

Kolkata 164 439 476 449 481 486 480 479 479 482 484

Chennai 168 569 605 585 606 607 609 607 610 611 618

Hyderabad 164 526 560 541 558 561 565 564 564 568 574

Bangalore 161 513 546 527 545 544 547 551 559 563 566

Lucknow 158 465 484 471 488 487 482 480 480 486 492

Ahmedabad 153 426 449 435 450 454 453 454 452 453 459

Jaipur 165 477 515 491 517 519 521 519 527 532 545

Patna 167 451 484 466 490 494 495 492 496 496 501

Srinagar 150 475 513 496 511 517 515 513 524 528 538

Thiruvananthapuram 152 507 535 512 528 530 535 542 548 552 555

Cuttack 154 479 507 492 507 511 512 510 510 509 510

Bhopal 166 458 482 461 481 488 490 488 490 493 502

Chandigarh 176 637 665 649 672 672 669 666 668 671 678

Shillong 179 499 565 528 566 571 572 571 580 582 584

Shimla 163 490 511 506 517 519 511 508 507 508 513

Jammu 161 480 511 492 512 514 512 507 515 523 533

Amritsar 152 402 423 412 431 433 425 422 423 427 431

Kozhikode (Calicut) 150 447 465 452 462 464 469 469 473 475 483

Kanpur 165 450 481 462 490 489 483 479 478 483 489

Indore 170 485 507 490 513 515 510 507 510 516 526

Pune 162 509 547 517 546 549 555 555 554 560 563

Jabalpur 164 437 467 452 473 476 473 471 467 471 478

Jodhpur 168 465 487 476 490 492 489 490 489 492 501

(Base : 1984 (Base : 1984 (Base : 1984 (Base : 1984 (Base : 1984 ––––– 85 = 100) 85 = 100) 85 = 100) 85 = 100) 85 = 100)

Linked All-India Consumer Price Index Number for Urban Non-Manual Employees (UNME)(Base : 1984 (Base : 1984 (Base : 1984 (Base : 1984 (Base : 1984 ––––– 85 = 100) 85 = 100) 85 = 100) 85 = 100) 85 = 100)

2007 2008

Oct. Jul. Aug. Sep. Oct.

1 2 3 4 5 6

General Index 520 552 559 565 574

Note : The CPI (UNME) for base 1984-85 = 100 has been discontinued due to outdated base year with effect from April 2008 onwards. Linked all-India CPI

(UNME) number are available for meeting the requirement of users.




CURRENT

STATISTICS

Prices

A : Consumer Price Index Numbers for Agricultural Labourers(Base : July 1986 - June 1987 = 100)

State 1990-91(1) Linking 2006-07 2007-08 2007 2008Factor (2)

Nov. Jun. Jul. Aug. Sep. Oct. Nov.

1 2 3 4 5 6 7 8 9 10 11 12

All India 830 5.89 388 417 414 434 442 450 455 459 460

Andhra Pradesh 657 4.84 401 430 427 450 458 468 478 486 486

Assam 854 (3) 388 417 420 430 437 442 444 449 450

Bihar 858 6.22 384 411 413 421 433 440 443 446 444

Gujarat 742 5.34 403 424 425 431 438 447 450 454 457

Haryana (5) 403 447 443 467 475 483 489 492 495

Himachal Pradesh (5) 367 376 384 381 390 397 407 410 411

Jammu & Kashmir 843 5.98 392 413 412 423 429 430 440 444 450

Karnataka 807 5.81 367 406 402 425 429 437 446 454 461

Kerala 939 6.56 374 403 394 427 432 436 442 450 456

Madhya Pradesh 862 6.04 388 412 407 430 440 446 450 451 451

Maharashtra 801 5.85 402 432 427 449 457 467 469 476 474

Manipur (5) 337 367 364 380 385 389 396 399 404

Meghalaya (5) 410 439 443 452 464 470 475 476 479

Orissa 830 6.05 365 400 398 419 429 433 435 439 435

Punjab 930 (4) 417 448 439 472 480 491 497 497 500

Rajasthan 885 6.15 413 439 433 457 468 473 477 483 483

Tamil Nadu 784 5.67 371 403 395 425 431 437 446 449 454

Tripura (5) 383 407 411 413 417 423 425 429 435

Uttar Pradesh 960 6.60 408 433 428 449 458 464 467 465 465

West Bengal 842 5.73 365 395 396 411 415 423 428 432 433


No. 38: Consumer Price Index Numbers for Agricultural / Rural Labourers

RBIMonthly Bulletin

January 2009 S 59

CURRENT

STATISTICS

Prices

No. 38: Consumer Price Index Numbers for Agricultural / Rural Labourers

B : Consumer Price Index Numbers for Rural Labourers(Base : July 1986 - June 1987 = 100)

State 1995-96 (7) 2006-07 2007-08 2007 2008

Nov. May Jun. Jul. Aug. Sep. Oct. Nov.

1 2 3 4 5 6 7 8 9 10 11 12

All India 240 389 418 414 431 435 442 450 455 459 460

Andhra Pradesh 244 401 429 426 444 448 456 466 475 483 483

Assam 243 390 419 423 426 432 439 445 446 452 453

Bihar 223 384 412 413 419 421 433 440 444 446 444

Gujarat 241 403 425 425 428 433 439 447 450 454 458

Haryana 237 404 445 441 458 464 472 481 487 490 492

Himachal Pradesh 221 377 388 392 390 397 405 412 419 424 424

Jammu & Kashmir 225 393 413 413 421 423 429 431 440 443 448

Karnataka 250 367 407 403 421 425 430 437 446 454 462

Kerala 260 378 404 395 425 428 433 437 444 451 458

Madhya Pradesh 239 392 415 410 430 434 442 449 453 455 455

Maharashtra 247 400 428 423 438 445 453 463 465 471 469

Manipur 245 338 368 365 379 381 386 390 397 400 405

Meghalaya 250 408 436 440 448 450 461 467 472 473 476

Orissa 236 366 400 398 413 419 429 433 435 439 435

Punjab 247 419 449 441 465 471 479 489 495 496 499

Rajasthan 239 412 438 431 450 455 465 470 474 478 478

Tamil Nadu 244 370 402 394 422 424 429 435 444 447 452

Tripura 219 373 399 403 404 407 412 418 420 424 431

Uttar Pradesh 231 409 434 429 446 450 459 465 468 467 466

West Bengal 232 368 398 399 411 413 417 426 431 435 436

Source: Labour Bureau, Ministry of Labour, Government of India.


CURRENT

STATISTICS

Prices

No. 39: Index Numbers of Wholesale Prices in India — by Groups and Sub-Groups (Averages)

ALL COMMODITIES

I. Primary Articles

(A) Food Articles

a. Foodgrains

(Cereals+Pulses)

a1. Cereals

a2. Pulses

b. Fruits & Vegetables

b1. Vegetables

b2. Fruits

c. Milk

d. Eggs, Meat & Fish

e. Condiments & Spices

f. Other Food Articles

(B) Non-Food Articles

a. Fibres

b. Oil seeds

c. Other Non-Food Articles

(C) Minerals

a. Metallic Minerals

b. Other Minerals

II. Fuel, Power, Light & Lubricants

a. Coal Mining

b. Minerals Oils

c. Electricity

(Base : 1993-94 = 100)

Average of months/Average of Weight 1994-95 2006-07 2007-08 2007 2008

weeks ended Saturday April-March Sep. Apr. May Jun. Jul. Aug. Sep.

1 2 3 4 5 6 7 8 9 10 11 12

100.000 112.6 206.1 215.9 215.1 228.5 231.1 237.4 240.0 241.2 241.5

22.025 115.8 208.6 224.8 226.0 238.6 241.9 244.0 248.7 249.3 252.2

15.402 112.8 210.3 222.1 225.5 230.5 233.2 232.3 236.7 237.9 242.9

5.009 114.7 205.9 215.6 215.5 223.9 222.8 223.8 228.2 229.7 229.9

4.406 113.6 199.3 211.8 211.5 220.9 220.2 221.1 224.7 224.8 225.0

0.603 122.2 253.8 243.2 244.4 246.4 241.7 243.9 253.3 264.9 265.2

2.917 108.0 227.9 236.5 258.3 245.4 252.7 241.5 252.0 255.1 276.0

1.459 110.4 197.9 224.4 259.0 225.6 223.5 240.5 259.8 245.8 252.1

1.458 105.7 258.0 248.6 257.6 265.3 282.0 242.4 244.3 264.5 299.9

4.367 110.3 195.8 212.6 212.6 221.3 221.9 224.5 225.0 226.0 227.4

2.208 116.1 226.9 238.7 233.7 244.3 251.3 249.1 252.8 247.8 251.2

0.662 126.2 227.9 239.3 241.0 244.9 254.8 263.1 268.8 280.8 277.9

0.239 111.6 154.3 155.4 152.9 185.2 190.8 201.1 200.7 207.9 221.0

6.138 124.2 188.2 212.2 211.5 227.3 231.7 241.3 246.7 246.1 247.4

1.523 150.0 155.9 179.1 180.1 197.2 205.2 221.4 233.2 237.6 240.8

2.666 118.5 175.7 218.3 216.8 240.7 244.1 255.5 259.8 254.3 250.4

1.949 112.0 230.6 229.7 228.7 232.5 235.4 237.2 239.4 241.4 248.5

0.485 104.9 413.2 469.5 424.7 641.4 651.8 647.6 656.2 651.0 609.1

0.297 103.8 598.7 687.7 618.2 959.6 975.7 965.6 979.5 971.0 897.5

0.188 106.7 120.4 124.8 119.2 138.8 140.0 145.4 145.5 145.6 153.6

14.226 108.9 324.9 327.2 321.9 342.9 347.0 374.4 377.2 377.9 375.3

1.753 105.1 231.6 238.0 231.6 254.4 254.4 254.4 254.4 254.4 254.4

6.990 106.1 388.1 392.0 383.1 417.1 425.6 481.4 487.0 488.6 483.2

5.484 113.6 271.7 273.1 272.7 276.5 276.4 276.5 276.5 276.5 276.5

RBIMonthly Bulletin

January 2009 S 61

CURRENT

STATISTICS

Prices

No. 39: Index Numbers of Wholesale Prices in India — by Groups and Sub-Groups (Averages) (Contd.)

(Base : 1993-94 = 100)



1 2 3 4 5 6 7 8 9 10 11 12

III.Manufactured Products

(A) Food Products

a. Dairy Products

b. Canning, Preserving &

Processing of Fish

c. Grain Mill Products

d. Bakery Products

e. Sugar, Khandsari & Gur

f. Manufacture of

common Salts

g. Cocoa, Chocolate, Sugar &

Confectionery

h. Edible Oils

i. Oil Cakes

j. Tea & Coffee Proccessing

k. Other Food Products n.e.c.

(B) Beverages, Tobacco &

Tobacco Products

a. Wine Industries

b. Malt liquor

c. Soft drinks &

Carbonated Water

d. Manufacture of Bidi,

Cigarettes, Tobacco & Zarda

63.749 112.3 179.0 188.0 187.5 199.5 201.5 204.5 206.4 207.9 208.0

11.538 114.1 182.5 190.4 188.2 202.8 204.7 210.0 212.5 214.1 214.5

0.687 117.0 217.3 232.6 233.1 240.2 246.1 248.9 249.0 248.9 249.0

0.047 100.0 283.7 293.8 293.8 293.8 293.8 293.8 293.8 293.8 293.8

1.033 103.7 219.6 230.4 227.0 240.9 237.1 237.7 237.3 237.8 237.8

0.441 107.7 184.3 195.5 192.2 201.3 201.3 201.3 201.3 201.3 201.3

3.929 119.1 179.8 155.2 156.0 157.5 157.3 156.2 158.0 166.2 168.6

0.021 104.8 223.0 222.4 219.3 233.8 231.7 231.1 231.1 242.3 273.8

0.087 118.3 183.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1

2.775 110.9 154.6 175.4 171.1 188.9 186.6 197.7 201.3 196.2 192.5

1.416 121.6 196.6 256.6 246.1 310.2 329.7 351.5 360.4 359.8 363.2

0.967 104.4 178.9 193.8 197.0 193.9 195.1 195.8 195.8 195.8 196.1

0.154 111.6 198.1 218.9 214.7 237.2 237.8 238.1 238.1 239.5 239.5

1.339 118.3 243.5 268.5 265.1 285.6 285.6 285.6 289.8 293.7 296.6

0.269 150.2 288.7 309.3 308.8 310.9 310.9 310.9 310.9 310.9 310.9

0.043 109.1 204.1 198.0 197.0 215.7 215.7 215.7 215.7 215.7 215.7

0.053 109.1 176.3 187.6 188.1 188.1 188.1 188.1 188.1 188.1 188.1

0.975 110.4 236.4 264.8 260.2 286.9 286.9 286.9 292.7 298.1 302.1


CURRENT

STATISTICS

Prices

No. 39: Index Numbers of Wholesale Prices in India — by Groups and Sub-Groups (Averages) (Contd.)

(C) Textiles

a. Cotton Textiles

a1. Cotton Yarn

a2. Cotton Cloth (Mills)

b. Man Made Textiles

b1. Man Made Fibre

b2. Man Made Cloth

c. Woolen Textiles

d. Jute, Hemp & Mesta Textiles

e. Other Misc. Textiles

(D) Wood & Wood Products

(E) Paper & Paper Products

a. Paper & pulp

b. Manufacture of boards

c. Printing & publishing of

newspapers,periodicals etc.

(F) Leather & Leather Products

(G) Rubber & Plastic Products

a. Tyres & Tubes

a1. Tyres

a2. Tubes

b. Plastic Products

c. Other Rubber &

Plastic Products

(H) Chemicals & Chemical

Products

a. Basic heavy Inorganic

Chemicals

b. Basic Heavy Organic

Chemicals

c. Fertilisers & Pesticides

c1. Fertilisers

c2. Pesticides

d. Paints, Varnishes & Lacquers

e. Dyestuffs & Indigo

f. Drugs & Medicines

g. Perfumes, Cosmetics,

Toiletries etc.

h. Turpentine, Synthetic

Resins, Plastic Materials etc.

i. Matches, Explosives &

Other Chemicals n.e.c.

(Base : 1993-94 = 100)



1 2 3 4 5 6 7 8 9 10 11 12

9.800 118.2 132.3 130.9 132.9 127.4 130.5 136.9 140.8 144.6 142.2

4.215 132.7 159.1 156.3 160.5 149.2 152.3 164.0 170.8 178.4 172.9

3.312 136.2 156.4 153.0 158.6 144.1 147.3 162.0 170.7 180.0 172.7

0.903 119.9 169.4 168.4 167.5 167.9 170.5 171.3 171.3 172.5 173.7

4.719 105.9 96.2 97.4 97.7 97.0 99.3 102.0 103.5 104.1 103.2

4.406 105.6 93.4 94.8 95.1 94.8 96.8 99.7 101.3 101.8 100.7

0.313 109.9 136.2 134.4 133.8 128.6 133.9 134.5 134.5 136.8 139.4

0.190 132.6 174.1 170.6 170.8 170.9 170.9 177.0 178.6 179.2 179.5

0.376 110.3 217.3 205.6 205.8 197.2 209.2 208.1 212.9 218.9 229.0

0.300 109.0 189.8 182.7 182.0 182.8 190.1 190.1 191.8 191.1 191.8

0.173 110.9 206.4 215.9 215.9 215.9 229.4 237.0 237.0 237.0 237.0

2.044 106.1 190.7 194.2 197.7 196.1 198.5 199.5 200.2 202.6 203.8

1.229 108.7 170.2 175.5 176.3 179.6 182.5 184.4 185.4 189.3 191.2

0.237 110.9 165.6 164.3 164.8 160.9 166.6 165.8 166.6 166.6 166.8

0.578 98.5 244.6 246.2 246.3 245.6 245.6 245.6 245.6 245.6 245.6

1.019 109.7 159.4 166.1 167.3 166.5 166.5 167.9 168.3 168.3 168.3

2.388 106.4 148.2 159.0 159.0 163.4 163.8 163.9 164.9 166.1 168.7

1.286 104.1 141.5 156.8 158.1 162.9 163.2 163.2 163.2 163.5 169.1

1.144 103.4 130.4 143.5 145.4 148.9 149.3 149.3 149.3 149.3 150.6

0.142 110.0 231.4 264.2 260.6 275.7 275.7 275.7 275.7 278.7 318.3

0.937 106.8 146.7 154.2 152.5 157.2 157.7 158.0 160.4 163.1 162.1

0.165 121.0 209.8 203.0 202.8 202.8 202.8 202.8 202.8 202.8 202.8

11.931 116.6 193.9 204.8 204.1 213.5 219.6 221.6 222.2 224.1 224.8

1.446 112.2 171.0 190.3 185.4 229.3 233.2 239.0 240.2 247.7 251.6

0.455 118.7 180.2 176.4 176.5 182.4 185.6 211.0 219.9 215.4 208.1

4.164 117.7 171.6 173.7 173.0 180.5 189.8 189.6 189.3 189.6 189.8

3.689 115.8 177.2 180.8 180.0 188.5 198.5 198.2 197.6 197.7 197.9

0.475 132.5 127.9 118.5 118.5 118.5 122.1 123.0 124.8 126.6 126.6

0.496 101.3 128.1 143.0 146.4 146.1 147.8 155.1 155.3 155.3 155.3

0.175 108.4 105.8 111.2 112.7 115.6 120.4 120.4 120.4 120.4 120.4

2.532 129.4 293.1 314.9 315.6 312.5 316.1 316.2 316.4 321.1 321.4

0.978 118.0 223.6 239.7 238.4 250.5 258.6 258.6 258.6 258.6 259.2

0.746 107.6 133.4 143.4 144.5 144.9 154.5 156.2 158.2 158.7 157.9

0.940 98.3 136.0 144.3 142.2 153.5 154.6 154.5 154.5 154.5 160.0

RBIMonthly Bulletin

January 2009 S 63

CURRENT

STATISTICS

Prices

No. 39: Index Numbers of Wholesale Prices in India — by Groups and Sub-Groups (Averages) (Concld.)

(I) Non-Metallic Mineral

Products

a. Structural Clay Products

b. Glass, Earthernware,

Chinaware & their Products

c. Cement

d. Cement, Slate & Graphite

Products

(J) Basic Metals Alloys &

Metals Products

a. Basic Metals & Alloys

a1. Iron & Steel

a2. Foundries for Casting,

Forging & Structurals

a3. Pipes, Wires Drawing &

Others

a4. Ferro Alloys

b. Non-Ferrous Metals

b1. Aluminium

b2. Other Non-Ferrous

Metals

c. Metal Products

(K) Machinery & Machine Tools

a. Non-Electrical Machinery

& Parts

a1. Heavy Machinery

& Parts

a2. Industrial Machinery

for Textiles, etc.

a3. Refrigeration & Other

Non-electrical

Machinery

b. Electrical Machinery

b1. Electrical Industrial

Machinery

b2. Wires & Cables

b3. Dry & Wet Batteries

b4. Electrical Apparatus &

Appliances

(L) Transport Equipment & Parts

a. Locomotives, Railway

Wagons & Parts

b. Motor Vehicles, Motorcycles,

Scooters, Bicycles & Parts

Source : Office of the Economic Adviser, Ministry of Commerce & Industry, Government of India.

(Base : 1993-94 = 100)



1 2 3 4 5 6 7 8 9 10 11 12

2.516 110.9 191.8 208.8 210.4 215.0 215.7 215.2 215.4 216.2 218.0

0.230 100.0 195.2 212.8 211.7 219.4 219.4 219.4 219.4 219.4 220.2

0.237 113.3 160.7 167.9 168.6 166.4 166.4 166.4 166.4 166.4 166.4

1.731 112.4 197.3 217.5 219.8 221.4 222.4 221.7 222.0 223.3 225.3

0.319 108.8 182.9 189.1 189.8 213.2 213.2 213.2 213.2 212.2 215.1

8.342 108.4 233.3 249.8 247.0 297.5 294.1 296.7 300.2 300.3 298.9

6.206 107.0 236.3 256.3 252.6 322.1 317.9 321.8 326.5 326.7 324.8

3.637 106.0 254.4 280.0 276.7 359.0 353.3 357.7 362.6 362.8 360.4

0.896 106.7 228.5 245.2 293.3 298.7 298.7 298.7 301.9 301.9 301.9

1.589 109.5 204.1 213.5 210.2 258.5 255.3 260.5 265.9 266.0 264.6

0.085 104.5 148.5 155.5 156.2 175.3 175.3 175.3 175.3 175.3 164.1

1.466 115.9 258.3 265.1 264.8 257.3 255.9 254.4 254.2 253.7 253.9

0.853 114.7 253.6 248.7 245.8 250.8 250.8 250.8 250.8 250.8 250.8

0.613 117.7 264.8 288.0 291.4 266.4 263.1 259.4 258.9 257.6 258.1

0.669 105.0 149.8 155.9 156.4 157.4 157.4 157.4 157.4 157.4 157.4

8.363 106.0 155.6 166.6 167.7 171.3 173.7 175.8 176.1 176.3 176.4

3.379 108.6 194.8 199.5 199.8 206.8 209.3 209.8 210.0 210.3 211.1

1.822 111.0 201.8 207.3 207.7 218.6 222.1 222.6 222.6 222.6 223.5

0.568 108.5 255.2 260.5 260.9 258.9 259.0 259.0 259.0 259.0 258.9

0.989 104.3 147.3 150.2 149.9 155.1 157.3 157.8 158.6 159.8 160.6

4.985 104.2 129.0 144.3 145.9 147.3 149.5 152.8 153.2 153.2 153.0

1.811 105.2 150.4 160.9 163.9 161.3 163.6 168.3 168.3 168.4 168.4

1.076 109.0 179.0 230.3 233.7 243.0 247.6 250.7 251.2 251.3 249.5

0.275 105.8 148.5 163.3 162.8 168.7 172.4 177.4 177.4 177.4 177.4

1.823 100.1 75.3 74.2 73.7 73.7 74.1 75.7 76.6 76.6 77.0

4.295 107.4 162.4 166.9 165.3 173.4 174.3 174.2 174.8 176.1 176.7

0.318 105.3 125.2 131.6 131.6 137.2 141.8 141.8 141.8 141.8 141.8

3.977 107.6 165.4 169.7 168.0 176.2 176.9 176.8 177.4 178.8 179.5


CURRENT

STATISTICS

Prices

No. 40: Index Numbers of Wholesale Prices in India — by Groups and Sub-groups(Month-end/Year-end)

(Base : 1993-94 = 100)

Last Week of month / year Weight 1994-95 2006-07 2007-08 2007 2008

ended Saturday April-March Nov. Jun. Jul. Aug. Sep. Oct.(P) Nov.(P)

1 2 3 4 5 6 7 8 9 10 11 12

ALL COMMODITIES

I. Primary Articles

(A) Food Articles

a. Foodgrains

(Cereals+Pulses)

a1. Cereals

a2. Pulses

b. Fruits & Vegetables

b1. Vegetables

b2. Fruits

c. Milk

d. Eggs, Meat & Fish

e. Condiments & Spices

f. Other Food Articles

(B) Non-Food Articles

a. Fibres

b. Oil seeds

c. Other Non-Food

Articles

(C) Minerals

a. Metallic Minerals

b. Other Minerals

II. Fuel, Power, Light

& Lubricants

a. Coal Mining

b. Minerals Oils

c. Electricity

III. Manufactured

Products

(A) Food Products

a. Dairy Products

b. Canning, Preserving

& Processing of Fish


100.000 117.1 206.6 216.2 215.6 238.4 240.7 241.4 241.3 238.5 233.6

22.025 120.8 209.6 225.5 223.7 246.7 249.8 249.9 252.8 249.9 249.9

15.402 114.9 211.1 222.5 222.3 234.2 238.0 238.5 244.0 243.9 244.7

5.009 118.9 206.5 216.1 216.8 224.5 229.3 230.1 229.5 233.6 237.7

4.406 118.2 199.8 212.3 213.8 221.6 225.4 224.8 224.6 229.3 233.3

0.603 123.9 255.2 243.2 238.3 245.8 258.2 268.6 265.0 264.7 269.9

2.917 103.1 228.6 237.3 230.9 250.0 255.2 258.5 278.0 271.0 272.1

1.459 95.0 199.1 226.3 212.0 258.1 265.2 250.9 256.6 250.6 255.5

1.458 111.2 258.2 248.4 249.9 241.8 245.2 266.1 299.4 291.4 288.7

4.367 111.3 196.5 213.1 216.1 225.0 225.0 226.3 229.4 229.4 229.4

2.208 122.1 227.6 238.5 237.4 247.1 254.4 246.3 252.3 252.0 248.5

0.662 131.6 230.0 239.2 240.5 265.9 272.2 280.1 277.0 277.4 275.3

0.239 127.4 154.8 155.8 154.6 203.5 201.4 209.3 233.6 226.6 216.2

6.138 136.9 189.6 212.6 211.4 246.4 247.3 247.1 246.8 233.6 234.4

1.523 168.7 157.0 179.3 177.2 230.2 236.7 241.7 237.1 221.3 215.0

2.666 127.8 178.0 219.2 216.2 261.6 258.7 254.0 249.5 243.9 247.5

1.949 124.4 231.0 229.9 231.7 238.2 239.9 241.8 250.7 229.2 231.5

0.485 104.2 416.9 481.7 424.7 646.7 656.2 647.6 610.1 647.6 610.1

0.297 102.5 604.7 707.9 618.2 964.1 979.6 965.3 897.5 965.3 897.5

0.188 107.0 120.4 124.6 119.2 145.5 145.5 145.7 156.2 145.7 156.2

14.226 109.1 324.0 327.4 327.7 374.4 378.2 376.3 375.3 369.3 345.0

1.753 106.2 231.6 238.6 231.6 254.4 254.4 254.4 254.4 254.4 254.4

6.990 106.2 388.3 392.3 394.9 481.3 489.0 485.2 483.2 470.9 421.4

5.484 113.6 271.6 273.0 272.7 276.5 276.5 276.4 276.5 276.5 276.5

63.749 117.6 179.3 188.1 187.8 205.2 206.8 208.4 207.5 205.3 203.1

11.538 113.2 182.9 190.8 191.3 211.3 213.1 215.7 213.6 204.1 199.2

0.687 129.0 217.7 233.4 236.9 249.0 249.0 248.9 248.9 250.0 250.0

0.047 100.0 284.0 293.8 293.8 293.8 293.8 293.8 293.8 293.8 293.8

RBIMonthly Bulletin

January 2009 S 65

CURRENT

STATISTICS

Prices

No. 40: Index Numbers of Wholesale Prices in India — by Groups and Sub-groups(Month-end/Year-end) (Contd.)

(Base : 1993-94 = 100)



1 2 3 4 5 6 7 8 9 10 11 12

c. Grain Mill Products

d. Bakery Products

e. Sugar, Khandsari & Gur

f. Manufacture of

Common Salts

g. Cocoa, Chocolate, Sugar

& Confectionery

h. Edible Oils

i. Oil Cakes

j. Tea & Coffee Processing

k. Other Food

Products n.e.c.

(B) Beverages, Tobacco &

Tobacco Products

a. Wine Industries

b. Malt Liquor

c. Soft Drinks &

Carbonated Water

d. Manufacture of Bidi,

Cigarettes, Tobacco &

Zarda

(C) Textiles

a. Cotton Textiles

a1. Cotton Yarn

a2. Cotton Cloth (Mills)

b. Man Made Textiles

b1. Man Made Fibre

b2. Man Made Cloth

c. Woolen Textiles

d. Jute, Hemp & Mesta

Textiles

e. Other Misc. Textiles

(D) Wood & Wood Products

(E) Paper & Paper Products

a. Paper & pulp

b. Manufacture of Boards

c. Printing & Publishing

of Newspapers,

Periodicals etc.

1.033 109.0 219.6 230.5 238.2 237.1 237.3 237.8 237.8 237.7 240.9

0.441 111.0 184.8 195.6 197.6 201.3 201.3 201.3 201.3 201.3 201.3

3.929 109.5 179.2 155.4 151.8 155.8 158.7 169.7 168.1 168.8 168.8

0.021 114.1 222.8 222.4 219.3 231.1 231.1 242.3 273.8 273.8 276.7

0.087 124.1 183.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1

2.775 118.4 155.1 175.8 175.9 201.0 201.2 194.4 191.6 186.2 180.9

1.416 118.3 199.8 257.9 262.7 357.4 363.5 367.0 358.0 290.0 257.1

0.967 99.5 179.6 194.4 197.0 195.8 195.8 195.8 197.1 195.8 196.7

0.154 117.3 198.4 219.0 214.8 238.1 238.1 239.5 239.5 239.5 241.0

1.339 124.3 243.9 269.2 273.8 285.6 293.7 293.7 296.6 296.6 296.6

0.269 163.5 289.8 309.4 310.9 310.9 310.9 310.9 310.9 310.9 310.9

0.043 125.5 204.0 198.1 197.0 215.7 215.7 215.7 215.7 215.7 215.7

0.053 109.1 176.2 187.6 188.1 188.1 188.1 188.1 188.1 188.1 188.1

0.975 114.2 236.6 265.6 271.6 286.9 298.1 298.1 302.1 302.1 302.1

9.800 128.1 132.3 130.6 127.9 139.7 141.8 144.3 140.8 139.7 141.7

4.215 148.3 159.1 155.6 148.8 168.5 173.2 177.9 169.8 168.0 174.3

3.312 152.1 156.3 152.1 143.6 167.8 173.7 179.0 168.7 166.4 173.8

0.903 134.4 169.4 168.4 167.9 171.3 171.3 173.7 173.7 173.7 176.0

4.719 110.9 96.2 97.4 97.8 103.5 103.4 103.8 102.8 102.0 100.4

4.406 110.6 93.3 94.8 95.2 101.3 101.2 101.3 100.2 99.3 97.6

0.313 114.7 136.2 134.4 133.8 134.5 134.5 139.4 139.4 139.4 139.4

0.190 139.9 173.4 170.7 170.9 177.0 180.2 179.2 180.2 180.2 180.2

0.376 120.5 218.4 204.0 204.8 211.9 211.7 221.7 230.8 234.0 234.8

0.300 117.9 189.3 182.8 183.1 190.1 191.8 191.8 191.8 191.8 191.8

0.173 113.3 205.9 215.9 215.9 237.0 237.0 237.0 237.0 237.0 237.0

2.044 117.0 190.9 194.3 194.7 199.5 200.3 202.7 203.9 203.2 205.5

1.229 122.9 170.4 175.7 176.2 184.4 185.5 189.5 191.4 190.3 194.1

0.237 113.0 165.6 164.3 164.8 165.8 166.6 166.6 167.0 167.0 167.0

0.578 106.2 244.7 246.2 246.3 245.6 245.6 245.6 245.6 245.6 245.6


CURRENT

STATISTICS

Prices

No. 40: Index Numbers of Wholesale Prices in India — by Groups and Sub-groups(Month-end/Year-end) (Contd.)

(Base : 1993-94 = 100)



1 2 3 4 5 6 7 8 9 10 11 12

(F) Leather & Leather Products

(G) Rubber & Plastic Products

a. Tyres & Tubes

a1. Tyres

a2. Tubes

b. Plastic Products

c. Other Rubber & Plastic

Products

(H) Chemicals &

Chemical Products

a. Basic Heavy Inorganic

Chemicals

b. Basic Heavy Organic

Chemicals

c. Fertilisers & Pesticides

c1. Fertilisers

c2. Pesticides

d. Paints, Varnishes &

Lacquers

e. Dyestuffs & Indigo

f. Drugs & Medicines

g. Perfumes, Cosmetics,

Toiletries, etc.

h. Turpentine, Synthetic

Resins, Plastic Materials

etc.

i. Matches, Explosives &

Other Chemicals n.e.c.

(I) Non-Metallic Mineral

Products

a. Structural Clay Products

b. Glass, Earthernware,

Chinaware &

Their Products

c. Cement

d. Cement, Slate &

Graphite Products

1.019 117.8 159.7 166.1 167.3 168.3 168.3 168.3 168.3 168.3 168.3

2.388 117.0 148.8 159.1 160.8 163.9 165.1 166.9 169.2 169.2 168.0

1.286 119.6 142.3 156.9 160.7 163.2 163.2 164.9 170.5 170.1 170.1

1.144 120.3 131.0 143.6 148.2 149.3 149.3 149.3 151.0 151.0 151.0

0.142 114.1 233.6 256.2 261.2 275.7 275.7 290.7 327.5 324.4 324.4

0.937 108.8 147.0 154.3 153.5 158.0 161.1 163.3 161.6 162.1 158.9

0.165 143.9 209.5 203.0 202.8 202.8 202.8 202.8 202.8 202.8 202.8

11.931 121.6 194.1 205.0 205.0 221.7 222.2 224.7 224.7 224.4 223.8

1.446 125.6 170.8 191.7 190.0 239.0 240.2 252.4 251.9 251.9 253.2

0.455 131.4 180.1 176.4 170.3 211.2 219.9 215.5 208.1 202.9 181.7

4.164 123.0 171.5 173.8 173.7 189.6 189.3 189.6 189.4 189.9 189.1

3.689 121.8 177.3 180.9 180.8 198.2 197.4 197.7 197.5 198.0 197.1

0.475 132.5 126.2 118.5 118.5 123.0 126.6 126.6 126.6 126.6 126.6

0.496 101.4 128.3 143.1 146.1 155.3 155.3 155.3 155.3 155.3 155.3

0.175 115.0 105.6 111.2 112.7 120.4 120.4 120.4 120.4 120.4 120.4

2.532 132.9 294.1 314.9 315.6 316.4 316.4 321.1 321.5 321.5 321.5

0.978 119.0 224.0 239.7 238.6 258.6 258.6 258.6 259.2 258.6 259.2

0.746 111.9 132.9 143.7 149.8 156.2 158.2 159.1 157.9 155.6 153.8

0.940 96.3 136.1 144.2 142.2 154.5 154.5 154.5 160.0 158.5 163.0

2.516 122.4 192.0 209.0 210.4 215.3 215.5 216.8 217.9 218.1 218.2

0.230 101.4 195.3 213.5 211.7 219.4 219.4 219.4 220.2 222.6 223.1

0.237 126.3 160.6 167.9 168.6 166.4 166.4 166.4 166.4 166.4 166.4

1.731 126.9 197.6 217.6 219.7 221.9 222.1 224.2 252.2 225.1 225.2

0.319 110.3 183.0 189.7 189.7 213.2 213.2 212.2 215.1 215.1 215.1

RBIMonthly Bulletin

January 2009 S 67

CURRENT

STATISTICS

Prices

No. 40: Index Numbers of Wholesale Prices in India — by Groups and Sub-groups(Month-end/Year-end) (Concld.)

(Base : 1993-94 = 100)



1 2 3 4 5 6 7 8 9 10 11 12

(J) Basic Metals Alloys &

Metals Products

a. Basic Metals & Alloys

a1. Iron & Steel

a2. Foundries for Casting,

Forging & Structurals

a3. Pipes, Wires

Drawing & Others

a4. Ferro Alloys

b. Non-Ferrous Metals

b1. Aluminium

b2. Other Non-Ferrous

Metals

c. Metal Products

(K) Machinery & Machine Tools

a. Non-Electrical

Machinery & Parts

a1. Heavy Machinery

& Parts

a2. Industrial Machinery

for Textiles, etc.

a3. Refrigeration &

Other Non-Electrical

Machinery

b. Electrical Machinery

b1. Electrical Industrial

Machinery

b2. Wires & Cables

b3. Dry & Wet Batteries

b4. Electrical Apparatus

& Appliances & Parts

(L) Transport Equipment

& Parts

a. Locomotives, Railway

Wagons & Parts

b. Motor Vehicles,

Motorcycles, Scooters,

Bicycles & Parts

8.342 115.6 233.8 250.0 247.0 296.6 300.3 300.5 298.1 296.7 283.6

6.206 112.7 236.8 256.7 254.1 321.6 326.6 327.0 323.7 322.4 305.0

3.637 112.6 255.0 280.6 278.4 357.4 362.6 363.1 359.4 356.8 328.0

0.896 113.5 228.6 245.6 242.1 298.7 301.9 301.9 301.9 301.9 305.5

1.589 112.9 204.3 213.8 210.5 260.4 266.3 266.6 263.5 263.0 260.1

0.085 102.9 148.5 155.5 156.2 175.3 175.3 175.3 152.9 178.0 153.7

1.466 130.8 259.5 264.5 258.3 254.2 254.3 253.4 254.1 251.5 250.4

0.853 132.4 254.3 248.2 241.4 250.8 250.8 250.8 250.8 250.8 250.8

0.613 128.6 266.7 287.2 281.7 258.9 259.2 257.4 258.8 252.5 249.8

0.669 108.7 150.0 155.9 156.8 157.4 157.4 157.4 157.4 157.4 157.4

8.363 109.0 155.9 166.7 167.7 176.0 176.3 176.3 176.5 176.4 177.0

3.379 111.1 195.1 199.6 200.5 209.8 210.3 210.3 211.2 211.1 211.3

1.822 114.8 202.0 207.3 208.9 222.6 222.6 222.6 223.8 224.0 224.0

0.568 108.4 255.3 260.6 260.9 259.0 259.0 259.0 258.8 258.8 258.8

0.989 106.0 147.6 150.4 150.2 157.8 159.8 159.8 160.6 159.8 160.6

4.985 107.5 129.4 144.5 145.5 153.1 153.2 153.2 153.0 152.9 153.7

1.811 108.8 150.5 161.1 162.0 168.3 168.3 168.4 168.4 168.7 171.3

1.076 119.0 180.8 230.6 234.2 250.7 251.3 251.3 249.5 249.3 249.3

0.275 109.7 148.9 163.5 165.1 177.4 177.4 177.4 177.4 177.4 177.4

1.823 99.2 75.3 74.2 73.7 76.6 76.6 76.6 77.1 76.6 76.1

4.295 110.6 162.5 166.8 166.2 174.0 175.9 176.3 177.1 176.6 177.3

0.318 105.4 125.0 131.9 135.3 141.8 141.8 141.8 141.8 141.8 141.8

3.977 111.0 165.5 169.6 168.7 176.6 178.6 179.1 179.9 179.4 180.1

Source : Office of the Economic Adviser, Ministry of Commerce & Industry, Government of India.


CURRENT

STATISTICS

Trade andBalance ofPayments

Trade and Balance of Payments

No. 41: Foreign Trade (Annual and Monthly)

Year/ Month Rupees crore US dollar million SDR million

Export Import Balance Export Import Balance Export Import Balance

1 2 3 4 5 6 7 8 9 10

2003-04 2,93,367 3,59,108 –65,741 63,843 78,149 –14,307 44,663 54,672 –10,0092004-05 3,75,340 5,01,065 –1,25,725 83,536 1,11,517 –27,981 56,081 74,866 –18,7852005-06 4,56,418 6,60,409 –2,03,991 1,03,091 1,49,166 –46,075 70,774 1,02,405 –31,6322006-07 5,71,779 8,40,506 –2,68,727 1,26,361 1,85,749 –59,388 85,018 1,24,975 –39,9572007-08 6,55,864 10,12,312 –3,56,448 1,62,904 2,51,439 –88,535 1,04,686 1,61,581 –56,895

2006-07April 38,612 56,342 –17,729 8,590 12,535 –3,944 5,915 8,630 –2,716May 45,588 64,963 –19,375 10,040 14,307 –4,267 6,741 9,606 –2,865June 47,920 64,683 –16,764 10,405 14,044 –3,640 7,040 9,502 –2,463July 48,934 67,558 –18,624 10,533 14,542 –4,009 7,128 9,841 –2,713August 49,649 68,658 –19,009 10,669 14,753 –4,085 7,173 9,920 –2,746September 49,486 77,611 –28,125 10,730 16,829 –6,098 7,242 11,358 –4,116October 44,589 76,047 –31,458 9,807 16,725 –6,919 6,655 11,350 –4,695November 43,943 68,812 –24,868 9,798 15,342 –5,545 6,580 10,304 –3,724December 47,368 66,848 –19,479 10,612 14,977 –4,364 7,038 9,932 –2,894January 48,357 60,992 –12,636 10,908 13,758 –2,850 7,294 9,200 –1,906February 46,484 62,470 –15,986 10,527 14,147 –3,620 7,030 9,448 –2,418March 56,628 75,445 –18,817 12,862 17,137 –4,274 8,534 11,370 –2,836

2007-08 RApril 46,164 74,895 –28,731 10,953 17,769 –6,817 7,196 11,675 –4,479May 49,794 78,760 –28,966 12,210 19,313 –7,103 8,046 12,726 –4,680June 48,400 79,200 –30,800 11,870 19,424 –7,554 7,855 12,853 –4,999July 50,331 74,091 –23,759 12,454 18,333 –5,879 8,144 11,989 –3,844August 51,491 80,845 –29,354 12,614 19,805 –7,191 8,245 12,945 –4,700September 50,243 68,616 –18,373 12,455 17,009 –4,555 8,069 11,019 –2,951October 57,641 83,472 –25,831 14,588 21,126 –6,538 9,360 13,554 –4,194November 50,353 80,171 –29,819 12,768 20,329 –7,561 8,048 12,814 –4,766December 50,580 73,395 –22,815 12,825 18,609 –5,785 8,131 11,799 –3,668January 57,948 88,852 –30,905 14,717 22,566 –7,849 9,292 14,247 –4,955February 60,061 82,661 –22,601 15,116 20,804 –5,688 9,534 13,122 –3,588March 69,630 95,134 –25,504 17,254 23,574 –6,320 10,563 14,432 –3,869

2008-09 PApril 63,880 99,356 –35,477 15,961 24,825 –8,864 9,755 15,173 –5,418May 65,639 1,12,844 –47,206 15,582 26,788 –11,206 9,596 16,497 –6,901June 70,372 1,10,072 –39,700 16,434 25,706 –9,271 10,151 15,877 –5,726July 72,412 1,23,436 –51,023 16,904 28,815 –11,911 10,365 17,669 –7,304August 68,721 1,28,582 –59,861 16,005 29,946 –13,941 10,089 18,878 –8,788September 62,641 1,11,085 –48,444 13,748 24,380 –10,632 8,837 15,671 –6,834October 62,387 1,13,659 –51,272 12,822 23,360 –10,538 8,465 15,421 –6,957

R: Revised. P: Provisional. Source : DGCI & S and Ministry of Commerce & Industry.

Notes: 1. Data conversion has been done using period average exchange rates.2. Monthly data may not add up to the annual data on account of revision in monthly figures.

Also see ‘Notes on Tables’

RBIMonthly Bulletin

January 2009 S 69

CURRENT

STATISTICS


No. 42: India's Overall Balance of Payments

A. CURRENT ACCOUNTI. MerchandiseII. Invisibles (a+b+c)












b) Commercial Borrowings (MT & LT)i) By Indiaii) To India

c) Short Term To Indiai) Suppliers’ Credit >180 days & Buyers’ Creditii) Suppliers’ Credit up to180 days




4. Rupee Debt Service5. Other CapitalTotal Capital Account (1 to 5)

C. ERRORS & OMISSIONSD. OVERALL BALANCE (Total Current Account, Capital

Account and Errors & Omissions (A+B+C))E. MONETARY MOVEMENTS (i+ii)

i) I.M.F.ii) Foreign Exchange Reserves (Increase – / Decrease +)


(Rs. crore)

2007-08 PR 2006-07 R


2 3 4 5 6 71

667757 1036289 –368532 582871 862833 –279962596954 297336 299618 517146 281567 235579361932 210873 151059 333093 200029 133064

45524 37173 8351 41127 30249 1087840200 46277 –6077 36049 36504 –455

6587 4194 2393 5403 2903 25001330 1520 –190 1143 1825 –682

268291 121709 146582 249371 128548 120823

162020 12299 149721 141356 10212 13114467424 67105 319 65738 71500 –576212918 12581 337 14010 13460 550

9683 3459 6224 10227 3589 6638177737 9290 168447 142037 6288 135749

3025 2073 952 2864 1723 1141174712 7217 167495 139173 4565 134608

57285 77173 –19888 42016 75250 –3323455438 72769 –17331 40297 70955 –30658

1847 4404 –2557 1719 4295 –25761264711 1333625 –68914 1100017 1144400 –44383

1092961 912173 180788 600951 534160 66791147951 86158 61793 106464 71554 34910137935 501 137434 103037 385 102652107753 433 107320 74354 385 73969

28859 — 28859 26371 — 263711323 68 1255 2312 — 2312

10016 85657 –75641 3427 71169 –6774210016 67952 –57936 3427 60138 –56711

— 4363 –4363 — 4868 –4868— 13342 –13342 — 6163 –6163

945010 826015 118995 494487 462606 31881944066 825718 118348 494102 462472 31630

944 297 647 385 134 251335600 167077 168523 246525 136091 110434

17022 8557 8465 16978 9005 797397 113 –16 90 144 –54

16925 8444 8481 16888 8861 8027122270 31090 91180 93932 21567 72365

6407 6537 –130 2837 4361 –1524115863 24553 91310 91095 17206 73889196308 127430 68878 135615 105519 30096171182 127430 43752 115125 100196 14929

25126 — 25126 20490 5323 15167223977 176829 47148 167494 159017 8477223661 175115 48546 165656 158660 6996

78365 50733 27632 64972 80726 –15754145296 124382 20914 100684 77934 22750118079 117373 706 89950 70376 19574

316 1714 –1398 1838 357 1481— 488 –488 — 725 –725

83687 45885 37802 36797 18101 186961736225 1302452 433773 1051767 848094 203673

4830 — 4830 4344 — 43443005766 2636077 369689 2156128 1992494 163634

— 369689 –369689 — 163634 –163634— — — — — —— 369689 –369689 — 163634 –163634

Items


CURRENT

STATISTICS


No. 42: India's Overall Balance of Payments (Contd.)






















(Rs. crore)

2005-06 2004-05


8 9 10 11 12 131

465748 695412 –229664 381785 533550 –151765397660 211733 185927 311550 171959 139591255668 153057 102611 193711 124880 68831

34871 29432 5439 29858 23571 628728023 36928 –8905 21021 20363 658

4694 4965 –271 3913 3249 6641396 2343 –947 1797 1843 –46

186684 79389 107295 137122 75854 61268

104632 5954 98678 79404 3579 7582541356 34428 6928 23067 32807 –9740

5355 4265 1090 2279 3735 –14567000 1285 5715 6191 3298 2893

113566 4134 109432 97201 4066 931352970 2103 867 2762 1598 1164

110596 2031 108565 94439 2468 9197128426 54542 –26116 20638 43013 –2237527633 51112 –23479 18538 36947 –18409

793 3430 –2637 2100 6066 –3966863408 907145 –43737 693335 705509 –12174

342778 273996 68782 210205 152148 5805740690 27265 13425 27392 10647 1674539730 273 39457 27234 287 2694726512 273 26239 17028 287 1674112220 — 12220 8555 — 8555

998 — 998 1651 — 1651960 26992 –26032 158 10360 –10202960 17678 –16718 158 7517 –7359

— 4834 –4834 — 1114 –1114— 4480 –4480 — 1729 –1729

302088 246731 55357 182813 141501 41312302088 246731 55357 182813 141394 41419

— — — — 107 –107174729 140332 34397 135685 87090 48595

16133 8541 7592 16988 8463 8525106 390 –284 108 576 –468

16027 8151 7876 16880 7887 899363476 52971 10505 40679 17566 23113

— 1105 –1105 — 1036 –103663476 51866 11610 40679 16530 2414995120 78820 16300 78018 61061 1695785766 78114 7652 78018 61061 16957

9354 706 8648 — — —95988 90193 5795 65278 48238 1704091200 89569 1631 64038 46532 17506

3369 17711 –14342 2276 2481 –20587831 71858 15973 61762 44051 1771179190 66733 12457 36225 40664 –4439

4788 624 4164 1240 1706 –466— 2557 –2557 — 1858 –1858

26451 20903 5548 30507 26974 3533639946 527981 111965 441675 316308 125367

— 2332 –2332 2714 — 27141503354 1437458 65896 1137724 1021817 115907

— 65896 –65896 — 115907 –115907— — — — — —— 65896 –65896 — 115907 –115907

Items

RBIMonthly Bulletin

January 2009 S 71

CURRENT

STATISTICS
























(Rs. crore)



14 15 16 17 18 191

204364 331689 –127325 208706 377761 –169055155719 69191 86528 199320 85156 114164

90115 47729 42386 115197 59593 5560410431 9014 1417 12197 11685 51210539 13863 –3324 13313 16391 –3078

1458 950 508 1620 1340 280542 458 84 355 416 –61

67145 23444 43701 87712 29761 57951

44389 3570 40819 49121 4045 4507615409 12972 2437 21903 15389 6514

3103 2616 487 4457 4225 2322124 941 1183 3240 1296 1944

50720 2771 47949 65976 3669 62307629 492 137 232 464 –232

50091 2279 47812 65744 3205 6253914884 18691 –3807 18147 21894 –374714238 17316 –3078 16877 20506 –3629

646 1375 –729 1270 1388 –118360083 400880 –40797 408026 462917 –54891

220448 200524 19924 227138 208518 1862050642 13176 37466 40501 16146 2435549646 92 49554 38671 228 3844342656 92 42564 31977 228 31749

6257 — 6257 6576 — 6576733 — 733 118 — 118996 13084 –12088 1830 15918 –14088996 9743 –8747 1830 12495 –10665

— 1129 –1129 — 1186 –1186— 2212 –2212 — 2237 –2237

169806 187348 –17542 186637 192372 –5735169727 187131 –17404 186580 192276 –5696

79 217 –138 57 96 –3957698 40081 17617 72372 58563 13809

3787 2324 1463 4794 2526 226825 33 –8 26 35 –9

3762 2291 1471 4768 2491 227711522 5353 6169 16754 8611 8143

1683 804 879 2329 604 17259839 4549 5290 14425 8007 6418

42389 32404 9985 50824 47426 339838557 32404 6153 50824 42755 8069

3832 — 3832 — 4671 –467191443 80212 11231 70988 61659 932991443 79583 11860 70988 61646 934247725 43876 3849 28220 22564 565643718 35707 8011 42768 39082 368637753 34362 3391 40163 39030 1133

— 629 –629 — 13 –13— 125 –125 — 13 –13

7994 7627 367 4676 10643 –5967377583 328569 49014 375174 339396 35778

1093 — 1093 — 1612 –1612738759 729449 9310 783200 803925 –20725

— 9310 –9310 20725 — 20725— — — — — —— 9310 –9310 20725 — 20725

Items


CURRENT

STATISTICS
























(Rs. crore)

Apr-Sep 2008 P Apr-Sep 2007 PR


20 21 22 23 24 251

413070 709450 –296380 296766 473503 –176737355039 154347 200692 261046 129268 131778205312 107322 97990 161322 87853 73469

22628 20699 1929 17720 16154 156623852 30254 –6402 16527 20786 –4259

3078 2290 788 2920 1914 1006897 874 23 664 973 –309

154857 53205 101652 123491 48026 75465— —

93510 7615 85895 73110 6046 6706437312 28361 8951 31276 27376 3900

7560 6841 719 5889 4696 11935364 2237 3127 4599 1682 2917

116696 6440 110256 74918 3435 71483861 956 –95 1271 1134 137

115835 5484 110351 73647 2301 7134633031 40585 –7554 24806 37980 –1317431115 37822 –6707 24018 35956 –11938

1916 2763 –847 788 2024 –1236768109 863797 –95688 557812 602771 –44959

447586 409042 38544 397114 301941 9517391143 29322 61821 56398 36491 1990788317 320 87997 49991 159 4983274633 320 74313 34420 159 3426112833 — 12833 14651 — 14651

851 — 851 920 — 9202826 29002 –26176 6407 36332 –299252826 22238 –19412 6407 29811 –23404

— 2315 –2315 — 2215 –2215— 4449 –4449 — 4306 –4306

356443 379720 –23277 340716 265450 75266356307 379407 –23100 340457 265332 75125

136 313 –177 259 118 141130070 98644 31426 149067 73607 75460

8581 4850 3731 7002 4112 289051 68 –17 49 57 –8

8530 4782 3748 6953 4055 289828276 13964 14312 59677 13947 45730

4012 1408 2604 3275 3461 –18624264 12556 11708 56402 10486 4591693213 79830 13383 82388 55548 2684089381 75159 14222 73008 55548 17460

3832 4671 –839 9380 — 9380162431 141871 20560 90873 67742 23131162431 141229 21202 90776 67429 23347

75945 66440 9505 28333 13248 1508586486 74789 11697 62443 54181 826277916 73392 4524 49922 50270 –348

— 642 –642 97 313 –216— 138 –138 — 185 –185

12670 18270 –5600 34645 20502 14143752757 667965 84792 671699 463977 207722

— 519 –519 1899 — 18991520866 1532281 –11415 1231410 1066748 164662

11415 — 11415 — 164662 –164662— — — — — —

11415 — 11415 — 164662 –164662

Items

RBIMonthly Bulletin

January 2009 S 73

CURRENT

STATISTICS
























(Rs. crore)



26 27 28 29 30 311

141665 232339 –90674 155101 241164 –86063123208 60079 63129 137838 69189 68649

77892 40889 37003 83430 46964 364668610 7859 751 9110 8295 8158053 10416 –2363 8474 10370 –18961538 763 775 1382 1151 231

388 454 –66 276 519 –24359303 21397 37906 64188 26629 37559

36435 2800 33635 36675 3246 3342915496 13042 2454 15780 14334 1446

2177 1851 326 3712 2845 8672115 953 1162 2484 729 1755

35577 1781 33796 39341 1654 37687631 680 –49 640 454 186

34946 1101 33845 38701 1200 375019739 17409 –7670 15067 20571 –55049397 16593 –7196 14621 19363 –4742

342 816 –474 446 1208 –762264873 292418 –27545 292939 310353 –17414

177448 135067 42381 219666 166874 5279234101 22818 11283 22297 13673 862430831 82 30749 19160 77 1908322984 82 22902 11436 77 11359

7389 — 7389 7262 — 7262458 — 458 462 — 462

3270 22736 –19466 3137 13596 –104593270 19619 –16349 3137 10192 –7055

— 1117 –1117 — 1098 –1098— 2000 –2000 — 2306 –2306

143347 112249 31098 197369 153201 44168143108 112224 30884 197349 153108 44241

239 25 214 20 93 –7369064 31311 37753 80003 42296 37707

3019 2025 994 3983 2087 189625 29 –4 24 28 –4

2994 1996 998 3959 2059 190034187 5518 28669 25490 8429 17061

1480 1423 57 1795 2038 –24332707 4095 28612 23695 6391 1730431858 23768 8090 50530 31780 1875028382 23768 4614 44626 31780 12846

3476 — 3476 5904 — 590435297 39086 –3789 55576 28656 2692035297 39061 –3764 55479 28368 2711110486 11797 –1311 17847 1451 1639624811 27264 –2453 37632 26917 1071521656 23499 –1843 28266 26771 1495

— 25 –25 97 288 –191— 177 –177 — 8 –8

4746 7550 –2804 29899 12952 16947286555 213191 73364 385144 250786 134358

364 — 364 1535 — 1535551792 505609 46183 679618 561139 118479

— 46183 –46183 — 118479 –118479— — — — — —— 46183 –46183 — 118479 –118479

Items


CURRENT

STATISTICS
























(Rs. crore)

Oct-Dec 2007 PR Jan-Mar 2008 PR


32 33 34 35 36 371

161737 264548 –102811 209254 298238 –88984156086 71154 84932 179823 96914 82909

97149 49691 47458 103462 73329 3013313397 9941 3456 14407 11078 332911046 12008 –962 12627 13483 –856

1728 1030 698 1939 1250 689355 296 59 311 251 60

70622 26416 44206 74178 47267 26911

37915 3362 34553 50995 2891 4810418105 16752 1353 18043 22977 –4934

3481 3011 470 3548 4874 –13262372 722 1650 2712 1055 1657

45098 1945 43153 57721 3910 53811770 477 293 984 462 522

44328 1468 42860 56737 3448 5328913839 19518 –5679 18640 19675 –103513421 18464 –5043 17999 18349 –350

418 1054 –636 641 1326 –685317823 335702 –17879 389077 395152 –6075

341473 274812 66661 354374 335420 1895432817 24762 8055 58736 24905 3383131239 170 31069 56705 172 5653323764 170 23594 49569 104 49465

7072 — 7072 7136 — 7136403 — 403 — 68 –68

1578 24592 –23014 2031 24733 –227021578 20544 –18966 2031 17597 –15566

— 1069 –1069 — 1079 –1079— 2979 –2979 — 6057 –6057

308656 250050 58606 295638 310515 –14877308186 249975 58211 295423 310411 –14988

470 75 395 215 104 11185014 41834 43180 101519 51636 49883

4377 2147 2230 5643 2298 334524 28 –4 24 28 –4

4353 2119 2234 5619 2270 334933341 8689 24652 29252 8454 20798

1432 1515 –83 1700 1561 13931909 7174 24735 27552 6893 2065947296 30998 16298 66624 40884 2574040374 30998 9376 57800 40884 16916

6922 — 6922 8824 — 882449675 48858 817 83429 60229 2320049663 47469 2194 83222 60217 2300522241 15544 6697 27791 21941 585027422 31925 –4503 55431 38276 1715525477 28843 –3366 42680 38260 4420

12 1389 –1377 207 12 195— — — — 303 –303

26093 14349 11744 22949 11034 11915502255 379853 122402 562271 458622 103649

992 — 992 1938 — 1938821070 715555 105515 953286 853774 99512

— 105515 –105515 — 99512 –99512— — — — — —— 105515 –105515 — 99512 –99512

Items

RBIMonthly Bulletin

January 2009 S 75

CURRENT

STATISTICS
























(Rs. crore)



38 39 40 41 42 431

134880 211953 –77073 151636 225903 –74267113377 56479 56898 115305 67687 47618

72944 38537 34407 76122 46213 299097766 6766 1000 8328 8398 –707798 9081 –1283 9149 9172 –231082 587 495 1461 714 747

182 359 –177 283 566 –28356116 21744 34372 56901 27363 29538

— —32007 1887 30120 33020 1878 3114215396 12032 3364 15933 15302 631

2314 1446 868 3320 3260 602160 491 1669 2638 835 1803

32603 1314 31289 28833 1674 27159314 373 –59 552 464 88

32289 941 31348 28281 1210 270717830 16628 –8798 10350 19800 –94507544 15737 –8193 10016 18743 –8727

286 891 –605 334 1057 –723248257 268432 –20175 266941 293590 –26649

155960 150357 5603 104262 84482 1978015810 7906 7904 21074 11263 981115519 36 15483 20402 9 20393

8849 36 8813 13382 9 133736625 — 6625 6756 — 6756

45 — 45 264 — 264291 7870 –7579 672 11254 –10582291 5406 –5115 672 8662 –7990

— 1223 –1223 — 1247 –1247— 1241 –1241 — 1345 –1345

140150 142451 –2301 83188 73219 9969140055 142446 –2391 83137 73214 9923

95 5 90 51 5 4652288 28591 23697 52065 29890 22175

2624 2391 233 3654 2082 157223 36 –13 23 37 –14

2601 2355 246 3631 2045 158622968 4879 18089 12428 4266 8162

396 1014 –618 529 788 –25922572 3865 18707 11899 3478 842126696 21321 5375 35983 23542 1244123108 21321 1787 30507 23542 6965

3588 — 3588 5476 — 547645057 22044 23013 26682 34648 –796644730 22044 22686 26682 34444 –776223904 8535 15369 7271 16475 –920420826 13509 7317 19411 17969 144219307 13387 5920 19406 15196 4210

327 — 327 — 204 –204— 305 –305 — — —

1555 4793 –3238 5027 2569 2458254860 206090 48770 188036 151589 36447

411 — 411 728 — 728503528 474522 29006 455705 445179 10526

— 29006 –29006 — 10526 –10526— — — — — —— 29006 –29006 — 10526 –10526

Items


CURRENT

STATISTICS


No. 42: India's Overall Balance of Payments (Concld.)






















(Rs. crore)

Oct-Dec 2006 R Jan-Mar 2007 R


44 45 46 47 48 491

138660 212583 –73923 157695 212394 –54699133622 75911 57711 154842 81490 73352

83001 55650 27351 101026 59629 4139711790 7368 4422 13243 7717 5526

9411 9456 –45 9691 8795 8961296 904 392 1564 698 866

391 436 –45 287 464 –17760113 37486 22627 76241 41955 34286

34197 3077 31120 42132 3370 3876216599 19195 –2596 17810 24971 –7161

3725 2910 815 4651 5844 –11932686 1075 1611 2743 1188 1555

40311 1498 38813 40290 1802 384881291 400 891 707 486 221

39020 1098 37922 39583 1316 3826710310 18763 –8453 13526 20059 –6533

9865 17706 –7841 12872 18769 –5897445 1057 –612 654 1290 –636

272282 288494 –16212 312537 293884 18653

173846 144755 29091 166883 154566 1231745020 31983 13037 24560 20402 415844332 31 44301 22784 309 2247536901 31 36870 15222 309 14913

6554 — 6554 6436 — 6436877 — 877 1126 — 1126688 31952 –31264 1776 20093 –18317688 29033 –28345 1776 17037 –15261

— 1210 –1210 — 1188 –1188— 1709 –1709 — 1868 –1868

128826 112772 16054 142323 134164 8159128768 112745 16023 142142 134067 8075

58 27 31 181 97 8466266 37112 29154 75906 40498 35408

5006 2222 2784 5694 2310 338422 36 –14 22 35 –13

4984 2186 2798 5672 2275 339724373 6158 18215 34163 6264 27899

1912 1552 360 — 1007 –100722461 4606 17855 34163 5257 2890636887 28732 8155 36049 31924 412525461 28732 –3271 36049 26601 944811426 — 11426 — 5323 –532332209 46213 –14004 63546 56112 743431237 46060 –14823 63007 56112 6895

2501 20378 –17877 31296 35338 –404228736 25682 3054 31711 20774 1093728453 21871 6582 22784 19922 2862

972 153 819 539 — 539— 9 –9 — 411 –411

8889 4471 4418 21326 6268 15058281210 232560 48650 327661 257855 69806

1323 — 1323 1882 — 1882554815 521054 33761 642080 551739 90341

— 33761 –33761 — 90341 –90341— — — — — —— 33761 –33761 — 90341 –90341

Items

RBIMonthly Bulletin

January 2009 S 77

CURRENT

STATISTICS


Items

No. 43: India's Overall Balance of Payments






















(US $ million)

2007-08 PR 2006-07 R


2 3 4 5 6 71

166163 257789 –91626 128888 190670 –61782148604 74012 74592 114558 62341 52217

90077 52512 37565 73780 44311 2946911349 9254 2095 9123 6684 243910014 11514 –1500 7974 8068 –94

1639 1044 595 1195 642 553330 376 –46 253 403 –150

66745 30324 36421 55235 28514 26721

40300 3058 37242 31300 2267 2903316771 16715 56 14544 15866 –1322

3217 3138 79 3106 2991 1152408 859 1549 2262 796 1466

44259 2315 41944 31470 1391 30079753 514 239 635 381 254

43506 1801 41705 30835 1010 2982514268 19185 –4917 9308 16639 –733113808 18089 –4281 8926 15688 –6762

460 1096 –636 382 951 –569314767 331801 –17034 243446 253011 –9565

272762 227805 44957 133210 118457 1475336838 21437 15401 23590 15897 769334361 125 34236 22826 87 2273926866 108 26758 16481 87 16394

7168 — 7168 5828 — 5828327 17 310 517 — 517

2477 21312 –18835 764 15810 –150462477 16898 –14421 764 13368 –12604

— 1084 –1084 — 1076 –1076— 3330 –3330 — 1366 –1366

235924 206368 29556 109620 102560 7060235688 206294 29394 109534 102530 7004

236 74 162 86 30 5683528 41598 41930 54642 30152 24490

4241 2127 2114 3767 1992 177524 28 –4 20 32 –12

4217 2099 2118 3747 1960 178730376 7743 22633 20883 4780 16103

1592 1624 –32 626 966 –34028784 6119 22665 20257 3814 1644348911 31728 17183 29992 23380 661242641 31728 10913 25482 22175 3307

6270 — 6270 4510 1205 330555813 44056 11757 37209 35296 191355734 43624 12110 36799 35218 158119562 12668 6894 14466 17960 –349436172 30956 5216 22333 17258 507529401 29222 179 19914 15593 4321

79 432 –353 410 78 332— 121 –121 — 162 –162

20904 11434 9470 8230 4021 4209433007 325014 107993 233291 188088 45203

1205 — 1205 968 — 968748979 656815 92164 477705 441099 36606

— 92164 –92164 — 36606 –36606— — — — — —— 92164 –92164 — 36606 –36606

P : Preliminary PR : Partially Revised R : Revised


CURRENT

STATISTICS
























(US $ million)


8 9 10 11 12 131

105152 157056 –51904 85206 118908 –3370289687 47685 42002 69533 38301 3123257659 34489 23170 43249 27823 15426

7853 6638 1215 6666 5249 14176325 8337 –2012 4683 4539 1441062 1116 –54 870 722 148

314 529 –215 401 411 –1042105 17869 24236 30629 16902 13727

23600 1338 22262 17700 800 169009307 7748 1559 5167 7318 –21511209 965 244 512 832 –3201575 289 1286 1384 738 646

25620 933 24687 21691 906 20785669 475 194 616 356 260

24951 458 24493 21075 550 205256408 12263 –5855 4593 9572 –49796229 11491 –5262 4124 8219 –4095

179 772 –593 469 1353 –884194839 204741 –9902 154739 157209 –2470

77298 61770 15528 46934 33934 130009178 6144 3034 6087 2374 37138962 61 8901 6052 65 59875976 61 5915 3779 65 37142760 0 2760 1904 0 1904

226 0 226 369 0 369216 6083 –5867 35 2309 –2274216 3982 –3766 35 1672 –1637

0 1092 –1092 — 248 –2480 1009 –1009 — 389 –389

68120 55626 12494 40847 31560 928768120 55626 12494 40847 31536 9311

— — — — 24 –2439479 31570 7909 30287 19378 10909

3631 1929 1702 3809 1886 192324 88 –64 24 128 –104

3607 1841 1766 3785 1758 202714343 11835 2508 9084 3890 5194

— 251 –251 — 232 –23214343 11584 2759 9084 3658 542621505 17806 3699 17394 13602 379219372 17647 1725 17394 13602 3792

2133 159 1974 — — —21658 20285 1373 14581 10707 387420586 20144 442 14304 10325 3979

772 3947 –3175 505 552 –4719814 16197 3617 13799 9773 402617835 15046 2789 8071 9035 –964

1072 141 931 277 382 –105— 572 –572 — 417 –417

5941 4709 1232 6737 6081 656144376 118906 25470 98539 70517 28022

0 516 –516 607 — 607339215 324163 15052 253885 227726 26159

— 15052 –15052 — 26159 –26159— — — — — —— 15052 –15052 — 26159 –26159

2005-06 2004-05Items

RBIMonthly Bulletin

January 2009 S 79

CURRENT

STATISTICS


Items























(US $ million)



14 15 16 17 18 191

49060 79626 –30566 47672 86287 –3861537382 16610 20772 45528 19451 2607721633 11458 10175 26313 13612 12701

2504 2164 340 2786 2669 1172530 3328 –798 3041 3744 –703

350 228 122 370 306 64130 110 20 81 95 –14

16119 5628 10491 20035 6798 13237

10656 857 9799 11220 924 102963699 3114 585 5003 3515 1488

745 628 117 1018 965 53510 226 284 740 296 444

12176 665 11511 15070 838 14232151 118 33 53 106 –53

12025 547 11478 15017 732 142853573 4487 –914 4145 5001 –8563418 4157 –739 3855 4684 –829

155 330 –175 290 317 –2786442 96236 –9794 93200 105738 –12538

52921 48138 4783 51882 47629 425312157 3163 8994 9251 3688 556311918 22 11896 8833 52 878110240 22 10218 7304 52 7252

1502 — 1502 1502 — 1502176 — 176 27 — 27239 3141 –2902 418 3636 –3218239 2339 –2100 418 2854 –2436

— 271 –271 — 271 –271— 531 –531 — 511 –511

40764 44975 –4211 42631 43941 –131040745 44923 –4178 42618 43919 –1301

19 52 –33 13 22 –913851 9622 4229 16531 13377 3154

909 558 351 1095 577 5186 8 –2 6 8 –2

903 550 353 1089 569 5202766 1285 1481 3827 1967 1860

404 193 211 532 138 3942362 1092 1270 3295 1829 1466

10176 7779 2397 11609 10833 7769256 7779 1477 11609 9766 1843

920 — 920 — 1067 –106721952 19256 2696 16215 14084 213121952 19105 2847 16215 14081 213411457 10533 924 6446 5154 129210495 8572 1923 9769 8927 842

9063 8249 814 9174 8915 259— 151 –151 — 3 –3— 30 –30 — 3 –3

1919 1831 88 1068 2431 –136390643 78877 11766 85696 77524 8172

263 — 263 — 368 –368177348 175113 2235 178896 183630 –4734

— 2235 –2235 4734 — 4734— — — — — —— 2235 –2235 4734 — 4734


CURRENT

STATISTICS
























(US $ million)


20 21 22 23 24 251

96732 165913 –69181 72629 115856 –4322782910 36061 46849 63893 31643 3225047946 25070 22876 39477 21505 17972

5290 4833 457 4336 3953 3835571 7072 –1501 4044 5085 –1041

720 534 186 714 469 245211 205 6 162 238 –76

36154 12426 23728 30221 11760 18461

21876 1781 20095 17886 1480 164068702 6629 2073 7652 6700 9521763 1593 170 1444 1151 2931250 522 728 1126 411 715

27246 1503 25743 18336 840 17496204 224 –20 311 277 34

27042 1279 25763 18025 563 174627718 9488 –1770 6080 9298 –32187273 8841 –1568 5887 8802 –2915

445 647 –202 193 496 –303179642 201974 –22332 136522 147499 –10977

104803 95767 9036 97239 73934 2330521408 6851 14557 13772 8908 486420751 74 20677 12205 39 1216617544 74 17470 8396 39 8357

3004 — 3004 3584 — 3584203 — 203 225 — 225657 6777 –6120 1567 8869 –7302657 5193 –4536 1567 7273 –5706

— 542 –542 — 542 –542— 1042 –1042 — 1054 –1054

83395 88916 –5521 83467 65026 1844183363 88842 –5479 83404 64997 18407

32 74 –42 63 29 3430382 22999 7383 36491 18030 18461

2004 1135 869 1715 1006 70912 16 –4 12 14 –2

1992 1119 873 1703 992 7116593 3252 3341 14581 3418 11163

936 331 605 802 848 –465657 2921 2736 13779 2570 11209

21785 18612 3173 20195 13606 658920865 17545 3320 17895 13606 4289

920 1067 –147 2300 — 230038167 33340 4827 22274 16550 572438167 33186 4981 22250 16473 577717903 15687 2216 6947 3219 372820264 17499 2765 15303 13254 204918237 17164 1073 12227 12305 –78

— 154 –154 24 77 –53— 33 –33 — 45 –45

2987 4262 –1275 8529 5027 3502176339 156401 19938 164533 113586 50947

— 105 –105 466 — 466355981 358480 –2499 301521 261085 40436

2499 — 2499 — 40436 –40436— — — — — —

2499 — 2499 — 40436 –40436

Apr–Sep 2008 P Apr–Sep 2007 PRItems

RBIMonthly Bulletin

January 2009 S 81

CURRENT

STATISTICS


Items























(US $ million)



26 27 28 29 30 311

34356 56346 –21990 38273 59510 –2123729880 14570 15310 34013 17073 1694018890 9916 8974 20587 11589 8998

2088 1906 182 2248 2047 2011953 2526 –573 2091 2559 –468

373 185 188 341 284 5794 110 –16 68 128 –60

14382 5189 9193 15839 6571 9268

8836 679 8157 9050 801 82493758 3163 595 3894 3537 357

528 449 79 916 702 214513 231 282 613 180 433

8628 432 8196 9708 408 9300153 165 –12 158 112 46

8475 267 8208 9550 296 92542,362 4222 –1860 3718 5076 –13582279 4024 –1745 3608 4778 –1170

83 198 –115 110 298 –18864236 70916 –6680 72286 76583 –4297

43034 32756 10278 54205 41178 130278270 5534 2736 5502 3374 21287477 20 7457 4728 19 47095574 20 5554 2822 19 28031792 0 1792 1792 — 1792

111 0 111 114 — 114793 5514 –4721 774 3355 –2581793 4758 –3965 774 2515 –1741

— 271 –271 — 271 –271— 485 –485 — 569 –569

34764 27222 7542 48703 37804 1089934706 27216 7490 48698 37781 10917

58 6 52 5 23 –1816749 7593 9156 19742 10437 9305

732 491 241 983 515 4686 7 –1 6 7 –1

726 484 242 977 508 4698291 1338 6953 6290 2080 4210

359 345 14 443 503 –607932 993 6939 5847 1577 42707726 5764 1962 12469 7842 46276883 5764 1119 11012 7842 3170

843 — 843 1457 — 14578560 9479 –919 13714 7071 66438560 9473 –913 13690 7000 66902543 2861 –318 4404 358 40466017 6612 –595 9286 6642 26445252 5699 –447 6975 6606 369

— 6 –6 24 71 –47— 43 –43 — 2 –2

1151 1831 –680 7378 3196 418269494 51702 17792 95039 61884 33155

88 — 88 378 — 378133818 122618 11200 167703 138467 29236

— 11200 –11200 — 29236 –29236— — — — — —— 11200 –11200 — 29236 –29236


CURRENT

STATISTICS
























(US $ million)


32 33 34 35 36 371

40985 67038 –26053 52549 74895 –2234639553 18031 21522 45158 24338 2082024618 12592 12026 25982 18415 7567

3395 2519 876 3618 2782 8362799 3043 –244 3171 3386 –215

438 261 177 487 314 17390 75 15 78 63 15

17896 6694 11202 18628 11870 6758

9608 852 8756 12806 726 120804588 4245 343 4531 5770 –1239

882 763 119 891 1224 –333601 183 418 681 265 416

11428 493 10935 14495 982 13513195 121 74 247 116 131

11233 372 10861 14248 866 133823507 4946 –1439 4681 4941 –2603401 4679 –1278 4520 4608 –88

106 267 –161 161 333 –17280538 85069 –4531 97707 99233 –1526

86531 69639 16892 88992 84232 47608316 6275 2041 14750 6254 84967916 43 7873 14240 43 141976022 43 5979 12448 26 124221792 — 1792 1792 0 1792

102 — 102 — 17 –17400 6232 –5832 510 6211 –5701400 5206 –4806 510 4419 –3909

— 271 –271 — 271 –271— 755 –755 — 1521 –1521

78215 63364 14851 74242 77978 –373678096 63345 14751 74188 77952 –3764

119 19 100 54 26 2821543 10601 10942 25494 12967 12527

1109 544 565 1417 577 8406 7 –1 6 7 –1

1103 537 566 1411 570 8418449 2202 6247 7346 2123 5223

363 384 –21 427 392 358086 1818 6268 6919 1731 5188

11985 7855 4130 16731 10267 646410231 7855 2376 14515 10267 4248

1754 — 1754 2216 — 221612588 12381 207 20951 15125 582612585 12029 556 20899 15122 5777

5636 3939 1697 6979 5510 14696949 8090 –1141 13920 9612 43086456 7309 –853 10718 9608 1110

3 352 –349 52 3 49— — — — 76 –76

6612 3636 2976 5763 2771 2992127274 96257 31017 141200 115171 26029

252 — 252 487 — 487208064 181326 26738 239394 214404 24990

— 26738 –26738 — 24990 –24990— — — — — —— 26738 –26738 — 24990 –24990

Oct-Dec 2007PR Jan-Mar 2008 PRItems

RBIMonthly Bulletin

January 2009 S 83

CURRENT

STATISTICS


Items























(US $ million)



38 39 40 41 42 431

29663 46613 –16950 32701 48717 –1601624934 12421 12513 24866 14597 1026916042 8475 7567 16416 9966 6450

1708 1488 220 1796 1811 –151715 1997 –282 1973 1978 –5

238 129 109 315 154 16140 79 –39 61 122 –61

12341 4782 7559 12271 5901 6370

7039 415 6624 7121 405 67163386 2646 740 3436 3300 136

509 318 191 716 703 13475 108 367 569 180 389

7170 289 6881 6218 361 585769 82 –13 119 100 19

7101 207 6894 6099 261 58381722 3657 –1935 2232 4270 –20381659 3461 –1802 2160 4042 –1882

63 196 –133 72 228 –15654597 59034 –4437 57567 63314 –5747

34299 33067 1232 22485 18219 42663477 1739 1738 4545 2429 21163413 8 3405 4400 2 43981946 8 1938 2886 2 28841457 — 1457 1457 — 1457

10 — 10 57 — 5764 1731 –1667 145 2427 –228264 1189 –1125 145 1868 –1723

— 269 –269 — 269 –269— 273 –273 — 290 –290

30822 31328 –506 17940 15790 215030801 31327 –526 17929 15789 2140

21 1 20 11 1 1011499 6288 5211 11228 6446 4782

577 526 51 788 449 3395 8 –3 5 8 –3

572 518 54 783 441 3425051 1073 3978 2680 920 1760

87 223 –136 114 170 –564964 850 4114 2566 750 18165871 4689 1182 7760 5077 26835082 4689 393 6579 5077 1502

789 — 789 1181 — 11819909 4848 5061 5754 7472 –17189837 4848 4989 5754 7428 –16745257 1877 3380 1568 3553 –19854580 2971 1609 4186 3875 3114246 2944 1302 4185 3277 908

72 — 72 — 44 –44— 67 –67 — — —

342 1054 –712 1084 554 53056049 45324 10725 40551 32691 7860

91 — 91 157 — 157110737 104358 6379 98275 96005 2270

— 6379 –6379 — 2270 –2270— — — — — —— 6379 –6379 — 2270 –2270


CURRENT

STATISTICS


No. 43: India's Overall Balance of Payments (Concld.)






















(US $ million)


44 45 46 47 48 491

30824 47257 –16433 35700 48083 –1238329704 16875 12829 35054 18448 1660618451 12371 6080 22871 13499 9372

2621 1638 983 2998 1747 12512092 2102 –10 2194 1991 203

288 201 87 354 158 19687 97 –10 65 105 –40

13363 8333 5030 17260 9498 7762

7602 684 6918 9538 763 87753690 4267 –577 4032 5653 –1621

828 647 181 1053 1323 –270597 239 358 621 269 352

8961 333 8628 9121 408 8713287 89 198 160 110 50

8674 244 8430 8961 298 86632292 4171 –1879 3062 4541 –14792193 3936 –1743 2914 4249 –1335

99 235 –136 148 292 –14460528 64132 –3604 70754 66531 4223

38646 32179 6467 37780 34992 278810008 7110 2898 5560 4619 941

9855 7 9848 5158 70 50888203 7 8196 3446 70 33761457 — 1457 1457 — 1457

195 — 195 255 — 255153 7103 –6950 402 4549 –4147153 6454 –6301 402 3857 –3455

— 269 –269 — 269 –269— 380 –380 — 423 –423

28638 25069 3569 32220 30373 184728625 25063 3562 32179 30351 1828

13 6 7 41 22 1914731 8250 6481 17184 9168 8016

1113 494 619 1289 523 7665 8 –3 5 8 –3

1108 486 622 1284 515 7695418 1369 4049 7734 1418 6316

425 345 80 — 228 –2284993 1024 3969 7734 1190 65448200 6387 1813 8161 7227 9345660 6387 –727 8161 6022 21392540 — 2540 — 1205 –12057160 10273 –3113 14386 12703 16836944 10239 –3295 14264 12703 1561

556 4530 –3974 7085 8000 –9156388 5709 679 7179 4703 24766325 4862 1463 5158 4510 648

216 34 182 122 — 122— 2 –2 — 93 –93

1976 994 982 4828 1419 340962513 51698 10815 74178 58375 15803

294 — 294 426 — 426123335 115830 7505 145358 124906 20452

— 7505 –7505 — 20452 –20452— — — — — —— 7505 –7505 — 20452 –20452

Oct-Dec 2006 R Jan-Mar 2007 RItems

RBIMonthly Bulletin

January 2009 S 85

CURRENT

STATISTICS


No. 44: Foreign Exchange Reserves

End of Foreign Currency Gold SDRs Reserve Tranche Total Assets Position in IMF

Rupees In millions Rupees In millions In millions Rupees In millions Rupees In millions Rupees In millionscrore of US $ crore of US $ of SDRs crore of US $ crore of US $ crore of US $

1 2 3 4 5 6 7 8 9 10 11=(2+4+ 12=(3+5+7+9) 8+10)

2002-03 3,41,476 71,890 16,785 3,534 3 19 4 3,190 672 3,61,470 76,1002003-04 4,66,215 1,07,448 18,216 4,198 2 10 2 5,688 1,311 4,90,129 1,12,9592004-05 5,93,121 1,35,571 19,686 4,500 3 20 5 6,289 1,438 6,19,116 1,41,5142005-06 6,47,327 1,45,108 25,674 5,755 2 12 3 3,374 756 6,76,387 1,51,6222006-07 8,36,597 1,91,924 29,573 6,784 1 8 2 2,044 469 8,68,222 1,99,1792007-08 11,96,023 2,99,230 40,124 10,039 11 74 18 1,744 436 12,37,965 3,09,723

2007-08April 8,12,995 1,96,899 29,051 7,036 7 45 11 1,910 463 8,44,001 2,04,409May 8,17,440 2,00,697 28,147 6,911 1 6 1 1,870 459 8,47,463 2,08,068June 8,39,913 2,06,114 27,655 6,787 1 6 1 1,875 460 8,69,449 2,13,362July 8,88,680 2,19,753 27,850 6,887 8 49 12 1,840 455 9,18,419 2,27,107August 9,07,301 2,21,509 28,186 6,881 1 9 2 1,866 455 9,37,362 2,28,847September 9,53,581 2,39,955 29,275 7,367 1 8 2 1,740 438 9,84,604 2,47,762October 10,08,271 2,56,427 30,712 7,811 8 52 13 1,735 441 10,40,770 2,64,692November 10,50,165 2,64,725 33,151 8,357 2 13 3 1,727 435 10,85,056 2,73,520December 10,50,485 2,66,553 32,819 8,328 2 13 3 1,703 432 10,85,020 2,75,316January 11,17,080 2,83,595 36,236 9,199 6 36 9 1,720 437 11,55,072 2,93,240February 11,62,671 2,91,250 38,154 9,558 - 1 - 1,705 427 12,02,531 3,01,235March 11,96,023 2,99,230 40,124 10,039 11 74 18 1,744 436 12,37,965 3,09,723

2008-09April 12,30,896 3,04,225 38,141 9,427 11 74 18 1,961 485 12,71,072 3,14,155May 12,98,464 3,04,875 39,190 9,202 7 47 11 2,242 526 13,39,943 3,14,614June 12,98,552 3,02,340 39,548 9,208 7 48 11 2,269 528 13,40,417 3,12,087July 12,57,357 2,95,918 41,366 9,735 7 47 11 2,177 512 13,00,947 3,06,176August 12,52,904 2,86,117 38,064 8,692 2 16 4 2,173 496 12,93,157 2,95,309September 13,01,645 2,77,300 40,205 8,565 2 17 4 2,194 467 13,44,061 2,86,336October 12,01,920 2,44,045 41,281 8,382 6 43 9 2,200 447 12,45,444 2,52,883November 11,91,016 2,38,968 39,177 7,861 2 13 3 4,254 854 12,34,460 2,47,686

November 7, 2008 11,58,308 2,42,527 41,281 8,382 6 41 9 2,131 446 12,01,761 2,51,364November 14, 2008 11,74,777 2,37,521 41,281 8,382 2 13 3 2,192 443 12,18,263 2,46,349November 21, 2008 11,85,566 2,36,971 41,281 8,382 2 13 3 2,218 443 12,29,078 2,45,799November 28, 2008 11,91,016 2,38,968 39,177 7,861 2 13 3 4,254 854 12,34,460 2,47,686December 5, 2008 11,78,390 2,37,148 39,177 7,861 2 13 3 4,198 845 12,21,778 2,45,857December 12, 2008 11,77,444 2,41,725 39,177 7,861 2 13 3 4,206 864 12,20,840 2,50,453

— : Negligible. See ‘Notes on tables’.


CURRENT

STATISTICS


No. 45: NRI Deposits- Outstanding and Inflows (+) /Outflows (–) @

(As at End March) (US $ million)

Scheme 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1. FCNR(A) * 7,051 4,255 2,306 1 — — — — — — — — — —

2. FCNR(B) ** 3,063 5,720 7,496 8,467 7,835 8,172 9,076 9,673 10,199 10,961 11,452 13,064 15,129 14,1683. NR(E)RA 4,556 3,916 4,983 5,637 6,045 6,758 7,147 8,449 14,923 20,559 21,291 22,070 24,495 26,7164. NR(NR)RD + 2,486 3,542 5,604 6,262 6,618 6,754 6,849 7,052 3,407 1,746 232 — — —

5. NRO — — —- — — — — — — — — 1,148 1,616 2,788

Total 17,156 17,433 20,389 20,367 20,498 21,684 23,072 25,174 28,529 33,266 32,975 36,282 41,240 43,672

(US $ million)

Scheme 2007-08 (End Month)

Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.

1 2 3 4 5 6 7 8 9 10 11 12 13

1. FCNR(B) ** 15,170 15,124 15,319 15,397 15,234 15,362 15,386 15,261 14,758 14,459 14,284 14,1682. NR(E)RA 25,675 25,694 25,438 25,801 25,377 26,284 26,397 26,149 26,078 26,726 26,389 26,7163. NRO 1,739 1,767 1,846 1,887 2,134 2,033 2,063 2,108 2,198 2,439 2,620 2,788

Total 42,584 42,585 42,603 43,085 42,745 43,679 43,846 43,518 43,034 43,624 43,293 43,672

Scheme 2008-09 P (End Month)

Apr. May Jun. Jul. Aug. Sep. Oct. Nov.

1 2 3 4 5 6 7 8 9

1. FCNR(B) ** 14,028 13,877 14,001 13,766 13,475 13,504 12,694 12,5542. NR(E)RA 26,592 25,544 25,585 25,866 24,761 23,880 22,811 23,1023. NRO 2,986 2,963 3,026 3,230 3,243 3,238 3,302 3,859

Total 43,606 42,384 42,612 42,862 41,479 40,622 38,807 39,515

(US $ million)

@ : All figures are inclusive of accrued interest. * : Withdrawn effective August 1994. ** : Introduced in May 1993.

+ : Introduced in June 1992 and discontinued w.e.f April 2002. — : Not available.

Notes : 1. FCNR(A) : Foreign Currency Non-Resident (Accounts). 2. FCNR(B) : Foreign Currency Non-Resident (Banks).

3. NR(E)RA : Non-Resident (External) Rupee Accounts. 4. NR(NR)RD : Non-Resident (Non-Repatriable) Rupee Deposits.

5. NRO : Non-Resident Ordinary Rupee Account.

6. Figures in the brackets represent inflows (+)/outflows(–) during the corresponding month/period of the previous year.

(US $ million)

Scheme 2008-09 (P)

Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Apr.- Nov.

1 2 3 4 5 6 7 8 9 10

1. FCNR(B) –140 –151 124 –235 –291 29 –809 –140 –1,613(41) –(46) (195) (78) –(163) (128) (24) –(125) (132)

2. NR(E)RA –71 462 160 –39 –205 527 645 174 1,653–(320) –(265) –(167) (187) –(122) (126) –(40) –(205) –(806)

3. NRO 204 148 77 163 128 182 302 548 1,752(22) (9) (85) (29) (269) –(164) (19) (49) (318)

Total –7 459 361 –111 –368 738 138 582 1,792–(257) –(302) (113) (294) –(16) (90) (3) –(281) –(356)

Inflow (+) /Outflow (–) During the Month (US $ million)

Scheme 2007-08

Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.- Mar.

1 2 3 4 5 6 7 8 9 10 11 12 13 14

1. FCNR(B) 41 –46 195 78 –163 128 24 –125 –503 –299 –174 –116 –960(232) (181) (83) (120) (145) (81) (139) (200) (411) (89) (96) (288) (2,065)

2. NR(E)RA –320 –265 –167 187 –122 126 –40 –205 –154 587 45 437 109(21) (294) (420) (139) (99) (213) –(1) (375) (112) (135) –(36) (59) (1,830)

3. NRO 22 9 85 29 269 –164 19 49 82 237 216 177 1,030(49) (23) –(2) (25) (60) (26) (17) (32) (179) –(69) (44) (42) (426)

Total –257 –302 113 294 –16 90 3 –281 –575 525 87 498 179(302) (498) (501) (284) (304) (320) (155) (607) (702) (155) (104) (389) (4,321)

RBIMonthly Bulletin

January 2009 S 87

CURRENT

STATISTICS


(US $ million)

Item 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08(P)

1 2 3 4 5 6 7 8 9 10 11 12 13 14

A. Direct Investment (I+II+III) 2,144 2,821 3,557 2,462 2,155 4,029 6,130 5,035 4,322 6,051 8,961 22,826 34,362I. Equity (a+b+c+d+e) 2,144 2,821 3,557 2,462 2,155 2,400 4,095 2,764 2,229 3,778 5,975 16,481 26,867

a. Government (SIA/FIPB) 1,249 1,922 2,754 1,821 1,410 1,456 2,221 919 928 1,062 1,126 2,156 2,298b. RBI 169 135 202 179 171 454 767 739 534 1,258 2,233 7,151 17,129c. NRI 715 639 241 62 84 67 35 — — — — — —d. Acquisition of shares * 11 125 360 400 490 362 881 916 735 930 2,181 6,278 5,148e. Equity capital of

unincorporated bodies # .. .. .. .. .. 61 191 190 32 528 435 896 2,292II. Reinvested earnings + .. .. .. .. .. 1,350 1,645 1,833 1,460 1,904 2,760 5,828 7,168III.Other capital ++ .. .. .. .. .. 279 390 438 633 369 226 517 327

B. Portfolio Investment (a+b+c) 2,748 3,312 1,828 -61 3,026 2,760 2,021 979 11,377 9,315 12,492 7,003 29,395a. GDRs/ADRs # # 683 1,366 645 270 768 831 477 600 459 613 2,552 3,776 8,769b. FIIs ** 2,009 1,926 979 -390 2,135 1,847 1,505 377 10,918 8,686 9,926 3,225 20,328c. Offshore funds and others 56 20 204 59 123 82 39 2 — 16 14 2 298

Total (A+B) 4,892 6,133 5,385 2,401 5,181 6,789 8,151 6,014 15,699 15,366 21,453 29,829 63,757

No. 46: Foreign Investment Inflows

Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.-Mar.

1 2 3 4 5 6 7 8 9 10 11 12 13 14

A. Direct Investment (I+II+III) 1,643 2,120 1,238 705 831 713 2,027 1,864 1,558 1,767 5,670 4,438 34,362I. Equity (a+b+c+d) 1,643 2,120 1,238 705 831 713 2,027 1,864 1,558 1,767 5,670 4,438 26,867

a. Government (SIA/FIPB) 76 847 177 177 76 117 95 82 127 221 259 44 2,298b. RBI 699 1,050 912 515 512 201 1,710 965 1,385 884 4,704 3,591 17,129c. Acquisition of shares * 868 223 149 13 243 395 222 817 46 662 707 803 5,148d. Equity capital of

unincorporated bodies # .. .. .. .. .. .. .. .. .. .. .. .. 2,292II. Reinvested earnings + .. .. .. .. .. .. .. .. .. .. .. .. 7,168III.Other capital ++ .. .. .. .. .. .. .. .. .. .. .. .. 327

B. Portfolio Investment (a+b+c) 1,974 1,852 3,664 6,713 –2,875 7,081 9,564 –107 5,294 6,739 –8,904 -1,600 29,395a. GDRs/ADRs # # 11 5 300 2,028 448 1 2,731 158 2,708 249 87 43 8,769b. FIIs ** 1,963 1,847 3,279 4,685 -3,323 7,057 6,833 –265 2,396 6,490 –8,991 -1,643 20,328c. Offshore funds and others — — 85 — — 23 — — 190 — — — 298

Total (A+B) 3,617 3,972 4,902 7,418 -2,044 7,794 11,591 1,757 6,852 8,506 -3,234 2,838 63,757

(US $ million)

Item 2007-08 (P)

(US $ million)

2008-09 (P)

Item Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Apr.-Nov.

1 2 3 4 5 6 7 8 9 10

A. Direct Investment (I+II+III) 3,749 3,932 2,392 2,247 2,328 2,562 1,497 1,083 23,331I. Equity (a+b+c+d) 3,749 3,932 2,392 2,247 2,328 2,562 1,497 1,083 20,124

a. Government (SIA/FIPB) 851 65 806 321 255 28 178 90 2,594b. RBI 1,819 3,091 1,188 1,497 1,324 2,345 1,117 900 13,281c. Acquisition of shares * 1,079 776 398 429 749 189 202 93 3,915d. Equity capital of

unincorporated bodies # .. .. .. .. .. .. .. .. 334II. Reinvested earnings + .. .. .. .. .. .. .. .. 3,004III. Other capital ++ .. .. .. .. .. .. .. .. 203

B. Portfolio Investment (a+b+c) –880 –288 –3,010 –492 593 –1,403 –5,243 –574 –11,297a. GDRs/ADRs # # 552 446 1 7 129 — 7 — 1,142b. FIIs ** –1,432 –734 –3,011 –499 464 –1,403 –5,250 –574 –12,439c. Offshore funds and others — — — — — — — — —

Total (A+B) 2,869 3,644 -618 1,755 2,921 1,159 -3,746 509 12,034

* : Relates to acquisition of shares of Indian companies by non-residents under Section 6 of FEMA, 1999. Data on such acquisitions have been included as part ofFDI since January 1996.

** : Represents inflow of funds (net) by Foreign Institutional Investors (FIIs).# : Figures for equity capital of unincorporated bodies for 2006-07 and 2007-08 are estimates.## : Represents the amount raised by Indian Corporates through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs).+ : Data for 2006-07 and 2007-08 are estimated as average of previous two years.++ : Data pertain to inter company debt transactions of FDI entities.Notes : 1. Data on FDI have been revised since 2000-01 with expanded coverage to approach international best practices.

2. These data, therefore, are not comparable with FDI data for previous years.Also see ‘Notes on Tables ‘of Table No 42&43.3. Monthly data on components of FDI as per expanded coverage are not available.


CURRENT

STATISTICS


No. 46A: Outward Remittances under the Liberalised RemittanceScheme for Resident Individuals

(US $ million)

Purpose 2008-09

April May June July August September October

1 2 3 4 5 6 7 8

1. Deposit 3.4 3.0 4.1 2.3 2.6 1.6 1.2

2. Purchase of immovable property 7.7 7.0 6.5 5.7 4.6 5.7 3.1

3. Investment in equity/debt 13.3 13.7 14.9 12.5 12.7 9.8 8.7

4. Gift 8.8 10.9 10.2 12.7 16.0 7.9 8.6

5. Donations 0.2 0.1 — 0.2 0.2 — 0.1

6. Others** 17.1 18.5 20.5 27.4 123.6 26.0 19.2

Total (1 to 6) 50.5 53.2 56.2 60.8 159.7 51.0 40.9

— : Not available

** : Include items such as Education, Tours and Travels.

Notes : (i) The data from 2004 to 2007 are on calendar basis.

(ii) Under Liberalised Remittance Scheme (LRS), currently, the residents are permitted to remit up to an amount of US $ 2, 00,000per financial year (April-March) for any permitted current or capital account transactions or a combination of both with effectfrom September 26, 2007. The LRS Scheme was introduced in February 2004 to facilitate resident individuals to freely remit upto US $ 25,000 per calendar year, which was enhanced to US $ 50,000 per financial year in December 2006; to US $ 1, 00,000 perfinancial year in May 2007; and to US $ 2, 00,000 per financial year in September 2007.

(US $ million)

Purpose 2004-05 2005-06 2006-07 2007-08

1 2 3 4 5

1. Deposit 9.1 23.2 19.7 24.0

2. Purchase of immovable property 0.5 1.9 8.5 39.5

3. Investment in equity/debt — — 20.7 144.7

4. Gift — — 7.4 70.3

5. Donations — — 0.1 1.6

6. Others** — — 16.4 160.4

Total (1 to 6) 9.6 25.0 72.8 440.5

RBIMonthly Bulletin

January 2009 S 89

CURRENT

STATISTICS


(Rupees per Unit of Foreign Currency)

Date RBI’s Reference Rate FEDAI Indicative RatesRs. Per Foreign Currency

US Dollar Pound Sterling Euro One Hundred

US Dollar Euro Japanese Yen

Buying Selling Buying Selling Buying Selling Buying Selling

1 2 3 4 5 6 7 8 9 10 11

November 3, 2008 48.9600 63.0800 48.9500 48.9600 80.1275 80.1775 63.0775 63.1050 49.1275 49.1575

November 4, 2008 48.6200 61.3000 48.6300 48.6400 76.2325 76.2775 61.2700 61.2925 49.1700 49.1900

November 5, 2008 47.1800 60.8900 47.1900 47.2000 74.9950 75.0300 60.8425 60.8650 47.3225 47.3575

November 6, 2008 47.6700 61.1900 47.6700 47.6800 75.4675 75.5100 61.1900 61.2200 48.7175 48.7425

November 7, 2008 47.7600 60.8100 47.7600 47.7700 74.8600 74.9025 60.7975 60.8300 48.9950 49.0150

November 10, 2008 47.3200 60.7300 47.2900 47.3000 74.1925 74.2225 60.6675 60.6950 47.7875 47.8250

November 11, 2008 47.5900 60.5700 47.5700 47.5800 74.5125 74.5425 60.5575 60.5825 48.5400 48.5650

November 12, 2008 48.7900 61.4800 48.7800 48.7900 75.3500 75.3850 61.4100 61.4450 49.9075 49.9325

November 13, 2008 +

November 14, 2008 49.4600 62.9600 49.4500 49.4600 73.1475 73.1900 62.9350 62.9625 50.9000 50.9275

November 17, 2008 48.9900 61.5700 48.9600 48.9700 72.1075 72.1325 61.5525 61.5750 50.4850 50.5200

November 18, 2008 49.6800 62.5800 49.7100 49.7200 74.5550 74.6100 62.6400 62.6575 51.4600 51.4925

November 19, 2008 49.7400 62.7800 49.7400 49.7500 74.3675 74.3950 62.7925 62.8200 51.4475 51.4700

November 20, 2008 50.5200 63.1200 50.5000 50.5100 75.5375 75.5725 63.0750 63.1075 53.0800 53.1125

November 21, 2008 50.0300 62.7100 49.9800 49.9900 74.2600 74.2950 62.6200 62.6575 52.5950 52.6325

November 24, 2008 50.0900 63.4000 50.0900 50.1000 74.8750 74.9150 63.3850 63.4175 52.5600 52.5825

November 25, 2008 49.9700 64.2100 49.9600 49.9700 75.4450 75.4750 64.2075 64.2325 51.8300 51.8525

November 26, 2008 49.8500 64.6800 49.8500 49.8600 76.5600 76.6050 64.7400 64.7625 52.4900 52.5175

November 27, 2008 +

November 28, 2008 49.8400 64.3800 49.8200 49.8300 76.7825 76.8375 64.3425 64.3850 52.2375 52.2650

FEDAI : Foreign Exchange Dealers’ Association of India. + : Market closed.

Note : Euro Reference rate was announced by RBI with effect from January 1, 2002.

Source : FEDAI for FEDAI rates.

No. 47: Daily Foreign Exchange Spot Rates


CURRENT

STATISTICS


No. 48: Sale/Purchase of U.S. Dollar by The Reserve Bank of India

Outstanding NetForward Sales (–)/

Purchase (+)at the end of

month(US $ million)

Cumulative(over end-April 2006)

Foreign Currency(US $ million)

Net(+/–)

Sale(–)

1 2 3 4 5 6 7 8

2007-08

April 2007 2,055.00 — (+) 2,055.00 (+) 8,835.47 (+) 2,055.00 (+) 8,835.47 —

May 2007 4,426.00 — (+) 4,426.00 (+) 17,959.97 (+) 6,481.00 (+) 26,795.44 —

June 2007 3,192.00 — (+) 3,192.00 (+) 12,995.99 (+) 9,673.00 (+) 39,791.42 —

July 2007 11,428.00 — (+) 11,428.00 (+) 46,143.00 (+) 21,101.00 (+) 85,934.81 —

August 2007 1,815.00 — (+) 1,815.00 (+) 7,333.69 (+) 22,916.00 (+) 93,268.50 —

September 2007 11,867.00 — (+) 11,867.00 (+) 47,418.00 (+) 34,783.00 (+) 1,40,686.87 —

October 2007 12,544.00 — (+) 12,544.00 (+) 49,581.07 (+) 47,327.00 (+) 1,90,267.94 (+) 4,990.00

November 2007 7,827.00 — (+) 7,827.00 (+) 30,796.87 (+) 55,154.00 (+) 2,21,064.81 (+) 7,553.00

December 2007 2,731.00 — (+) 2,731.00 (+) 10,772.86 (+) 57,885.00 (+) 2,31,837.66 (+) 8,238.00

January 2008 13,625.00 — (+) 13,625.00 (+) 53,612.82 (+) 71,510.00 (+) 2,85,450.48 (+) 16,629.00

February 2008 3,884.00 — (+) 3,884.00 (+) 15,424.17 (+) 75,394.00 (+) 3,00,874.65 (+) 16,178.00

March 2008 4,302.00 1493.00 (+) 2,809.00 (+) 11,178.90 (+) 78,203.00 (+) 3,12,053.55 (+) 14,735.00

Purchase(+)

Rs. equivalentat contract rate

(Rs. crore)(US $ million) (Rs. crore)

Month

(+) : Implies Purchase including purchase leg under swaps and outright forwards.

(–) : Implies Sales including sale leg under swaps and outright forwards.

Note : This table is based on value dates.

Outstanding NetForward Sales (–)/

Purchase (+)at the end of

month(US $ million)

Cumulative(over end-April 2007)

Foreign Currency(US $ million)

Net(+/–)

Sale(–)

1 2 3 4 5 6 7 8

2008-09

April 2008 4,325.00 — (+) 4,325.00 (+) 17,237.89 (+) 4,325.00 (+) 17,237.89 (+) 17,095.00

May 2008 1,625.00 1,477.00 (+) 148.00 (+) 118.51 (+) 4,473.00 (+) 17,356.40 (+) 15,470.00

June 2008 1,770.00 6,999.00 (–) 5,229.00 (–) 22,970.78 (–) 756.00 (–) 5,614.37 (+) 13,700.00

July 2008 3,580.00 9,900.00 (–) 6,320.00 (–) 27,829.05 (–) 7,076.00 (–) 33,443.43 (+) 11,910.00

August 2008 3,770.00 2,560.00 (+) 1,210.00 (+) 4,557.53 (–) 5,866.00 (–) 28,885.89 (+) 9,925.00

September 2008 2,695.00 6,479.00 (–) 3,784.00 (–) 18,396.49 (–) 9,650.00 (–) 47,282.38 (+) 2,300.00

October 2008 1,960.00 20,626.00 (–) 18,666.00 (–) 92,925.06 (–) 28,316.00 (–) 1,40,207.44 (+) 90.00

November 2008 2,355.00 5,456.00 (–) 3,101.00 (–) 16,252.20 (–) 31,417.00 (–) 1,56,459.64 (–) 487.00

Purchase(+)

Rs. equivalentat contract rate

(Rs. crore)(US $ million) (Rs. crore)

Month

RBIMonthly Bulletin

January 2009 S 91

CURRENT

STATISTICS


No. 49: Turnover in Foreign Exchange Market

(US $ million)

Position Date Merchant Inter-bank

FCY / INR FCY / FCY FCY/INR FCY/FCY

Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap ForwardCancellation Cancellation

1 2 3 4 5 6 7 8 9 10 11 12 13

Purchases

Nov. 3, 2008 2,025 2,801 709 114 796 868 5,189 12,174 556 2,687 1,302 520

Nov. 4, 2008 1,903 2,041 956 529 719 722 6,877 8,388 499 3,238 1,309 145

Nov. 5, 2008 1,977 1,651 1,396 332 640 632 7,418 8,610 782 2,948 1,185 46

Nov. 6, 2008 1,706 903 1,033 287 659 808 6,850 7,373 797 3,335 925 54

Nov. 7, 2008 1,598 1,001 499 209 714 818 4,204 6,598 465 2,838 1,247 105

Nov. 10, 2008 1,734 915 519 484 687 591 4,738 5,581 166 2,668 937 85

Nov. 11, 2008 1,086 1,117 968 221 635 762 5,244 4,924 826 2,103 424 106

Nov. 12, 2008 1,251 1,637 926 343 752 919 5,744 5,878 931 3,025 1,205 182

Nov. 13, 2008 109 295 8 — 1 — 167 377 — 227 25 —

Nov. 14, 2008 2,208 1,704 796 339 1,324 1,170 5,500 5,239 795 3,713 1,732 535

Nov. 17, 2008 1,901 1,199 764 203 1,096 922 5,264 4,582 576 3,135 1,627 54

Nov. 18, 2008 1,481 1,094 848 263 690 574 4,704 6,384 2,019 2,642 1,031 94

Nov. 19, 2008 1,650 1,094 650 216 657 592 4,977 6,847 1,353 2,570 1,195 34

Nov. 20, 2008 1,412 1,345 939 246 777 796 5,007 7,059 938 3,017 1,127 299

Nov. 21, 2008 1,490 1,379 615 401 926 749 4,401 5,687 723 2,543 1,512 355

Nov. 24, 2008 1,618 1,121 520 441 767 681 3,988 6,402 1,468 2,905 1,149 136

Nov. 25, 2008 1,493 1,474 859 457 1,065 932 3,890 7,064 1,081 3,771 3,132 132

Nov. 26, 2008 2,844 1,649 1,933 424 934 929 5,726 7,441 743 3,529 2,668 139

Nov. 27, 2008 10 1 — 1 5 2 13 4 — 27 40 —

Nov. 28, 2008 1,761 1,763 838 238 652 662 2,591 3,933 344 1,830 3,016 391

Sales

Nov. 3, 2008 2,314 2,594 888 99 766 906 4,897 11,718 597 2,592 1,326 531

Nov. 4, 2008 2,107 1,929 872 510 731 719 6,365 8,659 526 3,303 1,280 145

Nov. 5, 2008 1,944 1,990 1,176 321 608 590 7,271 9,247 740 2,950 1,418 45

Nov. 6, 2008 1,769 1,695 625 280 684 709 6,482 7,900 1,039 3,342 946 61

Nov. 7, 2008 1,627 1,219 472 208 667 828 3,801 6,825 635 2,777 1,411 105

Nov. 10, 2008 1,978 799 772 462 655 603 4,581 6,144 154 2,715 1,008 83

Nov. 11, 2008 954 1,383 538 215 622 624 4,347 4,711 1,402 2,129 365 93

Nov. 12, 2008 2,151 2,180 543 343 770 916 4,856 6,456 1,365 2,989 1,382 182

Nov. 13, 2008 129 252 1 — 1 — 184 218 — 227 25 _

Nov. 14, 2008 2,636 1,677 804 330 1,283 1,134 5,084 5,038 766 3,784 1,686 531

Nov. 17, 2008 2,248 1,065 493 192 934 950 4,814 4,385 714 3,162 1,615 51

Nov. 18, 2008 1,503 1,502 507 250 681 613 4,339 5,516 2,079 2,631 976 89

Nov. 19, 2008 1,555 1,511 368 203 654 543 4,610 7,639 1,549 2,574 1,102 98

Nov. 20, 2008 1,487 2,187 606 243 797 710 4,563 6,184 791 2,990 1,110 300

Nov. 21, 2008 1,717 1,324 454 398 1,057 727 4,116 5,576 677 2,552 1,609 402

Nov. 24, 2008 1,664 1,077 387 429 742 678 3,670 6,482 1,695 2,912 1,161 142

Nov. 25, 2008 1,625 1,571 583 453 1,053 870 3,537 6,684 1,484 3,750 3,011 158

Nov. 26, 2008 2,133 1,980 1,644 415 983 821 5,633 7,767 796 3,565 2,595 145

Nov. 27, 2008 7 — — 1 6 2 13 15 — 27 25 —

Nov. 28, 2008 1,963 1,158 1,394 231 630 663 2,155 4,423 410 1,872 2,945 386

FCY : Foreign Currency. INR : Indian Rupees. + : Market closed.

Note : Data relate to sales and purchases of foreign exchange on account of merchant and inter-bank transactions. Data are provisional.


CURRENT

STATISTICS


No. 50: Indices of Real Effective Exchange Rate (REER) and Nominal EffectiveExchange Rate (NEER) of the Indian Rupee

(36-Currency Export and Trade Based Weights)(Base: 1993-94=100)*

Year Trade Based Weights Export Based Weights

REER NEER REER NEER

1 2 3 4 5

* : For “Note on Methodology” and time series data on the indices presented here, please see December 2005 issue of this Bulletin.

1993-94 100.00 100.00 100.00 100.00

1994-95 104.32 98.91 104.88 98.18

1995-96 98.19 91.54 100.10 90.94

1996-97 96.83 89.27 98.95 89.03

1997-98 100.77 92.04 103.07 91.97

1998-99 93.04 89.05 94.34 90.34

1999-00 95.99 91.02 95.28 90.42

2000-01 100.09 92.12 98.67 90.12

2001-02 100.86 91.58 98.59 89.08

2002-03 98.18 89.12 95.99 87.01

2003-04 99.56 87.14 99.07 87.89

2004-05 100.09 87.31 98.30 88.41

2005-06 102.35 89.85 100.54 91.17

2006-07 98.48 85.89 97.42 87.46

2007-08 (P) 105.13 93.91 104.52 95.30

2008-09 (P) 97.86 87.73 97.85 87.81

Year Trade Based Weights Export Based Weights

REER NEER REER NEER

1 2 3 4 5

2006-07 April 98.16 87.73 97.11 89.18May 96.43 85.43 95.67 87.12June 96.60 85.11 95.61 86.61July 95.75 84.22 94.80 85.74August 95.64 83.61 94.66 85.13September 98.00 84.65 96.78 86.05October 99.96 86.18 98.64 87.53November 100.35 86.50 99.31 88.12December 99.14 85.89 98.25 87.68January 100.69 87.05 99.53 88.72February 100.55 87.21 99.39 88.87March 100.53 87.11 99.35 88.85

2007-08 (P) April 102.88 91.80 102.23 92.89May 106.30 94.69 105.61 95.83June 106.22 94.97 105.40 96.07July 106.28 94.84 105.55 96.08August 105.63 94.38 104.82 95.52September 106.22 94.65 105.51 95.91October 106.42 95.29 105.75 96.73November 104.96 94.27 104.41 95.83December 105.26 94.68 104.59 96.11January 105.20 94.29 104.69 95.91February 103.87 93.11 103.49 94.82March 102.31 90.01 102.18 91.92

2008-09 (P) April 102.10 93.26 102.30 93.54May 97.95 89.02 97.94 89.17June 98.00 87.65 98.11 87.85July 97.67 87.04 97.99 87.35August 99.93 88.60 99.99 88.68September 96.65 85.54 96.44 85.43October 92.73 83.02 92.17 82.63

RBIMonthly Bulletin

January 2009 S 93

CURRENT

STATISTICS


(6-Currency Trade Based Weights)

Year/Month/Day Base: 1993-94 (April-March) =100 Base: 2005-2006 (April-March) =100

NEER REER NEER REER

1993-94 100.00 100.00 143.96 94.771994-95 96.96 105.82 139.52 100.241995-96 88.56 101.27 127.44 95.931996-97 86.85 101.11 124.97 95.781997-98 87.94 104.41 126.54 98.911998-99 77.49 96.14 111.50 91.081999-00 77.16 97.69 111.03 92.542000-01 77.43 102.82 111.42 97.402001-02 76.04 102.71 109.43 97.292002-03 71.27 97.68 102.56 92.532003-04 69.97 99.17 100.68 93.942004-05 69.58 101.78 100.12 96.422005-06 72.28 107.30 104.02 101.642006-07 69.49 105.57 100.00 100.002007-08 (P) 74.17 114.09 106.73 108.08

2006-07 April 71.63 105.86 103.08 100.28May 69.39 103.70 99.85 98.23June 68.79 103.19 98.99 97.75July 68.14 102.31 98.06 96.92August 67.65 102.26 97.35 96.87September 68.40 104.88 98.43 99.35October 69.66 107.34 100.24 101.68November 69.90 107.92 100.59 102.23December 69.38 106.52 99.84 100.90January 70.32 107.69 101.20 102.01February 70.42 107.67 101.33 102.00March 70.23 107.46 101.07 101.80

2007-08 (P) April 72.74 111.63 104.67 105.75May 75.19 115.73 108.20 109.63June 75.37 115.22 108.46 109.15July 75.15 115.10 108.15 109.04August 74.44 114.10 107.13 108.08September 74.64 115.03 107.41 108.97October 75.45 115.79 108.58 109.69November 74.34 113.90 106.97 107.89December 74.65 114.52 107.42 108.48January 74.31 114.23 106.93 108.21February 73.41 113.06 105.64 107.10March 70.38 110.87 101.28 105.02

2008-09 (P) April 70.63 112.16 101.64 106.24May (P) 67.48 108.23 97.11 102.53June (P) 66.38 108.20 95.52 102.50July (P) 65.83 107.94 94.73 102.25August (P) 67.22 111.30 96.73 105.43September (P) 64.46 107.11 92.76 101.46October (P) 62.08 102.40 89.33 97.00November (P) 63.06 102.94 90.75 97.51

As onNovember 28, 2008 (P) 61.55 100.15 88.58 94.87December 5, 2008 (P) 62.21 101.18 89.52 95.84December 12, 2008 (P) 62.11 99.92 89.37 94.66December 19, 2008 (P) 62.76 100.97 90.31 95.65

Notes : 1. Rise in indices indicate appreciation of rupee and vice versa.2. For “Note on Methodology” on the indices presented here, please see December 2005 issue of this Bulletin.3. Base year 2005-06 is a moving one, which gets updated every year.

No. 51: Indices of Real Effective Exchange Rate (REER) and Nominal EffectiveExchange Rate (NEER) of the Indian Rupee


CURRENT

STATISTICS


No. 56: Combined Receipts and Disbursements of the Central and State Governments

2003-04 2004-05 2005-06 2006-07 2007-08 2008-09Item (Accounts) (Revised (Budget

Estimates) Estimates)

1 2 3 4 5 6 7

I. Total Disbursements (A+B+C) 7,96,384 8,69,757 9,59,855 11,09,174 13,55,831 14,85,536of which:A. Developmental (i +ii +iii) 4,17,834 4,45,354 5,09,525 5,88,028 7,36,975 8,34,346

i) Revenue 3,18,444 3,42,517 3,92,386 4,52,499 5,63,937 6,43,124ii) Capital 69,070 78,936 96,825 1,16,613 1,52,042 1,71,734iii) Loans 30,320 23,901 20,314 18,916 20,996 19,488

B. Non-Developmental (i+ii+iii) 3,71,651 4,16,340 4,40,377 5,07,635 6,02,125 6,31,255i) Revenue 3,52,676 3,79,825 4,04,027 4,66,431 5,15,456 5,72,503

of which : Interest Payments 1,77,573 1,92,312 2,03,977 2,30,847 2,63,736 2,87,477ii) Capital 17,603 34,368 35,760 40,703 86,084 57,947iii) Loans 1,371 2,147 590 501 585 805

C. Others * 6,899 8,063 9,953 13,511 16,731 19,935 II. Total Receipts 7,99,162 8,88,345 10,14,689 11,25,499 13,31,721 14,87,893

of which :A. Revenue Receipts 5,18,611 6,15,644 7,07,054 8,77,075 10,55,165 12,08,803

i) Tax Receipts (a + b + c) 4,13,981 4,92,481 5,76,596 7,24,023 8,73,299 10,17,107a) Taxes on commodities and services 2,87,729 3,35,448 3,80,869 4,54,652 5,29,215 6,06,997b) Taxes on Income and Property 1,25,595 156,214 1,94,602 2,68,108 3,42,750 4,08,659c) Taxes of Union Territories (Without Legislature) 658 819 1,125 1,263 1,334 1,451

ii) Non-Tax Receipts 1,04,630 1,23,163 1,30,458 1,53,052 1,81,866 1,91,696of which : Interest Receipts 18,856 19,223 18,735 21,744 19,392 20,108

B. Non-debt Capital Receipts (i+ii) 43,271 19,392 13,241 1,667 52,834 32,271i) Recovery of Loans & Advances 26,318 14,968 11,651 –773 8,309 7,106ii) Disinvestment proceeds 16,952 4,424 1,590# 2,440 # 44,525# 25,165#

III. Gross Fiscal Deficit [ I - ( IIA + IIB ) ] 2,34,501 2,34,721 2,39,560 2,30,432 2,47,832 2,44,462Financed by :A. Institution-wise (i+ii) 2,34,501 2,34,721 2,39,560 2,30,432 2,47,832 2,44,462

i) Domestic Financing (a+b) 2,47,989 2,19,968 2,32,088 2,21,960 2,37,862 ..a) Net Bank Credit to Government # # 66,381 13,863 16,351 69,177 72,842 ..

of which : Net RBI Credit to Government –75,772 –62,882 34,261 –4,176 –1,15,632 ..b) Non-Bank Credit to Government 1,81,608 2,06,105 2,15,737 1,52,783 1,65,020 ..

ii) External Financing –13,488 14,753 7,472 8,472 9,970 10,989B. Instrument-wise (i+ii) 2,34,501 2,34,721 2,39,560 2,30,432 2,47,832 2,44,462

i) Domestic Financing ( a to g) 2,47,989 2,19,968 2,32,088 2,21,960 2,37,862 2,33,473a) Market Borrowings (net) @ 1,36,156 85,498 1,21,546 1,27,884 1,74,280 1,62,842b) Small Savings (net) & 67,642 87,690 89,836 63,746 8,827 28,498c) State Provident Funds (net) 12,014 13,139 15,388 15,188 15,512 16,658d) Reserve Funds 8,883 10,827 10,122 19,342 –6,121 231e) Deposits and Advances 9,705 4,529 18,888 22,982 12,834 13,442f) Cash Balances ^ –2,778 –18,588 –54,834 –16,325 24,110 –2,357g) Others ** 16,367 36,873 31,143 –10,857 8,420 14,159

ii) External Financing –13,488 14,753 7,472 8,472 9,970 10,989IV. I as per cent of GDP 28.9 27.6 26.8 26.8 28.8 28.0V. II as per cent of GDP 29.0 28.2 28.3 27.1 28.3 28.1VI. IIA as per cent of GDP 18.8 19.5 19.7 21.2 22.4 22.8VII. IIA (i) as per cent of GDP 15.0 15.6 16.1 17.5 18.5 19.2VIII. III as per cent of GDP 8.5 7.5 6.7 5.6 5.3 4.6

* : Represent compensation and assignments by States to local bodies and Panchayati Raj institutions.# : Also inlcudes sale of ‘land and property’ and debt relief. ##: As per RBI records ..: Not Available (–): Indicates Surplus/net outflow.@ : Borrowing through dated securities and 364-day Treasury Bills. ^: Include Ways and Means Advances of the State governments.& : Represent net investment in Central and State Governments’ special securities by the National Small Savings Fund (NSSF).** : Includes Treasury Bills (excluding 364-day Treasury Bills), loans from financial institutions, insurance and pension funds, remittances, cash balance investment

account etc.Notes : i) Total disbursements/receipts are net of repayments of the Central Government (including repayments to the NSSF) and State Governments.

ii) Total receipts are net of variation in cash balances of the Central and State Governments.iii) Data pertaining to State Governments from 2006-07 relate to budgets of 28 State Governments.iv) In case of Union Government finances for 2007-08 (RE) the figures for non-debt capital receipts includes Rs.34,309 crore and development capital outlay

includes an amount of Rs.35,531 crore on account of transactions relating to transfer of Reserve Bank’s stake in SBI to the Central Government.Source : Budget Documents of Central and State Governments.

(Rs. crore)

Special Table

CURRENT

STATISTICS

Special Table

RBIMonthly Bulletin

January 2009 S 95

CURRENT

STATISTICS

Notes on

Tables

Notes on Tables

Table No. 1

(1) Annual data are averages of the months.

(2) Figures relate to last Friday of the month / year.

(3) Total of Rupee Securities held in Issue and Banking Departments.

(4) Relates to loans and advances only.

(5) Figures relate to the last Friday / last reporting Friday (in case of March).

(6) Total for Mumbai, Chennai, Kolkata and New Delhi only.

(7) Figures relate to last reporting Friday / March 31.

(8) Rates presented as low / high for the period indicated. The source of data prior to April 2000 issue ofthe Bulletin has been DFHI. The data from April 2000 issue of the Bulletin are not strictly comparablewith that pertaining to earlier periods due to wider coverage of Call Market business.

(9) Relating to major banks.

(10) Relating to five major banks. PLR concept was introduced with effect from October 1994.

(11) Monthly data are averages of the weeks and annual data are averages of the months.

(12) Figures relate to the end of the month / year.

(13) Data relate to January – December.

(14) Cash Reserve Ratio of Scheduled Commercial Banks (excluding Regional Rural Banks).

Table No. 2

The gold reserves of Issue Department were valued at Rs.84.39 per 10 grams up to October 16, 1990and from October 17, 1990 they are valued close to international market prices.

(1) Includes Government of India one rupee notes issued from July 1940.

(2) Includes (i) Paid-up Capital of Rs.5 crore (ii) Reserve Fund of Rs.6,500 crore (iii) National IndustrialCredit (Long-Term Operations): Fund of Rs.16 crore and (iv) National Housing Credit (Long-TermOperations) Fund of Rs.190 crore from the week ended November 30, 2007.

(3) Includes cash, short-term securities and fixed deposits.

(4) Includes temporary overdrafts to State Governments.

(5) Figures in bracket indicate the value of gold held under other assets.

Table Nos. 3 & 4

The expression ‘Banking System’ or ‘Banks’ means (a) State Bank of India and its associates (b)Nationalised Banks (c) Banking companies as defined in clause ‘C’ of Section 5 of the Banking RegulationAct, 1949 (d) Co-operative banks (as far as scheduled co-operative banks are concerned) (e) RegionalRural Banks and (f) any other financial institution notified by the Central Government in this regard.

(1) Excludes borrowings of any scheduled state co-operative bank from the State Government and anyReserve Fund deposit required to be maintained with such bank by any co-operative society within thearea of operation of such bank.

(2) Deposits of co-operative banks with scheduled state co-operative banks are excluded from this itembut are included under ‘Aggregate deposits’.

(3) Excludes borrowings of regional rural banks from their sponsor banks.


CURRENT

STATISTICS

Notes on

Tables

(4) Wherever it has not been possible to provide the data against the item ‘Other demand and timeliabilities’ under ‘Liabilities to the Banking System’ separately, the same has been included in the item‘Other demand and time liabilities’ under ‘Liabilities to others’.

(5) Data reflect redemption of India Millennium Deposits (IMDs) on December 29, 2005.

(6) Other than from the Reserve Bank of India, NABARD and Export-Import Bank of India.

(7) Figures relating to scheduled banks’ borrowings in India are those shown in the statement of affairs ofthe Reserve Bank of India. Borrowings against usance bills and/or promissory notes are under section17(4) of the Reserve Bank of India Act, 1934.

(8) Includes borrowings by scheduled state co-operative banks under Section 17(4AA) of the Reserve Bankof India Act, 1934.

(9) As per the Statement of Affairs of the Reserve Bank of India.

(10) Advances granted by scheduled state co-operative banks to co-operative banks are excluded from thisitem but included under ‘Loans, cash-credits and overdrafts’.

(11) At book value; it includes treasury bills and treasury receipts, treasury savings certificates and postalobligations.

(12) Includes participation certificates (PCs) issued by scheduled commercial banks to other banks andfinancial institutions.

(13) Includes participation certificates (PCs) issued by scheduled commercial banks to others.

(14) Figures in brackets relate to advances of scheduled commercial banks for financing food procurementoperations.

Table No. 6

(1) Total of demand and time deposits from ‘Others’.

(2) Includes borrowings from the Industrial Development Bank of India and National Bank for Agricultureand Rural Development.

(3) At book value; includes treasury bills and treasury receipts, treasury savings certificates and postal obligations.

(4) Total of ‘Loans, cash credits and overdrafts’ and ‘Bills purchased and discounted’.

(5) Includes advances of scheduled state co-operative banks to central co-operative banks and primary co-operative banks.

Table No. 7

With a view to enable the banks to meet any unanticipated additional demand for liquidity in the contextof the century date change, a ‘Special Liquidity Support’ (SLS) facility was made available to all scheduledcommercial banks (excluding RRBs) for a temporary period from December 1, 1999 to January 31, 2000.

(1) With effect from April 13,1996, banks are provided export credit refinance against their rupee exportcredit and post-shipment export credit denominated in U.S. Dollars taken together.

(2) General Refinance Facility was replaced by Collateralised Lending Facility (CLF)/Additional CollateralisedFacility (ACLF) effective April 21, 1999. ACLF was withdrawn with the introduction of Liquidity AdjustmentFacility (LAF), effective June 5, 2000. CLF was withdrawn completely effective October 5, 2002.

(3) Special Liquidity Support Facility which was introduced effective September 17, 1998 was availableupto March 31, 1999.

RBIMonthly Bulletin

January 2009 S 97

CURRENT

STATISTICS

Notes on

Tables

(4) Post-shipment credit denominated in US dollars (PSCFC) scheme was withdrawn effective February 8,1996 and the refinance facility thereagainst was withdrawn effective April 13, 1996. The scheme ofgovernment securities refinance was terminated effective July 6, 1996.

Table No. 8

a) The data includes cheque clearing for both i.e. clearing houses managed by Reserve Bank of Indiaand clearing houses managed by other banks. Paper based inter-bank clearing has been discontinueedat all the centres, from last June, 2005.

The other MICR Centres are Agra, Allahabad, Amritsar, Aurangabad, Baroda, Bhilwara, Coimbatore, Cuttak,Dehradun, Ernakulam, Erode,Gorakhpur, Gwalior, Hubli, Indore, Jabalpur, Jalandhar, Jameshedpur, Jammu,Jodhpur, Kolhapur, Kozhikode, Lucknow, Ludhiana, Madurai, Mangalore, Mysore, Nasik, Panaji, Pondicherry,Pune, Raipur, Rajkot, Ranchi, Salem, Solapur, Surat, Thiruchirapalli, Tirupur, Thrissur, Udaipur, Varansi,Vijaywada and Vishakhapatnam.

b) Graphs: The graphs 3 and 4 on Paper and Electronic payments - the Electronic Payment System datainclude Retail Electronic Payment Systems, RTGS (customer and inter-bank) and CCIL operated systems.

c) Non MICR Data pertains to the Clearing Houses managed by 10 banks namely SBI (688), SBBJ (50), SBIndore (27), PNB (3), SBT (81), SBP (52), SBH (51), SBS (28), SBM (46) and United Bank of India (4). (Figuresin bracket indicate Non MICR Cheque Clearing Houses managed by the bank).

d) The other MICR Centres includes 44 centres managed by 13 PSBs namely Andhra Bank, Bank of Baroda,Bank of India, Canara Bank, Central Bank of India, Corporation Bank, Oriental Bank of Commerce, PunjabNational Bank, State Bank of India, State Bank of Indore, State Bank of Travancore, State Bank of Hyderabadand Union Bank of India.

Table No. 9A

The data pertains to retail electronic payment.

Table No. 9B

The data pertains to Large Value Payment Systems. The figures for CCIL, the operations pertains toselected services, are taken from the CCIL published data.

Table No. 10

(a) For details of money stock measures according to the revised series, reference may be made to January1977 issue of this Bulletin (pages 70-134).

(b) Banks include commercial and co-operative banks.

(c) Financial year data relate to March 31, except scheduled commercial banks’ data which relate to the lastreporting Friday of March. For details, see the note on page S 963 of October 1991 issue of this Bulletin.

(d) Scheduled commercial banks’ time deposits reflect redemption of Resurgent India Bonds (RIBs), sinceOctober 1, 2003 and of India Millennium Deposits (IMDs) since December 29, 2005.

(e) Data are provisional.

(1) Net of return of about Rs.43 crore of Indian notes from Pakistan upto April 1985.

(2) Estimated : ten-rupee commemorative coins issued since October 1969, two-rupee coins issued sinceNovember 1982 and five-rupee coins issued since November 1985 are included under rupee coins.


CURRENT

STATISTICS

Notes on

Tables

(3) Exclude balances held in IMF Account No.1, Reserve Bank of India Employees’ Provident Fund,Pension Fund, Gratuity and Superannuation Fund and Co-operative Guarantee Fund, the amountcollected under the Additional Emoluments (Compulsory Deposit) Act, 1974 and the CompulsoryDeposit Scheme (Income-Tax Payers’) Act.

(f) Revised in line with the new accounting standards and consistent with the Methodology of Compilation(June 1998). The revision is in respect of pension and provident funds with commercial banks whichare classified as other demand and time liabilities and includes those banks which have reported suchchanges so far.

Table Nos. 11 & 13

(a) On the establishment of National Bank for Agriculture and Rural Development (NABARD), on July 12,1982, certain assets and liabilities of the Reserve Bank were transferred to NABARD, necessitatingsome reclassification of aggregates in the sources of money stock from that date.

(b) Please see item (c) of notes to Table 10.

(c) Data are provisional.

(1) Includes special securities and also includes Rs.751.64 crore (equivalent of SDRs 211.95 million)incurred on account of Reserve Assets subscription to the IMF towards the quota increase effectiveDecember 11, 1992.

(2) Represents investments in bonds/shares of financial institutions, loans to them and holdings ofinternal bills purchased and discounted. Excludes since the establishment of NABARD, its refinanceto banks.

(3) Inclusive of appreciation in the value of gold following its revaluation close to internationalmarket price effective October 17, 1990. Such appreciation has a corresponding effect on ReserveBank’s net non-monetary liabilities.

Table No. 11A

The conceptual basis of the compilation of the Commercial Bank Survey are available in the report ofthe Working Group on Money Supply: Analytics and Methodology of Compilation (Chairman: Dr. Y.V.Reddy), RBI Bulletin, July 1998, which recommended changes in the reporting system of commercialbanks and the article entitled “New Monetary Aggregates: An Introduction”, RBI Bulletin, October 1999.

(1) Time Deposits of Residents : These do not reckon non-residents’ foreign currency repatriable fixeddeposits (such as FCNR(B) deposits, Resurgent India Bonds (RIBs) and India Millennium Deposits(IMDs)) based on the residency criterion and exclude banks’ pension and provident funds becausethey are in the nature of other liabilities and are included under ‘other demand and time liabilities’.

(2) Short-term Time Deposits : Refers to contractual maturity of time deposits of up to and includingone year. This is presently estimated at 45.0 per cent of total domestic time deposits.

(3) Domestic Credit : It includes investments of banks in non-SLR securities, comprising commercialpaper, shares and bonds issued by the public sector undertakings, private sector and public financialinstitutions and net lending to primary dealers in the call/term money market, apart frominvestment in government and other approved securities and conventional bank credit (by wayof loans, cash credit, overdrafts and bills purchased and discounted).

RBIMonthly Bulletin

January 2009 S 99

CURRENT

STATISTICS

Notes on

Tables

(4) Net Foreign Currency Assets of Commercial Banks : Represent their gross foreign currency assetsnetted for foreign currency liabilities to non-residents.

(5) Capital Account : It consists of paid-up capital and reserves.

(6) Other Items (net) : It is the residual balancing the components and sources of the CommercialBanking Survey and includes scheduled commercial banks’ other demand and time liabilities, netbranch adjustments, net inter-bank liabilities etc.

Table No. 11B

The conceptual basis of the compilation of new monetary aggregates are available in the report of theWorking Group on Money Supply: Analytics and Methodology of Compilation (Chairman: Dr. Y.V. Reddy),RBI Bulletin, July 1998. A link series between the old and present monetary series has been publishedin the article entitled “New Monetary Aggregates: An Introduction”, RBI Bulletin, October 1999.

(1) NM2 and NM

3 : Based on the residency concept and hence does not directly reckon non-resident

foreign currency repatriable fixed deposits in the form of FCNR(B) deposits, Resurgent IndiaBonds (RIBs) and India Millennium Deposits (IMDs).

(2) NM2 : This includes M

1 and residents’ short-term time deposits (including and up to the contractual

maturity of one year) with commercial banks.

(3) Domestic Credit : Consistent with the new definition of bank credit which includes investmentsof banks in non-SLR securities, comprising of commercial paper, shares and bonds issued by thepublic sector undertakings, private sector and public financial institutions and net lending toprimary dealers in the call/term money market. The RBI’s loans and advances to NABARD wouldbe included in the RBI credit to commercial sector. Other components such as credit toGovernment, investments in other approved securities and conventional bank credit remainunchanged.

(4) Net Foreign Assets of The Banking Sector : It comprises the RBI’s net foreign assets and scheduledcommercial banks’ net foreign currency assets (refer to note 4 of Table 11A).

(5) Capital Account : It consists of paid-up capital and reserves.

(6) Other Items (net) of the Banking System : It is the residual balancing the components and sourcesof money stock, representing other demand and time liabilities etc. of the banking system.

Table No. 11C

The conceptual basis of the compilation of the Reserve Bank Survey is given in the report of theWorking Group on Money Supply: Analytics and Methodology of Compilation (Chairman: Dr. Y.V.Reddy), RBI Bulletin, July 1998 and the article “New Monetary Aggregates: An Introduction”, RBIBulletin, October 1999. The components of reserve money (to be referred as M

0) remain unchanged.

On the sources side, the RBI’s refinance to the National Bank for Agriculture and Rural Development(NABARD), which was hitherto part of RBI’s claims on banks has been classified as part of RBI creditto commercial sector. The Reserve Bank’s net non-monetary liabilities are classified into capitalaccount (comprising capital and reserves) and other items (net).

Table No. 12

Please see item (c) of notes to Table 10.


CURRENT

STATISTICS

Notes on

Tables

Table No. 27C

(a) Month-end yields for different integer valued residual maturities are estimated using interpolationtechnique on weighted average yields of select indicative securities derived from SGL transactions dataon government securities observed during a select month-end day. Yield corresponding to eachtransaction in a security is calculated from the following Yield to Maturity (YTM) and price relationship.

Where,

P = price of the bond

bpi = broken period interest

c = annual coupon payment

y = yield to maturity

v = number of coupon payments in a year

n = number of coupon payments till maturity

F = Redemption payment of the bond

ti

= time period in year till ith coupon payment

(b) The weighted average yield corresponding to each traded security on that particular day is calculatedfrom the yields of all transactions on that security using amount (Face Value) traded as the weights.

(c) Broken period (number of days) is based on day count convention of 30 days a month and 360 days a year.

Table Nos. 29 & 30

Table 29 presents Index Numbers of Industrial Production (Sectoral and Use-based Classification). Due torevision of the indices of the mining sector and also the deletion of four items, viz., radio receivers,photosensitised paper, chassis (assembly) for HCVs (bus, truck) and engines from the item–basket of themanufacturing sector, the IIP data have been revised from 1994-95 onwards. This has also resulted in thechange in redistribution of weights in use-based classification of IIP. Table 30 contains data onmanufacturing sector at two digit level of 17 groups along with general index and sectoral indices, viz.,Mining and Quarrying, Manufacturing and Electricity.

Table No. 31

(a) Figures exclude data on private placement and offer for sale but include amounts raised by privatefinancial institutions.

(b) Equity shares exclude bonus shares.

(c) Preference shares include cumulative convertible preference shares and equi-preference shares.

(d) Debentures include bonds.

(e) Convertible debentures include partly convertible debentures.

(f) Non-convertible debentures include secured premium notes and secured deep discount bonds.

(g) Figures in brackets indicate data in respect of premium on capital issues which are included in respectivetotals.

P + bpi =c/v

(1+ y/v)vti

n

i = 1

+ F

(1+ y/v)vtn

RBIMonthly Bulletin

January 2009 S 101

CURRENT

STATISTICS

Notes on

Tables

Table No. 35

The ban on forward trading in gold and silver, effective November 14, 1962 and January 10, 1963, hasbeen lifted with effect from April 1, 2003.

(1) In case Friday is a holiday, prices relate to the preceding working day.

Table No. 36

Annual data relate to average of the months April to March.

(1) The new series of index numbers with base 2001=100 was introduced from January 2006 and withthat the compilation of the index numbers with the base year 1982 was discontinued. The linkingfactor can be used to work out the index numbers with the base year 2001 for data from January 2006onwards.

(2) Based on indices relating to 78 centres.

Table No. 37

Annual data relate to average of the months April to March. The new series of index numbers with base 1984-85=100 was introduced from November 1987.

(1) Based on indices relating to 59 centres.

Table No. 38

Annual data relate to the average of the months July to June.

(1) With respect to base: July 1960-June 1961=100.

(2) The new series of index numbers with base : July 1986 to June 1987 = 100 was introduced fromNovember 1995 and with that the compilation of index numbers with base : July 1960 to June1961 was discontinued. The linking factor given in this column can be used to work out the indexnumbers with old base (i.e., 1960-61 = 100) for November 1995 and subsequent months.

(3) In the case of Assam, the old series (i.e., with base 1960-61 = 100) was being compiled for the compositeregion viz. Assam, Manipur, Meghalaya and Tripura while the index of the new series (i.e., with base1986-87 = 100) has been compiled for each of the constituent States separately. The index for Assamregion on old base can be estimated from the corresponding indices of the new series as under :

I AO = 5.89 [ (0.8126 X IA

N) + (0.0491 X IMa

N) +(0.0645 X IMe

N) + (0.0738 X IT

N)]

where IO and I

N represent the index numbers for old and new series, respectively, and superscripts A,

Ma, Me and T indicate Assam, Manipur, Meghalaya and Tripura, respectively.

(4) Similarly, in the case of Punjab, where the old series (i.e., with base 1960-61 = 100) was being compiledfor the composite region, viz., Punjab, Haryana and Himachal Pradesh, the index for the Punjab regionon old base can be estimated as under :

IPO = 6.36 [(0.6123 X IP

N) + (0.3677 X IHa

N) + (0.0200 X IHi

N)]

where IO and I

N represent the index numbers for old and new series, respectively, and superscripts P,

Ha and Hi indicate Punjab, Haryana and Himachal Pradesh, respectively.

(5) Indices for the State compiled for the first time from November, 1995.


CURRENT

STATISTICS

Notes on

Tables

(6) Consumer Price Index for Rural Labourers (including agricultural labourers) are compiled from November1995 only.

(7) Average of 8 months (November 1995 - June 1996).

Table Nos. 39 & 40

The new series of index numbers with base 1993-94=100 was introduced in April 2000. Details regardingthe scope and coverage of new series are published in June 2000 issue of the Bulletin.

Table No. 41

(a) The foreign trade data relate to total sea, air and land trade, on private and government accounts. Exportsare on f.o.b. basis and imports are on c.i.f. basis. Exports include re-exports of foreign merchandisepreviously imported to India and imports relate to foreign merchandise whether intended for homeconsumption, bonding or re-exportation. Direct transit trade, transshipment trade, passengers baggage,ship’s stores, defence goods and transactions in treasure i.e. gold and current coins and notes, diplomaticgoods, “proscribed substances” under Atomic Energy Act, 1962, are excluded from the trade data, whileindirect transit trade, transactions in silver (other than current coins) and in notes and coins not yet in

circulation or withdrawn from circulation are included.

Table Nos. 42 & 43

(1) Data up to 1980-81 are final, subsequent data are preliminary actuals.

(2) Interest accrued during the year and credited to NRI deposits has been treated as notional outflowunder invisible payments and added as reinvestment in NRI deposits under Banking Capital – NRD.

(3) The item “Non-monetary Gold Movement” has been deleted from Invisibles in conformity with theIMF Manual on BOP (5th edition) from May 1993 onwards; these entries have been included undermerchandise.

(4) Since 1990-91 the value of defence related imports are recorded under imports (merchandise debit)with credits financing such imports shown under “Loans (External commercial Borrowings to India)”in the capital account. Interest payments on defence debt owed to the General Currency Area (GCA)are recorded under Investment Income debit and principal repayments under debit to “Loans (Externalcommercial Borrowings to India)”. In the case of the Rupee Payment Area (RPA), interest payment onand principal repayment of debt is clubbed together and shown separately under the item “RupeeDebt Service” in the capital account. This is in line with the recommendations of the High LevelCommittee on Balance of Payments (Chairman : Dr. C. Rangarajan).

(5) In accordance with the provisions of IMF’s Balance of Payments Manual (5th Edition), gold purchasedfrom the Government of India by the RBI has been excluded from the BOP statistics. Data from theearlier years have, therefore, been amended by making suitable adjustments in “Other Capital Receipts”and “Foreign Exchange Reserves”. Similarly, item “SDR Allocation” has been deleted from the table.

(6) In accordance with the recommendations of the Report of the Technical Group on Reconciling of Balanceof Payments and DGCI & S Data on Merchandise Trade, data on gold and silver brought in by theIndians returning from abroad have been included under import payments with contra entry underPrivate Transfer Receipts since 1992-93.

RBIMonthly Bulletin

January 2009 S 103

CURRENT

STATISTICS

Notes on

Tables

(7) In accordance with the IMF’s Balance of Payments Manual (5th edition), ‘compensation of employees’has been shown under head, “income” with effect from 1997-98; earlier, ‘compensation of employees’was recorded under the head “Services – miscellaneous”.

(8) Since April 1998, the sales and purchases of foreign currency by the Full Fledged Money Changers(FFMC) are included under “travel” in services.

(9) Exchange Rates : Foreign currency transactions have been converted into rupees at the par/centralrates up to June 1972 and on the basis of average of the Bank’s spot buying and selling ratesfor sterling and the monthly averages of cross rates of non-sterling currencies based on Londonmarket thereafter. Effective March 1993, conversion is made by crossing average spot buyingand selling rate for US dollar in the forex market and the monthly averages of cross rates ofnon-dollar currencies based on the London market.

Explanatory Notes

Balance of payments is a statistical statement that systematically summarises, for a specific time period, theeconomic transactions of an economy with the rest of the world.

Merchandise credit relate to export of goods while merchandise debit represent import of goods.

Travel covers expenditure incurred by non-resident travellers during their stay in the country and expenditureincurred by resident travellers abroad.

Transportation covers receipts and payments on account of international transportation services.

Insurance comprises receipts and payments relating to all types of insurance services as well as reinsurance.

Government not included elsewhere (G.n.i.e.) relates to receipts and payments on government account notincluded elsewhere as well as receipts and payments on account of maintenance of embassies and diplomaticmissions and offices of international institutions.

Miscellaneous covers receipts and payments in respect of all other services such as communication services,construction services, software services, technical know-how, royalties etc.

Transfers (official, private) represent receipts and payments without a quid pro quo.

Investment Income transactions are in the form of interest, dividend, profit and others for servicing ofcapital transactions. Investment income receipts comprise interest received on loans to non-residents,dividend/profit received by Indians on foreign investment, reinvested earnings of Indian FDI companiesabroad, interest received on debentures, floating rate notes (FRNs), Commercial Papers (CPs), fixed depositsand funds held abroad by ADs out of foreign currency loans/export proceeds, payment of taxes by non-residents/refunds of taxes by foreign governments, interest/discount earnings on RBI investment etc.Investment income payments comprise payment of interest on non-resident deposits, payment of intereston loans from non-residents, payment of dividend/profit to non-resident share holders, reinvested earningsof the FDI companies, payment of interest on debentures, FRNs, CPs, fixed deposits, Government securities,charges on Special Drawing Rights (SDRs) etc.

Foreign investment has two components, namely, foreign direct investment and portfolio investment.


CURRENT

STATISTICS

Notes on

Tables

Foreign direct investment (FDI) to and by India up to 1999-2000 comprise mainly equity capital. In linewith international best practices, the coverage of FDI has been expanded since 2000-01 to include, besidesequity capital reinvested earnings (retained earnings of FDI companies) and ‘other direct capital’ (inter-corporate debt transactions between related entities). Data on equity capital include equity of unincorporatedentities (mainly foreign bank branches in India and Indian bank branches operating abroad) besides equityof incorporated bodies. Data on reinvested earnings for the latest year are estimated as average of theprevious two years as these data are available with a time lag of one year. In view of the above revision, FDIdata are not comparable with similar data for the previous years. In terms of standard practice of BoPcompilation, the above revision of FDI data would not affect India’s overall BoP position as the accretion tothe foreign exchange reserves would not undergo any change. The composition of BoP, however, wouldundergo changes. These changes relate to investment income, external commercial borrowings and errorsand omissions. In case of reinvested earnings, there would be a contra entry (debit) of equal magnitudeunder investment income in the current account. ‘Other Capital’ reported as part of FDI inflow has beencarved out from the figure reported under external commercial borrowings by the same amount. ‘OtherCapital’ by Indian companies abroad and equity capital of unincorporated entities have been adjusted againstthe errors and omissions for 2000-01 and 2001-02.

Portfolio investment mainly includes FIIs’ investment, funds raised through ADRs/GDRs by Indian companiesand through offshore funds. Data on investment abroad, hitherto reported, have been split into equitycapital and portfolio investment since 2000-01.

External assistance by India denotes aid extended by India to other foreign Governments under variousagreements and repayment of such loans. External Assistance to India denotes multilateral and bilateralloans received under the agreements between Government of India and other Governments/Internationalinstitutions and repayments of such loans by India, except loan repayment to erstwhile “Rupee area” countriesthat are covered under the Rupee Debt Service.

Commercial borrowings covers all medium/long term loans. Commercial Borrowings by India denote loansextended by the Export Import Bank of India (EXIM bank) to various countries and repayment of suchloans. Commercial Borrowings to India denote drawals/repayment of loans including buyers’ credit, suppliers’credit, floating rate notes (FRNs), commercial paper (CP), bonds, foreign currency convertible bonds (FCCBs)issued abroad by the Indian corporate etc. It also includes India Development Bonds (IDBs), Resurgent IndiaBonds (RIBs), India Millennium Deposits (IMDs).

Short term loans denotes drawals in respect of loans, utilized and repayments with a maturity of less thanone year.

Banking capital comprises of three components : a) foreign assets of commercial banks (ADs), b) foreignliabilities of commercial banks (ADs), and c) others. ‘Foreign assets’ of commercial banks consist of (i)foreign currency holdings, and (ii) rupee overdrafts to non-resident banks. ‘Foreign liabilities’ of commercialbanks consists of (i) Non-resident deposits, which comprises receipt and redemption of various non-resident deposit schemes, and (ii) liabilities other than non-resident deposits which comprises rupee andforeign currency liabilities to non-resident banks and official and semi-official institutions. ‘Others’ underbanking capital include movement in balances of foreign central banks and international institutions likeIBRD, IDA, ADB, IFC, IFAD etc. maintained with RBI as well as movement in balances held abroad by theembassies of India in London and Tokyo.

RBIMonthly Bulletin

January 2009 S 105

CURRENT

STATISTICS

Notes on

Tables

Rupee debt service includes principal repayments on account of civilian and non-civilian debt in respect ofRupee Payment Area (RPA) and interest payment thereof.

Other capital comprises mainly the leads and lags in export receipts (difference between the customdata and the banking channel data). Besides this, other items included are funds held abroad, India’ssubscription to international institutions, quota payments to IMF, remittances towards recouping thelosses of branches/subsidiaries and residual item of other capital transactions not includedelsewhere.

Movement in reserves comprises changes in the foreign currency assets held by the RBI and SDRbalances held by the Government of India. These are recorded after excluding changes on account ofvaluation. Valuation changes arise because foreign currency assets are expressed in US dollar terms and theyinclude the effect of appreciation/depreciation of non-US currencies (such as Euro, Sterling, Yen) held inreserves.

Table No. 44

1. Gold is valued at average London market price during the month.

2. Conversion of SDRs into US dollars is done at exchange rates released by the International MonetaryFund (IMF).

3. Conversion of foreign currency assets into US dollars is done at week-end (for week-end figures) andmonth-end (for month-end figures) New York closing exchange rates.

4. Foreign exchange holdings are converted into rupees at rupee-US dollar RBI Holding rates.

5. Reserve Tranche Position (RTP) in IMF has been included in foreign exchange reserves from April 2,2004 to match the international best practices. Foreign exchange reserves figures have accordinglybeen revised for 2002-03 and 2003-04 to include RTP position in the IMF.

Table No. 51

The 5-country indices of REER/NEER were replaced with new 6-currency indices in December 2005. The RBIBulletin December 2005 carried a detailed article on the rationale and methodology for the replacement. Arevision has now been undertaken in the construction of the 6-currency REER indices. This revision wasnecessitated by a sudden spurt in Chinese inflation indices during April-May, 2006. It may be mentioned thatChinese inflation indices are not readily available in the public domain. The National Bureau of Statistics providesonly point-to-point inflation rates on a monthly basis in the public domain. In view of this, inflation indiceswere constructed taking into account the inflation rates with 1993-94 as the base year. It may be further mentionedthat the period from January 1993 to December 1995 was marked by continuous double digit inflation rates inChina. This lent an upward bias to the Chinese inflation indices (base: 1993-94=100) leading to a sharp fall inthe value of 6-currency REER in April 2006. In order to remove the distortion in REER on account of suddenspurt in Chinese inflation numbers, a new series of Chinese inflation indices has been constructed taking 1990as the base year (a year with much less volatility in inflation rates). Subsequently, the base year of the new seriesof Chinese inflation indices has been changed from 1990 to 1993-94 through splicing to facilitate the constructionof the 6-currency REER (base 1993-94=100).

RBIMonthly Bulletin

January 2009 I

PUBLICATIONS

ImportantRecent

Publicationsof the

Reserve Bankof India

Important Recent Publications of the Reserve Bank of India

Name of Publication

India Abroad

1. The Reserve Bank of India Rs.3,700 (including postal charges) –

History 1935-1981(3 Volumes)

2. Reserve Bank of India Bulletin Rs.200 per copy (over the counter) US $ 20 per copy (inclusive of postage)

Rs.150 per copy (concessional over the counter) US $ 200 (one-year subscription),

Rs.180 per copy (concessional inclusive of postage) US $ 500 (three-year subscription)

Rs.225 per copy (inclusive of postage)

Rs.2,250 (one-year subscription),

Rs.1,750 (concessional one-year subscription)

Rs.6,250 (three-year subscription)

Rs.5,000 (concessional three-year subscription)

3. Weekly Statistical Supplement Rs.12 per copy, US $ 34 (one-year subscription),

to RBI Monthly Bulletin Rs.550 (one-year subscription),

Rs.1,500 (three-year subscription) US $ 85 (three-year subscription)

4. Handbook of Instructions Basic Rs.40 per copy inclusive of postage –

Statistical Returns 1 and 2

Seventh Edition March 2008

5. Quarterly Statistics on Deposit Rs.30 per copy and Rs.45 per copy US $ 15 (including registered air-mail)

and Credit of Scheduled (including postal charges) US $ 10 by air-mail book-post

Commercial Banks 2008

i) March

ii) June

iii) September

6. State Finance - Rs.320 per copy (normal) US $ 30 per copy (including airmail

A Study of Budgets of 2007-08 Rs.350 per copy (including postal charges) courier charges)

Rs.250 per copy (concessional)

Rs.280 per copy (concessional inclusive of postage)

7. Circulars on Monetary and CD - Rom US $ 8 per CD Rom

credit policy No. 11 Rs.210 per CD (over the counter) (inclusive registered

(from April 2007 to Rs.230 per CD (inclusive of postage) air-mail book-post)

March 2008) Rs.160 per CD (concessional at counter)

Rs.180 per CD (concessional inclusive of postage)

8. Report on Currency and Rs.400 per set (over the counter) US $ 40 per set (inclusive of

finance 2006-08 Vol. I and II Rs.425 per set (inclusive of postal charges) airmail courier charges)

Rs.300 per set (concessional)

Rs.325 per set (concessional inclusive of postage)

9. A Profile of Banks 2007-08 Rs.40 per copy (normal) US $ 5 per copy (inclusive of registered

Rs.70 per copy (inclusive of postal charges) airmail charges)

US $ 45 per copy (inclusive of

courier charges)

Price

RBIMonthly BulletinJanuary 2009II

PUBLICATIONS

ImportantRecentPublicationsof theReserve Bankof India

10. Handbook of Statistics on the Rs.250 per copy (normal) US $ 38 per copy & US $ 6 for CD-ROMIndian Economy 2007-08 Rs.290 per copy (Inclusive of postage) and US $ 40 for Print version

Rs.190 per copy (Concessional) alongwith CD-ROM by air-mailRs.230 per copy (Concessional with postage) courier charges

CD-ROM Rs.150 (Normal)Rs.170 (Inclusive of postage)Rs.115 (Concessional)Rs.135 (Concessional with Postage)

Print version alongwith CD-ROMRs.400 (Normal)Rs.450 (Inclusive of postage)Rs.300 (Concessional)Rs.350 (Concessional with postage)

11. Basic Statistical Returns of Rs.280 per copy (normal) US $ 25 per copy (inclusive ofScheduled Commercial Banks Rs.320 per copy (inclusive of postal charges) air-mail book-post charges)in India Vol. 36 March 2007 US $ 60 per copy (inclusive of

courier charges)

12. Report on Trend and Progress Rs.425 per copy (normal) US $ 38 per copy (inclusive ofof Banking in India 2007-08 Rs.475 per copy (including postal charges) Courier charges)

Rs.370 per copy US $ 37 per copy (inclusive of(concessional inclusive of postal charges) registered air mail book-post charges)Rs.320 per copy (concession price over the counter)

13. Statistical Tables Relating to Rs.200 per copy (Rs.250 by registered book-post) US $ 80 per copy (by courier)Banks in India 2007-08 US $ 20 per copy (by registered

air-mail)

14. Banking Glossary Rs.75 per copy (normal) –(English-Hindi 2007) Rs.100 per copy (including postal Charges)

15. Annual Accounts of Scheduled Rs.85 (normal) (Rs.135 by post) US $ 25 (by air-mail)Commercial Banks : (IncludingRegional Rural Banks 1979-2004)on CD ROM

16. Foreign Collabration in Indian Rs.75 per copy (normal) US $ 15 (inclusive of air-mailIndustry Seventh Survey Report Rs.90 per copy (inclusive of postal charges) courier charges)2007 (1994-95 to 2000-01) Rs.70 per copy (concessional)

17. Directory of Commercial Bank Rs.150 per CD (normal) US $ 15 per CD (include of postage)Offices in India Vol. 3 March Rs.200 per CD (including postal charges)31, 2006. on CD ROM

18. 50 Years of Central Banking Rs.400 per copy (normal) –Governors Speak

19. C.D. Deshmukh Memorial Rs.100 per copy (normal) US $ 25 per copyLecture Series Centenary (by air-mail book-post)Commemorative Volume


PriceName of Publication

India Abroad

RBIMonthly Bulletin

January 2009 III

20. Reserve Bank of India Rs.80 per copy (inclusive of postal charges) US $ 45 per copy (inclusive ofOccasional paper 2007 postal charges)1) Vol. 28 No. 1 (Summer)2) Vol. 28 No. 2 (Monsoon)

21. L. K. Jha Memorial Rs.190 per copy (normal) US $ 23 per copy (inclusive ofLecture Series Rs.200 per copy (inclusive of postal charges) air-mail courier charges)

Rs.150 per copy (Concessional)

22. Statistical Tables Relating to Rs.190 (over the counter) US $ 20 inclusive of registeredBanks in India 1979 - 2007 Rs.240 (inclusive of postage) air-mail & US $ 55 inclusive ofon CD-ROM Courier Charges

23. Selected Banking Indicators Rs.320 per copy (normal) (Rs.460 by registered US $ 75 per copy (by air-mail1981 to 2002 book post). Rs.250 for CD-ROM Rs.300 (including book-post)

postal charges)

24. Private Corporate Business Rs.300 per copy (normal) and US $ 60 per copy and US $ 100 forSector in India, Selected Rs.500 for Print version and CD-ROM CD-ROMFinancial Statistics From 1950-51 (including postal charges) (including registered air-mail)to 1997-98 (All Industries)

25. Selected Financial Statistics Rs.700 for all Vol. I. II. and III US $ 140 for all Vol. I. II. and IIIPublic Limited companies Rs.350 for CD-ROM US $ 70 for CD-ROM1974-75 to 1999-2000 (including postal charge) (including registered air-mail)(Selected Industries)

26. Report of the Committee on Rs.140 per copy (normal) US $ 25 per copy (includingFuller Capital Account Rs.170 (per copy by post) air-mail charges)Convertibility(Tarapore Committee Report II)

PUBLICATIONS

ImportantRecent

Publicationsof the


Notes : 1) All above publications are also available at M/s. Jain Book Agency, C-9, Connaught Place, New Delhi-110001,Ph:011 2341 6390 upto 94, Fax: 011 4151 3850, website: www.jba.in, e-mail: [email protected] and at their dealer network.

2) The Reserve Bank of India History 1935-1981 (3 Volumes) is available at leading book stores in India.

3) All other publications are available from The Director, Sales Section, Division of Reports, Reviews and Publications, Departmentof Economic Analysis and Policy, Reserve Bank of India, Amar Building (First Floor), P.M. Road, Fort, Mumbai-400001.

4) Concessional price is available only at RBI counters for research students, full time teachers in economics statistics,commerce and business management, academic/education institutions and public libraries in india provided the requestis forwarded through the head of the institution every year.

Cheques/drafts should be drawn in favour of Reserve Bank of India payable at Mumbai, and sent to The Director,Division of Reports, Reviews and Publications, Department of Economic Analysis and Policy, Reserve Bank of India,Amar Building, Sixth Floor, P.M. Road, Fort, Mumbai - 400 001. The yearly subscription will be for 12 issues subjectto the processing/realisation of the cheques/drafts. The details and confirmation of the subscription will be sentaccordingly. The back issues of monthly Bulletin are not available, the same can be accessed through internet at theaddress given at website page. The complaints about non-receipt of the Bulletin issue should be intimated withinthree months of release of the issue. For details on subscription, please contact on the above address. Publicationsare available on sale at Sales Section, Division of Reports, Reviews and Publications, Department of Economic Analysisand Policy, Reserve Bank of India, Amar Building, Ground Floor, P.M. Road, Fort, Mumbai - 400 001.


PriceName of Publication

India Abroad

RBIMonthly Bulletin

January 2009 i

PUBLICATIONS


Publications

A. Annual Publications1. Report on Trend and Progress of Banking in India # DEAP –

i) 1987-88 1988 32 *£ 13ii) 1988-89 1989 45 *£ 15

iii) 1990-91 1991 60 *£ 35iv) 1992-93 1993 60 * 35v) 1993-94 1995 60 * 35

vi) 1994-95 1995 75 * 35vii) 1995-96 1996 85 * 35

viii) 1996-97 1997 85 * 35ix) 1997-98 1998 120 *£ 45x) 1998-99 1999 220 * 50

xi) 1999-00 2000 350 *£ 70xii) 2000-01 2001 350 * 70

xiii) 2001-02 2002 400 80542 *

xiv) 2002-03 2003 250 £ 30 �400 * 20 *

xv) 2003-04 2004 275 30 �300 * 20 *250 **

xvi) 2004-05 2005 325 30 �350 * 20 *275 **250 ***

xvii) 2005-06 2006 400 40 �450 * 25 *350 **300 ***

xviii) 2006-07 2007 500 45 �550 * 38 *375 ***425 **

xix) 2007-08 2008 425 38 �475 * 37 *320 ***370 **

2. Report on Currency and Finance # doi) 1988-89 - Vol.I 1989 100 *£ 35

80 **- Vol.II 1989 60 * 20

45 **ii) 1989-90 - Vol.I 1990 100 * 40

80 **- Vol.II 1990 60 *£ 25

45 **iii) 1990-91 - Vol.I 1991 100 * 40

80 **- Vol.II 1991 60 * 25

45 **iv) 1991-92 - Vol.I 1992 100 * 40

80 **- Vol.II 1992 60 *£

45 **

Reserve Bank of India Publications

(In stock)

Title of the Publication Department Year of Price Price Weight in gms.publication (Rs.) US $ & RBP Charges

of Single copyin Rs.

1 2 3 4 5 6

RBIMonthly BulletinJanuary 2009ii

PUBLICATIONS

Reserve Bankof IndiaPublications

v) 1992-93 - Vol.I DEAP 1993 100 * £ 4080 **

- Vol.II 1993 60 * £45 ** 25

vi) 1993-94 - Vol.I 1994 110 * £ 4085 **

- Vol.II 1994 75 * £ 25vii) 1994-95 - Vol.I 1996 110 * £ 40

85 **- Vol.II 1996 105 * £ 40

85 **viii) 1995-96 - Vol.I 1996 110 * 40

85 **- Vo.II 1996 105 * 40

85 **ix) 1996-97 - Vol.I 1997 125 * 40

100 **- Vo.II 1997 125 * 40

100 **x) 1997-98 - Vol.I 1998 175 * £ 50

125 **- Vol.II 1998 175 * 50

125 **Hindi Edition 1999 175 * 50

xi) 1998-99 1999 200 * £ 60150 **

xii) 1999-00 2001 200 * 60150 **

xiii) 2000-01 2001 200 * 60150 **

xiv) 2001-02 2003 200 60150 **

xv) 2002-03 2004 300 25 �325 * 20 *150 **

xvi) 2003-04 2005 200 £ 25 *225 *150 **

xvii) 2004-05 2006 200 25 *225 *150 **

xviii) 2005-06 2007 280 35 �300 *210 ***235 **

3. Handbook of Statistics on Indian Economy doi) 1998 Print version 1998 125 * £ 20

100 **ii) 1999 (a) Print version 1999 200 * £ 60

150 **(b) CD-ROM 1999 200 *

iii) 2000 (a) Print version 2000 250 * 70200 **

(b) CD-ROM 2000 200 *iv) 2001 (a) Print version 2001 250 * 70

200 **(b) CD-ROM 2001 300 * 60

200 **




1 2 3 4 5 6

RBIMonthly Bulletin

January 2009 iii

PUBLICATIONS


Publications

v) 2002-03 (a) Print version DEAP 2003 300 * £ 80250 **

(b) CD-ROM 2003 300 * 60200 **

(c) Print version along with CD-ROM 2003 500 * £ 130400 **

vi) 2003-04 (a) Print version 2004 180 25 �200 *150 **

(b) CD-ROM 2004 200 15 �220 *150 **

(c) Print version along with CD-ROM 2004 380 30 �400 *300 **

vii) 2004-05 (a) Print Version 2005 200 25 *225 *170 **

(b) CD-ROM 120140 ** 15 *100 **

(c) Print Version alongwith CD-ROM 300350 * 30 *270 **

viii) 2005-06 (a) Print Version (£) 2006 200 25 *225 *170 **

(b) CD-ROM 110 15 *130 *100 **

(c) Print Version alongwith CD-ROM 300 30 *350 *270 **

ix) 2006-07 (a) Print Version 2007 270 40300 *200 ***230 **

(b) CD-ROM 100 15120 *

75 ***95 **

(c) Print Version alongwith CD-ROM 330 50380 *240 ***300 **

4. State Finances - A Study of Budgetsi) 1999-00 do 2000 110 * 20

90 **ii) 2000-01 2000 110 * 20

90 **iii) 2001-02 2002 110 * 20

(English £ & Hindi) 90 **iv) 2002-03 2003 110 * 20

90 **v) 2003-04 2004 100

do 125 * 15 *90 ** 12 *




1 2 3 4 5 6

RBIMonthly BulletinJanuary 2009iv

PUBLICATIONS


vi) 2004-05 DEAP 2005 120 (English & Hindi) 150 * 15 �

100 **vii) 2005-06 2006 170 15 *

(English & Hindi) 200 *130 **

viii) 2006-07 2007 200 20* (English & Hindi) 230 *

150 ***175 **

5. Handbook of Statistics on State Government Finances 2004 do 2004 (a) Print version 170

200 * 25 �125 ** 20 *

(b) CD ROM 120 15 �140 * 10 *

90 **6.Handbook of Monetary Statistics in India 2006 do 2006 (a) Print version 130 20 *

155 *120 **

(b) CD ROM 100 15 *90 **

120 * (c) Print version along with CD ROM 200 25 *

250 *190 **

B. Banking Statistics1.Basic Statistical Returns of Scheduled Commercial Banks in India(Formerly Banking Statistics (BSR) till March 1999 Vol. 28 issue) DSIM

i) Dec. 76-77 - Vol. 7 (Formerly known 1981 65 * £ii) June 79 to Dec. 79 Vol. 9 as DESACS) 1984 150 * £

iii) June 80 to June 81 Vol. 10 1986 125 * £iv) March 1990 - Vol. 19 1992 210 65v) March 1994 - Vol. 23 1997 220 * 70

vi) March 1995 - Vol. 24 1997 220 * 70vii) March 1996 - Vol. 25 1998 220 * 70

viii) March 1997 - Vol. 26 1999 220 * 70ix) March 1998 - Vol. 27 1999 220 * 70x) March 1998 - Vol. 27 (Hindi Edition) 1999 220 *

xi) March 1999 - Vol. 28 2000 220 * 70xii) March 2000 - Vo. 29 (English Hindi) 2000 220 * 70

xiii) March 2001 - Vol. 30 (Hindi English) 2002 220 * 70xiv) March 2002 - Vol. 31 (Print Version) do 2003 225 * 70

(a) CD-ROM 2003 225 * 70xv) March 2003 - Vol. 32 (Print Version) do 2004 210 55 �

250 * 20 *(a) CD-ROM 210 55 �

250 * 20 *xvi) March 2004 - Vol. 33 (Print Version) 2005 180 55 �

220 * 20 *(a) CD-ROM 180 55 �

220 * 20 *xvii) March 2005 - Vol. 34 (Print Version) 2006 180 55 �

220 * 20 *(a) CD-ROM 180 55 �

220 * 20 *xviii) March 2006 - Vol. 35 (Print Version) 2007 280 60 �

320 * 25 *




1 2 3 4 5 6

RBIMonthly Bulletin

January 2009 v

PUBLICATIONS


Publications


2. Basic Statistical Return 1 & 2 DSIMi) Handbook of Instructions (English) 1996 20 * £

ii) Handbook of Instructions (Hindi) 1996 20 * £iii) Basic Statistical Returns 1 and 2 Handbook of Instructions 2002 35 *

3. i) Form A-1 (Revised) do 1996 2 £ 13ii) Form A-2 (Revised) 1996 3 £ 38

iii) BSR-1 A forms (1 pad contains 25 sheets) 1996 14 £ 200 19iv) BSR-1 B forms (1 pad contains 25 sheets) (Revised) 1996 14 £v) BSR-2 forms (1 pad contains 25 Sheets) (Revised) 1996 14 200 19

(The Regional Rural Banks from Western region may please contactDESACS, RBI, B.K. Complex, Bandra (E), Mumbai 400 051 forBSR-1A, BSR-1B & BSR-2 forms.)

4. Banking Statistics Basic Statistical Returns 1 & 2 do 2004 420 59 �Vol. 1 to 31, 1972 to 2002 DISC 1 & 2 475 * 27 *

5. Banking Statistics-Summary Tables, doi) March 1995 1997 25 *

ii) March 1996 1998 25 *iii) March 1997 1999 25 *iv) March 1998 1999 25 *v) March 1999 2000 25 *

vi) March 2000 2001 25 *6. Banking Statistics - Quarterly Handout # do

i) 1990 (4 Issues) 1990 40 * £ii) March 1991 1991 10 * £

iii) June 1991 1991 12 * £iv) September 1991 1991 15 * £v) December 1991 1991 12 * £

vi) 1992 (3 Issues) 1992 75 *vii) 1993 (4 Issues) 1993 120 *

viii) 1994 (4 Issues) 1994 120 *ix) 1995 (4 Issues) 1995 120 *x) 1996 (4 Issues) 1996 120 *

xi) 1997 (4 Issues) 1997 100 *xii) 1998 (4 Issues) 1998 100 *

xiii) 1999 (4 Issues) 1999 100 *xiv) 2000 (4 Issues) 2000 100 *xv) 2001 (4 Issues) 2001 100 *

xvi) 2002 (4 Issues) 2002 100 *xvii) 2003 (4 Issues) 2003 100 *xviii) 2004 (4 Issues) 2004 140 *xix) 2005 (4 Issues) 2005 140 *xx) 2006 (4 Issues) 2006 140 *

xxi) 2007 (4 Issues) 2007 140 *Name changed w.e.f. Sept. 2003 issue as Quarterly Statistics onDeposits and Credit of Scheduled Commercial Banks.

7. Banking Statistics - Bank Credit doi) June 1987 1989 20 * £

ii) December 1987 - June 1988 1989 40 * £iii) December 1988 1989 20 * £iv) June 1989 1989 25 * £



1 2 3 4 5 6

RBIMonthly BulletinJanuary 2009vi

PUBLICATIONS



8. Banking Statistics 1972-95 DSIM 1998 120 *9. Branch Banking Statistics - Vol. 1 March 1999 do 1999 130 * 4010. Branch Banking Statistics - Vol. 2 March 2001 do 2001 130 * 40

50 **11. Branch Banking Statistics - Vol. 3 March 2002 (On CD-ROM) do 2003 300 * 4012. Branch Banking Statistics - Vol. 3 March 2002 do 2003 185 * 4013. Statistical Tables Relating to Banks in India do

i) 1988-89 1993 106 £ 12123 *

ii) 1990-91 1999 130180 * 50

iii) 1992-93 1998 135 £ 50200 *

iv) 1994-95 1997 125 45185 *

v) 1995-96 1998 125 45185 *

vi) 1996-97 1999 130 50180 *

vii) 1997-98 1999 130 50180 *

viii) 1998-99 1999 130 50180 *

ix) 1999-00 2000 175 50225 *

x) 2000-01 (a) Print version 2001 150 50200 *

(b) CD-ROM 2001 150 50225 *

xi) 2001-02 (a) Print version 2002 150 50200 *

(b) CD-ROM 2002 100150 * 50

xii) 2002-03 (a) Print version 2003 200 50 *250 *

(b) CD-ROM 2003 200 50 *250 *

xiii) 2003-04 (a) Print version 2004 230 25 �280 * 15 *

(b) CD-ROM 2004 175 25 �225 * 15 *

xiv) 2004-05 (a) Print version 2005 190 55 �240 * 20*

(b) CD-ROM 200 55 �250 * 20*

xv) 2005-06 (a) Print version 2006 250 55 �300 * 20*

(b) CD-ROM 200 55 �250 * 20*

xvi) 2006-07 (a) Print version 2007 180 55 �230 * 20*

(b) CD-ROM 150 55 �200 * 20*



1 2 3 4 5 6

RBIMonthly Bulletin

January 2009 vii

PUBLICATIONS


Publications


14. Selected Banking Indicators, 1947-1997 (Print Version) DSIM 1998 45 15105 *

(a) CD -ROM 1998 5015. Selected Banking Indicators 1981 to 2002 do 2003 320 75

460 *16. Selected Banking Indicators 1981 to 2002 (On CD-ROM) do 2003 250 75

300 *17. Quarterly Statistics on Deposits and Credit of Scheduled do 2004 185 55 �

Commercial Banks 1981-2003 (on CD-ROM) 240 * 20 *18. Annual Accounts of Scheduled Commercial Banks (Including do 2002 200 50

Regional Rural Banks) 1989-90 to 2000-01 (on CD-ROM) 250 *19. Directory of Commercial Bank Offices in India Vol. 1-0 do 2000 500 * £ 100

December 2000 (on CD-ROM)20. Directory of Commercial Bank offices in India Vol. 2 do 2003 200 * £ 40 *

September 2003 (On CD-ROM)21. All-India Debt and Investment Survey 1981-82 do

i) Assets and liabilities of households as on 30th June 1981 1987 75 1585 *60 **

ii) Statistical tables relating to capital expenditure and 1987 125 £ 25capital formation of households during the year ended 135 *30th June 1982 100 **

iii) Statistical tables relating to cash borrowings and repayments 1990 100 £ 32of households during July 1981 to June 1982 and cash dues 110 *outstanding as on 30th June 1982 80 **

22. A Profile of Banksi) 2004-05 do 2005 100 20 *

130 *ii) 2005-06 2006 90 55 �

120 * 20 *iii) 2006-07 2007 90 55 �

120 * 20 *C. Public/Private Limited Companies1. Selected Financial Statistics Public Ltd. Companies do 2001 350 * 70

1974-75 To 1999-2000. (Selected Industries) on CD-ROM2. Selected Financial Statistics Public Ltd. Companies 1974-75 to do

1999-2000 (Selected Industries)1974-75 To 1982-1983 Vol.I 2001 17001982-83 To 1990-1991 Vol.II 2001 700 * 140 15001990-91 To 1999-2000 Vol.III 2001 2000

3. Selected financial and other ratios-public limited companies do1980-81 to 1987-88 Vol.I 1990 45 £ 15

Vol.II 1990 60 £ 201988-89 to 1990-91 (Part I) 1996 90 £ 50

4. Selected financial & other ratios-private limited companies do 1996 80 451988-89 to 1990-91 (Part II)

5. Private Corporate Business Sector in India Selected Financial do 2000 300 * 60Statistics from 1950-51 to 1997-98 (All-Industries) (Print Version)(a) CD-ROM 500 * 100



1 2 3 4 5 6

RBIMonthly BulletinJanuary 2009viii

PUBLICATIONS



D. Reports of Committees/Working Groups

1. Study group on deployment of resources by State and Central UBD 1982 25 * £

co-operative banks (Hate committee report)

2. Capital formation and savings in India 1950-51 to 1979-80 DEAP 1982 18 £ 400 21

Report of the working group on savings (Raj committee report)

3. Report of the working group to consider feasibility of DBOD 1983 7 £ 200 19

introducing MICR/OCR technology for cheque processing (Amt. rounded off)

(Damle committee report)

4. Report of the committee to review the working of the DEAP 1985 35 £ 10

monetary system (Sukhamoy Chakravarty committee report) 25 **

5. Report of the committee to consider final accounts of banks DBOD 1985 56 £ 500 22

(Ghosh committee report)

6. Report of the committee on agricultural productivity in Eastern India DEAP

(Sen Committee Report) Vol. I 1985 70 * £ 15

(Hard Bound) Vol. II 1985 85 * £ 20

7. Report of the working group on the money market CPC 1987 15 *

(Vaghul committee report)

8. Report of the committee to review the working of credit IECD 1988 10 * 10

authorisation scheme (Marathe committee report)

9. Co-ordination between term lending institutions and IECD 1988 10 * 1

commercial banks (Bucher committee report)

10. Report of the working group to review the system of cash credit do 1988 12 * £

(Chore committee report)

11. Report of the study group to frame guidelines for follow-up of do 1988 16 * £

bank credit (Tandon committee report)

12. Report of the study group for examining introduction of factoring do 1989 30 *

services in India (Kalyansundaram committee report)

13. Report of the committee on computerization in banks DSIM 1989 40 £ 500 22

(Rangarajan committee report)

14. Report of the Committee on Financial System DBOD 1991 (Reprint) 60 £ 170 19

(Narasimham Committee Report)

15. Report of the working group on financial companies DFC 1992 30 £ 300 20

(Shah committee report)

16. Report of the task force on money market mutual funds CPC 1992 10 * £ 5

(Basu committee report)

17. Report of the committee on the licensing of new urban co-operative UBD 1992 40 400 21

banks (Marathe committee report) (Hindi Edition)

18. Report of the committee to examine the legal and other IECD 1993 (Reprint) 90 £ 500 22

difficulties faced by banks and financial institutions in rehabilitation

of sick industrial undertakings and suggestremedial measures

including changes in the law (Tiwari committee report)

19. Report of the committee on structure of export credit do 1993 36 25 200 19

(Sundaram committee report) (English & Hindi Edition)



1 2 3 4 5 6

RBIMonthly Bulletin

January 2009 ix

PUBLICATIONS


Publications


20. Report of the committee to review the system of lending under IECD 1993 50 £

consortium arrangement (Shetty committee report)

21. Report of the committee to examine the adequacy of RPCD 1993 (Reprint) 55 9 300 20

institutional credit to the SSI sector & related aspects

(Nayak committee report)

22. Review of the agricultural credit system in India do 1993 (Reprint) 270 80

(Khusro committee report) 315 *

23. Report of the committee to enquire into securities transactions of PRD 1994 85 £

banks and financial institutions (Jankiraman committee report) 100 *

24. Committee on technology issues relating to payments system, DIT 1994 50 *£ 20

cheque clearing and securities settlement in the banking industry

(Saraf committee report) (Hindi Edition)

25. Report of the committee to study the problems of sick/weak units IECD 1994 69 £

in leather industry and to suggest measures to overcome them

(Balsubramanian committee report)

26. Report of the working group for examining the schemes and FED 1995 50 *£ 10

incentives available to NRIs for investment in India

(Sodhani Committee Report)

27. Report of the expert group for designing a supervisory framework DBOD 1996 35 307 21

for non-banking financial companies (Khanna Committee Report)

28. Report of the committee for proposing legislation on DIT 1996 150 15 333 21

electronic funds transfer and other electronic payments

(Shere Committee Report)

29. Report of the Committee on Capital Account Convertibility DEIO 1997 100 * 35

(Tarapore Committee Report)

30. Money Supply : Analystics and Methodology of Compilation- DEAP 1998 35 £ 20

Report of the working group (Reddy Committee Report)

31. Report of the high level Committee on agricultural credit through RPCD 1998 30 £ 200 19

commercial banks(Gupta Committee Report)

32. Report of the high level Committee on credit to SSI do 1998 50 £ 10 277 20

(Kapur Committee Report)

33. Report of the Technical Committee on external debt DEAP 1998 20 *£ 15

(Nair Committee Report)

34. Report of the Committee on Banking Sector Reforms DBOD 1998 32 244 20

(Narasimham Committee Report)

35. Report of the Working Group on Euro DEIO 1998 100 £ 30

(Subramanyam Committee Report)

36. Report of the Committee on Hedging through International FED 1998 100 * 50

Commodity Exchange (Gupta Committee Report)

37. Report of the Committee on Tecnnology Upgradation in the DIT 1999 100 * 25

Banking Sector (Vasudevan Committee Report)

38. Report of the High Power Committee on Urban Co-operative Banks UBD 1999 80 490 22

(Madhava Rao Committee Report)



1 2 3 4 5 6

RBIMonthly BulletinJanuary 2009x

PUBLICATIONS



39. Report of the Advisory Group on Payment and Settlement System MPD 2000 40 * 15

Part (I) June 2000 30 **

40. Report of the Advisory Group on Payment and Settlement do 2000 20 * 10

System (Part II) 15 **

41. Report of the Advisory Group on Payment and Settlement do 2001 20 * 10

System (Part III) 15 **

42. Report of the Advisory Group on “Transparency in Monetary do 2001 45 * 20

and Financial Policies”. 35 **

43. Report of the Advisory Group on Corporate Governance do 2001 40 * 15

30 **

44. Report of the Advisory Group on Fiscal Transperency do 2001 30 *

20 ** 15

45. Report of the Advisory Group on Data Dissemination do 2001 35 * 20

25 **

46. Report of the Advisory Group on Banking Supervision do 2001 90 * 40

60 **

47. Report of the Advisory Group on Securities Market Regulation do 2001 25 * 10

20 **

48. Report of the Advisory group on Bankruptcy Laws (Volume-I & II) do 2001 90 * 45

75 **

49 . Report of the Advisory Group on Insurance Regulation do 2001 35 * 20

25 **

50 Report of the Advisory group on Accounting & Auditing do 2001 40 * 20

51. Report of the Technical Group on Market Integrity do 2002 65 * 20

50 **

52 Standing Committee on International Financial Standards and do 2002 200 * 60

Codes on CD-ROM 150 **

53. Report of the Standing Committee on International Financial do 2002 65 * 20

Standards and Codes 50 **

54. The Standing Advisory Committee for Urban Co-operative Banks UBD

i) First meeting 1983 5 200 19

ii) Second meeting 1984 6 £ 200 19

iii) Third meeting 1985 6 200 19

iv) Fourth meeting 1985 9 300 20

v) Fifth meeting 1986 9 £ 200 19

vi) Sixth meeting 1988 12 £ 200 19

vii) Seventh meeting 1989 12 200 19

viii) Eighth meeting 1990 21 300 20

ix) Ninth meeting (Bilingual edition) 1992 24 200 19

x) Tenth meeting 1994 95 300 20

xi) Eleventh meeting 1995 90 300 20

xii) Twelfth meeting 1996 52 100 19



1 2 3 4 5 6

RBIMonthly Bulletin

January 2009 xi

PUBLICATIONS


Publications


E. Manuals1. Manual for urban co-operative banks UBD 1984 15 £ 400 212. Manual on costing exercise in commercial banks MSD 1987 5 £ 200 193. Manual on costing exercises in private sector and

urban banks (Reprint) do 1989 27 £ 200 194. RBI-Exchange Control Manual- (Reprint of 1993 edition) (Vol.I & II) FED 1998 400 £ 2200 39

(updated upto July, 1998)i) RBI - Exchange Control Manual on floppy Disc - size 3.5 1999 400 £

(Upadated upto June, 1999)ii) RBI - Exchange Control Manual - on C.D. Rom 1999 400 £

(updated upto 31st May, 2000)

F. Compendium of Circulars1. i) Compendium of A.D. (M.A. Series) circulars No. 1 do 1997 75 £

ii) Compendium of A.D. (M.A. Series) circulars No. 2 1998 120 £iii) Compendium of A.D. (M.A. Series) circulars No. 3 1999 200

2. A. D. (M.A. Series) Circular No. 11 Foreign Exchange do 2000 185 900 26Management Act 1999

3. CPC / MPD Circularsi) August 1970 to December 1981 - Vol. I MPD 1989 75 *

ii) January 1982 to March 1989 - Vol.II 1989 75 *iii) April 1989 to April 1995 Vol.III 1996 200 1530 33

4. i) Circulars on Monetary and Credit Policy Vol. 4 do 2002 165 * 50(From May 1995 to April 1997) 130 **

ii) Circular on Monetary and Credit Policy Vol. No. 5 2002 235 70(From May 1997 to March 1999) 422 *

372 **185 ***

iii) Circulars on Monetary and Credit Policy 2003 900 170Vol. No. 6. Part I & II 1300 *(from April 1999 to March 2003) (English & Hindi) 1100 **A set of four books 700 ***

iv) Circulars on Monetary and Credit Policy Vol. No. 6 2003 400 * 80(from April 1999 to March 2003) On CD-Rom 300 **

v) Circulars on Monetary and Credit Policy Vol. No. 7 2004 250 25 �(from April 2003 to March 2004) (English & Hindi) 275 * 20 *

200 **vi) Circulars on Monetary and Credit Policy Vol. No. 7 2004 180 15 �

(from April 2003 to March 2004) (On CD-Rom) 200 * 12 *140 **

vii) Circulars on Monetary and Credit Policy Vol. No. 8 2005(from April 2004 to March 2005) 375 30 *(a) Print Version (Billingual) 400 *

280 **(b) CD-ROM 180 15 *

200 *140 **

viii) Compendium of MPD Circulars - Vol. No. 9 2006 480 35 *(April 2005 - March 2006) (Billingual) 500 *

375 **ix) Circulars on Monetary Policy Vol. No. 10 2007 600 40

(April 2006 to March 2007) Billingual 620 *450 **



1 2 3 4 5 6

RBIMonthly BulletinJanuary 2009xii

PUBLICATIONS



5. IECD circulars IECDi) July 1978 to June 1986 bilingual (Vol.I & II) 1993 250 10 2114 39

ii) 1986-89 1990 70 1325 31iii) 1989-94 (Vol. I&II) 1995 250 £ 2295 40iv) 1994-95 1995 80 700 24v) 1995-96 1996 55 380 21

vi) 1996-97 1997 65 445 226. Rural Planning and Credit Department (RPCD) Circulars RPCD

(Bilingual edition)i) July 1994 to June 1995 (Vol. X) 1998 180

200 *ii) July 1995 to June 1996 (Vol. XI) 180 £

200 *iii) July 1996 to June 1997 (Vol. XII) 1999 180

200 *iv) July 1997 to June 1998 (Vol. XIII) 1999 180

200 *v) July 1998 to June 1999 (Vol. XIV) 2000 180

200 *vii) July 1999 to June 2000 (Vo. XV) 2001 210

240 *7. Compendium of Circulars on Small Scale Industries do 2000 120 25

150 *8. RPCD Circular (on CD-ROM) (1st July 1982 to 31 March 2004) do 2004 120

150 *9. RPCD Circulars on Small Scale Industries (upto 30-09-2004) do 2004 120

on CD-ROM 150 *10. Compendium of Circulars on Small Scale Industries do 2004 140

(January 2000 - March 2004) 170 *11. UBD circulars UBD

i) June 1985 1986 115 274 20ii) 1985-1992 (Vol.I & II) 1995 250 3195 49

iii) 1992-1994 1995 165 1792 35iv) 1995-96 1997 55 735 25

12. i) Compendium of Instructions/Guidelines issued by RBI do 2000 85 742 25for Primary Co-operative Banks (July 1996-December 1997)

ii) Compendium of Instructions/Guidelines issued by RBI for 2003 100 £ 1032 68Primary Co-operative Banks (January 1998-December 1999)

iii) Compendium of Instructions/Guidelines issued by RBI for 2003 120 £ 1300 68Primary Co-operative Banks (January 2000-December 2001)

G. Memorandum1. Memorandum of Exchange Control Manual, 1993 containing FED

detailed procedural instructionsa) Relating to general insurance in India (GIM) 1994 20 70 19b) Relating to channeling transactions through Asian Clearing 1996 20 70 19 Union (ACM)c) Relating to co-operative/commercial banks (other than authorised 1994 20 £ dealers) authorised to maintain non-resident rupee accounts (ABM)



1 2 3 4 5 6

RBIMonthly Bulletin

January 2009 xiii

PUBLICATIONS


Publications


d) Memorandum of Instructions to full-fledged money FED 1999 30 £ 110 19

changers (FLM)

e) Memorandum of Instructions to restricted money 1999 30 £ 90 19

changers (RLM)

f) Memorandum of Instruction on project & service exports (PEM) 1997 40 £ 280 20

2. Memorandum of Exchange Control Regulations Relating to do 2002 30 26

general insurance in India (GIM)

3. Memorandum of instructions to Authorised Money Changers (AMC) do 2002 30

4. Memorandum of Procedure for channelling transaction through do 2003 30 21

Asian Clearing Union (ACU) Memorandum ACM

5. Memorandum of Instructions on Project and Service Exports (PEM) do 2003 40

H. Reserve Bank of India Occasional Papers DEAP –

(Quarterly)

i) 1987 to 1989 (Yearly four issues) 30 * @ £ 10 @

ii) 1990 to 1995 (Yearly four issues) 35 * @ £ 25 @

iii) 1996 (Yearly four issues) 35 * @ 25 @

iv) 1997 (Three issues) 35 * @ 25 @

v) (Combined issue June-September, 1997) 70 * @ 50 @

vi) 1998 (Yearly four issues) 40 * @ 25 @

vii) 1999 (Yearly 3 issues) 50 * @ 30 @

viii) 2000 (Yearly 2 issues) Summer - Vol. 21 No. 1 80 * @ 45 @

ix) (Monsoon & Winter Combined Issue) - Vol. 21 No. 2 & 3 80 * @ 45 @

x) 2001 Vol. 22 Nos. 1, 2 & 3 (Combined Issue) 80 * @ 45 @

xi) 2003 Vol. 24 Nos. 1 & 2 (Summer & Monsoon Combined Issue) 80 * @ £ 45 * @

xii) 2003 Vol. 24 No. 3 (Winter) 80 * @ 45 * @

xiii) 2004 Vol. 25 No. 1, 2 & 3 (Summer, Monsoon & Winter Combined Issue) 80 * @ 45 * @

xiv) 2006 Vol. 27 No.1 and 2 (Summer and Monsoon Combined Issue) 80 * @ 45 * @

xv) 2006 Vol. 27 No. 3 (Winter) 80 * @ 45 * @

xvi) 2007 Vol. 28 No. 1 (Summer) 80 * @ 45 * @

xvii) 2007 Vol. 28 No. 2 (Monsoon) 80 * @ 45 * @

I. Others Important Publications

1. Small Scale Industries-Policy & Guidelines RPCD 1997 20 200 19

2. Regulatory Framework for Non-Banking Financial Companies DNBS 1998 40 £ 365 21

3. Question/Answer New NBFC Policy do 1998 10 50 19

4. Payment Systems in India DIT 1998 60 * 10

150 *

5. Mechanised Cheque Processing Using MICR Technology do 1999 50 *£

Procedural Guidelines.

6. Mechanised Cheque Processing using MICR Technology do 2002 50 *

Procedural Guidelines. (Second Edition)

7. Indian Financial Network Banking Applications Message do 2000 100 *

Formats (INFINET)

8. Indian Financial Network (INFINET) Banking Applications Messages do 2002 100 *

Formats Vol. II

9. Balance of Payments compilation DEAP 1987 45 * 30

10. New Series on Wholesale Price Index Numbers do 1990 11 * £



1 2 3 4 5 6

RBIMonthly BulletinJanuary 2009xiv

PUBLICATIONS


Inclusive of Courier charges.

* Inclusive of surface mail/sea mail/air postage whichever is applicable; for others it is subject to changes in the postal rates.

** Concessional price (inclusive of postage) for public libraries and educational institutions. Also applicable to wholetime teachers and re-

search students in economics, commerce, statistics and business management in universities and colleges in India, provided the request is

forwarded through the head of the institution.

*** Concessional price on the counter for public libraries and educational Institutions. Also applicable to wholetime teachers and research

students in economics, commerce, statistics and business management in universities and colleges in India, provided the request is for-

warded through the head of the Institution.

# Few copies of earlier years’ report are also available.

£ Out of stock at present.

@ Price of single issue.


11. India’s Balance of Payments monograph – 1948-49 to 1988-89 DEAP 1993 90 £ 40

12. Centenary Commemorative Volume do 1996 100 25 400 21

(C.D. Deshmukh Memorial Lecture series)

13. 50 years of Central Banking : Governors Speak do 1997 400 800 25

14. Indian Economy – Basic Statistics – 1997 do 1997 4

15. External Debt-Management : Issues, Lessons and do 1999 250 * 20

Preventive Measures

16. Foreign Collaboration in Indian Industry - Sixth Survey Report do 1999 60 * 20

17. Flow of Funds Accounts of the Indian Economy 1951-52 to 1995-96 do 2000 75 * 20

18. Exchange facilities for foreign travel FED 1996 8 £ 35 19

19. Exchange facilities for resident Indians do 1997 15 32 19

20. A Handbook on foreign Collaboration do 1997 50 £ 15 *

65 *

21. Indian Overseas Investment Handbook of Policies and Procedures do 1998 100 £

125 *

22. Facilities for Non-resident Indians do 1999 35 £ 8

50 *

23. RBI Remittance Facilities Scheme - 1975 DGBA 1989 3 £ 25

24. Karyalayeen Shabdavli (English-Hindi) DAPM 1994 15 166 19

25. Directory of Bank Offices 1993 (English) DBOD 1996 485

568 * 36

26. Computer Paribhasha Kosh (Hindi) do 1999 100 528 23

27. Your Guide to Money Matters DCM 1999 5 £ 44

28. The Paper & The Promise: A Brief History of Currency & do 2001 100 £ 15 36

Bank notes in India

29. Functions and Working of RBI (Hindi) CO 1984 30 £ 719 25

30. RBI 50 years - 1935-85 do 1985 50 £ 15 428 22

35 **

31. Banking Glossary (English-Hindi) Rajbhasha 1995 38 471 22

32. Banking Glossary (English-Hindi) do 2003 50 5 24

33. Reserve Bank of India Functions and working RBI Staff 2001 120 68

College,

Chennai

34. Risk Management (Hindi) BTC 2003 100 *

35. Corporate Governance in Banks (Hindi) do 2005 100 *



1 2 3 4 5 6

RBIMonthly Bulletin

January 2009 xv

PUBLICATIONS


Publications

Reserve Bank of India Bulletin

General Instructions

1. Publications once sold will not be taken back.

2. Publications will not be supplied on a consignment VPP basis.

3. A 20 per cent discount will be allowed to Bookseller on the official price of the following Publications. Report on Trend and Progress

of Banking in India, Report on Currency and Finance, State Finances - Study of Budgets, Handbook of Statistics on Indian Economy,

Handbook of Statistics on State Government Finances, Handbook of Monetary Statistics in India, CPC, IECD, UBD and MPD Circulars,

All Committee Reports, Banking Statistics 1972-95, Statistical Tables relating to Banks in India, Selected Banking Indicator 1947-97,

and 1981-2002, All India Debt and Investment Survey 1981-82, Payment System in India, INFINET, External Debt Management,

Foreign collaboration in India Seventh survey Report, Flow of Funds Accounts of the Indian Economy 1951-52 to 1995-96, Indian

Overseas Investment Handbook of Policy and procedures, Karyalaeen Shabdavli, Banking Glossary, Risk Management (Hindi), Corpo-

rate Governance in Bank (Hindi), All Advisory Group Reports, Balance of payments compilation.

4. Ordinary postal charges for sending the publications to the booksellers within India will be borne by the Bank. For safe delivery,

registered book post charges will be charged additionally.

5. The publications of the Reserve Bank of India in this list may be had from the Director, Division of Reports, Reviews and Publications,

Sales Section, Department of Economic Analysis and Policy, Reserve Bank of India, Amar Building, Ground Floor, Sir P. M. Road, Fort,

P. B. No.1036, Mumbai - 400 001. All communications and remittances may be made to him (Tel. No. 22660500 Ext. 4002). For direct

purchase against cash payment over the sales counter, the timing is 10.30 a.m. to 3.00 p.m. (Monday to Friday).

6. Remittances should be sent by demand draft/cheque payable at Mumbai in favour of Reserve Bank of India, Mumbai and addressed

to the Director, Division of Reports, Reviews and Publications, Department of Economic Analysis and Policy, Reserve Bank of India,

Amar Building, Sixth Floor, Sir P.M. Road, Fort, Mumbai - 400 001.

7. Recent publications are also available from Sales and Dissemination Cells at all Regional Offices of the Reserve Bank of India.

8. Foreign subscribers are requested to send their subscription directly to the address as above and not through agents.

9. Every endeavour will be made to despatch publications expeditiously. However, in case of rush of orders, these would be executed on

a first-come first-served basis. Minimum one month period will be required to complete formalities and then to despatch the avail-

able publication. Complaints regarding ‘non-receipt of publication’ may be sent within 2 months’ period.

The subscription rates for the monthly RBI Bulletin and the Weekly Statistical Supplement to RBI Bulletin are as follows:

Single Issue One-Year Three-Year

Monthly Bulletin

In India:

(a) Inclusive of Postage Rs. 225 Rs. 2,250 Rs. 6,250

(b) Concessional ** Rs. 180 Rs. 1,750 Rs. 5,000

Abroad:

(a) Inclusive of Postage US $ 20 US $ 200 US $ 500

Weekly Statistical Supplement

In India (Inclusive of Postage) Rs. 12 Rs. 550 Rs. 1,500

Abroad (Inclusive of Postage) — US $ 34 US $ 85

The price of a single copy of December issue alongwith the supplement ‘Report on Trend and Progress of Banking in India 2007-08’

is Rs. 600 (Normal), Rs.675 (Inclusive of Postage), Rs.450 (Concessional normal), Rs. 525 (Concessional inclusive Postage), and Abroad

US $ 45 (Courier) and US $ 42 (Air-mail Book-post).

** Available for research students, full time teachers in economics, statistics, commerce and business management, academic/education

institutions and public libraries in India provided the request is forwarded through the head of the institution every year.


SUBSCRIPTION/

RENEWAL FORM

Reserve Bank of India BulletinSubscription for Bulletin / Weekly Statistical Supplement

Subscription / Renewal Form

1. Name :

2. Designation :

3. Organisation :

4. Address for communication :

i) Post Office :

ii) PIN Code :

iii) Telephone No. :

iv) Fax No. :

v) e-mail :

5. Whether new subscriber Yes / No

6. If No, please mention your Subscription No.

7. If Yes, please furnish the following details English / Hindi

i) Name of the Publication for Subscription Bulletin / WSS

ii) Regular Subscription Yes / No

iii) Concessional Subscription Yes / No

iv) Foreign Subscription Yes / No

8. Period of Subscription one year / three years

9. Details of Payment

i) Amount

ii) Currency

iii) Demand Draft Cheque No.

iv) Drawn on

v) Date of DD/Cheque

Signature

Date

(For Office use)

Subscription No. Receipt No.

SURVEY

Readers’ Views on the Monthly Bulletin

Dear Reader,

With a view to improving the format and content of RBI Bulletin, we approach you

with the following questionnaire. We greatly appreciate your sparing time to answer the

questionnaire and mail it to the address given below:

Editor,

RBI Bulletin,

Division of Reports, Reviews and Publications,

Department of Economic Analysis and Policy,

Reserve Bank of India,

Amar Building, 6th Floor,

P.M. Road, Fort,

Mumbai - 400 001.

Please tick-mark (✓) the appropriate box/boxes.

(1) Please tell us about yourself – your occupation/

your activity - association :

Government/Semi-Government/Public Sector

Financial Services

Profession/Business/Consultancy

Academics/Research Institute/Teaching Institution/Library

Audio and/or visual Media/Journalism

Other: Please specify

(2) Please indicate the items in the Bulletin that you find useful:

Studies/Articles on various aspects of banking, corporate sector,

Government finances, etc.

Supplements to the Bulletin

Speeches delivered by Governor/Deputy Governors/

Executive Directors of the RBI

Credit Policy/Credit Control Measures of the RBI

Exchange Control Measures

RBI Press Release

Current Statistics

SURVEY

(3) Please indicate, with reference to the answer given for (2) above, your suggestionsfor improvements in regard to items other than the ‘Current Statistics’ portion ofthe Bulletin.

(4) What in your opinion, should be done to improve the get up or coverage of the“Current Statistics” portion ?

(5) Do you think it would be advisable to separate ‘Current Statistics’ portion from therest of the Bulletin and have ‘Monthly Statistics’ separately brought out ?

Yes No

(6) If the answer to Q.(5) is Yes, do you think it would be sufficient to have a QuarterlyBulletin of articles, speeches, and policy measures ?

Yes No

(7) Are you a user of our web site (http://www/rbi.org.in) ? Yes No

Thank you very much for your cooperation.

Editor

Readers’ Views on the Monthly Bulletin

RBI

WEBSITES

Reserve Bank of India Websites

To facilitate quicker access to RBI documents available on the RBI Website

(URL : www.rbi.org.in), frequently accessed documents have been given a special

URL. By keying-in the URL which can also be saved in ‘Favourites’, the visitor can

directly reach the desired document on the RBI site.

Advance release calenders relating to data categories pertaining to: (i) analytical

accounts of the banking sector, (ii) analytical accounts of the central bank, (iii) share

price index, (iv) balance of payments, (v) international reserves, and (vi) exchange

rates under the Special Data Dissemination Standards (SDDS) of the IMF are also

posted on the RBI Website (http://www.rbi.org.in).

The documents available on special URL are:

� Weekly Statistical Supplement: www.wss.rbi.org.in

� RBI Bulletin: www.bulletin.rbi.org.in

� Monetary and Credit Policy: www.cpolicy.rbi.org.in

� 8.5% Government of India Relief Bonds: www.goirb.rbi.org.in

� RBI Notifications: www.notifics.rbi.org.in

� RBI Press Release: www.pr.rbi.org.in

� RBI Speeches: www.speeches.rbi.org.in

� RBI Annual Report: www.annualreport.rbi.org.in

� Credit Information Review: www.cir.rbi.org.in

� Report on Trend and Progress of Banking in India: www.bankreport.rbi.org.in

� FAQS: www.faqs.rbi.org.in

� Committee Reports: www.reports.rbi.org.in

� FII List: www.fiilist.rbi.org.in

� Facilities for Non-Resident Indians: www.nri.rbi.org.in

� SDDS-National Summary Data Page-India: www.nsdp.rbi.org.in

� Foreign Exchange Management Act, 1999: www.fema.rbi.org.in

� NBFC Notifications: www.nbfc.rbi.org.in

� Master Circulars: www.mastercirculars.rbi.org.in

� List of suit filed accounts: www.defaulters.rbi.org.in

� Currency Museum: www.museum.rbi.org.in

� Electronics Clearing Service: www.ecs.rbi.org.in

� Exchange Control Manual: www.ecm.rbi.org.in

� Y2K: www.y2k.rbi.org.in

� Data base on Indian Economy: http://dbie.rbi.org.in

– Editor

RBI

WEBSITES

RBI provides Web based Access to its Database on Indian Economy

The Reserve Bank of India has released a number of long time series data on

several aspects of Indian economy covering key macro economic aggregates to the

public in user-friendly manner through dynamic web based application.

Objective : The Database on Indian Economy is built for the convenience of

researchers, analysts and other users. It is created to provide the public with an

access to the published data series, with additional details on some series as available

in the Reserve Bank of India’s enterprise wide data warehouse.

Coverage : Data available on published time series, can be accessed through a

completely browser based software include data on:

� financial sector,

� real sector,

� financial market,

� external sector,

� public finance and

� corporate finance

Features :

� All the data series are accompanied with data definitions, i.e. metadata,

which allow the user to view the definitions/concepts of the underlying

variables;

� The data definitions provides search feature;

� Extract data through standard reports which allows the users to select and

view the preformatted reports or

� Dynamic ‘data query’, which enables user to define list of data series and

allows the user to choose the time period for data extraction.

� Data files can be downloaded in the form of CSV / pdf format.

Access : The data can be accessed from the home page of the RBI website

(www.rbi.org.in) through the static headline “Database on Indian Economy” List of

data series available on the site is available on the homepage of the site, i.e. Database

on Indian Economy.

This list will be proggressively enlarged on the basis of feedback received and

availability of relevant data series in the RBI data warehouse. Feedback may please

be sent to [email protected] or through the feedback option on the home

page of the website.

– Editor

Contents - Reserve Bank of India

Documents

Transcript of Contents - Reserve Bank of India