{
 "meta": {
  "latestPeriod": "2025-03-01",
  "dossier": "credit-money",
  "source": "Reserve Bank of India (via DBIE)",
  "mock": false,
  "geo": "IND",
  "releaseDate": null,
  "revisionPolicy": "Section 42 figures are provisional, then final; sectoral credit is provisional and revised the next month; NPAs and capital ratios are final on release. Seams disclosed, never joined: the 2019 sectoral classification, the July 2023 HDFC merger, the December 2025 reporting calendar.",
  "vintage": "2026-10-09",
  "frequency": "annual",
  "base": "RBI monetary ratios, annual",
  "unit": "ratio",
  "coverage": "Monetary ratios every financial year since 1951-52: the money multiplier (M3 over reserve money), the income velocity of money (GDP over M3), and the currency-deposit ratio",
  "note": "RBI DBIE Data Query table MONTRY_RATIOS, as published, financial years ending March, dated to March. GDP is at current market prices on the national accounts base RBI used for each year."
 },
 "dates": [
  "1952-03-01",
  "1953-03-01",
  "1954-03-01",
  "1955-03-01",
  "1956-03-01",
  "1957-03-01",
  "1958-03-01",
  "1959-03-01",
  "1960-03-01",
  "1961-03-01",
  "1962-03-01",
  "1963-03-01",
  "1964-03-01",
  "1965-03-01",
  "1966-03-01",
  "1967-03-01",
  "1968-03-01",
  "1969-03-01",
  "1970-03-01",
  "1971-03-01",
  "1972-03-01",
  "1973-03-01",
  "1974-03-01",
  "1975-03-01",
  "1976-03-01",
  "1977-03-01",
  "1978-03-01",
  "1979-03-01",
  "1980-03-01",
  "1981-03-01",
  "1982-03-01",
  "1983-03-01",
  "1984-03-01",
  "1985-03-01",
  "1986-03-01",
  "1987-03-01",
  "1988-03-01",
  "1989-03-01",
  "1990-03-01",
  "1991-03-01",
  "1992-03-01",
  "1993-03-01",
  "1994-03-01",
  "1995-03-01",
  "1996-03-01",
  "1997-03-01",
  "1998-03-01",
  "1999-03-01",
  "2000-03-01",
  "2001-03-01",
  "2002-03-01",
  "2003-03-01",
  "2004-03-01",
  "2005-03-01",
  "2006-03-01",
  "2007-03-01",
  "2008-03-01",
  "2009-03-01",
  "2010-03-01",
  "2011-03-01",
  "2012-03-01",
  "2013-03-01",
  "2014-03-01",
  "2015-03-01",
  "2016-03-01",
  "2017-03-01",
  "2018-03-01",
  "2019-03-01",
  "2020-03-01",
  "2021-03-01",
  "2022-03-01",
  "2023-03-01",
  "2024-03-01",
  "2025-03-01"
 ],
 "series": {
  "currency_to_demand_deposits": {
   "name": "currency_to_demand_deposits",
   "label": "Currency with the public over demand deposits",
   "code": "ratios_rn=RO1|unit_measure=RO",
   "data": [
    2.28,
    2.26,
    2.38,
    2.31,
    2.36,
    2.39,
    2.26,
    2.36,
    2.51,
    2.61,
    2.69,
    2.64,
    2.41,
    2.19,
    2.07,
    1.91,
    1.8,
    1.78,
    1.71,
    1.53,
    1.46,
    1.31,
    1.29,
    1.2,
    1.09,
    1.02,
    1,
    1.58,
    1.52,
    1.49,
    1.4,
    1.43,
    1.46,
    1.48,
    1.43,
    1.36,
    1.41,
    1.39,
    1.35,
    1.37,
    1.27,
    1.25,
    1.34,
    1.26,
    1.4,
    1.41,
    1.39,
    1.36,
    1.4,
    1.33,
    1.36,
    1.41,
    1.36,
    1.3,
    1.18,
    1.12,
    1.1,
    1.19,
    1.19,
    1.24,
    1.47,
    1.55,
    1.57,
    1.57,
    1.6,
    1.25,
    1.229,
    1.407,
    1.44,
    1.548,
    1.445,
    1.417,
    1.347,
    1.296
   ],
   "unit": "times"
  },
  "reserves_to_demand_deposits": {
   "name": "reserves_to_demand_deposits",
   "label": "Bank reserves over demand deposits",
   "code": "ratios_rn=RO2|unit_measure=RO",
   "data": [
    0.19,
    0.18,
    0.18,
    0.18,
    0.17,
    0.16,
    0.19,
    0.2,
    0.19,
    0.21,
    0.18,
    0.17,
    0.15,
    0.14,
    0.13,
    0.14,
    0.14,
    0.14,
    0.15,
    0.14,
    0.14,
    0.14,
    0.2,
    0.18,
    0.15,
    0.18,
    0.24,
    0.47,
    0.55,
    0.56,
    0.57,
    0.56,
    0.57,
    0.6,
    0.61,
    0.68,
    0.82,
    0.86,
    0.85,
    0.81,
    0.78,
    0.76,
    0.8,
    0.78,
    0.75,
    0.64,
    0.61,
    0.62,
    0.56,
    0.51,
    0.5,
    0.44,
    0.43,
    0.4,
    0.39,
    0.4,
    0.56,
    0.56,
    0.46,
    0.52,
    0.62,
    0.54,
    0.52,
    0.51,
    0.52,
    0.49,
    0.4439,
    0.4465,
    0.4405,
    0.3545,
    0.411,
    0.4417,
    0.4015,
    0.4176
   ],
   "unit": "times"
  },
  "currency_to_deposits": {
   "name": "currency_to_deposits",
   "label": "Currency with the public over aggregate deposits",
   "code": "ratios_rn=RO3|unit_measure=RO",
   "data": [
    1.45,
    1.37,
    1.38,
    1.35,
    1.35,
    1.34,
    1.18,
    1.06,
    0.99,
    1.01,
    1.07,
    1.05,
    1.05,
    1.01,
    0.96,
    0.89,
    0.84,
    0.8,
    0.75,
    0.68,
    0.63,
    0.57,
    0.55,
    0.51,
    0.45,
    0.41,
    0.37,
    0.35,
    0.34,
    0.32,
    0.3,
    0.29,
    0.29,
    0.29,
    0.28,
    0.26,
    0.26,
    0.25,
    0.25,
    0.25,
    0.25,
    0.23,
    0.24,
    0.24,
    0.26,
    0.25,
    0.23,
    0.22,
    0.21,
    0.2,
    0.19,
    0.19,
    0.19,
    0.19,
    0.19,
    0.18,
    0.17,
    0.17,
    0.16,
    0.16,
    0.16,
    0.16,
    0.15,
    0.15,
    0.15,
    0.13,
    0.134,
    0.1527,
    0.1576,
    0.1723,
    0.1729,
    0.1719,
    0.1607,
    0.1532
   ],
   "unit": "times"
  },
  "reserves_to_deposits": {
   "name": "reserves_to_deposits",
   "label": "Bank reserves over aggregate deposits",
   "code": "ratios_rn=RO4|unit_measure=RO",
   "data": [
    0.12,
    0.11,
    0.1,
    0.1,
    0.1,
    0.09,
    0.1,
    0.09,
    0.08,
    0.08,
    0.07,
    0.07,
    0.07,
    0.06,
    0.06,
    0.06,
    0.06,
    0.06,
    0.07,
    0.06,
    0.06,
    0.06,
    0.09,
    0.07,
    0.06,
    0.07,
    0.09,
    0.1,
    0.12,
    0.12,
    0.12,
    0.12,
    0.11,
    0.12,
    0.12,
    0.13,
    0.15,
    0.15,
    0.16,
    0.15,
    0.15,
    0.14,
    0.14,
    0.15,
    0.14,
    0.11,
    0.1,
    0.1,
    0.09,
    0.08,
    0.07,
    0.06,
    0.06,
    0.06,
    0.06,
    0.06,
    0.09,
    0.08,
    0.06,
    0.07,
    0.07,
    0.06,
    0.05,
    0.05,
    0.05,
    0.05,
    0.04841,
    0.04846,
    0.0482,
    0.03948,
    0.04918,
    0.05358,
    0.04792,
    0.04936
   ],
   "unit": "times"
  },
  "m1_multiplier": {
   "name": "m1_multiplier",
   "label": "Narrow money over reserve money (M1 multiplier)",
   "code": "ratios_rn=RO5|unit_measure=RO",
   "data": [
    1.32,
    1.33,
    1.32,
    1.33,
    1.33,
    1.33,
    1.33,
    1.31,
    1.3,
    1.28,
    1.28,
    1.29,
    1.33,
    1.37,
    1.39,
    1.42,
    1.44,
    1.44,
    1.45,
    1.51,
    1.53,
    1.59,
    1.53,
    1.59,
    1.68,
    1.68,
    1.61,
    1.26,
    1.22,
    1.21,
    1.22,
    1.22,
    1.21,
    1.19,
    1.19,
    1.16,
    1.08,
    1.06,
    1.07,
    1.09,
    1.11,
    1.11,
    1.09,
    1.1,
    1.11,
    1.17,
    1.19,
    1.19,
    1.22,
    1.26,
    1.27,
    1.3,
    1.32,
    1.35,
    1.39,
    1.39,
    1.26,
    1.25,
    1.32,
    1.27,
    1.18,
    1.22,
    1.23,
    1.23,
    1.23,
    1.29,
    1.329,
    1.296,
    1.294,
    1.335,
    1.313,
    1.296,
    1.305,
    1.333
   ],
   "unit": "times"
  },
  "m3_multiplier": {
   "name": "m3_multiplier",
   "label": "Broad money over reserve money (money multiplier)",
   "code": "ratios_rn=RO6|unit_measure=RO",
   "data": [
    1.55,
    1.59,
    1.6,
    1.61,
    1.62,
    1.63,
    1.7,
    1.79,
    1.86,
    1.83,
    1.8,
    1.83,
    1.83,
    1.86,
    1.91,
    1.97,
    2.03,
    2.07,
    2.13,
    2.26,
    2.34,
    2.48,
    2.43,
    2.58,
    2.81,
    2.93,
    2.96,
    2.95,
    2.88,
    2.95,
    3.04,
    3.15,
    3.21,
    3.14,
    3.24,
    3.22,
    3.08,
    3.08,
    3.08,
    3.11,
    3.11,
    3.2,
    3.19,
    3.12,
    3.1,
    3.39,
    3.6,
    3.84,
    4.03,
    4.33,
    4.52,
    4.8,
    4.76,
    4.77,
    4.77,
    4.78,
    4.58,
    4.75,
    5.2,
    4.97,
    5.05,
    5.4,
    5.64,
    5.73,
    5.66,
    6.27,
    6.163,
    5.683,
    5.573,
    5.477,
    5.225,
    5.134,
    5.352,
    5.594
   ],
   "unit": "times"
  },
  "velocity_m3": {
   "name": "velocity_m3",
   "label": "GDP over broad money (income velocity of M3)",
   "code": "ratios_rn=RO7|unit_measure=RO",
   "data": [
    4.88,
    5.01,
    5.36,
    4.82,
    4.4,
    4.81,
    4.53,
    4.62,
    4.35,
    4.46,
    4.61,
    4.51,
    4.76,
    5.04,
    4.82,
    4.91,
    5.27,
    5.05,
    4.9,
    4.48,
    4.19,
    3.97,
    4.03,
    4.19,
    4,
    3.6,
    3.4,
    3.06,
    2.79,
    2.85,
    2.86,
    2.79,
    2.76,
    2.62,
    2.53,
    2.41,
    2.34,
    2.36,
    2.28,
    2.28,
    2.24,
    2.19,
    2.17,
    2.18,
    2.22,
    2.21,
    2.09,
    2,
    1.9,
    1.63,
    1.66,
    1.56,
    1.53,
    1.5,
    1.48,
    1.44,
    1.36,
    1.27,
    1.23,
    1.27,
    1.25,
    1.26,
    1.25,
    1.24,
    1.24,
    1.27,
    1.304,
    1.308,
    1.264,
    1.112,
    1.204,
    1.26,
    1.267,
    1.262
   ],
   "unit": "times"
  },
  "velocity_m1": {
   "name": "velocity_m1",
   "label": "GDP over narrow money",
   "code": "ratios_rn=RO8|unit_measure=RO",
   "data": [
    5.72,
    6.01,
    6.49,
    5.86,
    5.38,
    5.91,
    5.8,
    6.3,
    6.23,
    6.39,
    6.47,
    6.39,
    6.55,
    6.87,
    6.61,
    6.83,
    7.41,
    7.24,
    7.19,
    6.7,
    6.4,
    6.22,
    6.41,
    6.77,
    6.7,
    6.27,
    6.23,
    7.17,
    6.61,
    6.96,
    7.14,
    7.19,
    7.3,
    6.91,
    6.89,
    6.72,
    6.65,
    6.87,
    6.57,
    6.53,
    6.3,
    6.27,
    6.35,
    6.17,
    6.18,
    6.39,
    6.32,
    6.44,
    6.26,
    5.59,
    5.92,
    5.75,
    5.52,
    5.31,
    5.07,
    4.95,
    4.92,
    4.84,
    4.82,
    4.95,
    5.36,
    5.57,
    5.74,
    5.76,
    5.71,
    6.15,
    6.047,
    5.739,
    5.442,
    4.563,
    4.792,
    4.992,
    5.198,
    5.299
   ],
   "unit": "times"
  },
  "gdp_to_currency": {
   "name": "gdp_to_currency",
   "label": "GDP over currency with the public",
   "code": "ratios_rn=RO9|unit_measure=RO",
   "data": [
    8.33,
    8.72,
    9.27,
    8.43,
    7.7,
    8.42,
    8.41,
    9.01,
    8.76,
    8.9,
    8.95,
    8.87,
    9.34,
    10.08,
    9.86,
    10.47,
    11.61,
    11.44,
    11.5,
    11.16,
    10.86,
    11.03,
    11.41,
    12.46,
    12.92,
    12.46,
    12.49,
    11.83,
    11.11,
    11.76,
    12.31,
    12.3,
    12.36,
    11.68,
    11.76,
    11.72,
    11.43,
    11.9,
    11.51,
    11.44,
    11.42,
    11.68,
    11.36,
    11.32,
    10.94,
    11.19,
    11.05,
    11.34,
    10.87,
    9.88,
    10.37,
    9.91,
    9.64,
    9.47,
    9.43,
    9.43,
    9.47,
    8.97,
    8.92,
    8.98,
    9.02,
    9.16,
    9.4,
    9.46,
    9.34,
    11.13,
    11.05,
    9.894,
    9.302,
    7.584,
    8.191,
    8.614,
    9.18,
    9.538
   ],
   "unit": "times"
  }
 }
}