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India money supply (M1, M2, M3) — what it means & how it breaks down

Quick answerIndia’s headline money-supply measure is M3 (broad money), of the order of Rs 320 lakh crore in 2025-26 per the RBI’s weekly data (up from about Rs 268 lakh crore at the close of 2024-25). The single biggest part is time (fixed) deposits — roughly 77% of all broad money — with currency at about 12% and demand deposits about 11%.

The chart above is a visual summary; the table below carries the same RBI figures so they are readable without JavaScript — for accessibility and AI answer engines.

Broad money (M3) composition — 2024-25

Component	Rs lakh crore	Share of M3
Time deposits with banks	207.0	77.2%
Currency with the public	32.8	12.2%
Demand deposits with banks	28.4	10.6%
M3 (broad money) total	268.2	100%

Figures rounded to Rs lakh crore from RBI Money Supply data for 2024-25; M3 has since grown towards about Rs 320 lakh crore in 2025-26. For the exact latest fortnightly figure see the RBI source linked below.

The monetary aggregates — M0 to M4

M0 — Reserve Money	Currency in circulation + bankers' deposits with the RBI + 'other' deposits with the RBI. Also called high-powered or base money.
M1 — Narrow Money	Currency with the public + demand deposits with the banking system + 'other' deposits with the RBI.
M2	M1 + savings deposits with post-office savings banks.
M3 — Broad Money	M1 + time (fixed) deposits with the banking system. This is the headline money-supply aggregate the RBI tracks.
M4	M3 + all deposits with post-office savings banks (excluding National Savings Certificates).

What it means for bankers

Money-supply growth (M3) is a barometer of how fast credit and deposits are expanding in the system. Because time deposits dominate broad money, shifts in deposit mobilisation and the CASA ratio move M3 directly, while CRR and the policy repo rate shape how much of reserve money (M0) is multiplied into deposits through lending. Rapid M3 growth alongside strong credit growth can signal building inflation pressure; slowing M3 points to tighter liquidity.

Key terms in this dataPlain-English definitions of the terms behind this dashboard — see the full Indian banking glossary. CASA · CRR · SLR · Repo rate

More live dataExplore BankPulse’s other live RBI dashboards: Repo Rate Timeline · CRR · SLR · Credit & Deposit Growth · Forex Reserves.

Money supply FAQ

What is the difference between M1, M2 and M3?

M1 (narrow money) is the most liquid money: currency with the public, demand deposits with banks and 'other' deposits with the RBI. M2 adds post-office savings deposits. M3 (broad money) is M1 plus time (fixed) deposits with banks, and is the headline aggregate the RBI watches. M4 further adds all post-office deposits.

What is M3 (broad money) in India right now?

India's M3 broad money is of the order of Rs 320 lakh crore (about Rs 320 trillion) in 2025-26 per the RBI's weekly statistical supplement, up from roughly Rs 268 lakh crore at the close of 2024-25. Always check the RBI source for the exact latest fortnightly figure.

What is the largest component of India's money supply?

Time (fixed) deposits with banks are by far the largest component of M3, at roughly 77% of broad money. Currency with the public is about 12% and demand deposits about 11%.

What is the difference between M0 and M3?

M0 (reserve money or base money) is currency in circulation plus banks' and others' deposits with the RBI - the money the RBI directly creates. M3 (broad money) is much larger because bank lending multiplies base money into deposits; M3 is M1 plus time deposits with banks.

Methodology & sources: see how BankPulse dashboards are sourced, verified & updated · machine-readable money-supply JSON feed.

Last reviewed 19 Jun 2026 by Vikram Jain

Source: RBI Money Supply data & Weekly Statistical Supplement, rbi.org.in. We never reproduce RBI text verbatim. Reviewed by Vikram Jain. Last updated 19 Jun 2026, 02:49 IST.