Currency in Circulation Surges ₹250 Bn; Annual Growth Accelerates to 9.2%: RBI Data

The Reserve Bank of India (RBI) reported a notable uptick in currency circulation, reflecting continued liquidity demand during the ongoing festive and post-harvest season. Currency in circulation stood at ₹38.92 trillion as of December 5, marking a weekly jump of ₹250.27 billion.

The RBI data shows a strong year-on-year growth in cash demand at 9.2%, substantially higher than 5.7% recorded in the same week last year. However, reserve money—a key indicator of base liquidity—expanded just 0.8% year-on-year, suggesting restrained primary liquidity creation compared to 8.1% a year ago.

Meanwhile, India’s broad money supply (M3), which includes currency, demand, and time deposits, grew 9.9% year-on-year as of November 28, highlighting a moderate yet steady expansion in overall monetary conditions.

Key Highlights:

Currency in circulation: ₹38.92 trillion (up ₹250.27 billion w/w).

Y/Y growth: 9.2% vs 5.7% a year ago.

Reserve money growth: 0.8% vs 8.1% last year.

Broad money (M3): up 9.9% as of November 28.

Indicative of continued cash demand despite moderated base liquidity growth.

Source: Reserve Bank of India (RBI) Weekly Statistical Supplement.