The Reserve Bank of India (RBI) reported a 1.8% year-on-year growth in reserve money in the week ending November 21, 2025, a slowdown from 6.8% a year ago. Meanwhile, India’s broad money supply (M3) grew by 9.8% year-on-year as of November 14, indicating sustained liquidity in the economy.
According to the latest data from the Reserve Bank of India, reserve money, which includes currency in circulation and bank reserves, expanded by 1.8% year-on-year in the week ending November 21, 2025. This marks a moderation compared to the 6.8% growth recorded during the same period last year, reflecting evolving monetary conditions and central bank interventions.
Meanwhile, India’s broad money supply (M3)—a comprehensive measure of money circulating in the economy including cash, deposits, and liquid funds—registered a robust 9.8% year-on-year increase as of November 14. This growth underscores continued liquidity availability, supporting economic activity despite macroeconomic challenges and inflation management efforts.
The RBI’s data signals a balanced monetary environment where cash flow supports demand without triggering excessive inflationary pressures. The divergence in reserve money growth and M3 suggests shifts in banking sector dynamics and financial intermediary activity.
Key Highlights
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Reserve money grew 1.8% year-on-year in the week ending Nov 21, 2025
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Growth decelerated from 6.8% recorded for the same week last year
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Broad money supply (M3) grew 9.8% year-on-year as of Nov 14, 2025
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Indicates strong liquidity even as RBI manages inflation and economic stability
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RBI continues to calibrate monetary policy based on evolving economic indicators
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Data reflects shifts in currency circulation, deposits, and banking sector activity
Source: RBI official release, Economic Times, Moneycontrol.