Foreign exchange reserves surged by $237 million in the week ended February 22 to $50.445 billion over the previous week. Forex reserves have risen by $2.40 billion in the last couple of months. The reserves have grown by $8.164 billion between March 2001 and February 22, 2002.
In the latest reporting week, the accrual to the reserves was solely on account of the foreign currency assets (FCAs), which increased by $237 million over the previous week to $47.522 billion. Gold reserves and special drawing rights (SDRs) remained unchanged at $2.913 billion and $10 million, respectively.
Aggregate deposits of scheduled commercial banks (SCBs) rose by Rs 2,813 crore in the fortnight ended February 8, 2002, over the previous fortnight. Demand deposits of banks declined by Rs 123 crore, while time deposits rose by Rs 2,936 crore during the reporting fortnight over the preceding fortnight.
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Outstanding aggregate deposits of SCBs stood at Rs 10,78,971 crore as on February 8. Aggregate deposits of banks in the financial year so far rose by Rs 1,16,353 crore (Rs 1,29,383 crore in the year ago period).
A break-up of the aggregate deposits shows that while demand deposits declined by Rs 537 crore in the financial year so far as against an increase of Rs 4,737 crore in the year ago period, time deposits jumped by Rs 1,16,890 crore (Rs 1,24,646 crore). Investments by SCBs, mainly in government securities, were at Rs 61,082 crore against Rs 49,272 crore in the year ago period. Outstanding investments of SCBs stood at Rs 4,31,241 crore as on February 8.
Total credits extended by the banking system were lower at Rs 58,656 crore in the financial year so far against Rs 65,616 crore in the year ago period. Bank credit rose by Rs 1,265 crore in the reporting fortnight over the previous fortnight, while outstanding bank credit stood at Rs 5,70,090 crore as on February 8.
According to a break-up of total bank credit, non-food credit offtake was lower at Rs 43,666 crore in the financial year so far against Rs 51,714 crore in the year ago period, while food credit offtake was at Rs 14,990 crore (Rs 13,902 crore).
Net Reserve Bank of India (RBI) credit to the Central government was Rs 5,648 crore in the reporting week ended February 22. Outstanding RBI credit to the Centre touched Rs 1,44,055 crore as on February 22.