Govts. borrowing from RBI up

By Our Corporate Reporter

CHENNAI, MARCH 12. The borrowings of the Central Government from the Reserve Bank have risen by Rs. 1,035 crores to Rs. 3,606 crores from Rs. 2,571 crores and that of State governments by Rs. 1,769 crores to Rs. 5,722 crores from Rs. 3,953 crores in the previous week ended February 25.

On the basis of Weekly Statistical Supplement dated March 11, bank credit extended by scheduled commercial banks has increased by Rs. 5,835 crores (1.4 per cent) in the fortnight ended February 25 to Rs. 423,937 crores. Food credit was lower by Rs. 34 crores at Rs. 25,927 crores while non-food credit was higher by Rs. 5,869 crores at Rs. 3,98,010 crores.

The increase in bank credit in the current financial year was Rs. 55,100 crores (14.9 per cent) as compared to Rs. 29,390 crores (9.1 per cent) in the same period in 1998-99. Food credit was up by Rs. 9,111 crores against Rs. 4,851 crores and non-food credit by Rs. 45,989 crores against Rs. 24,539 crores.

On a year-to-year basis, the growth in bank credit was Rs. 70,468 crores (19.9 per cent) against Rs. 40,013 crores (12.8 per cent), food credit Rs. 8,591 crores (Rs.4,468 crores) and non-food credit Rs. 61,878 crores (Rs. 35,545 crores).

Forex reserves at $36b

Foreign currency assets have risen by $252 million in the week ended March 3 to $32.90 billion. Gold holdings were higher by $159 million at $3.10 billion. SDR holdings were unchanged at $4 million. Total reserves were thus higher by $411 million at $36 billion.

The variation in FCAs from end-December 1999 was $906 million and gold holdings $165 million. Total forex reserves were higher by $1.07 billion. On a year-to-year basis, the growth in FCAs was $5.03 billion, gold holdings $133 million. SDR holdings have declined by $4 million. Total reserves were up by $5.16 billion.

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Section  : Business
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