State Govts. borrowing from RBI up

By Our Corporate Reporter

CHENNAI, APRIL 8. The outstanding amount under loans and advances of the Central Government from the Reserve Bank during the week ended March 30 was again nil, while the borrowings of the State governments from RBI have risen by Rs. 1,127 crores to Rs.4,395 crores from Rs. 3,268 crores on March 23.

According to the latest Reserve Bank of India's weekly statistical supplement, bank credit has increased by Rs. 3,977 crores (0.8 per cent) in the fortnight ended March 23 to Rs. 5,08,922 crores. Non-food credit has risen by Rs. 3,914 crores to Rs. 4,68,931 crores and food credit by Rs. 63 crores to Rs. 39,991 crores. The variation in bank credit in the current financial year so far was Rs. 72,964 crores (16.7 per cent) against Rs. 67,121 crores (18.2 per cent). Non-food credit has registered a growth of Rs. 58,664 crores (Rs. 58,246 crores) and food credit Rs. 14,300 crores (8.875 crores).

Investments in government securities in a fortnight were up by Rs. 5,051 crores at Rs. 3,39,172 crores while in other approved securities were lower by Rs. 168 crores at Rs. 30,666 crores. The increase in investments in government securities in a year was Rs. 60,716 crores against Rs. 55,238 crores and other approved securities Rs. 177 crores (Rs. -889 crores).

The accommodation provided by scheduled commercial banks to commercial sector in the form of bank credit and investments in shares, debentures, bonds and commercial paper up to February 23, 2001 was Rs. 72,578 crores as compared to Rs. 61,563 crores on March 24, 2000. Reserve money has increased by Rs. 17,125 crores in the week ended March 30 to Rs. 3,02,815 crores. On a year-on- year basis, the growth was Rs. 22,501 crores (8 per cent). The net RBI credit to the Government was higher by Rs. 10,286 crores in a week to Rs. 1,54,902 crores.

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Section  : Business
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