Data to 5 October 2026
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Is money cheap?

Money supply (M3) growth

16.6%
year on year, 15 Sept 2026

Above its usual range of 10.3% to 16.1%. The record is 24.5%, in February 2008. Up from 9.5% a year ago.

201020205.0%10.0%20.0%25.0%24.5%, Feb 2008usual range, 10.3% to 16.1%16.6%200520102015202020255.0%10.0%20.0%25.0%24.5%, Feb 2008usual range, 10.3% to 16.1%16.6%200520102015202020255.0%10.0%20.0%25.0%24.5%, Feb 20085.6%, Sept 2017usual range, 10.3% to 16.1%16.6%200520102015202020255.0%10.0%20.0%25.0%24.5%, Feb 20085.6%, Sept 2017usual range, 10.3% to 16.1%16.6%

What it is. Broad money (currency plus bank deposits) against a year earlier.

How to read it. Broad money grows as banks lend and take deposits, so fast growth means money is plentiful. The July 2023 merger of HDFC with HDFC Bank is handled with RBI's merger-inclusive series and does not show as a jump.

Source: Reserve Bank of India, Database on Indian Economy Method Data

The numbers

Latest16.6%15 Sept 2026
A week ago16.7%
A month ago14.2%
A year ago9.5%
Usual range10.3% to 16.1%
Median12.5%
Lowest5.6%29 Sept 2017
Highest24.5%1 Feb 2008
Percentile, full history78
Percentile, last 5 years99

The usual range is the middle half of readings since 2002. A percentile is the share of the 665 readings since 11 Jan 2002 that were below today's. Data: statistics, history (JSON); history as CSV.

To cite: tipsheet, “Money supply (M3) growth”, data to 15 Sept 2026, https://tipsheet.markets/i/m3-growth/

Read it with

Banks' average rate on new loans 8.61%usual
Bank lending to individuals, growth 16.2%usual
RBI repo rate 5.25%below usual
Real repo rate 0.43%usual

the usual range: the middle half of all readingstodayEach line runs from the lowest reading ever to the highest.