FX.co ★ India’s M3 Growth Eases Marginally to 11.9%, Hinting at Stable Liquidity Conditions

India’s broad money supply (M3) growth edged down slightly to 11.9% from 12.0%, according to the latest data updated on 25 June 2026. The marginal moderation suggests that overall liquidity conditions in the economy remain broadly stable, with no sharp tightening or easing signal implied by the latest figures.

The near-steady pace of M3 expansion indicates that credit creation and deposit growth are continuing at a relatively consistent rate. For policymakers and markets, the small change from the previous 12.0% reading is likely to be interpreted as a sign of continuity rather than a turning point, keeping attention focused on upcoming data releases and central bank commentary for clearer clues on the future path of monetary conditions.