India's M3 money supply crosses Rs. 180 trillion for the first time ever. Aggregate bank deposits form a very substantial part of M3 money supply and has broadly moved in tandem.
Demand Deposits mean Current Account balances of corporates with scheduled commercial banks.
RBI classifies Savings Bank deposits and Term Deposits as Time Deposits.
For most part of history M3 Money supply growth and Aggregate deposit growth were identical. However this co-relation was broken during Demonetization. Just when the two curves were starting to meet again long time after Demontization, the co-relation is again jeopardized due to COVID-19
Let's see when the two curves overlap again.