INDIA'S CREDIT POLICY AIMS TO CONTROL LIQUIDITY India's credit policy package for fiscal 1987/88 (April-March) will help ease inflationary pressures and control the growth of overall liqudity, the Reserve Bank of India (RBI) said in a statement. The package, announced earlier this week, will raise commercial bank statutory liquidity ratios to 37.5 pct from 37 pct, effective April 25, and will increase cash reserve ratios on foreign currency (non-resident) accounts to 9.5 pct from three pct, effective May 23, it said. Excess liquidity pushed wholesale and consumer retail prices higher in 1986/87 on previous year levels, RBI governor R. N. Malhotra said in a statement. Malhotra said India's M-3 money supply grew 209.24 billion rupees in the fiscal year to March 13, compared to a growth of 155.38 billion in the same period the year before. Commercial bank aggregate deposits rose to 164.10 billion in the same period, against 120.66 billion in the corresponding months of fiscal 1986/87, he said. The Finance Ministry in a report issued in February predicted India's fiscal 1986/87 wholesale price-linked inflation rate at about 6.5 pct against 3.8 pct in 1985/86.