Goods market



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M0, or reserve money = CIC + bankers’ deposits with RBI + other

deposits with RBI (includes deposits from foreign central banks, etc)

  1. M1, or narrow money = Currency with public + demand deposits in banks + other deposits with RBI

  2. M2 = M1 + post office savings deposits

In India, the following monetary aggregates are used-



  1. M3, or broad money = M1 + time deposits with banks

This is the key variable for broad money tracked in India.

This is essentially currency with public plus all the bank deposits (both time and demand deposits)



  1. M4 = M3 + total post office deposits


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