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measures of money supply in India

There are four commonly used measures of money supply in India, as defined by the Reserve Bank of India (RBI):

1-M1: This measure of money supply includes currency notes and coins in circulation with the public, demand deposits with the banking system, and other deposits with the RBI such as cash reserves of banks.

2-M2: This measure of money supply includes all components of M1 plus savings deposits with the banking system, time deposits with the banking system, and post office savings bank deposits.

3-M3: This measure of money supply includes all components of M1 and M2 plus net time deposits of banks with RBI, and other deposits with RBI.

4-M4: This measure of money supply includes all components of M3 plus total deposits with post office savings banks.

Note that M4 is no longer used by the RBI for monetary policy analysis and forecasting. Instead, the focus is on M3 as the key measure of money supply.

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