According to the Glossary, aggregate monetary resources (M3) is broad money without:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → time deposits of post office savings organisation
Broad money includes time deposits with banks and with the post office. M3 keeps the bank time deposits but leaves out the post office savings deposits. That is why M3 is broad money without them.
NCERT (2026-27): Glossary: “Aggregate monetary resources - Broad money without time deposits of post office savings organisation (M3).” “Legal Definitions: Narrow and Broad Money Money supply, like money demand, is a stock variable. The total stock of money in circulation among the public at a particular point of time is called money supply. RBI publishes figures for four alternative measures of money supply, viz. M1, M2, M3 and M4. They are defined as follows |