The Working Group under the chairmanship of __________ in the year_________ proposed a new intermediate monetary aggregate to be referred to as NM2.
Dr. YV Reddy; 1998
The correct answer is option 2 i.e. Dr. YV Reddy; 1998.
- The Working Group on Money Supply: Analytics and Methodology of Compilation was constituted by the Reserve Bank of India under the chairmanship of Dr. Y.V. Reddy (then Deputy Governor of the RBI) and submitted its report in 1998.
- The Working Group recommended a new set of monetary aggregates — NM1, NM2 and NM3 — to better reflect the changing structure of the financial system.
- NM2 was proposed as a new intermediate monetary aggregate, lying between the narrow money measure NM1 and the broad money measure NM3.
- It includes NM1 plus short-term time deposits of residents with the banking system (including contractual maturity of up to and including one year).
- Dr. C. Rangarajan was associated with an earlier (1985) committee on monetary system; the 1998 Working Group that proposed NM2 was headed by Dr. Y.V. Reddy.
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