Which of the following does NOT refer to reserve money?
Savings money
Savings money is correct.
Reserve money (M0) is the money created by the central bank. In India it equals currency in circulation + bankers' deposits with the RBI + other deposits with the RBI.
It is also called base money (it is the base on which banks create deposit money), high powered money (each rupee of it supports several rupees of bank deposits through the money multiplier) and central bank money (it is a liability of the RBI).
Savings money is not a name for reserve money; savings deposits held by the public with commercial banks form part of broad money such as M2 and M3, not M0.
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