Which of the following are included in M1 definition of money for the Indian economy? 1. Reserves 2. Currency 3. Time deposits 4. Demand deposits

M1 (narrow money) in India is defined as: Currency with the public + Demand deposits with the banking system + Other deposits with the RBI. Hence currency (item 2) and demand deposits (item 4) are included in M1. Time deposits are part of M3 (broad money), not M1. Bank reserves (item 1) are part of the monetary base / reserve money (M0) but are not included in M1, which captures money held by the public. Hence options 2 and 4 are correct.