Which of the following are the sources of income for the Reserve Bank of India? I. Buying and selling Government bonds II. Buying and selling foreign currency III. Pension fund management IV. Lending to private companies V. Printing and distributing currency notes Select the correct answer using the code given below.

The RBI earns income primarily through Open Market Operations (buying and selling government bonds/securities) and through transactions in foreign exchange (buying and selling foreign currency as part of its foreign exchange reserve management). The RBI does not manage pension funds, nor does it lend to private companies (it lends only to banks and the government). While the RBI prints currency, the act of printing and distribution is a cost, not a direct source of income (seigniorage accrues to the government). Hence, only I and II are correct sources of income.