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India currently compiles four monetary aggregates on the basis of the balance sheet of the banking sector in conformity with the norms of progressive liquidity:
M0 (monetary base), M1 (narrow money), M2 and M3 (broad money), which are used in monetary policy making decisions.
As per the definition, M0 is the monetary base and its components can never change.
M3 (broad money), is defined as the total stock of money (paper notes, coins and demand deposits of bank) in circulation which is held by the public and this measurement needs to change in line with emerging trends.
In the post demonetisation period, the digital money (pre-paid instruments) has got a push and reached Rs 21,509 crore in May 2021.
Simultaneously, there has been a massive surge in UPI payments and it has touched Rs 41 lakh crore in FY21.
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