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Course Co-ordinated by IIT Kanpur
Prof.Surajit Sinha
IIT Kanpur


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This is an introductory course on Indian money and banking. It begins with a discussion on the functions of money, types of money and interest rates. Module 2 discusses the money supply process in India with definitions of Indian monetary aggregates, money multipliers and sources of high powered money in India. Module 3 extensively describes Indian money market instruments. Then, Module 4 follows with a description of the various functions of the Reserve Bank of India including its traditional and non-traditional monetary policy instruments, and Liquidity Adjustment mechanisms. Finally, Module 5 concludes with an overview of the Indian banking system, with particular reference to the commercial and co-operative banks.




No. of lectures


What is Money

Functions of Money, Kinds of Money, Interest Rates and  Return



Money Supply

Traditional Monetary Aggregates, New Monetary Aggregates, Velocity of Money, Monetary Base, Credit Multiplier, Money Multiplier



Money Market

Indian Financial Institutions, Call Money, Commercial Paper, Certificate of Deposit, Treasury Bill, Repo, Commercial Bill



Reserve Bank of India

Traditional and Non-traditional Functions of the RBI, Liquidity Adjustment Facility, Primary Dealers, DFHI



Banking Institutions

Indian Banking System, Lead Bank Scheme, Action Plan and Service Area Approach, Regional Rural Banks, Assets and Liabilities of Scheduled Commercial Banks, Co-operative Banks


                                                                               Total number of lectures



  • Intermediate Macroeconomics

  • L M Bhole and Jitendra Mahakud, Financial Institutions and Markets, TataMcGraw-Hill, 2009.
  • F S Mishkin, The Economics of Money, Banking, and Financial Markets, Prentice Hall, 2007.
  • S B Gupta, Monetary Economics, S Chand Limited, 1988.
  • Economic Survey, Ministry of Finance, Government of India.
  • RBI Bulletin,

  • G Mankiw, Macroeconomics,Worth Publishers, 2007.

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