The total liability of the monetary authority of the country (Reserve Bank of India) is called the________.

Correct option is B

The correct answer is:(B) Base Money

• The total liability of the monetary authority of a country, such as the Reserve Bank of India (RBI), is referred to as Base Money.
• Base money includes currency in circulation with the public and the commercial banks' deposits held with the central bank (RBI).
• It forms the foundation of the monetary system and plays a crucial role in controlling the money supply in the economy.

Other Options:

• Narrow and Broad Money refers to different measures of the money supply.
• Credit Reserve Ratio is the proportion of a bank’s net demand and time liabilities that it has to maintain as reserves with the central bank.
• Currency Deposit Reserve refers to the reserves a bank keeps to back its deposit liabilities.

Therefore, Base Money is the correct term for the total liability of the RBI.