Which one of the following is not an instrument of selective credit control in India?

The correct answer is D because Variable cost reserve ratios such as Cash Reserve Ratio and Statutory Liquidity Ratio are instruments of Quantitative or General credit control. These measures affect the total volume of credit in the entire economy without discriminating between specific sectors. In contrast, options A, B, and C are Qualitative or Selective credit control instruments. These are used by the Reserve Bank of India to regulate the flow of credit to specific sectors or for specific purposes. Regulation of consumer credit controls installment buying, rationing of credit limits the maximum amount of loans available to certain sectors, and margin requirements determine the percentage of a loan that a borrower must finance with their own funds. Since variable reserve ratios apply to the overall money supply rather than specific sectors, it is not a selective credit control instrument.