Which of the following is not the part of the structure of the financial system in India?

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Step-by-step explanation:

1. Definition: The "structure of the financial system" denotes the macro-level, institutional and sectoral framework that channels funds across the economy (markets, institutions, instruments and sectoral finance roles).

2. Nature of personal finance: Personal finance refers to individual or household financial management (budgeting, saving, investing, personal credit) and operates at a micro (individual) level.

3. Logical separation: Let $S$ be the set of macro/institutional components of the financial structure and $P$ the set of household-level financial activities. Then $P$ pertains to micro-level behavior and does not belong to the macro/institutional set, i.e. $P\cap S=\varnothing$ in the context of structural classification.

4. Conclusion: Because personal finance is an individual/household-level activity rather than a macro/institutional structural component, it is not considered a part of the structure of the financial system.

FINAL_ANSWER: d

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