Call, Notice and Term Money - Notes on Reserve Bank of India

1. Money market is a market for borrowing or lending funds for short-term, ==that is up-to 1 year==. 2. It consists of various instruments like: 1. Call/Notice/Term money - as defined in Master Direction - [Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 dated April 01, 2021](https://rbi.org.in/scripts/BS_ViewMasDirections.aspx?id=12061) 2. Certificate of Deposit (CD) - as defined under the Master Direction – [Reserve Bank of India (Certificate of Deposit) Directions, 2021](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12108)dated June 04, 2021 as amended from time to time 3. Commercial Paper (CP) and Non-Convertible Debenture (NCD) (original maturity up to 1 year) - as defined in Master Direction – [Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12592) 4. [[Treasury Bills (T-Bills)|Treasury Bills (T-Bills)]], 5. [[G-Secs-Primary Market#^f52884|Cash Management Bills]], 6. [[Repos and Tri-Party Repo|Repos]], 3. Money Market debt instruments would include 1. Commercial Paper (CP), 2. Certificate of Deposit (CD), 3. Non-Convertible Debenture (original maturity up to one year), 4. Call, Notice and Term Money are borrowing or lending in *unsecured funds, that is without any collateral*, for 1 day, between 2 and 14 days, and from 15 days to up to 1 year respectively. 5. For these tenors, some money market transactions are also secured. 1. If they are secured by collateral like G-secs, they are called Market Repos or [Tri-party Repo](Repos%20and%20Tri-Party%20Repo.md#Triparty%20Repo), or 1. Upon introduction of Triparty Repo on November 5, 2018, CBLO was discontinued. 2. Collateralized borrowing and lending operations (CBLO) was introduced as a new money market instrument in January 2003. 2. If the collateral is corporate bonds, they are called repos in corporate bonds. 6. The 'Money Markets' section in the report is divided by tenors. The transactions for up to 1 day are in the "overnight" and the others are in "Term" segment of the daily report respectively. **Call Money** 7. They are borrowing or lending of funds for 1 day without any collateral. 8. From 2003 to 2-May-2011, the *policy rates shifted between repo and reverse repo rates,* depending upon the liquidity in the system. [Both or any one of the rates](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=631#:~:text=Appendix%20Table%20AT%2D3%3A%20Duration%20of%20Width%20of%20Corridor%20in%20India) were changed depending on the liquidity, and hence there was no consistent single rate guiding expectations. Thus, the system did not have a single policy rate and a corridor around it. 9. [[Monetary Policy Frameworks in India#^707660|May, 2011]] - The weighted average call money rate (WACR) was adopted as the operating target of monetary policy. Accordingly, the RBI now seeks to keep the call money rate anchored to the policy repo rate, within the Liquidity Adjustment Facility (LAF) corridor, with the Standing Deposit Facility (SDF) rate and the Marginal Standing Facility (MSF) rate acting as the floor and the ceiling of the corridor, respectively. **Notice and Term Money** 10. Notice and Term Money is the money lent and borrowed without collateral for 2 to 14 days and from 15 days to one year tenor respectively. 11. [June 6, 2019](RBI_MPS_SDRP_20190606.pdf) - In the Statement on Developmental and Regulatory Policies announced as a part of the [second Bi-monthly Monetary Policy Statement for 2019-20 dated June 06, 2019](https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=47225), RBI announced comprehensive Review of [Money Market Directions](Call,%20Notice%20and%20Term%20Money.md#Master%20Directions). 12. **CP/CDs/NCDs (up to 1 year)** 13. A bank shall invest in Commercial Papers-CPs/Certificate of Deposits-CDs/Non-Convertible Debentures-NCDs through OTC Transactions as per guidelines given in [Reserve Bank of India (Certificate of Deposit) Directions, 2021](https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12108&Mode=0) and [Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12592) >1. The foundation for the reform of the monetary and financial system was laid by the Committee to Review the Working of the Monetary System (Chakravarty Committee, 1985) and the Working Group on the Money Market (Vaghul Group, 1987). >2. [Box V.1 - Evolution of Money Market in India](RBI_Annual%20Report_2004.pdf#page=80&selection=56,0,57,34) in RBI's Annual Report 2004 ## Trading 1. Negotiated dealing system (NDS), which has become operational since February 2002, enables on-line dealing and dissemination of trade information relating to instruments in money, government securities and foreign exchange markets. 2. To ensure transparency, from the fortnight beginning [May 3, 2003](https://rbi.org.in/scripts/NotificationUser.aspx?Id=1170&Mode=0#:~:text=is%20proposed%20that%3A-,From%20the%20fortnight%20beginning%20May%203%2C%202003,-%2C%20it%20would%20be), [reporting](https://rbi.org.in/scripts/NotificationUser.aspx?Id=1170&Mode=0) of call/notice money market transactions, those traded on NDS or outside NDS, on the NDS was made mandatory. 3. [Box V.1 - Evolution of Money Market in India](RBI_Annual%20Report_2004.pdf#page=80&selection=56,0,57,34) in RBI's Annual Report 2004 4. In Sept-2006, NDS-CALL, a trading system (a screen-based negotiated quote-driven system) for deals only in call/notice/term money) was [launched](https://www.ccilindia.com/documents/d/ccil/Milestones%20Annual-pdf) 1. With this, no separate reporting was required deals executed on this platform. 5. RBI owns the [NDS-CALL platform](https://www.ccilindia.com/web/ccil/market-watch-total), and Clearcorp Dealing Systems (India) Limited (CDSL), a subsidiary of [Clearing Corporation of India Ltd (CCIL)](https://www.ccilindia.com/Pages/default.aspx), manages and operates it. 6. **Timings:** ^00ecc9 1. [Jun 25, 2025](RBI_Press%20Release_20250625_Recommendations%20of%20the%20Working%20Group%20on%20Comprehensive%20Review%20of%20Trading%20and%20Settlement%20Timings%20of%20Various%20Markets%20Regulated%20by%20the%20Reserve%20Bank.pdf) - So Call/Notice/Term money are traded either on CCIL's [NDS-Call](https://www.ccilindia.com/web/ccil/home-page) between [9 am to 7 pm (effective from July 01, 2025)](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=60701)on each business day (all Saturdays), or rarely, over the counter (OTC) through bilateral communication. 1. Until June 25, 2025, the [timing](Trading%20&%20Settlement%20Timings%20of%20Market%20regulated%20by%20RBI.md) was 9 am to 5 pm since [December 12, 2022 onwards](RBI_Group-Committee_20250502_Working%20Group%20on%20Comprehensive%20Review%20of%20Trading%20and%20Settlement%20Timings%20of%20Markets%20Regulated%20by%20the%20Reserve%20Bank.pdf#page=16&selection=51,0,51,33) 2. All *money* market segments, namely, call/notice/term money, market repo and TREPs remain open on all working Saturdays as on any normal business day since [Sept 1, 2015](RBI_Press%20Release_20150828_Bank%20Holiday%20on%20Second%20&%20Fourth%20Saturdays%20from%20September%201;%20RBI%20to%20offer%20its%20Support%20Services%20to%20Banks%20on%20Working%20Saturdays.pdf). 3. The 1st leg of the trade is settled same day (T+0). 4. All OTC trades, if any, have to be reported to CCIL within 15 mins on NDS-Call reporting platform. 5. On CCIL's website, daily data of call money transactions (traded + reported) is [published](https://www.ccilindia.com/web/ccil/call-market-summary) 6. They are also published daily in the 'Overnight' segment by the RBI in the [[Money Market Operations (MMO)|money market operations data]]. 7. **Limits:** 1. [Prudential limits](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12061#:~:text=4.-,Prudential%20limits,-(a)%20Prudential) in respect of outstanding lending transactions in the Call, Notice and Term Money Markets shall be decided by the participants with the approval of their Board within the regulatory framework of the exposure norms prescribed by the Department of Regulation of the Reserve Bank for the eligible participant concerned. 8. **Participants:** 1. Until 1971, the call money market was as an interbank market. After 1971, few non-bank participants were allowed. 2. [July 4, 1995](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=52939) - Private Sector Mutual Funds were permitted. 3. But with effect from August 6, 2005, non-bank institutions are not allowed to participate in the call/notice/term money market based on [[RBI_Report_20011031_Committee on Banking Sector Reforms-Action taken on the recommendations_ Narasimham Committee II.pdf||suggestions]] of the [Narasimham Committee II](https://www.rbi.org.in/Upload/Notification/Pdfs/7029.pdf). The [committee](RBI_Group-Committee_19980422_Report%20of%20the%20Committee%20on%20Banking%20Sector%20Reforms-Narasimham%20Committee%20–%20II%20(1998).pdf) was of the view that the inter-bank call and notice money market and inter-bank term money market should be strictly restricted to banks. 1. *Quick Fact* - Narasimham had joined the _RBI_ in 1950 as an officer in the _department of research and statistics. 4. March 29, 2001 - The Technical Group on Phasing Out of Non-banks from Call/Notice Money Market submitted its [report](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=218) on March 12, 2001. 1. [April 19, 2001](https://rbi.org.in/scripts/NotificationUser.aspx?&Id=2260) - In the annual policy statement for [2001-02](RBI_MPS_200104_FY2001-02.pdf), the intention to move towards a pure inter-bank call/notice money market by gradually phasing out non-bank participation was highlighted. It was to be done in 4 stages: 1. Accordingly, in stage I, with effect from May 5, 2001, non-bank participants were allowed to lend, on average in a reporting fortnight, up to 85% of their average daily lending during 2000-01. 2. [May 8, 2001](RBI_Notification_20010508_Participation%20in%20Call%20Notice%20Money%20Market.pdf) - The limit was reduced to 85% 3. [April 29, 2002](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=6766) - In the Monetary and Credit Policy for the year 2002-03, it was stated that RBI would announce the date of effectiveness of stage II, wherein non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75% of their average daily lending in call/notice market during 2000-01, depending on the date when NDS/CCIL becomes fully operational. 4. [April 2003](RBI_MPS_200304_FY2003-04.pdf) - The limit was reduced to 75%, effective from the fortnight beginning June 14, 2003 5. [Nov 5, 2003](RBI_Notification_20031105_Moving%20Towards%20Pure%20Inter-bank%20Call%20Notice%20Money%20Market.pdf) - The limit was reduced to 60%, effective from the fortnight beginning December 27, 2003 6. [May 25, 2004](RBI_Notification_20040525_Moving%20Towards%20Pure%20Inter-Bank%20Call%20Notice%20Money%20Market.pdf) - The limit was reduced to 45%, effective from the fortnight beginning June 26, 2004 7. [October 26, 2004](https://rbi.org.in/scripts/NotificationUser.aspx?Id=1989&Mode=0) - In the Governor’s mid-term review of annual policy Statement for the year 2004-05 announced on October 26, 2004, it was decided that the non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 30% their average daily lending in call/notice money market during 2000-01, with effect from the fortnight beginning January 8, 2005 8. ==[April 29, 2005](RBI_Notification_20050429_Participation%20in%20Call%20Notice%20Money%20Market.pdf) - In the annual policy statement for the year 2005-06 dated [April 28, 2005](RBI_MPS_200504_FY05-06_1.pdf), the limit was reduced to 10%. Further, with effect from August 6, 2005, non-bank participants, except PDs, would be completely phased out from the call/notice money market.== 5. ==So non-bank institutions are not permitted in the call/notice money market with effect from August 6, 2005, and the call money market was transformed into a pure inter-bank market.== 6. Only [following entities](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12061#:~:text=3.-,Participants,-The%20following%20entities) viz. [[Types of Banks|banks]] and [[Primary Dealers (PDs)|Primary Dealers (PDs)]] are allowed as borrowers and lenders with specified [limits](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12061#:~:text=Table%201%3A%20Prudential%20limits%20for%20outstanding%20borrowing%20transactions%20in%20Call%2C%20Notice%20and%20Term%20Money%20Markets)for borrowing and lending: 1. Scheduled Commercial Banks (SCBs, *excluding Local Area Banks)*, 2. Co-operative banks (*other than Long-term Co-operatives, earlier known as Land Development Banks*) 1. Urban Co-operative Banks, 2. State Co-operative Banks, 3. District Central Co-operative Banks, and 3. [Primary Dealers (PDs)](Primary%20Dealers%20(PDs).md) 1. RBI divested its entire shareholding in STCI in two stages- first in 1997 to bring it down from 50.18% to 14.41% and the balance in 2002 to the existing shareholders. 2. STCI (Securities Trading Corporation of India), now known as [STCI Finance Ltd.](https://www.stcionline.com/background.aspx), was a key player in India's money markets, but its primary dealership (PD) business was de-merged into STCI Primary Dealer Ltd. (STCI PD) in 2007, a wholly-owned subsidiary of STCI Finance. STCI Finance is owned by major banks, with Bank of India being the largest shareholder, and it focuses on lending, while STCI PD remains a major market maker in government securities and money market instrument. 4. RBI does not lend or borrow funds in the call market. 7. [October 29, 2018](https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11405) - Payments Bank and Small Finance Bank were permitted to participate in the Call/Notice/Term money market. 8. [December 04, 2020](https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12006) - RRBs were permitted to participate in the call/notice and term money markets both as borrowers and lenders. 9. Interest amount on Call/Notice/Term Money is calculated on actual/356 day basis as follows:  $\text{Amount} \times \left( \dfrac{\text{Actual no. of days} \times \text{Rate of Interest in \% p.a.}}{365 \times 100} \right)$ ## Reporting 1. F-TRAC is an internet based trade reporting system (since June 2019 but implemented in phases) facilitating primary market reporting of CDs, CPs, NCDs (original maturity less than a year) and reporting of _secondary market trades_ in CDs, CPs, NCDs (less than a year) and repos in corporate bonds/CDs/CPs/NCDs (less than a year). 1. The RBI in June 2019 designated CCIL as the ‘Trade Repository’ for the purpose of reporting of primary and secondary market transactions in Commercial Papers (CPs), Certificates of Deposit (CDs) and market repo transactions in corporate bonds/CPs/CDs. 2. Since then, the existing ‘F-TRAC Platform’ was converted into a reporting platform for the CCIL TR for CPs/CDs and Repo in Corporate Bonds/CPs/CDs (collectively referred to as the Specified Instruments) and made operational effective Oct 1, 2019. 3. January 2, 2024 *(NCDs was added)* - The Master Direction – [Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12592)issued guidelines for reporting of such NCD transactions on the F-TRAC Platform effective from April 1, 2024 ## Data Releases 1. These transactions are published daily in the 'Money Markets@' (A. Overnight Segment (I+II+III+IV) and B. Term) segment by the RBI in the [[Money Market Operations (MMO)|money market operations data]]. 2. Here's a summarized view of the daily money market operations data. | By Tenor | Tenor | Security | Collateral | | --------------------------------------------- | -------------------------------- | ------------- | --------------- | | A. Overnight Segment (Next Day) | | | | | **I. Call Money** | **1-day** | **Unsecured** | **No** | | II. Triparty Repo | 1-day | Secured | G-Secs | | III. Market Repo | 1-day | Secured | G-Secs | | IV. Repo in Corporate Bond | 1-day | Secured | Corporate bonds | | B. Term Segment (More than 1 day but <1 year) | | | | | **I. Notice Money**** | **2-14 days** | **Unsecured** | **No** | | **II. Term Money@@** | **15 days-1 year** | **Unsecured** | **No** | | III. Triparty Repo | Both: 2-14 days + 15 days-1 year | Secured | G-Secs | | IV. Market Repo | Both: 2-14 days + 15 days-1 year | Secured | G-Secs | | V. Repo in Corporate Bond | Both: 2-14 days + 15 days-1 year | Secured | Corporate bonds | 4. Total [outstanding](https://www.ccilindia.com/web/ccil/tenor-wise-term-money) term money transactions based on residual tenor and [total outstanding](https://www.ccilindia.com/web/ccil/term-outsanding) term money transactions are also published daily by CCIL. ## Reports of Groups/Committees 1. The Committee to Review the Working of the Monetary System [(Sukhamoy Committee, 1985)](RBI_Group-Committee_19850410_Report%20of%20the%20Committee%20to%20Review%20the%20Working%20of%20the%20Monetary%20System_Chairman-Sukhamoy%20Chakravarty.pdf) under the Chairmanship of Shri Sukhamoy Chakravarty was the first to make several recommendations in 1985 for the development of money market. 2. As a follow-up, the RBI set up a Working Group on Money Market [(Vaghul Group, 1987)](RBI_Group-Committee_198701_Report%20of%20the%20Working%20Group%20on%20Money%20Market%201987_Chairman-N.%20Vaghul.pdf) under the Chairmanship of Shri N. Vaghul, which submitted its Report in 1987. 3. Based on the recommendations, the RBI initiated a number of measures to widen and deepen the money market. The main initiatives were: 1. In order to impart liquidity to money market instruments and help the development of secondary market in such instruments, the Discount and Finance House of India (DFHI) was set up as a money market institution jointly by the Reserve Bank of India, public sector banks and financial institutions in 1988. The Reserve Bank has since divested its shareholding and is only a minority shareholder now. 2. To increase the range of money market instruments, Commercial Paper, Certificates of Deposit, and Interbank Participation Certificates were introduced in 1988-89. There is a wide range of instruments now as will be explained later. 3. Third, to enable price discovery, the interest rate ceiling on call money was freed in stages from October 1988. As a first step, operations of DFHI in the call/notice money market were freed from the interest rate ceiling in 1988 and in May 1989, the interest rate ceiling was completely withdrawn, for all operators in the call/notice money market and on interbank term money, rediscounting of commercial bills and Interbank Participation Certificates without risk. Currently, all the money market interest rates are by and large determined by market forces. 4. The [Report of the Technical Group (2005) on Money Market](RBI_Group-Committee_20050513_Report%20of%20the%20Technical%20Group%20on%20Money%20Market.pdf) was submitted in May 2005. ## Master Directions The directions on money market are divided in 3 parts: 1. Call, Notice and Term Money 1. April 1, 2021 - [Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12061) 1. This has replaced the [Master Direction](https://rbi.org.in/scripts/NotificationUser.aspx?&Id=10495) on Money Market Instruments: Call/Notice Money Market, Commercial Paper, Certificates of Deposit and Non-Convertible Debentures (original maturity up to one year) dated July 7, 2016. 2. Commercial Papers (CPs) and NCDs ( of original or initial maturity upto one year) 1. Jan 3, 2024 – [Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity up to one year) Directions, 2024](https://rbi.org.in/scripts/NotificationUser.aspx?&Id=12592) 2. It superseded Master Direction – [Reserve Bank Commercial Paper Directions, 2017](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11089) dated August 10, 2017, as amended from time to time 3. Certificate of Deposits (CDs) 1. June 04, 2021 - [Reserve Bank of India (Certificate of Deposit) Directions, 2021](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12108) as amended from time to time 4. Summary - Banks can undertake transactions in Government Securities, money market instruments (call / notice / term money, CPs, CDs, repo in corporate bonds and Government Securities, NCDs of original maturity less than one year, etc.), derivatives, and other instruments as per instructions issued by the RBI. ## Data Releases 1. Daily [[Money Market Operations (MMO)|Money Market Operations]] data 2. Weighted Average Call Money Rates in the - [Handbook of Statistics on Indian Economy](https://rbi.org.in/scripts/AnnualPublications.aspx?head=Handbook%20of%20Statistics%20on%20Indian%20Economy) ## Related Notes 1. [Corporate Bonds](Corporate%20Bonds.md) ## References 1. RBI. (Mar 09, 1994). ==Developing the Money and Securities Market in India==. Speech by C. Rangarajan. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1177) 2. RBI. Committee to Review the Working of the Monetary System (Chakravarty Committee, 1985). [pdf](RBI_Group-Committee_19850410_Report%20of%20the%20Committee%20to%20Review%20the%20Working%20of%20the%20Monetary%20System_Chairman-Sukhamoy%20Chakravarty.pdf) 3. RBI. (Jan, 1987). Report of the Working Group on Money Market (Vaghul Group, 1987). [pdf](RBI_Group-Committee_198701_Report%20of%20the%20Working%20Group%20on%20Money%20Market%201987_Chairman-N.%20Vaghul.pdf) 4. RBI. (Feb 01, 1999). ==Development of Money Market in India==. Speech by Dr.Y.V. Reddy, at the Fifth J. V. Somayajulu Memorial Lecture, at Madras, on February 1, 1999. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=13) 5. RBI. (Mach 29, 2001). ==Report of the Technical Group on Phasing Out of Non-banks from Call/Notice Money Market (March 2001)==. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=218) 6. RBI. (Jan 17, 2005). ==Issues in Strengthening Commercial Paper Market==. Speech by Shyamala Gopinath, Deputy Governor Reserve Bank of India ,at a Seminar organised by the Bombay Chamber of Commerce and Industry and Fixed Income, Money Market & Derivatives Association at Mumbai on January 17, 2005). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=176) 7. RBI. (Oct 31, 2005). ==The Interbank Money Market in India : Evidence on Volatility, Efficacy of Regulatory Initiatives and Implications for Interest Rate Targeting.== [Occasional Papers](https://www.rbi.org.in/scripts/HalfYearlyPublications.aspx?head=Occasional%20Papers) 8. Deepak Mohanty. (Dec 17, 2012). ==Money Market and Monetary Operations in India==. Speech by Shri Deepak Mohanty, Executive Director, Reserve Bank of India, at the Seminar on Issues in Financial Markets, Mumbai, 15th December 2012. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=761) 9. Golaka C Nath and Payal Ghose (CCIL). (Jan, 2017). *The Indian Call Money Market*. CCIL-Monthly Newsletter-Jan, 2017. [Link](https://drive.google.com/file/d/1bUieJRHFYjzIGVh4Z0RQMPG2PL73z6kT/view?usp=sharing) 10. Sunil Kumar, Anand Prakash and Krishna M Kushawaha. (Apr 10, 2017). ==What Explains Call Money Rate Spread in India==?. RBI Working Paper Series No.7/2017. [Link](https://rbi.org.in/Scripts/PublicationsView.aspx?id=17460) 11. RBI. (Nov 15, 2021). ==Changing Tides in the Indian Money Market.== [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=20631) 12. RBI. (Jun 25, 2025). ==Recommendations of the Working Group on Comprehensive Review of Trading and Settlement Timings of Various Markets Regulated by the Reserve Bank.== [ Link](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=60701) 13. Srijashree Sardar and Alqama Pervez. (July 23, 2025). *Determinants of Overnight Uncollateralised Money Market Volume - An Empirical Assessment*. RBI Bulletin - July, 2025.