The issue remains what further developments are needed in terms of eligible collaterals, membership, etc to integrate the different segments of the money market so that the money market as a whole is enabled to cope better with market fluctuations in the run-up to fuller capital account convertibility.
An important gap in developing the money market is that term money market is still to emerge and hence, the evolution of yield curve remains inadequate. We need to explore what is to be done to build this market with further opening of capital account.