The operations of non-bank participants including FIs, mutual funds and insurance companies that were participating in the call/notice money market are in the process of being gradually reduced according to pre-set norms. Such an ultimate goal of making a pure inter-bank call money market is linked to the operationalisation of CCIL and attracting nonbanks also into an active repo market.
This, in fact, paved the way for a proper analysis of  1  Solow (1956, 1957). BIS central bankers’ speeches  1  sustainable growth.2 His second insight was that growth was driven not only by factor accumulation but also by technological progress.