Money market instruments such as market repo and CBLO have provided avenues for non-banks to manage their short-term liquidity mismatches and facilitated the transformation of the call money market into a pure inter-bank market.
Furthermore, issuance norms and maturity profiles of other money market instruments such as commercial paper (CP) and certificate of deposits (CDs) have been modified over time to encourage wider participation while strengthening the transmission of policy signals across the various market segments.