In this connection, I wish to recall that the RBI announced in the October 1998 review of monetary policy that call/notice/term money market should purely be an interbank market with additional access only to primary dealers. This implies that nonbank players have to be encouraged to deploy their short-term surpluses in other money market instruments.
Jha Memorial Lecture has special significance as it forms part of the Platinum Jubilee celebrations of the Reserve Bank. 2. Dr. Lakshmi Kant Jha was an outstanding economist and a distinguished civil servant. A member of the ICS, he was Governor of the Reserve Bank from July 1967 to May 1970.