UPSC Economy

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2021-10-23 15:30:10 CALL MONEY MARKET (CMM)

#Indianfinancialmarket

This is basically an inter-bank money market where funds are borrowed and lent, generally, for one day—that is why this is also known as over-night borrowing market (also called money at call).

Fund can be borrowed/raised for a maximum period upto 14 days (called short notice).

Borrowing in this market may take place against securities or without securities.

Rate of interest in this market ‘glides’ with the ‘repo rate’ of the time the principle remains very simple—longer the period, higher the interest rate.

Depending upon the availability and demand of fund in this market the real call rate revolves nearby the current repo rate.

The scheduled commercial banks, co-operative banks operate in this market as both the borrowers and lenders while LIC, GIC, Mutual Funds, IDBI and NABARD are allowed to operate as only lenders in this market.

SOURCE - Indian economy by Ramesh singh.

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2021-10-20 15:31:40 COMMERCIAL PAPER

#Indianfinancialmarket

Organised in 1990 it is used by the corporate houses in India (which should be a listed company with a working capital of not less than Rs.
5 crore).

The CP issuing companies need to obtain a specifed credit rating from
an agency approved by the RBI (such as CRISIL, ICRA, etc).

SOURCE - Indian economy by Ramesh singh.

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2021-10-18 15:30:05 CERTIFICATE OF DEPOSIT (CD)

#Indianfinancialmarket

Organised in 1989, the CD is used by banks and issued to the depositors for a specifed period ranging less than one year—they are negotiable and tradable in the money market.

Since 1993 the RBI allowed the financial institutions to operate in it— IFCI, IDBI, IRBI (IIBI since 1997) and the Exim Bank—they can issue CDs for the maturity periods above one year and upto three years.

SOURCE - Indian economy by Ramesh singh.

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2021-10-14 15:36:46 TREASURY BILLS (TBs):

#Indianfinancialmarket

This instrument of the money market though present since Independence got organised only in 1986.

They are used by the Central Government to fulfill its short-term liquidity requirement upto the period of 364 days.

There developed five types of the TBs in due course of time :-

(a) 14-day (Intermediate TBs)
(b) 14-day (Auctionable TBs)
(c) 91-day TBs
(d) 182-day TBs
(e) 364-day TBs

Out of the above five variants of the TBs, at present only the 91-day TBs, 182-day TBs and the 364-day TBs are issued by the government. The other two variants were discontinued in 2001.


SOURCE - Indian economy by Ramesh singh.

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2021-10-13 18:21:02 ORGANISED MONEY MARKET

#Indianfinancialmarket

Since the government started developing the organised money market in India (mid-1980s), we have seen the arrival of a total of eight instruments designed to be used by different categories of business and industrial firms.

Treasury Bills (TBs):

Certificate of Deposit (CD):

Commercial Paper (CP):

Commercial Bill (CB):

Call Money Market (CMM):

Money Market Mutual Fund (MF):

Repos and Reverse Repos:

Cash Management Bill (CMB):

SOURCE - Indian economy by Ramesh singh.

@upsc_economy_notes Open / Comment