Money Markets

Money Market
• Meaning and Role

• Participants
• Segments of Money Markets
• Call Money Markets
• Repos and Reverse Repo Concepts
• Treasury Bills Markets
• Market for Commercial Paper
• Commercial Bills and Certificate of Deposits
• Role of STCI and DFHI in Money markets
Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC
Concept
Money market basically refers to a section of
the financial market where financial
instruments with high liquidity and short-term
maturities are traded.
Money market has become a component of
the financial market for buying and selling of
securities of short-term maturities, of one
year or less, such as treasury bills and
commercial papers.

Over-the-counter trading is done in the money
market and it is a wholesale process.
It is used by the participants as a way of
borrowing and lending for the short term.
Money market consists of negotiable instruments
such as treasury bills, commercial papers and
certificates of deposit.
It is used by many participants including
companies to raise funds by selling commercial
papers in the market.
Money market is considered as a safe place to
invest due to the high liquidity of securities.
Participants
1. Central Government:
The Central Government is an issuer of Government of
India Securities (G-Secs) and Treasury Bills (T-bills).
These instruments are issued to finance the
government as well as for managing the Government’s
cash flow.
G-Secs are dated (dated securities are those which
have specific maturity and coupon payment dates
embedded into the terms of issue) debt obligations of
the Central Government.
These bonds are issued by the RBI, on behalf
of the Government, so as to finance the
latter’s budget requirements, deficits and
public sector development programmes.
T-bills are short-term debt obligations of the
Central Government.
These are discounted instruments.
These may form part of the budgetary
borrowing or be issued for managing the
Government’s cash flow.

2. State Government:
The State Governments issue securities termed
as State Development Loans (SDLs), which are
medium to long-term maturity bonds floated to
enable State Governments to fund their budget
deficits.
3. Public Sector Undertakings:
Public Sector Undertakings (PSUs) issue bonds
which are medium to long-term coupon bearing
debt securities.
PSU Bonds can be of two types: taxable and tax-
free bonds.
These bonds are issued to finance the working
capital requirements and long-term projects of
public sector undertakings.
PSUs can also issue Commercial Paper to finance
their working capital requirements.
Like any other business organization, PSUs
generate large cash surpluses.
Such PSUs are active investors in instruments like
Fixed Deposits, Certificates of Deposits and
Treasury Bills.
Some of the PSUs with long-term cash surpluses
are also active investors in G-Secs and bonds.
4. Scheduled Commercial Banks (SCBs):
Banks issue Certificate of Deposit (CDs) which are
unsecured, negotiable instruments.
These are usually issued at a discount to face
value.
They are issued in periods when bank deposits
volumes are low and banks perceive that they can
get funds at low interest rates.
Their period of issue ranges from 7 days to 1 year.
SCBs also participate in the overnight (call) and
term markets.
They can participate both as lenders and
borrowers in the call and term markets.
These banks use these funds in their day-to-
day and short-term liquidity management.
5. Private Sector Companies:
Private Sector Companies issue commercial
papers (CPs) and corporate debentures.
CPs are short-term, negotiable, discounted
debt instruments.
They are issued in the form of unsecured
promissory notes.
They are issued when corporations want to
raise their short-term capital directly from
the market instead of borrowing from banks.
Corporate debentures are coupon bearing,
medium to long term instruments which are
issued by corporations when they want to
access loans to finance projects and working
capital requirements.
Private Sector Companies with cash
surpluses are active investors in instruments
like Fixed Deposits, Certificates of Deposit
and Treasury Bills.
Some of these companies with active
treasuries are also active participants in the
G-Sec and other debt markets.
6. Provident Funds:
Provident funds have short term and long
term surplus funds.
They invest their funds in debt instruments
according to their internal guidelines as to
how much they can invest in each instrument
category.
7. General Insurance Companies:
General insurance companies (GICs) have
to maintain certain funds which have to be
invested in approved investments.
They participate in the G-Sec, Bond and
short term money market as lenders.
8. Life Insurance Companies:
Life Insurance Companies (LICs) invest their
funds in G-Sec, Bond or short term money
markets.
They have certain pre-determined
thresholds as to how much they can invest
in each category of instruments.
9. Mutual Funds:
Mutual funds invest their funds in money
market and debt instruments.
The proportion of the funds which they can
invest in any one instrument vary according
to the approved investment pattern
declared in each scheme.

10. Non-banking Finance Companies:
Non-banking Finance Companies (NBFCs)
invest their funds in debt instruments to
fulfill certain regulatory mandates as well
as to park their surplus funds. NBFCs are
required to invest 15% of their net worth in
bonds.
https://www.paisabazaar.com/mutual-
funds/money-market-funds/

Call Money Markets
Call money is a short-term, interest-paying
loan from one to 14 days made by a financial
institution to another financial institution.
Due to the short-term nature of the loan, it
does not feature regular principal and interest
payments, which longer-term loans might.
The interest charged on a call loan between
financial institutions is referred to as the call
loan rate.
The loans are of short-term duration
varying from 1 to 14 days, are traded in call
money market.
The money that is lent for one day in this
market is known as "Call Money", and if it
exceeds one day (but less than 15 days) it is
referred to as "Notice Money"
The call money market (CMM) the market
where overnight (one day) loans can be
availed by banks to meet liquidity.

Banks who seeks to avail liquidity approaches
the call market as borrowers and the ones who
have excess liquidity participate there as
lenders.
The CMM is functional from Monday to Friday.
Banks can access CMM to meet their reserve
requirements (CRR and SLR) or to cover a
sudden shortfall in cash on any particular day.
Effectively, the Call Money Market is the main
market oriented mechanism to meet the
liquidity requirements of banks.
The call money is usually availed for one day.
If the bank needs funds for more days, it can
avail money through notice market. Here, the
loan is provided from two days to fourteen days.
Participants in the call money market are banks
and related entities specified by the RBI.
Scheduled commercial banks (excluding RRBs),
co-operative banks (other than Land
Development Banks) and Primary Dealers (PDs),
are permitted to participate in call/notice
money market both as borrowers and lenders.

As per the new regulations, Brokerage Banks
are also allowed to participate in CMM as both
lenders and borrowers.
Banks are the dominant participants in the
CMM and hence it is often known as interbank
call money market.
Surplus banks will give loans to other banks.
Deficit banks that need funds will purchase it.
Loans are availed through auction/negotiation.
The auction is made on interest rate.
Highest bidder (who is ready to give higher
interest rate) can avail the loan. Average
interest rate in the call market is called call
rate.
Dealing in call money is done through the
electronic trading platform called Negotiated
Trading System (NDS).
This call money rate is an important variable for
the RBI to assess the liquidity situation in the
economy.
The CMM is known as the most sensitive segment
of the financial system.
Since the participants are banks, the call
money rate tells about the overall liquidity
position in the economy.
Higher call rate indicates liquidity stress in the
economy.
In this case, the RBI may follow up with
liquidity support measures by through its
monetary policy instruments – cutting CRR or
allowing more repos.
Hence, the call money rate is taken as the
operating target of monetary policy.
Repos and Reverse Repos
In a repo, one party sells an asset (usually fixed-
income securities) to another party at one price
and commits to repurchase the same or another
part of the same asset from the second party at
a different price at a future date or (in the case
of an open repo) on demand.
A repurchase agreement (repo) is a short-term
secured loan: one party sells securities to
another and agrees to repurchase those
securities later at a higher price.
The securities serve as collateral.
The difference between the securities’ initial
price and their repurchase price is the interest
paid on the loan, known as the repo rate.
A repurchase agreement (repo) is a form of
short-term borrowing for dealers
in government securities.
In the case of a repo, a dealer sells
government securities to investors, usually on
an overnight basis, and buys them back the
following day at a slightly higher price.

That small difference in price is the implicit
overnight interest rate.
Repos are typically used to raise short-term
capital.
They are also a common tool of central
bank open market operations.
The repo market is an important source of
funds for large financial institutions in the non-
depository banking sector, which has grown to
rival the traditional depository banking sector
in size.
For the party selling the security and agreeing
to repurchase it in the future, it is a repo; for
the party on the other end of the transaction,
buying the security and agreeing to sell in the
future, it is a reverse repurchase agreement.
A reverse repurchase agreement (reverse
repo) is the mirror of a repo transaction.
Repos and reverse repos are thus used for
short-term borrowing and lending, often with a
tenor of overnight to 48 hours.

Treasury Bills Market
Treasury bills, also known as T-bills, are short
term money market instruments.
Treasury bills are money market
instruments issued by the Government of India
as a promissory note with guaranteed
repayment at a later date.
Funds collected through such tools are
typically used to meet short term
requirements of the government, hence, to
reduce the overall fiscal deficit of a country.
They are primarily short-term borrowing
tools, having a maximum tenure of 364 days,
available at zero coupons (interest) rate.
They are issued at a discount to the published
nominal value of government security (G-sec).
Government treasury bills can be procured by
individuals at a discount to the face value of
the security and are redeemed at their
nominal value, thereby allowing investors to
pocket the difference.

For example, a 91-day treasury bill with a face
value of Rs. 120 can be bought at a discounted
price of Rs. 118.40. Upon maturity, individuals
are eligible to receive the entire nominal value of
Rs. 120, which allows them to realise a profit of
Rs. 1.60.
A short term treasury bill helps the government
raise funds to meet its current obligations, which
are in excess of its annual revenue generation.
Its issue is aimed at reducing total fiscal deficit in
an economy, and also in regulating the total
currency in circulation at any given point of time.

The Reserve Bank of India (RBI) also issues
such treasury bills under its open market
operations (OMO) strategy to regulate its
inflation level and spending/borrowing habits of
individuals.
During times of economic boom leading to high
and persistent inflation rates in the country,
high-value treasury bills are issued to the public,
which, thereby, reduces aggregate money supply
in an economy.
It effectively curbs the surging demand rates,
and in turn, high prices hurting the poorer
sections of the society.
Alternatively, a contractionary OMO regime is
undertaken by the RBI during times of
recession and economic slowdown through a
reduction in treasury bill circulation and
reduced discounted value of the respective
bonds.
It disincentives individuals into channelling
their resources in this sector, thereby boosting
cash flows to the stock markets instead,
ensuring a boost in the productivity of most
companies.

Such a rise in productivity has a positive
impact on the GDP and aggregate demand
levels in an economy.
Hence, a treasury bill is an integral monetary
tool used by the RBI to regulate the total
money supply in an economy, along with its
fundraising usage.
Types of Treasury Bill
14-day treasury bill
364-day treasury bil
While the holding period remains
constant for all types of treasury
bills issued (as per the categories
mentioned above), face values and
discount rates of such bonds change
periodically, depending upon the
funding requirements and monetary
policy of the RBI, along with total bids
placed.

Features of Treasury Bills
Minimum investment
As per the regulations put forward by the RBI, a
minimum of Rs. 25,000 has to be invested by
individuals willing to procure a short term
treasury bill. Furthermore, any higher investment
has to be made in multiples of Rs. 25,000.
Zero-coupon securities
G-Sec treasury bills don’t yield any interest on
total deposits.
Instead, investors stand to realise capital
gains from such investments, as such
securities are sold at a discounted rate in
the market.
Upon redemption, the entire par value of
this bond is paid to investors, thereby
allowing them to realise substantial profits
on total investment.
Trading
The method of investment forms an integral
part of essential treasury bill details.
The RBI, on behalf of the central government,
auctions such securities every week (on
Wednesday) in the market, depending upon the
total bids placed on major stock exchanges.
Investors can choose to procure such government
assets through depository participant commercial
banks, or other registered primary dealers (PDs),
wherein the security transfer follows a T+1
settlement process.
Alternatively, many open-ended mutual fund
schemes also include treasury bills in their corpus
for individuals willing to invest through such funds.

Yield Rate on Treasury Bills
The percentage of yield generated from a
treasury bill can be calculated through the
following formula –
Y = (100-P)/P x 365/D x 100
Where Y = Return per cent
P = Discounted price at which a security is
purchased, and
D = Tenure of a bill
Let us consider a treasury bills example for
better understanding. If the RBI issues a 91-
day treasury bill at a discounted value of
Rs. 98 while the face value of the bill is Rs.
100, the yield on such G-Secs can be
determined as follows –
Yield = (100 – 98)/98 x 365/91 x 100
= 8.19%

Advantages of Government
Treasury Bills
Risk-free
Treasury bills are one of the most popular short-
term government schemes issued by the RBI and are
backed by the central government.
Such tools act as a liability to the Indian government
as they need to be repaid within the stipulated date.
Hence, individuals enjoy comprehensive security on
the total funds invested as they are backed by the
highest authority in the country, and have to be paid
even during an economic crisis.
Liquidity
As stated above, a government treasury bill is
issued as a short-term fundraising tool for the
government and has the highest maturity period
of 364 days.
Individuals looking to generate short term gains
through secure investments can choose to park
their funds in such securities.
Also, such G-secs can be resold in the secondary
market, thereby allowing individuals to convert
their holding into cash during emergencies.

Limitations of Treasury Bill
The primary disadvantage of government
treasury securities is that they are known to
generate relatively lower returns when
compared to standard stock market investment
tools.
Treasury bills are zero-coupon securities, issued
at a discount to investors. Hence, total returns
generated by such instruments remain constant
through the tenure of bond, irrespective of
economic conditions and business cycle
fluctuations.
It comes in contrast to the stock market,
wherein market variations heavily influence
returns generated by both equity and debt
tools.
Consequently, in the event of an upswing in
the stock market, the yield rate of associated
tools is significantly higher than the capital
gains generated through G-Sec investments.
Hence, a treasury bill is one of the most
secure forms of investment available in the
country for risk-averse individuals.

Commercial Paper
Commercial paper is a money-market
security issued (sold) in the commercial
paper market by large corporations to
obtain funds to meet short-term debt
obligations (for example, payroll) and is
backed only by an issuing bank or company
promise to pay the face amount on the
maturity date specified on the note.

Most of the commercial paper investors are from
the banking sector, individuals, corporate and
incorporated companies, Non-Resident Indians
(NRIs) and Foreign Institutional Investors (FIIs),
etc.
However, FII can only invest according to the
limit outlined by the Securities and Exchange
Board of India (SEBI)
In India, commercial paper is a short-term
unsecured promissory note issued by the Primary
Dealers (PDs) and the All-India Financial
Institutions (FIs) for a short period of 90 days to
364 days.
Merits of Commercial Paper
Technically, it provides more funds compared
to other sources. The cost of commercial paper
to the issuing firm is lower than the cost of
commercial bank loans.
It is in freely transferable nature, therefore it
has high liquidity also a wide range of maturity
provide more flexibility.
A commercial paper is highly secure and does
not contain any restrictive condition.
Companies can save their extra funds on
commercial paper and also earn some good
return on the same.
Commercial papers produce a continuing source
of funds. This is because their maturity can be
tailored to suit the needs of issuing firm.
Limitation of a Commercial Paper:
Only firms which are financially sound and have
high credit ratings can raise money through
commercial papers. New and moderately rated
firms are not in a position to raise funds by this
method as these are unsecured.
Commercial Bills
A commercial bill or a bill of exchange is a
short-term, negotiable, and self-liquidating
money market instrument which evidences
the liability to make a payment on a fixed
date when goods are bought on credit.
The commercial bills are issued by the
seller (drawer) on the buyer (drawee) for
the value of goods delivered by him.

These bills are for 30 days, 60 days or 90 days
maturity.
The draws a bill and send it to the buyer for
acceptance.
The buyer accepts the bill and promises to
make the payment on the due date.
He may also approach his bank to accept the
bill.
The bank charges a commission for the
acceptance of the bill and promises to make
the payment if the buyer defaults.
Once this process is accomplished, the
seller can sell it in the market.
This way a commercial bill becomes a
marketable investment.
Usually, the seller will go to the bank for
discounting the bill.
The bank will pay him after deducting the
interest for the remaining period of the
bill and service charges from the face
value of the bill.

The interest rate is called the discount rate
on the bills.
The commercial bill market is an important
channel for providing short-term finance to
business.
Commercial paper is used by banks to meet
their short-term obligations, while
commercial bills help companies to get
money in advance, for sales they make.

Certificate of Deposit
Regulated by the Reserve Bank of India,
a Certificate of Deposit is a type of money
market instrument issued against the
funds deposited by an investor with a bank in a
dematerialized form for a specific period of
time.
The Government of India needs money to meet
its financial requirements.
They approach the general public to raise
money.
They can raise funds by offering different
financial instruments for both short term
and long term.
However, there are very few money market
instruments option for short term retail
investors.
Certificate of deposit is one such short-
term debt instrument.
The short form for Certificate of deposit is
CD, which is very popular.

The retail participation in these instruments
is minimal due to the unawareness about the
options in this space
Certificate of deposit (CD) is an agreement
between the depositors and the authorized
bank or financial institution.
This agreement is for a specific period of
time with a certain amount of money to
invest where the financial institution pays
interest.
You can redeem at the time of maturity of
the instrument.
Hence, you cannot withdraw before the
completion of the tenure.
CDs are issued in a dematerialized form.
It is a promissory note that a bank or
financial institution issues and Reserve
Bank of India (RBI) regulates it.
Financial institutions and authorized banks
and credit unions issue Certificate of
deposits which are ideal for investors who
are looking for secure investment and
reasonable returns.
Individual, Banks, Corporations, Financial
institutions, Mutual fund houses can invest
in Certificate of Deposits.
Example:- a certificate of deposit has a
face value of Rs.100. An individual can
purchase the same at a discount value of
Rs.98. At the time maturity, individual gets
the full maturity value of Rs.100

Features
Eligibility
RBI authorizes only a few selective banks
and financial institutions to issue CDs.
There are specific guidelines that RBI issues
for the purchase of CDs.
Banks can issue CDs to individuals, mutual
funds, trusts, insurers and pension funds.

Maturity Period
Commercial Banks issue CDs which have a
tenure ranging from 7 days to one year.
However, financial institutions issue Certificate
of deposits with different maturity dates.
They can be 1year CD up to 3year CD.
Minimum Investment
The Certificate of deposits CDs are issued in
the multiples of Rs.1lakh, and the minimum
size of investment is also Rs. 1lakh.
Transferability
An electronic certificate of deposit is
transferable through endorsement or delivery.
However, certificates in the demat account
are transferable as per the guidelines of the
demat securities.
Loan against Certificate of Deposit
Banks do not grant loans against CDs since
these certificates do not have a lock-in period.
Banks cannot buy back CDs before maturity.
Discount on Certificate of Deposit
Certificate of deposit is issued at a discount
on face value.
Also, financial institutions, banks and credit
unions can issue Certificate of deposits.

FDs Vs CDs
Certificate of deposit in India is an
agreement between the depositor and the
authorized bank or financial institution.
It is an agreement for a specified time
period with a certain amount of money to
invest.
The interest is pre-decided and paid by the
financial institution.

One can redeem the amount at the time of
maturity.
Therefore, one cannot withdraw the amount
before the completion of the tenure. However,
the investment amount is negotiable.
In comparison to CDs, bank fixed deposits are
also for a fixed tenure and fixed interest rate.
In bank fixed deposits, the amount can be
redeemed before completion of a term with a
specific penalty amount.

However, the interest rate of the fixed
deposit is higher than the savings bank
account.
Unlike CDs, the investment amount is not
negotiable.

STCI
STCI Primary Dealer Limited (STCI PD) was
set up as a wholly owned subsidiary of
Securities Trading Corporation of India (STCI) in
2006.
STCI was among one of the first Primary
Dealers in the country set up in 1994 as a
subsidiary of RBI.
Subsequently, RBI’s stake was divested in 1998
and 2000 in favor of leading public Sector
Banks and All-India Financial Institutions.
STCI has since been renamed as STCI Finance
Ltd.
In 2006, the PD business was de-merged by
STCI into a separate wholly owned subsidiary,
STCI Primary Dealer Ltd (STCI PD).
STCI PD has an authorized capital of Rs 300 Cr
and paid up share capital of Rs 150 Cr.
In India, the Primary Dealer business model
was established to develop an active, vibrant
and liquid secondary market for Government
Securities.
A primary dealer is a bank or other financial
institution that has been approved to trade
securities with a national government.
Primary government securities dealers sell
the Treasury securities that they buy from the
central bank to their clients, creating the
initial market.
STCI PD has continually endeavored to fulfill
these objectives and is an established player in
the Fixed Income and money markets, catering
to a diversified pool of investors across the
Indian geography.
The core activities of STCI PD comprise of
underwriting, bidding, market making and trading
in Government Securities, Treasury Bills and other
fixed income securities.
Apart from the above, the Company is an active
participant in the money market instruments. STCI
PD plays an active role in all segments of the debt
market.
The Company runs a proprietary portfolio
comprising of GoI dated securities (including
Floating Rate Bonds, Inflation Indexed Bonds, etc.),
GoI Special Bonds, State Development Loans,
Treasury Bills, Corporate Bonds, Commercial
Papers, Certificates of Deposits, etc.
As a Primary Dealer the Company is also
allowed to participate and trade in STRIPS,
Interest Rate Derivatives, When Issued market
and undertake short selling in G-Secs etc.
STCI PD is an active member of Primary
Dealers’ Association of India (PDAI) and the
Fixed Income and Money Market Derivatives
Association (FIMMDA).
STCI PD has continued association with
several committees which interact with
regulatory authorities to provide feedback for
both product and market development.
DFHI
Pursuant to the Vaghul Working Group
recommendation for setting up an
institution to provide enhanced liquidity to
the money market instruments, the RBI set
up the Discount and Finance House of India
(DFHI) jointly with public sector banks and
the all-India financial institutions.
DFHI was incorporated in March 1988 and it
commenced operation in April 1988.

The main objective of this money market
institution is to facilitate smoothening of
the short-term liquidity imbalances by
developing an active secondary market for
the money market instruments.
Its authorized capital is Rs. 250 crores.
DFHI participates in transactions in all
the market segments, it borrows and lends
in the call, notice and term money market,
purchases and sells treasury bills sold at
auctions, commercial bills, CDs and CPs.

DFHI quotes its daily bid (buying) and offer (selling)
rates for money market instruments to develop an
active secondary market for all these.
Treasury bills are not bought back by the RBI before
maturity.
Similarly, except at the fortnightly auctions these
cannot be purchased from the RBI.
DFHI fills this gap by buying and selling these bills in
the secondary market.
The presence of DFHI in the secondary market has
facilitated corporate entities and other bodies to
invest their short-term surpluses and to encash them
when necessary.

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Money Market

• Meaning and Role

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

Prepared by: Jasmit Kaur, Assistant Professor, SGGSCC

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