Which one among the following is not an institution of Indian Money Market ?

The Indian money market is a market for short-term funds, comprising both organized and unorganized sectors. The organized sector includes the Reserve Bank of India (RBI) as the regulator and participant [t2][t7], commercial and cooperative banks, and Non-Banking Financial Intermediaries (NBFIs) or NBFCs [t1][t2][t5]. Bill brokers also play a role in the bill market segment of the money market [t2]. In contrast, Merchant Bankers are primarily associated with the capital market. They act as intermediaries for issue management, underwriting, and long-term fund mobilization rather than short-term liquidity management [t5]. While some financial services overlap, merchant banking is traditionally classified under capital market intermediaries [t5]. Therefore, Merchant Bankers are not considered a core institution of the Indian money market, which focuses on instruments like Treasury Bills and Call Money [t7].

Sources

1. [1] https://www.igntu.ac.in/eContent/IGNTU-eContent-451995072300-B.Com-6-Prof.ShailendraSinghBhadouriaDean&-FINANCIALSERVICES-All.pdf