Money market is a type of financial market which deals with borrowing and lending of short-term credit usually less than 1 year.
It does not deal in cash or money but provides a marketplace for different credit and financial instruments such as treasury bills, promissory notes, bills of exchange etc.
Trading is done on a rate called discount rate which is determined by market forces.
Money markets in India consist of RBI, scheduled commercial banks, microfinance institutions, regional cooperative bank etc.
