Explanation: Treasury Bills (TBs): This instrument of the money market though present since Independence got organized only in 1986.

• They are used by the Central Government to fulfill its short-term liquidity requirement up to 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: Ramesh Singh