The correct answer is Call Money Market.

• Call Money Market is the most volatile part of the organised Money Market in India.

• Call Money
  • Call money is mainly used by the banks to meet their temporary requirement of cash.
  • They borrow and lend money from each other normally on a daily basis.
  • It is repayable on demand and its maturity period varies in between one day to a fortnight.
  • The rate of interest paid-on-call money loan is known as the call rate.
  • Call Money Market is the most volatile part of the organised Money Market in India
• Government Security Market
  • Government securities are government debt issuances used to fund daily operations, and special infrastructure and military projects.
  • They guarantee the full repayment of invested principal at the maturity of the security and often pay periodic coupon or interest payments.
  • Government securities are considered to be risk-free as they have the backing of the government that issued them.
• Certificate of Deposit Market
  • Certificate of Deposit (CDs) is short-term instruments issued by Commercial Banks and Special Financial Institutions (SFIs), which are freely transferable from one party to another.
  • The maturity period of CDs ranges from 91 days to one year.
  • These can be issued to individuals, co-operatives and companies.
• Commercial Paper
  • Commercial paper (CP) is a popular instrument for financing working capital requirements of companies.
  • The CP is an unsecured instrument issued in the form of the promissory note.
  • This instrument was introduced in 1990 to enable corporate borrowers to raise short-term funds.
  • It can be issued for a period ranging from 15 days to one year.
  • Commercial papers are transferable by endorsement and delivery.
  • The highly reputed companies (Blue Chip companies) are the major player of the commercial paper market.