According to G. Crowther, “it is the collective name given to the various firms and institutions that deal in the various grades of near money”.

According to RBI report, “Money market is the centre for dealings mainly of short- term character, in money assets; it meets short-term requirements of borrowers and provides liquidity or cash to the lenders”.

It is the place where short-term surplus investible funds at the disposal of financial and other institutions and individuals are bid by borrowers, again comprising institutions and individuals and also the government itself”.

We can define money market as, “the market in which the highly liquid short-term bills are dealt with mainly by government, business concerns and private individuals”.