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The money market in India is a financial sector that deals with the borrowing and lending of short-term funds. It serves as a source of finance for banks, corporates, and the government, and helps to manage the short-term liquidity needs of the economy.

There are various instruments and institutions that make up the money market in India. Some of the main instruments include:

1. Call money: This is a short-term loan that is usually given by banks to other banks and financial institutions for a period of one day to 14 days.

2. Treasury bills: These are short-term debt instruments issued by the government to raise funds. They have maturities of up to one year and are sold at a discount to their face value.

3. Commercial paper: This is a short-term unsecured promissory note issued by companies to raise funds. It has a maturity of up to one year and is usually issued in large denominations.

4. Certificates of deposit: These are short-term debt instruments issued by banks to raise funds. They have maturities ranging from a few days to one year and are issued in denominations of INR 1 lakh or more.

Some of the main institutions that operate in the money market in India include banks, financial institutions, and the Reserve Bank of India (RBI). The RBI is the regulator of the money market in India and plays a crucial role in managing the short-term liquidity needs of the economy through various monetary policy tools such as open market operations, the cash reserve ratio, and the statutory liquidity ratio.