Which of the following is not a feature of Indian call money market?

Concept: The call money market is the segment of the money market where banks (and a few notified institutions) borrow and lend funds for very short periods to manage their day-to-day liquidity and meet reserve requirements such as the CRR. Strictly, 'call money' is lent for a single day (overnight) and repayable on demand, while funds lent for 2 to 14 days are 'notice money'; the two together make up the call/notice money market. Its defining traits are that it is highly sensitive and competitive, dominated by banks, and acts as the institutional channel through which a bank's temporary surplus is lent to another bank facing a temporary shortage. A 'not a feature' question asks you to spot the single statement that contradicts these traits.

Apply the definition to each statement:

1. Being highly sensitive and competitive is a genuine feature — call rates react instantly to changes in liquidity, RBI policy and demand-supply.

2. Banks being the main participants is a genuine feature — it is essentially an interbank market (with a few permitted non-bank institutions).

3. Channelling a bank's temporary surplus to a bank in temporary shortage is exactly the function this market performs, so it is a genuine feature.

4. Claiming the interest rate is highly stable contradicts reality: the call rate is market-determined and among the most volatile rates in the financial system, swinging sharply with daily liquidity conditions. This is the statement that is NOT a feature — hence the answer.

Cross-check: Three of the statements describe accepted characteristics of the call money market, while only one describes a property the market does not have. Because a clear non-feature exists, 'None of the above' cannot be the answer.