Started in 1986, they are instruments of money market used by the Central Government to fulfil its short-term liquidity requirement up to the period of 364 days. At present only the 91—day TBs, 182—day TBS and the TBS are issued by the government. The TBS other than providing short-term cushion to the government, also function as short-term investment avenues for the banks and financial institutions, besides functioning as requirements of the CRR and SLR of the banking institutions.