The Indian Money Market consists of various institutions that facilitate the borrowing and lending of funds in the short-term. In this question, we are asked to identify which option is not an institution of the Indian Money Market.

Option 1: Reserve Bank of India (RBI) - This is the central bank of India and plays a significant role in the Indian Money Market. The RBI regulates and controls the money supply in the economy and acts as a lender of last resort for commercial banks.

Option 2: Bill Brokers - Bill brokers are intermediaries who deal in money market instruments such as Treasury Bills, commercial bills, and other short-term debt instruments. They facilitate the buying and selling of these instruments in the money market.

Option 3: Merchant Bankers - Merchant bankers are financial institutions that help companies raise capital and provide advisory services for various financial transactions. They are primarily involved in activities related to the capital market and not the money market. Therefore, this option is the correct answer as it is not an institution of the Indian Money Market.

Option 4: Non-Banking Financial Intermediaries - Non-Banking Financial Intermediaries (NBFI) are institutions that provide financial services but are not banks. They include entities such as finance companies, leasing companies, and mutual funds