Collateralized Borrowing and Lending Obligations, more popularly known as CBLO, has been taking the center stage in financial markets in recent months. CBLO has been a innovative product that provides tremendous flexibility to the user which a Repo does not provide. During the initial period of its launching, the volume in CBLO market was negligible as it was a new product. Any new product takes time to integrate with comparable products in the market. However as the time progressed, market participants realized the utility of the product and the restrictions imposed in call market for non-bank participants helped this market to grow. The CBLO, an infant in the financial world, stands on its own in this market, and the statistics display a calibrated integration of CBLO market with other markets due to its advantages like CRR exemption, SLR status for the securities remaining unencumbered in the gilt accounts of the bank maintained with the CCIL under the Constituents' Subsidiary General Ledger (CSGL) facility, lower risk weight etc. The statistical results presented in the paper have shown that introduction of CBLO is a significant event in Indian financial market and it has a clear relationship with other forms of the short term market. It has absorbed the liquidity mismatch arisen out of call market restrictions imposed by RBI.