Outflows from liquid schemes in September were a whopping Rs 2.11 lakh crore\u2014 the largest monthly withdrawals seen in at least five years. In December 2017, companies had withdrawn Rs 1.38 lakh crore from the liquid scheme. The redemptions by companies and banks were fuelled by a liquidity scare in the wake of the near-collapse of infrastructure financier IL&FS. Moreover, the sale of non-convertible debentures (NCDs) of DHFL by DSP Mutual Fund, at yields that were much higher than expected, left the money markets jittery. Liquid schemes invest in debt and money market instruments with maturities of up to 91 days. Meanwhile, the average monthly inflows into equity schemes in H1FY19 fell to Rs 10,080 crore from Rs 14,200 crore in 2017-18. Equity funds (which includes equity, ELSS and arbitrage funds) saw inflows of RS 11,251 crore in September; this is higher than the Rs 5,923 crore in August which was an 18-month low.