Current Money Market Interest Rates

When the RBI repo rate of 6% and repo rate by 7.5%, one would expect the overnight rate between banks to be between 6% and 7.5% . I believe that the current low rate call is due to the RBI through the repo window to suck liquidity in a limited extent of Rs 3000 crore per day. What I do not understand how the call rate can be as low as 1% (1% is the interest charged per year is not?). Isn't this cheap money for banks then? Why not borrow cheap and treasury bills in the park or liquid mutual funds? How the overnight rate is close to the market interest rate, regardless of the pension and reverse repo rate and the amount of money from the RBI does not borrow from commercial banks?

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