**Executive Summary**
This document is a press release from the Reserve Bank of India, dated December 15, 2025, reporting on the Money Market Operations as of December 12, 2025. It provides details on various segments including overnight, term, and RBI operations with volumes, weighted average rates, ranges, and information on fixed and variable rates. It also provides reserve positions of scheduled commercial banks.
**Key Points / Main Content**
* **Money Market Operations (December 12, 2025)**
* **Overnight Segment (I+II+III+IV):** Volume: 6,82,981.07 Crore, Average Rate: 5.06%, Range: 0.01-6.15%
* **Term Segment:**
* Notice Money: Volume 110.00 Crore, Average Rate: 5.12%, Range: 4.80-5.23%
* Term Money: Volume 437.00 Crore, Range: 5.30-6.05%
* **RBI Operations:**
* Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
* **Today's Operations (December 12, 2025)**
* MSF with tenor from 1 to 3 days: 1,311.00 Crore on 1-day tenor, 843.00 Crore on 3-day tenor.
* SDF with tenor from 1 to 3 days: 1,96,271.00 Crore on 1-day tenor, 45.00 Crore on 2-day tenor and 28,347.00 Crore on 3-day tenor.
* Net liquidity injected from today's operations is -2,22,509.00 Crore.
* **Outstanding Operations**
* Standing Liquidity Facility (SLF) Availed from RBI: 8,974.81 Crore
* Net liquidity injected from outstanding operations is 8,974.81 Crore.
* Net liquidity injected (outstanding including today's operations) is -2,13,534.19 Crore.
* **Reserve Position of Scheduled Commercial Banks**
* Cash balances with RBI as on December 12, 2025: 7,26,273.81 Crore
* Average daily cash reserve requirement for the fortnight ending December 12, 2025: 7,39,862.00 Crore
* Government of India Surplus Cash Balance Reckoned for Auction as on December 12, 2025: 0.00 Crore
* Net durable liquidity as on November 28, 2025: 2,60,359.00 Crore
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact**
* Banks need to be aware of the money market rates and volumes for overnight and term segments to manage their liquidity positions.
* The fixed rate amounts for MSF and SDF operations are important for short-term liquidity management.
* Cash reserve requirements affect their liquidity and lending capacity.
* **Action Required**
* Monitor money market rates and volumes to optimize borrowing and lending strategies.
* Manage cash reserves to meet regulatory requirements and optimize returns.
**Reserve Bank of India (RBI)**
* **Impact**
* The data provides insight into liquidity conditions in the market, helping the RBI make informed decisions on monetary policy.
* The volumes of MSF and SDF operations are key indicators of banking system liquidity.
* **Action Required**
* Analyze the data to assess the effectiveness of current monetary policy.
* Adjust policy rates and operations as necessary to maintain price stability and financial stability.
**Other Financial Institutions and Market Participants**
* **Impact**
* The information on rates and volumes provides insights for making informed investment and trading decisions.
* **Action Required**
* Monitor money market developments to adjust investment strategies accordingly.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India, overseeing money market operations and liquidity management.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the money market through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI.
Standing Deposit Facility (SDF): A tool that allows the RBI to absorb liquidity from the banking system without any collateral.
Money Market: The market for short-term debt instruments, including call money, triparty repo, market repo, and repo in corporate bonds.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
:
www.rbi.org.in/hindi
संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
December 15, 2025
Money Market Operations as on December 12, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,82,981.07 5.06 0.01-6.15
I. Call Money 16,746.03 5.18 4.50-5.25
II. Triparty Repo 4,47,405.90 5.01 4.80-5.10
III. Market Repo 2,14,982.84 5.12 0.01-5.25
IV. Repo in Corporate Bond 3,846.30 6.00 5.25-6.15
B. Term Segment
I. Notice Money** 110.00 5.12 4.80-5.23
II. Term Money@@ 437.00 - 5.30-6.05
III. Triparty Repo 4,665.00 5.23 5.05-5.40
IV. Market Repo 69.47 5.40 5.40-5.40
V. Repo in Corporate Bond 500.00 5.30 5.30-5.30
RBI OPERATIONS@ Auction Tenor Maturity Amount Current
Date (Days) Date Rate/Cut
off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I Today's Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation
(b) Reverse Repo Operation
3. MSF# Fri, 12/12/2025 1 Sat, 13/12/2025 1,311.00 5.50
Fri, 12/12/2025 2 Sun, 14/12/2025 0.00 5.50
Fri, 12/12/2025 3 Mon, 15/12/2025 843.00 5.50
4. SDFΔ# Fri, 12/12/2025 1 Sat, 13/12/2025 1,96,271.00 5.00
Fri, 12/12/2025 2 Sun, 14/12/2025 45.00 5.00
Fri, 12/12/2025 3 Mon, 15/12/2025 28,347.00 5.00
5. Net liquidity injected from today's
-2,22,509.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation
(b) Reverse Repo Operation
3. MSF#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 8,974.81
E. Net liquidity injected from outstanding operations [injection
8,974.81
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-2,13,534.19
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 12, 2025 7,26,273.81
(ii) Average daily cash reserve requirement for the fortnight ending December 12, 2025 7,39,862.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ December 12, 2025 0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on November 28, 2025 2,60,359.00
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
- Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2025-2026/1201 dated September 30, 2025.
Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
Ajit Prasad
Press Release: 2025-2026/1698 Deputy General Manager
(Communications)