**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated December 17, 2025, presents the money market operations data as of December 16, 2025. It covers various segments of the money market, RBI operations including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF), and the cash reserve position of scheduled commercial banks. The next cash reserve position is to be reported on December 31, 2025.
**Key Points / Main Content**
* **Money Markets (as of December 16, 2025):**
* **Overnight Segment:**
* Volume (One Leg): ₹6,82,778.62 Crore
* Weighted Average Rate: 5.33%
* Range: 0.01-6.50%
* **Term Segment:**
* Volume (One Leg): ₹720.88 Crore (Notice Money**), ₹943.50 Crore (Term Money@@)
* Weighted Average Rate: 5.57% (Notice Money**)
* **RBI Operations (as of December 16, 2025):**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) Today's Operations:**
* Repo Operation (Variable Rate): ₹49,791.00 Crore, Maturity Date: December 18, 2025, Current Rate/Cut off Rate: 5.26%
* Reverse Repo Operation (Variable Rate): ₹77,379.00 Crore, Maturity Date: December 26, 2025, Current Rate/Cut off Rate: 5.26%
* MSF: ₹5,418.00 Crore, Maturity Date: December 17, 2025, Current Rate/Cut off Rate: 5.50%
* SDFA: ₹1,05,016.00 Crore, Maturity Date: December 17, 2025, Current Rate/Cut off Rate: 5.00%
* **Outstanding Operations:**
* Repo Operation (Variable Rate): ₹24,969.00 Crore, Maturity Date: December 26, 2025, Current Rate/Cut off Rate: 5.26%
* **Net Liquidity:**
* Net liquidity injected from today's operations: ₹27,572.00 Crore
* Net liquidity injected from outstanding operations: ₹33,215.81 Crore
* Net liquidity injected (outstanding including today's operations): ₹60,787.81 Crore
* **Reserve Position of Scheduled Commercial Banks (as of December 16, 2025):**
* Cash balances with RBI: ₹7,49,701.93 Crore
* Average daily cash reserve requirement for the fortnight ending December 31, 2025: ₹7,45,778.00 Crore
* **Other Items:**
* Government of India Surplus Cash Balance Reckoned for Auction as on December 16, 2025: ₹1,27,170.00 Crore
* Net durable liquidity as on November 28, 2025: ₹2,60,359.00 Crore
* Standing Liquidity Facility (SLF) Availed from RBI: ₹8,246.81 Crore
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks need to maintain the required cash reserve ratio (CRR) with the RBI. Changes in liquidity facilities and rates affect their borrowing costs and overall profitability. The data helps them manage their liquidity positions effectively.
* **Action Required:** Monitor the current rates, outstanding operations and maintain adequate cash balances with the RBI.
**RBI**
* **Impact:** The RBI uses these operations to manage liquidity in the money market, control inflation, and maintain financial stability.
* **Action Required:** The RBI monitors and adjusts the various rates and facilities as necessary based on market conditions.
Key Entities Referenced
Reserve Bank of India (RBI): India's central bank, the primary entity responsible for money market operations and monetary policy.
Liquidity Adjustment Facility (LAF): A key tool used by the RBI to manage liquidity in the money market.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI against government securities.
Standing Deposit Facility (SDF): A tool used by RBI to absorb liquidity from the banking system.
Repo Operation: A money market instrument used for short-term borrowing by selling securities with an agreement to repurchase them at a later date.
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 17, 2025
Money Market Operations as on December 16, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,82,778.62 5.33 0.01-6.50
I. Call Money 22,735.79 5.41 4.50-5.70
II. Triparty Repo 4,46,366.65 5.32 5.15-5.60
III. Market Repo 2,11,013.88 5.36 0.01-6.00
IV. Repo in Corporate Bond 2,662.30 5.41 5.35-6.50
B. Term Segment
I. Notice Money** 720.88 5.57 4.95-5.70
II. Term Money@@ 943.50 - 5.45-5.85
III. Triparty Repo 1,825.00 5.38 5.27-5.45
IV. Market Repo 384.73 5.05 4.90-5.65
V. Repo in Corporate Bond 0.00 - -
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 Tue, 16/12/2025 2 Thu, 18/12/2025 49,791.00 5.26
Tue, 16/12/2025 10 Fri, 26/12/2025 77,379.00 5.26
(b) Reverse Repo Operation
3. MSF# Tue, 16/12/2025 1 Wed, 17/12/2025 5,418.00 5.50
4. SDFΔ# Tue, 16/12/2025 1 Wed, 17/12/2025 1,05,016.00 5.00
5. Net liquidity injected from today's
27,572.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Mon, 15/12/2025 11 Fri, 26/12/2025 24,969.00 5.26
(b) Reverse Repo Operation
3. MSF#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 8,246.81
E. Net liquidity injected from outstanding operations [injection
33,215.81
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
60,787.81
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 16, 2025 7,49,701.93
(ii) Average daily cash reserve requirement for the fortnight ending^ December 31, 2025 7,45,778.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ December 16, 2025 1,27,170.00
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.
^ As per the notification No. RBI/2025-26/148 DOR.RET.REC.354/12.01.001/2025-26 dated December 11, 2025.
Ajit Prasad
Press Release: 2025-2026/1716 Deputy General Manager
(Communications)