**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated December 18, 2025, provides details on money market operations as of December 17, 2025. It covers overnight and term segment transactions, RBI operations including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), Standing Deposit Facility (SDF), and the cash reserve position of scheduled commercial banks. The release also references previous press releases and notifications related to these operations.
**Key Points / Main Content**
* **Money Market Operations (December 17, 2025):**
* **Overnight Segment:** Total volume ₹6,65,765.77 Crore with a weighted average rate of 5.30%. Components include:
* Call Money: ₹18,160.19 Crore (5.46%)
* Triparty Repo: ₹4,39,833.90 Crore (5.28%)
* Market Repo: ₹2,05,109.38 Crore (5.32%)
* Repo in Corporate Bond: ₹2,662.30 Crore (5.61%)
* **Term Segment:** Total volume ₹254.00 Crore (5.37%)
* Notice Money: ₹254.00 Crore (5.37%)
* Term Money: ₹1,177.00 Crore
* Triparty Repo: ₹570.00 Crore (5.31%)
* Market Repo: ₹133.27 Crore (5.70%)
* Repo in Corporate Bond: ₹0.00 Crore
* **RBI Operations (December 17, 2025):**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF):**
* Fixed and variable rate operations conducted.
* Repo Operation: ₹57,175.00 Crore (5.26%)
* MSF: ₹354.00 Crore (5.50%)
* SDFA: ₹1,51,004.00 Crore (5.00%)
* **Outstanding Operations:**
* Repo Operations (various tenors): ₹49,791.00, ₹77,379.00, and ₹24,969.00 Crore (5.26%)
* **Standing Liquidity Facility (SLF) Availed from RBI:** ₹9,922.12 Crore
* **Net Liquidity Position:**
* Injected from outstanding operations: ₹1,62,061.12 Crore
* Injected including today's operations: ₹68,586.12 Crore
* **Reserve Position:**
* Cash balances with RBI (December 17, 2025): ₹7,53,560.46 Crore
* Average daily cash reserve requirement (fortnight ending December 31, 2025): ₹7,45,778.00 Crore
* Government of India surplus cash balance reckoned for auction (December 17, 2025): ₹57,175.00 Crore
* Net durable liquidity (November 28, 2025): ₹2,60,359.00 Crore
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks are directly affected by the outcomes of the overnight and term segments, RBI operations (LAF, MSF, SDF), and reserve requirements. These operations influence their liquidity, lending rates, and profitability.
* **Action Required:** Banks need to manage their liquidity positions, participate in auctions, and comply with reserve requirements set by the RBI.
**Reserve Bank of India (RBI)**
* **Impact:** The RBI utilizes these operations to manage liquidity in the money market, control inflation, and maintain financial stability.
* **Action Required:** The RBI needs to continuously monitor market conditions, adjust operational parameters, and communicate its policy decisions to stakeholders.
Key Entities Referenced
Reserve Bank of India (RBI): India's central bank, responsible for monetary policy and regulation of the banking system; the source of the data in the press release.
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 funds overnight from the RBI against their SLR portfolio.
Standing Deposit Facility (SDF): A tool which allows the RBI to absorb liquidity from the banks without providing them with government securities as collateral.
Repo Operation: A money market instrument used by the RBI to inject liquidity into the banking system.
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 18, 2025
Money Market Operations as on December 17, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,65,765.77 5.30 0.01-6.50
I. Call Money 18,160.19 5.46 4.50-5.65
II. Triparty Repo 4,39,833.90 5.28 4.80-5.45
III. Market Repo 2,05,109.38 5.32 0.01-5.65
IV. Repo in Corporate Bond 2,662.30 5.61 5.50-6.50
B. Term Segment
I. Notice Money** 254.00 5.37 4.85-5.50
II. Term Money@@ 1,177.00 - 5.50-5.90
III. Triparty Repo 570.00 5.31 5.00-5.47
IV. Market Repo 133.27 5.70 5.55-5.90
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 Wed, 17/12/2025 1 Thu, 18/12/2025 57,175.00 5.26
(b) Reverse Repo Operation
3. MSF# Wed, 17/12/2025 1 Thu, 18/12/2025 354.00 5.50
4. SDFΔ# Wed, 17/12/2025 1 Thu, 18/12/2025 1,51,004.00 5.00
5. Net liquidity injected from today's
-93,475.00
operations [injection (+)/absorption (-)]*
II Outstanding 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
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$ 9,922.12
E. Net liquidity injected from outstanding operations [injection
1,62,061.12
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
68,586.12
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 17, 2025 7,53,560.46
(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 17, 2025 57,175.00
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: 2025-2026/1725 Deputy General Manager
(Communications)