**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated December 19, 2025, reports on money market operations as of December 18, 2025. It provides details on various segments, including overnight and term segments, as well as RBI operations related to liquidity adjustment facilities. It also covers the reserve positions of scheduled commercial banks, government of India surplus and net durable liquidity.
**Key Points / Main Content**
* **Money Markets**
* **Overnight Segment:** Total volume ₹6,89,026.83 Crore, weighted average rate 5.06%, range 0.01-6.40%. Includes Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **Term Segment:** Includes Notice Money, Term Money, Triparty Repo, Market Repo and Repo in Corporate Bond.
* **RBI Operations**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Today's Operations (December 18, 2025):**
* Repo Operation: ₹50,053.00 Crore at 5.26% with maturity date December 22, 2025.
* MSF: ₹4,354.00 Crore at 5.50% with maturity date December 19, 2025.
* SDFA: ₹1,36,767.00 Crore at 5.00% with maturity date December 19, 2025.
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Outstanding Operations:**
* Repo Operation: ₹77,379.00 Crore at 5.26% with maturity date December 26, 2025.
* Reverse Repo Operation: ₹24,969.00 Crore at 5.26% with maturity date December 26, 2025.
* Net liquidity injected from today's operations (injection (+)/absorption (-)): ₹-82,360.00 Crore.
* Standing Liquidity Facility (SLF) Availed from RBI: ₹9,922.12 Crore.
* Net liquidity injected from outstanding operations [injection (+)/absorption (-)]: ₹1,12,270.12 Crore.
* Net liquidity injected (outstanding including today's operations) [injection (+)/absorption (-)]: ₹29,910.12 Crore.
* **Reserve Position of Scheduled Commercial Banks**
* Cash balances with RBI as on December 18, 2025: ₹7,69,235.06 Crore.
* Average daily cash reserve requirement for the fortnight ending December 31, 2025: ₹7,45,778.00 Crore.
* Government of India Surplus Cash Balance Reckoned for Auction as on December 18, 2025: ₹50,053.00 Crore.
* Net durable liquidity [surplus (+)/deficit (-)] as on November 28, 2025: ₹2,60,359.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Their cash reserves position, average daily cash reserve requirement, and interaction with RBI's liquidity facilities are affected.
* **Action Required:** Banks need to manage their cash reserves to meet the required reserve ratios and adjust their participation in LAF, MSF, and SDF operations based on the reported rates and amounts.
**Government of India**
* **Impact:** The government's surplus cash balance held with the RBI is reported.
* **Action Required:** The government may use this information for cash management and planning borrowing programs.
**Financial Markets Participants**
* **Impact:** The information impacts decisions around participation in the markets.
* **Action Required:** Need to monitor money market rates and volumes.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India; responsible for monetary policy and regulation of the banking system.
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 against their government securities portfolio.
Standing Deposit Facility (SDF): A tool that allows the RBI to absorb liquidity from commercial banks without the need for collateral.
Mumbai: Location of the Central Office of the Department of Communication of the Reserve Bank of India.
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 19, 2025
Money Market Operations as on December 18, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,89,026.83 5.06 0.01-6.40
I. Call Money 16,291.54 5.36 4.50-5.50
II. Triparty Repo 4,77,284.75 5.15 4.80-5.87
III. Market Repo 1,93,038.24 4.82 0.01-5.55
IV. Repo in Corporate Bond 2,412.30 5.50 5.45-6.40
B. Term Segment
I. Notice Money** 161.50 5.23 4.60-5.35
II. Term Money@@ 618.30 - 5.35-5.85
III. Triparty Repo 1,704.00 5.30 5.00-5.40
IV. Market Repo 35.12 5.70 5.70-5.70
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 Thu, 18/12/2025 4 Mon, 22/12/2025 50,053.00 5.26
(b) Reverse Repo Operation
3. MSF# Thu, 18/12/2025 1 Fri, 19/12/2025 4,354.00 5.50
4. SDFΔ# Thu, 18/12/2025 1 Fri, 19/12/2025 1,36,767.00 5.00
5. Net liquidity injected from today's
-82,360.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation 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
1,12,270.12
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
29,910.12
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 18, 2025 7,69,235.06
(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 18, 2025 50,053.00
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: 2025-2026/1734 Deputy General Manager
(Communications)