**Executive Summary**
This Reserve Bank of India press release, dated December 19, 2025, reports on money market operations as of December 18, 2025. It details volumes, weighted average rates, and ranges for various money market segments and RBI operations, including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). It also provides the cash reserve positions of scheduled commercial banks.
**Key Points / Main Content**
* **Money Markets (December 18, 2025):**
* Overnight segment volume: ₹6,89,026.83 Crore, weighted average rate: 5.06%, range: 0.01-6.40%.
* Term segment details volumes and rates for notice money, term money, triparty repo, and market repo.
* **RBI Operations (December 18, 2025):**
* Variable Rate Repo Operation (December 18, 2025, 4-day tenor): ₹50,053.00 Crore at 5.26%.
* MSF: ₹4,354.00 Crore at 5.50%.
* SDFA: ₹1,36,767.00 Crore at 5.00%.
* Net liquidity injected from today's operations: -₹82,360.00 Crore.
* Outstanding Variable Rate Repo Operations: ₹77,379.00 Crore (December 16, 2025) and ₹24,969.00 Crore (December 15, 2025) at 5.26% maturing on December 26, 2025.
* Net liquidity injected from outstanding operations: ₹1,12,270.12 Crore.
* Net liquidity injected (outstanding including today's operations): ₹29,910.12 Crore.
* **Reserve Position:**
* Cash reserves with RBI (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 reserve positions and liquidity are directly affected by the RBI's operations.
* **Action Required:** Banks need to monitor their cash balances with the RBI and ensure they meet the average daily cash reserve requirements. They should also consider the impact of LAF, MSF and SDFA operations on their liquidity management strategies.
**Government of India**
* **Impact:** The surplus cash balance held with the RBI influences the government's overall financial position.
* **Action Required:** The government needs to be aware of the surplus cash balance reckoned for auction.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India; primary subject of the press release.
Liquidity Adjustment Facility (LAF): A tool used by RBI to manage liquidity in the money market.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow funds overnight from the RBI against their net SLR.
Standing Deposit Facility (SDF): A tool to absorb liquidity from the banking system without any collateral.
Repo Operation: A tool by which RBI lends money to commercial banks.
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)