**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated December 19, 2025, reports on money market operations and reserve positions as of December 18, 2025. It details volumes, weighted average rates, and ranges for various money market segments and RBI operations. The report also outlines the cash reserve positions of scheduled commercial banks.
**Key Points / Main Content**
* **Money Markets:**
* Overnight Segment volume is ₹6,89,026.83 Crore with a weighted average rate of 5.06% (range: 0.01-6.40%).
* Call Money volume is ₹16,291.54 Crore with a weighted average rate of 5.36% (range: 4.50-5.50%).
* Triparty Repo volume is ₹4,77,284.75 Crore with a weighted average rate of 5.15% (range: 4.80-5.87%).
* Market Repo volume is ₹1,93,038.24 Crore with a weighted average rate of 4.82% (range: 0.01-5.55%).
* Repo in Corporate Bond volume is ₹2,412.30 Crore with a weighted average rate of 5.50% (range: 5.45-6.40%).
* Term Segment includes Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond with specified volumes and rates.
* **RBI Operations (Today's Operations - December 18, 2025):**
* Variable Rate Repo Operation: ₹50,053.00 Crore with a rate of 5.26% maturing on December 22, 2025.
* MSF: ₹4,354.00 Crore with a rate of 5.50% maturing on December 19, 2025.
* SDFA: ₹1,36,767.00 Crore with a rate of 5.00% maturing on December 19, 2025.
* Net liquidity injected from today's operations is -₹82,360.00 Crore.
* **RBI Operations (Outstanding Operations):**
* Variable Rate Repo Operation: ₹77,379.00 Crore with a rate of 5.26% maturing on December 26, 2025.
* Reverse Repo Operation: ₹24,969.00 Crore with a rate of 5.26% maturing on December 26, 2025.
* **Liquidity and Reserve Position:**
* Standing Liquidity Facility (SLF) Availed from RBI: ₹9,922.12 Crore.
* Net liquidity injected from outstanding operations is ₹1,12,270.12 Crore.
* Net liquidity injected (outstanding including today's operations) is ₹29,910.12 Crore.
* Cash Reserves Position of Scheduled Commercial Banks 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 as on November 28, 2025: ₹2,60,359.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Affected by changes in repo rates, MSF rates, and liquidity conditions, influencing their borrowing and lending activities. Impacted by the cash reserve requirements.
* **Action Required:** Need to adjust their operations and strategies in response to the money market conditions and RBI policies. Must maintain the required cash reserves with the RBI.
**Money Market Participants**
* **Impact:** Affected by fluctuations in money market rates and liquidity, impacting investment and trading strategies.
* **Action Required:** Need to monitor money market trends and adjust their investment decisions accordingly.
**Government of India**
* **Impact:** Surplus cash balance with RBI affects the overall liquidity in the system.
* **Action Required:** Monitor and manage surplus cash balance in coordination with RBI policies.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank; primary entity responsible for monetary policy operations described in the release.
Liquidity Adjustment Facility (LAF): A key instrument used by RBI to manage liquidity in the banking system.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow funds overnight from the RBI against their excess SLR holdings.
Standing Deposit Facility (SDF): A tool used by the RBI to absorb liquidity from the banking system.
Repo Operation: Mechanism used by RBI for injecting 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 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)