**Executive Summary**
This press release from the Reserve Bank of India, dated December 22, 2025, reports on money market operations as of December 19, 2025. It details volume, weighted average rates, and ranges for various market segments and RBI operations, including liquidity adjustment facilities. The report also contains the cash reserve positions of scheduled commercial banks.
**Key Points / Main Content**
* **Money Markets (as on December 19, 2025):**
* **Overnight Segment:**
* Total volume: ₹13,451.90 Crore, Weighted Average Rate: 5.14%, Range: 4.00-6.30%.
* Includes Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **Term Segment:**
* Total volume: ₹16,937.35 Crore, Weighted Average Rate: 5.38%, Range: 4.60-5.70%.
* 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 19, 2025):**
* Variable Rate Repo Operations are reported for various tenors (1, 2, and 3 days) at a fixed rate of 5.50% for MSF and 5.00% for SDFA.
* Net liquidity injected from today's operations: -₹1,25,397.00 Crore (absorption).
* **Outstanding Operations:**
* Variable Rate Repo Operations: Volumes are reported for operations conducted on Dec 18, 16 and 15 with maturities on Dec 22 and 26 at 5.26%.
* Standing Liquidity Facility (SLF) Availed from RBI: ₹10,405.83 Crore.
* Net liquidity injected from outstanding operations: ₹1,62,806.83 Crore.
* Net liquidity injected (outstanding including today's operations): ₹37,409.83 Crore.
* **Reserve Position:**
* Cash balances with RBI as on December 19, 2025: ₹8,02,513.01 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 19, 2025: ₹0.00 Crore.
* Net durable liquidity as on November 28, 2025: ₹2,60,359.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks need to be aware of the current rates and volumes in the money markets to manage their liquidity positions effectively. The cash reserve requirements influence their lending capacity.
* **Action Required:** Banks need to maintain adequate cash reserves with the RBI to meet the stipulated requirements for the fortnight ending December 31, 2025.
**RBI**
* **Impact:** The document reflects the current liquidity situation and the effectiveness of RBI's monetary policy operations.
* **Action Required:** The RBI needs to monitor the money market conditions and adjust its operations (LAF, MSF, SDF) as necessary to maintain stability and achieve its monetary policy objectives.
Key Entities Referenced
Reserve Bank of India: Central bank responsible for regulating money markets and banking in India.
Liquidity Adjustment Facility (LAF): A monetary policy tool used by RBI to inject or absorb liquidity in the 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 at a rate higher than the repo rate.
Standing Deposit Facility (SDF): A monetary policy tool used by RBI to absorb liquidity in the market by accepting uncollateralized deposits from 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 22, 2025
Money Market Operations as on December 19, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 13,451.90 5.14 4.00-6.30
I. Call Money 726.50 4.87 4.50-5.05
II. Triparty Repo 8,267.50 5.06 4.50-5.25
III. Market Repo 259.60 4.00 4.00-4.00
IV. Repo in Corporate Bond 4,198.30 5.41 5.37-6.30
B. Term Segment
I. Notice Money** 16,937.35 5.38 4.60-5.70
II. Term Money@@ 411.50 - 5.50-6.80
III. Triparty Repo 4,53,740.55 5.08 4.95-5.50
IV. Market Repo 1,98,416.32 5.12 1.00-6.00
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
(b) Reverse Repo Operation
3. MSF# Fri, 19/12/2025 1 Sat, 20/12/2025 314.00 5.50
Fri, 19/12/2025 2 Sun, 21/12/2025 0.00 5.50
Fri, 19/12/2025 3 Mon, 22/12/2025 0.00 5.50
4. SDFΔ# Fri, 19/12/2025 1 Sat, 20/12/2025 1,24,201.00 5.00
Fri, 19/12/2025 2 Sun, 21/12/2025 60.00 5.00
Fri, 19/12/2025 3 Mon, 22/12/2025 1,450.00 5.00
5. Net liquidity injected from today's
-1,25,397.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Thu, 18/12/2025 4 Mon, 22/12/2025 50,053.00 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$ 10,405.83
E. Net liquidity injected from outstanding operations [injection
1,62,806.83
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
37,409.83
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 19, 2025 8,02,513.01
(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 19, 2025 0.00
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: 2025-2026/1745 Deputy General Manager
(Communications)