**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI), dated December 22, 2025, presenting the money market operations as of December 20, 2025. It details overnight and term segment transactions, RBI operations, including the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), Standing Deposit Facility (SDF), and the cash reserve position of scheduled commercial banks. The data presented includes volumes, weighted average rates, ranges, auction dates, tenor, maturity dates, and amounts related to these operations.
**Key Points / Main Content**
* **Money Markets (as of December 20, 2025):**
* **Overnight Segment (I+II+III+IV):** ₹12,000.42 Crore with a weighted average rate of 4.99% (range: 4.00-5.50%).
* **Term Segment:** Amounted to ₹0.00 Crore across various categories.
* **RBI Operations:**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF):**
* Today's operations involved Fixed Rate and Variable Rate operations, including Repo and Reverse Repo.
* MSF and SDFA also detailed with auction dates, tenor, maturity dates, amounts, and current rates.
* Net liquidity injected from today's operations: -₹1,04,278.00 Crore.
* **Outstanding Operations:** Included details on Repo and Reverse Repo operations with various tenors and maturity dates.
* **Standing Liquidity Facility (SLF):** Availed from RBI: ₹10,405.83 Crore.
* **Net liquidity injected from outstanding operations:** ₹1,61,296.83 Crore.
* **Net liquidity injected (outstanding including today's operations):** ₹57,018.83 Crore.
* **Reserve Position:**
* Cash Reserves Position of Scheduled Commercial Banks as of December 20, 2025: ₹7,93,144.40 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 of December 19, 2025: ₹0.00 Crore.
* Net durable liquidity [surplus (+)/deficit (-)] as of November 28, 2025: ₹2,60,359.00 Crore.
**Impact Analysis**
**Stakeholder: Scheduled Commercial Banks**
* **Impact:** Banks are directly affected by the various liquidity and monetary policy operations conducted by the RBI, as these operations influence their liquidity positions and borrowing costs.
* **Action Required:** Banks need to monitor and respond to the RBI's operations, including LAF, MSF, and SDF, to manage their liquidity and comply with reserve requirements.
**Stakeholder: Financial Markets**
* **Impact:** The money market operations influence interest rates and overall market liquidity, affecting trading strategies.
* **Action Required:** Need to monitor trends to identify arbitrage and directional opportunities.
**Stakeholder: Government of India**
* **Impact:** The GOI monitors its surplus cash balance held with the RBI for liquidity and financial planning.
* **Action Required:** Review the level of cash balance to manage government expenditure and borrowing programs.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India; the source of regulatory operations described.
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 government securities portfolio.
Standing Deposit Facility (SDF): A tool that allows the RBI to absorb liquidity from commercial banks without requiring them to provide collateral.
Money Market: Overall context to money market operations conducted by RBI.
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 20, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 12,000.42 4.99 4.00-5.50
I. Call Money 704.25 4.77 4.50-4.99
II. Triparty Repo 10,161.15 5.07 4.25-5.50
III. Market Repo 1,135.02 4.43 4.00-5.01
IV. Repo in Corporate Bond 0.00 - -
B. Term Segment
I. Notice Money** 0.00 - -
II. Term Money@@ 0.00 - -
III. Triparty Repo 0.00 - -
IV. Market Repo 0.00 - -
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# Sat, 20/12/2025 1 Sun, 21/12/2025 1,869.00 5.50
Sat, 20/12/2025 2 Mon, 22/12/2025 5,379.00 5.50
4. SDFΔ# Sat, 20/12/2025 1 Sun, 21/12/2025 95,262.00 5.00
Sat, 20/12/2025 2 Mon, 22/12/2025 16,264.00 5.00
5. Net liquidity injected from today's
-1,04,278.00
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# 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 2 Sun, 21/12/2025 60.00 5.00
Fri, 19/12/2025 3 Mon, 22/12/2025 1,450.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 10,405.83
E. Net liquidity injected from outstanding operations [injection
1,61,296.83
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
57,018.83
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 20, 2025 7,93,144.40
(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: 2025-2026/1747 Deputy General Manager
(Communications)