Money Market Operations as on December 20, 2025

**Executive Summary** This document is a press release from the Reserve Bank of India (RBI) outlining money market operations as of December 20, 2025. It details overnight and term segment transactions, RBI operations including liquidity adjustment facilities, and the cash reserve position of scheduled commercial banks. There are outstanding operations maturing on December 21, 2025, December 22, 2025, and December 26, 2025. **Key Points / Main Content** * **Overnight Segment (December 20, 2025):** * Total volume: ₹12,000.42 Crore, Weighted Average Rate: 4.99%, Range: 4.00-5.50% * Call Money: ₹704.25 Crore, Weighted Average Rate: 4.77%, Range: 4.50-4.99% * Triparty Repo: ₹10,161.15 Crore, Weighted Average Rate: 5.07%, Range: 4.25-5.50% * Market Repo: ₹1,135.02 Crore, Weighted Average Rate: 4.43%, Range: 4.00-5.01% * Repo in Corporate Bond: ₹0.00 Crore * **Term Segment (December 20, 2025):** * All types listed are ₹0.00 Crore. This includes Notice Money, Term Money, Triparty Repo, Market Repo and Repo in Corporate Bond. * **RBI Operations:** * **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF) - Today's Operations (December 20, 2025):** * Fixed Rate transactions unavailable. * Variable Rate Repo Operation: ₹1,869.00 Crore for 1 day and ₹5,379.00 Crore for 2 days. * Variable Rate Reverse Repo Operation: ₹95,262.00 Crore for 1 day and ₹16,264.00 Crore for 2 days. * MSF Rate: 5.50% * SDFA Rate: 5.00% * **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF) - Outstanding Operations:** * Variable Rate Repo Operation maturing on December 22 and 26, 2025. * Variable Rate Reverse Repo Operation maturing on December 21 and 22, 2025. * MSF rate: 5.50% * SDFA Rate: 5.00% * **Standing Liquidity Facility (SLF):** ₹10,405.83 Crore Availed from RBI. * **Net Liquidity Position:** * Net liquidity injected from today's operations: -₹1,04,278.00 Crore (absorption). * Net liquidity injected from outstanding operations: ₹1,61,296.83 Crore (injection). * Net liquidity injected (outstanding including today’s operations): ₹57,018.83 Crore (injection). * **Cash Reserve Position (December 20, 2025):** * Cash balances with RBI: ₹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 on December 19, 2025: ₹0.00 Crore * Net durable liquidity [surplus (+)/deficit (-)] as on November 28, 2025: ₹2,60,359.00 Crore **Impact Analysis** **Scheduled Commercial Banks** * **Impact:** Affected by changes in liquidity, interest rates, and reserve requirements. The cash reserve positions of these banks determine their ability to lend and participate in the money market. * **Action Required:** Banks must manage their liquidity positions, maintain required reserves with the RBI, and adjust their lending and borrowing strategies based on the prevailing rates and market conditions. **Government of India** * **Impact:** Impacted by the surplus cash balance available, which affects the auction dynamics. * **Action Required:** The Government should consider the liquidity position when planning auctions and managing its cash balances.

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