**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI) detailing money market operations as of December 21, 2025. It outlines volumes, rates, and liquidity positions in various money market segments and RBI operations. The release also presents the cash reserve positions of scheduled commercial banks.
**Key Points / Main Content**
* **Money Markets**:
* *Overnight Segment*: Lists volumes for Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond, each at 0.00.
* *Term Segment*: Lists volumes for Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond, each at 0.00.
* **RBI Operations - Today's Operations**:
* *Variable Rate Repo Operation*: Auction on December 21, 2025, with a tenor of 1 day, maturing on December 22, 2025. The amount is 2,173.00 with a rate of 5.50.
* *Standing Deposit Facility (SDF)*: Auction on December 21, 2025, with a tenor of 1 day, maturing on December 22, 2025. The amount is 94,924.00 with a rate of 5.00.
* Net liquidity injected from today's operations is -92,751.00.
* **RBI Operations - Outstanding Operations**:
* *Variable Rate Repo Operation*: Various auctions occurred between December 15, 2025 and December 18, 2025, with tenors ranging from 4 to 11 days. Maturities are on either December 22, 2025 or December 26, 2025. Amounts range from 24,969.00 to 77,379.00, all at a rate of 5.26.
* *Marginal Standing Facility (MSF)*: Auctions occurred on December 19, 2025 and December 20, 2025, with tenors of 2 and 3 days. Maturities are on December 22, 2025. Amounts are 5,379.00 and 0.00, both at a rate of 5.50.
* *Standing Deposit Facility (SDF)*: Auctions occurred on December 19, 2025 and December 20, 2025, with tenors of 2 and 3 days. Maturities are on December 22, 2025. Amounts are 16,264.00 and 1,450.00, both at a rate of 5.00.
* Standing Liquidity Facility (SLF) Availed from RBI: 10,405.83
* Net liquidity injected from outstanding operations is 1,50,471.83.
* Net liquidity injected (outstanding including today's operations) is 57,720.83.
* **Reserve Position**:
* Cash balances with RBI as of December 21, 2025: 7,93,821.59.
* Average daily cash reserve requirement for the fortnight ending December 31, 2025: 7,45,778.00.
* Government of India Surplus Cash Balance reckoned for Auction as on December 19, 2025: 0.00.
* Net durable liquidity as on November 28, 2025: 2,60,359.00.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact**: Banks must maintain required cash reserves with RBI.
* **Action Required**: Monitor and adjust their cash balances to meet the average daily cash reserve requirements by the end of the fortnight on December 31, 2025.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for regulating the country's monetary policy and banking system; this document details its money market operations.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the money market through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI against government securities.
Standing Deposit Facility (SDF): A tool that allows the RBI to absorb liquidity from commercial banks without any collateral.
Money Market: A market for short-term debt instruments. The document reports on money market operations, which are activities within this market.
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 21, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 0.00 - -
I. Call Money 0.00 - -
II. Triparty Repo 0.00 - -
III. Market Repo 0.00 - -
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# Sun, 21/12/2025 1 Mon, 22/12/2025 2,173.00 5.50
4. SDFΔ# Sun, 21/12/2025 1 Mon, 22/12/2025 94,924.00 5.00
5. Net liquidity injected from today's
-92,751.00
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# Sat, 20/12/2025 2 Mon, 22/12/2025 5,379.00 5.50
Fri, 19/12/2025 3 Mon, 22/12/2025 0.00 5.50
4. SDFΔ# Sat, 20/12/2025 2 Mon, 22/12/2025 16,264.00 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
1,50,471.83
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
57,720.83
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 21, 2025 7,93,821.59
(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: 2025-2026/1748 Deputy General Manager
(Communications)