**Executive Summary**
This document provides a summary of money market operations conducted by the Reserve Bank of India (RBI) as of December 21, 2025. It outlines the volumes, rates, and ranges for various money market instruments and RBI operations. The report also details the cash reserve positions of scheduled commercial banks and the net durable liquidity in the market.
**Key Points / Main Content**
* **Money Markets**
* Overnight Segment:
* Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond all reported a volume of 0.00.
* Term Segment:
* Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond all reported a volume of 0.00.
* **RBI Operations**
* Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Today's Operations
* Variable Rate: Reverse Repo Operation volume of 94,924.00 at 5.00%
* Marginal Standing Facility (MSF) volume of 2,173.00 at 5.50%
* Net liquidity injected from today's operations (absorption) of -92,751.00
* Outstanding Operations
* Variable Rate: Repo Operations with volumes and rates as stated in the report.
* Reverse Repo Operations volumes and rates as stated in the report.
* MSF with volumes and rates as stated in the report.
* SDF with volumes and rates as stated in the report.
* Standing Liquidity Facility (SLF) Availed from RBI: Amounted to 10,405.83.
* Net liquidity injected from outstanding operations (injection) was 1,50,471.83.
* Net liquidity injected (outstanding including today's operations) (absorption) was 57,720.83
* **Reserve Position**
* Cash Reserves Position of Scheduled Commercial Banks:
* Cash balances with RBI as on 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 (surplus) as on November 28, 2025: 2,60,359.00
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact**
* Affected by changes in liquidity, reserve requirements, and available facilities.
* **Action Required**
* Ensure compliance with cash reserve requirements and manage liquidity positions accordingly.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for monetary policy and regulation of the financial system. The document reports on the RBI's money market operations.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the money market.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI against their government securities portfolio.
Standing Deposit Facility (SDF): A tool used by the RBI for collateral free absorption of liquidity.
Money Market Operations: Deals with short-term debt instruments and loans, including overnight loans and short-term securities.
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)