**Executive Summary**
This document presents the Reserve Bank of India's (RBI) money market operations as of December 22, 2025. It details volumes, weighted average rates, and ranges for various money market instruments, including overnight and term segments, as well as RBI operations such as LAF, MSF, and SDF. The report also provides data on cash reserves of scheduled commercial banks and government surplus cash balance.
**Key Points / Main Content**
* **Money Markets (as of December 22, 2025):**
* **Overnight Segment:** Total volume of ₹7,25,101.26 Crore, with a weighted average rate of 5.29% and a range of 1.25-6.35%.
* Call Money: ₹18,149.59 Crore at 5.38% (4.50-5.50% range).
* Triparty Repo: ₹5,03,670.60 Crore at 5.30% (5.10-5.70% range).
* Market Repo: ₹1,99,071.77 Crore at 5.26% (1.25-5.95% range).
* Repo in Corporate Bond: ₹4,209.30 Crore at 5.46% (5.40-6.35% range).
* **Term Segment:**
* Notice Money: ₹711.80 Crore at 5.41% (4.95-5.65% range).
* Term Money: ₹622.00 Crore (5.40-5.85% range).
* Triparty Repo: ₹368.00 Crore at 5.37% (5.10-5.50% range).
* Market Repo: ₹24.47 Crore at 5.30% (5.30-5.30% range).
* Repo in Corporate Bond: ₹0.00 Crore.
* **RBI Operations (December 22, 2025):**
* **Today's Operations:**
* Variable Rate Repo Operation: ₹15,507.00 Crore at 5.26% (Maturity date: December 24, 2025).
* MSF: ₹3,452.00 Crore at 5.50% (Maturity date: December 23, 2025).
* SDF: ₹76,861.00 Crore at 5.00% (Maturity date: December 23, 2025).
* Net liquidity injected from today's operations: -₹57,902.00 Crore.
* **Outstanding Operations:**
* Variable Rate Repo Operation: ₹77,379.00 Crore at 5.26% (Maturity date: December 26, 2025).
* Reverse Repo Operation: ₹24,969.00 Crore at 5.26% (Maturity date: December 26, 2025).
* Standing Liquidity Facility (SLF): ₹10,405.83 Crore.
* Net liquidity injected from outstanding operations: ₹1,12,753.83 Crore.
* Net liquidity injected (outstanding including today's operations): ₹54,851.83 Crore.
* **Cash Reserves Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on December 22, 2025: ₹7,27,904.69 Crore.
* Average daily cash reserve requirement for the fortnight ending December 31, 2025: ₹7,45,778.00 Crore.
* Government of India Surplus Cash Balance: ₹15,507.00 Crore (as of December 22, 2025).
* Net durable liquidity: ₹2,60,359.00 Crore (as of November 28, 2025).
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks are affected by the liquidity conditions, interest rates, and the availability of funds through LAF, MSF, and SDF. The cash reserve requirements also influence their operations.
* **Action Required:** Banks need to monitor the money market conditions and RBI operations to manage their liquidity positions, meet reserve requirements, and optimize their borrowing and lending activities.
**Government of India**
* **Impact:** The government's surplus cash balance is considered for liquidity management, and the overall money market conditions can impact government borrowing costs.
* **Action Required:** The government needs to be aware of the money market conditions to manage its finances effectively and plan its borrowing strategies.
**Reserve Bank of India**
* **Impact:** The central bank manages the money supply and liquidity through the various instruments discussed in the report
* **Action Required:** Monitor the money market conditions to manage its finances effectively and plan its borrowing strategies.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank; primary regulator for the financial entities in the money market operations.
Liquidity Adjustment Facility (LAF): A tool used by 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 funds overnight from the RBI against their government securities portfolio.
Standing Deposit Facility (SDF): A tool allowing the RBI to absorb liquidity from the money market without requiring collateral.
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 23, 2025
Money Market Operations as on December 22, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 7,25,101.26 5.29 1.25-6.35
I. Call Money 18,149.59 5.38 4.50-5.50
II. Triparty Repo 5,03,670.60 5.30 5.10-5.70
III. Market Repo 1,99,071.77 5.26 1.25-5.95
IV. Repo in Corporate Bond 4,209.30 5.46 5.40-6.35
B. Term Segment
I. Notice Money** 711.80 5.41 4.95-5.65
II. Term Money@@ 622.00 - 5.40-5.85
III. Triparty Repo 368.00 5.37 5.10-5.50
IV. Market Repo 24.47 5.30 5.30-5.30
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 Mon, 22/12/2025 2 Wed, 24/12/2025 15,507.00 5.26
(b) Reverse Repo Operation
3. MSF# Mon, 22/12/2025 1 Tue, 23/12/2025 3,452.00 5.50
4. SDFΔ# Mon, 22/12/2025 1 Tue, 23/12/2025 76,861.00 5.00
5. Net liquidity injected from today's
-57,902.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation 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
1,12,753.83
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
54,851.83
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 22, 2025 7,27,904.69
(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 22, 2025 15,507.00
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: 2025-2026/1752 Deputy General Manager
(Communications)