**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI) dated December 24, 2025, providing an overview of money market operations as of December 23, 2025. It details volumes, weighted average rates, and ranges for various money market segments, along with RBI operations such as the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). The cash reserve position of scheduled commercial banks is included, alongside other measures of liquidity.
**Key Points / Main Content**
* **Money Market Operations:**
* The total volume in the Overnight Segment (I+II+III+IV) is ₹7,09,153.60 Crore, with a weighted average rate of 5.27% and a range of 0.01-6.45%.
* Volumes and weighted average rates are specified for Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond within the overnight segment.
* The Term Segment includes Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond, with associated volumes and rates.
* **RBI Operations (Today's Operations - Dec 23, 2025):**
* **Repo Operation:** ₹75,033.00 Crore at a fixed rate of 5.26%
* **Reverse Repo Operation:** ₹37,622.00 Crore at a fixed rate of 5.26%
* **MSF:** ₹412.00 Crore at 5.50%
* **SDFA:** ₹1,79,720.00 Crore at 5.00%
* Net liquidity injected from today's operations: ₹-66,653.00 Crore.
* **RBI Operations (Outstanding Operations):**
* **Repo Operation:** ₹15,507.00 Crore at 5.26% maturing Dec 24, 2025; ₹77,379.00 Crore at 5.26% maturing Dec 26, 2025; ₹24,969.00 Crore at 5.26% maturing Dec 26, 2025.
* **Other Liquidity Facilities:**
* The amount availed from the Standing Liquidity Facility (SLF) from RBI is ₹10,434.12 Crore.
* Net liquidity injected from outstanding operations (injection): ₹1,28,289.12 Crore.
* Net liquidity injected (outstanding including today's operations) (injection): ₹61,636.12 Crore.
* **Reserve Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on December 23, 2025: ₹7,31,305.71 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 23, 2025: ₹1,12,655.00 Crore.
* **Net durable liquidity:**
* As on November 28, 2025: ₹2,60,359.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact**: Directly affected by the RBI's monetary policy decisions regarding liquidity, interest rates, and reserve requirements. They are central to the functioning of the money markets reported in the document.
* **Action Required**: Banks need to adjust their operations based on the provided data to manage liquidity and comply with RBI's requirements related to cash reserves and participation in LAF, MSF, and SDF.
**Financial Institutions Participating in Money Markets**
* **Impact**: The data provides crucial information on the state of the money markets (rates, volumes, ranges), allowing participants to better price risk, find counterparties, and manage liquidity.
* **Action Required**: Financial institutions should incorporate the information when pricing transactions, to optimise treasury management, and assess risk.
**RBI**
* **Impact**: The data reflects the results of the central bank's monetary policy and its market interventions, allowing it to assess the efficacy of its actions and refine future policies.
* **Action Required**: Analyze the data to inform future policy decisions regarding liquidity management and interest rate adjustments.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank responsible for money market operations.
Liquidity Adjustment Facility (LAF): Tool used by the RBI to manage liquidity in the money market.
Marginal Standing Facility (MSF): Facility that allows banks to borrow overnight funds from the RBI against eligible government securities.
Standing Deposit Facility (SDF): Tool that allows the RBI to absorb excess liquidity from the banking system.
Money Market: Financial market where short-term debt instruments are traded.
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 24, 2025
Money Market Operations as on December 23, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 7,09,153.60 5.27 0.01-6.45
I. Call Money 16,171.31 5.42 4.50-5.65
II. Triparty Repo 4,79,202.00 5.23 4.75-5.46
III. Market Repo 2,10,106.69 5.34 0.01-5.75
IV. Repo in Corporate Bond 3,673.60 5.55 5.50-6.45
B. Term Segment
I. Notice Money** 295.50 5.41 4.85-5.50
II. Term Money@@ 1,910.00 - 5.55-6.80
III. Triparty Repo 748.00 5.37 5.05-5.45
IV. Market Repo 89.87 5.60 5.60-5.60
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 Tue, 23/12/2025 1 Wed, 24/12/2025 75,033.00 5.26
Tue, 23/12/2025 1 Wed, 24/12/2025 37,622.00 5.26
(b) Reverse Repo Operation
3. MSF# Tue, 23/12/2025 1 Wed, 24/12/2025 412.00 5.50
4. SDFΔ# Tue, 23/12/2025 1 Wed, 24/12/2025 1,79,720.00 5.00
5. Net liquidity injected from today's
-66,653.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Mon, 22/12/2025 2 Wed, 24/12/2025 15,507.00 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#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 10,434.12
E. Net liquidity injected from outstanding operations [injection
1,28,289.12
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
61,636.12
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 23, 2025 7,31,305.71
(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 23, 2025 1,12,655.00
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: 2025-2026/1762 Deputy General Manager
(Communications)