**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated December 26, 2025, reports on money market operations as of December 24, 2025. It provides details on overnight and term segment transactions, RBI operations including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), Standing Deposit Facility (SDF), and reserve positions of scheduled commercial banks. The document also references notification No. RBI/2025-26/148 DOR.RET.REC.354/12.01.001/2025-26 dated December 11, 2025.
**Key Points / Main Content**
* **Money Market Operations (as of December 24, 2025):**
* **Overnight Segment:** Total volume of ₹7,04,987.48 crore with a weighted average rate of 5.34% and a range of 2.00-6.45%.
* **Term Segment:** Reported volumes and weighted average rates for Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **RBI Operations:**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Today's Operations:**
* Variable Rate Repo Operation: ₹87,347.00 crore at 5.26%
* MSF: ₹338.00 and ₹358.00 crore at 5.50%.
* SDFA: ₹1,16,314.00 and ₹3,803.00 crore at 5.00%.
* Net liquidity injected from today's operations: -₹32,074.00 crore.
* **Outstanding Operations:**
* Variable Rate Repo Operation: ₹77,379.00 and ₹24,969.00 crore at 5.26%.
* Standing Liquidity Facility (SLF) Availed from RBI: ₹10,790.77 crore.
* Net liquidity injected from outstanding operations: ₹1,13,138.77 crore.
* Net liquidity injected (outstanding including today's operations): ₹81,064.77 crore.
* **Reserve Position:**
* **Cash Reserves Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on December 24, 2025: ₹7,37,985.65 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 24, 2025:** ₹87,347.00 crore.
* **Net durable liquidity as on November 28, 2025:** ₹2,60,359.00 crore.
**Impact Analysis**
**Scheduled Commercial Banks:**
* **Impact:** The data on cash reserves and liquidity injections directly impacts the banks' liquidity management and their ability to meet reserve requirements.
* **Action Required:** Banks need to monitor their cash balances with RBI, manage their participation in LAF, MSF, and SDF operations based on the reported rates and amounts, and ensure compliance with the cash reserve requirements.
**Government of India:**
* **Impact:** The surplus cash balance data is relevant to the government's cash management and borrowing decisions.
* **Action Required:** The government likely uses this data for planning its borrowing program and managing its overall financial position.
**RBI (Internal Stakeholders):**
* **Impact:** This report provides a snapshot of the effectiveness of its monetary policy operations.
* **Action Required:** The RBI uses this data to analyze the impact of its liquidity management tools and adjust its policies as needed.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India, conducting money market operations.
Liquidity Adjustment Facility (LAF): Tool used by 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.
Standing Deposit Facility (SDF): A tool for absorbing liquidity from the banking system.
Repo Operation: A monetary policy instrument used by the RBI to inject liquidity into the banking system.
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 26, 2025
Money Market Operations as on December 24, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 7,04,987.48 5.34 2.00-6.45
I. Call Money 17,445.39 5.47 4.50-5.57
II. Triparty Repo 4,75,553.65 5.31 5.20-5.51
III. Market Repo 2,08,589.84 5.38 2.00-5.71
IV. Repo in Corporate Bond 3,398.60 5.50 5.40-6.45
B. Term Segment
I. Notice Money** 133.46 5.33 4.60-5.50
II. Term Money@@ 156.00 - 5.60-5.90
III. Triparty Repo 4,499.85 5.60 5.30-5.90
IV. Market Repo 68.80 5.55 5.55-5.55
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 Wed, 24/12/2025 2 Fri, 26/12/2025 87,347.00 5.26
(b) Reverse Repo Operation
3. MSF# Wed, 24/12/2025 1 Thu, 25/12/2025 338.00 5.50
Wed, 24/12/2025 2 Fri, 26/12/2025 358.00 5.50
4. SDFΔ# Wed, 24/12/2025 1 Thu, 25/12/2025 1,16,314.00 5.00
Wed, 24/12/2025 2 Fri, 26/12/2025 3,803.00 5.00
5. Net liquidity injected from today's
-32,074.00
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$ 10,790.77
E. Net liquidity injected from outstanding operations [injection
1,13,138.77
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
81,064.77
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 24, 2025 7,37,985.65
(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 24, 2025 87,347.00
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: 2025-2026/1771 Deputy General Manager
(Communications)