**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI) providing details of money market operations as on December 24, 2025. It outlines volumes, weighted average rates, and ranges for various money market segments, as well as the details of RBI operations such as the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF). The release also provides data on reserve positions of scheduled commercial banks.
**Key Points / Main Content**
* **Money Markets**
* **Overnight Segment:** Total volume is ₹7,04,987.48 crore, with a weighted average rate of 5.34% and a range of 2.00-6.45%.
* **Term Segment:** Includes Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond, with details on volume and average rates.
* **RBI Operations (Today's Operations - December 24, 2025)**
* **Variable Rate Repo Operation:** ₹87,347.00 crore at 5.26% (maturity date: Fri, 26/12/2025).
* **MSF:** ₹338.00 crore (maturity date: Thu, 25/12/2025) and ₹358.00 crore (maturity date: Fri, 26/12/2025), both at 5.50%.
* **SDFA:** ₹1,16,314.00 crore (maturity date: Thu, 25/12/2025) and ₹3,803.00 crore (maturity date: Fri, 26/12/2025), both at 5.00%.
* **Net Liquidity Injection:** Net absorption of ₹32,074.00 crore.
* **RBI Operations (Outstanding Operations)**
* **Variable Rate Repo Operation:** ₹77,379.00 crore at 5.26% (maturity date: Fri, 26/12/2025).
* **Reverse Repo Operation:** ₹24,969.00 crore at 5.26% (maturity date: Fri, 26/12/2025).
* **Standing Liquidity Facility (SLF):** Availed from RBI: ₹10,790.77 crore.
* **Net Liquidity Injection:** Injection of ₹1,13,138.77 crore. (outstanding)
* **Net Liquidity Injection (Outstanding including today's operations):** Injection of ₹81,064.77 crore.
* **Reserve Position**
* **Cash Reserves of Scheduled Commercial Banks (as on December 24, 2025):** ₹7,37,985.65 crore.
* **Average Daily Cash Reserve Requirement (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 (November 28, 2025):** ₹2,60,359.00 crore.
**Impact Analysis**
**Stakeholder: Scheduled Commercial Banks**
* **Impact:** Affected by the liquidity conditions, interest rates, and reserve requirements set by the RBI, which influence their lending and borrowing activities.
* **Action Required:** Need to manage their liquidity positions and comply with the cash reserve requirements outlined in the release.
**Stakeholder: Financial Institutions & Money Market Participants**
* **Impact:** Impacted by the rates, volumes, and facilities provided by the RBI, influencing their trading strategies and investment decisions in the money market.
* **Action Required:** Need to monitor the RBI's operations and adjust their strategies based on the information provided in the release.
**Stakeholder: Government of India**
* **Impact:** Influenced by the RBI's management of liquidity and its impact on interest rates and overall financial stability.
* **Action Required:** Monitor the surplus cash balance reckoned for auction.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India; primary entity conducting and reporting on the money market operations.
Liquidity Adjustment Facility (LAF): RBI's primary tool to inject or absorb 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 without any collateral.
Money Markets: Overall context of the report; encompasses overnight and term segments.
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)