**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 details volumes, weighted average rates, and ranges for various money market segments, as well as RBI operations like the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). The document also includes data on cash reserves and government surplus cash balance as of specific dates in December 2025.
**Key Points / Main Content**
* **Money Market Segments:**
* **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:** Notice Money stands at ₹133.46 Crore, with a weighted average rate of 5.33% and a range of 4.60-5.50%.
* **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% (Auctioned Wed, 24/12/2025, Maturity Fri, 26/12/2025).
* **MSF:** ₹338.00 Crore at 5.50% (Auctioned Wed, 24/12/2025, Maturity Thu, 25/12/2025); ₹358.00 Crore at 5.50% (Auctioned Wed, 24/12/2025, Maturity Fri, 26/12/2025).
* **SDF:** ₹1,16,314.00 Crore at 5.00% (Auctioned Wed, 24/12/2025, Maturity Thu, 25/12/2025); ₹3,803.00 Crore at 5.00% (Auctioned Wed, 24/12/2025, Maturity Fri, 26/12/2025).
* **Net liquidity** injected from today's operations ₹-32,074.00 Crore.
* **Outstanding Operations:**
* **Variable Rate Repo Operation:** ₹77,379.00 Crore at 5.26% (Auctioned Tue, 16/12/2025, Maturity Fri, 26/12/2025); ₹24,969.00 Crore at 5.26% (Auctioned Mon, 15/12/2025, Maturity Fri, 26/12/2025).
* **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 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 report provides information on cash reserve requirements and liquidity positions, which are crucial for banks to manage their funds effectively and comply with regulatory requirements. The interest rates and volumes in various money market segments inform their decisions regarding borrowing and lending.
**Action Required**
Banks need to review the data to ensure compliance with cash reserve requirements and to optimize their participation in the money market for liquidity management and profitability.
**Government of India**
**Impact**
The government's surplus cash balance and overall liquidity conditions influence its borrowing costs and fiscal management strategies.
**Action Required**
The government may need to adjust its borrowing plans based on the surplus cash balance and the prevailing liquidity conditions in the market.
**RBI (Reserve Bank of India)**
**Impact**
The report is a key tool for the RBI to assess the effectiveness of its monetary policy operations and to make informed decisions regarding liquidity management.
**Action Required**
The RBI uses the report data to adjust its LAF, MSF, and SDF operations to maintain stable liquidity and interest rates in the money market.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for monetary policy and regulation of the banking system, plays a central role in money market operations.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the banking system through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI against their SLR securities.
Standing Deposit Facility (SDF): A facility allowing banks to park surplus liquidity with the RBI, without any collateral.
Money Market: Overall context of the document
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)