**Executive Summary**
This press release from the Reserve Bank of India, dated December 26, 2025, reports on money market operations as of December 25, 2025. It details volumes and weighted average rates for various segments, including overnight and term segments, as well as RBI operations such as the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). The release also provides information on the cash reserve position of scheduled commercial banks.
**Key Points / Main Content**
* **Money Markets**
* Overnight and term segments exhibit zero volume in all sub-categories (Call Money, Triparty Repo, Market Repo, Repo in Corporate Bond, Notice Money, Term Money).
* **RBI Operations**
* *Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) (Today's Operations)*
* Repo Operation via MSF: Auction Date is Thu, 25/12/2025; Tenor is 1 day; Maturity Date is Fri, 26/12/2025; Amount is ₹360.00 Crore; Current Rate is 5.50%.
* SDF: Auction Date is Thu, 25/12/2025; Tenor is 1 day; Maturity Date is Fri, 26/12/2025; Amount is ₹1,12,877.00 Crore; Current Rate is 5.00%.
* Net liquidity injected from today's operations [injection (+)/absorption (-)]: -₹1,12,517.00 Crore.
* *Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) (Outstanding Operations)*
* Repo Operation via Variable Rate:
* Auction Date Wed, 24/12/2025; Tenor 2 days; Maturity Date Fri, 26/12/2025; Amount ₹87,347.00 Crore; Rate 5.26%.
* Auction Date Tue, 16/12/2025; Tenor 10 days; Maturity Date Fri, 26/12/2025; Amount ₹77,379.00 Crore; Rate 5.26%.
* Auction Date Mon, 15/12/2025; Tenor 11 days; Maturity Date Fri, 26/12/2025; Amount ₹24,969.00 Crore; Rate 5.26%.
* Reverse Repo Operation via Variable Rate:
* Auction Date Wed, 24/12/2025; Tenor 2 days; Maturity Date Fri, 26/12/2025; Amount ₹358.00 Crore; Rate 5.50%.
* SDF: Auction Date Wed, 24/12/2025; Tenor 2 days; Maturity Date Fri, 26/12/2025; Amount ₹3,803.00 Crore; Rate 5.00%.
* Standing Liquidity Facility (SLF) Availed from RBI: ₹10,790.77 Crore.
* Net liquidity injected from outstanding operations [injection (+)/absorption (-)]: ₹1,97,040.77 Crore.
* Net liquidity injected (outstanding including today's operations) [injection (+)/absorption (-)]: ₹84,523.77 Crore.
* **Reserve Position**
* Cash Reserves Position of Scheduled Commercial Banks:
* Cash balances with RBI as on December 25, 2025: ₹7,36,572.57 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 [surplus (+)/deficit (-)] as on November 28, 2025: ₹2,60,359.00 Crore.
**Impact Analysis**
**Stakeholder: Scheduled Commercial Banks**
**Impact:** Banks need to be aware of the liquidity conditions and the rates applicable for various instruments like LAF, MSF, and SDF. This impacts their decisions related to borrowing and lending in the money market.
**Action Required:** Banks need to monitor the RBI's announcements and adjust their liquidity management strategies accordingly. They also need to maintain the required cash reserves with the RBI.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for regulating the country's financial system and money markets. This document relates to RBI's money market operations.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the money market, including repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow funds overnight from the RBI.
Standing Deposit Facility (SDF): A tool used by the RBI to absorb excess liquidity from the banking system.
Money Market: The market for short-term debt instruments. The document reports on money market operations conducted by the RBI.
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 25, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 0.00 - -
I. Call Money 0.00 - -
II. Triparty Repo 0.00 - -
III. Market Repo 0.00 - -
IV. Repo in Corporate Bond 0.00 - -
B. Term Segment
I. Notice Money** 0.00 - -
II. Term Money@@ 0.00 - -
III. Triparty Repo 0.00 - -
IV. Market Repo 0.00 - -
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
(b) Reverse Repo Operation
3. MSF# Thu, 25/12/2025 1 Fri, 26/12/2025 360.00 5.50
4. SDFΔ# Thu, 25/12/2025 1 Fri, 26/12/2025 1,12,877.00 5.00
5. Net liquidity injected from today's
-1,12,517.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Wed, 24/12/2025 2 Fri, 26/12/2025 87,347.00 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# Wed, 24/12/2025 2 Fri, 26/12/2025 358.00 5.50
4. SDFΔ# Wed, 24/12/2025 2 Fri, 26/12/2025 3,803.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 10,790.77
E. Net liquidity injected from outstanding operations [injection
1,97,040.77
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
84,523.77
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 25, 2025 7,36,572.57
(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: 2025-2026/1775 Deputy General Manager
(Communications)