**Executive Summary**
This press release, dated December 29, 2025, from the Reserve Bank of India, provides details of money market operations as of December 28, 2025. It covers overnight and term segments, RBI operations including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), Standing Deposit Facility (SDF), and the cash reserve position of scheduled commercial banks. There are several maturity dates of Monday, December 29, 2025, and Tuesday, December 30, 2025.
**Key Points / Main Content**
* **Money Markets (December 28, 2025):**
* Overnight Segment (Call Money, Triparty Repo, Market Repo, Repo in Corporate Bond): All at ₹0.00 crore.
* Term Segment (Notice Money, Term Money, Triparty Repo, Market Repo, Repo in Corporate Bond): All at ₹0.00 crore.
* **RBI Operations:**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Today's Operations:**
* MSF: ₹277.00 crore at 5.50% rate (Auction Date: Sun, 28/12/2025; Tenor: 1 Day; Maturity Date: Mon, 29/12/2025).
* SDFA: ₹1,32,680.00 crore at 5.00% rate (Auction Date: Sun, 28/12/2025; Tenor: 1 Day; Maturity Date: Mon, 29/12/2025).
* Net liquidity injected from today's operations [injection (+)/absorption (-)]: -₹1,32,403.00 crore.
* **Outstanding Operations:**
* Repo Operation: ₹1,75,021.00 crore at 5.26% rate (Auction Date: Fri, 26/12/2025; Tenor: 4 Days; Maturity Date: Tue, 30/12/2025).
* Reverse Repo Operation: ₹28,007.00 crore at 5.26% rate (Auction Date: Fri, 26/12/2025; Tenor: 4 Days; Maturity Date: Tue, 30/12/2025).
* MSF: ₹0.00 crore at 5.50% rate (Auction Date: Sat, 27/12/2025; Tenor: 2 Days; Maturity Date: Mon, 29/12/2025). ₹357.00 crore at 5.50% rate (Auction Date: Fri, 26/12/2025; Tenor: 3 Days; Maturity Date: Mon, 29/12/2025).
* SDFA: ₹79.00 crore at 5.00% rate (Auction Date: Sat, 27/12/2025; Tenor: 2 Days; Maturity Date: Mon, 29/12/2025). ₹19,392.00 crore at 5.00% rate (Auction Date: Fri, 26/12/2025; Tenor: 3 Days; Maturity Date: Mon, 29/12/2025).
* Standing Liquidity Facility (SLF) Availed from RBI: ₹10,790.77 crore.
* Net liquidity injected from outstanding operations [injection (+)/absorption (-)]: ₹1,94,704.77 crore.
* Net liquidity injected (outstanding including today's operations) [injection (+)/absorption (-)]: ₹62,301.77 crore.
* **Reserve Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on December 28, 2025: ₹7,28,307.75 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 26, 2025: ₹2,03,028.00 crore.
* Net durable liquidity [surplus (+)/deficit (-)] as on November 28, 2025: ₹2,60,359.00 crore.
**Impact Analysis**
**Scheduled Commercial Banks:**
* **Impact:** Banks need to maintain the required cash balances with RBI and manage their liquidity positions according to the rates and facilities outlined.
* **Action Required:** Monitor and adjust liquidity management strategies based on the LAF, MSF, SDF operations, and cash reserve requirements.
**Government of India:**
* **Impact:** The government's surplus cash balance impacts liquidity conditions in the market and the RBI's operations.
* **Action Required:** Monitor the impact of government cash balances on market liquidity.
**RBI:**
* **Impact:** These operations help the RBI manage liquidity in the money market and maintain financial stability.
* **Action Required:** Continue to monitor market conditions and adjust operations as necessary to achieve monetary policy objectives.
Key Entities Referenced
Liquidity Adjustment Facility (LAF): A tool used by the Reserve Bank of India (RBI) to manage liquidity in the money market by injecting or absorbing funds. It includes repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight from the Reserve Bank of India (RBI) at a penal rate of interest against their government securities portfolio.
Standing Deposit Facility (SDF): A tool used by the Reserve Bank of India (RBI) to absorb liquidity without any collateral.
RBI OPERATIONS: Refers to the various operations conducted by the Reserve Bank of India (RBI) to manage money supply and liquidity in the market.
Reserve Bank of India (RBI): The central bank of India, responsible for regulating the money supply and credit system of the country.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
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 29, 2025
Money Market Operations as on December 28, 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# Sun, 28/12/2025 1 Mon, 29/12/2025 277.00 5.50
4. SDFΔ# Sun, 28/12/2025 1 Mon, 29/12/2025 1,32,680.00 5.00
5. Net liquidity injected from today's
-1,32,403.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Fri, 26/12/2025 4 Tue, 30/12/2025 1,75,021.00 5.26
Fri, 26/12/2025 4 Tue, 30/12/2025 28,007.00 5.26
(b) Reverse Repo Operation
3. MSF# Sat, 27/12/2025 2 Mon, 29/12/2025 0.00 5.50
Fri, 26/12/2025 3 Mon, 29/12/2025 357.00 5.50
4. SDFΔ# Sat, 27/12/2025 2 Mon, 29/12/2025 79.00 5.00
Fri, 26/12/2025 3 Mon, 29/12/2025 19,392.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 10,790.77
E. Net liquidity injected from outstanding operations [injection
1,94,704.77
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
62,301.77
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on December 28, 2025 7,28,307.75
(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 26, 2025 2,03,028.00
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: 2025-2026/1784 Deputy General Manager
(Communications)