**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated February 20, 2026, reports on money market operations as of February 18, 2026. It provides details on liquidity adjustments, including repo and reverse repo operations, standing facilities, and cash reserve positions. The release also includes information on government of India surplus cash balance reckoned for auction.
**Key Points / Main Content**
* **Money Markets (February 18, 2026)**
* **Overnight Segment:** Total volume of ₹6,66,990.74 crore with a weighted average rate of 4.91% (range 3.90-7.75%). This includes call money, triparty repo, market repo, and repo in corporate bonds.
* **Term Segment:** Volume of ₹4,798.45 crore across notice money, term money, triparty repo, market repo, and repo in corporate bonds, with varying average rates.
* **RBI Operations (February 18, 2026)**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Today's Operations:**
* MSF: ₹101.00 crore (1-day tenor) and ₹705.00 crore (2-day tenor) at 5.50%.
* SDFA: ₹3,30,643.00 crore (1-day tenor) and ₹55,241.00 crore (2-day tenor) at 5.00%.
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Outstanding Operations:**
* Variable Repo Operation: ₹22,651.00 crore (90 day tenor) at 5.34% and ₹1,03,875.00 crore (90 day tenor) at 5.26%.
* **Standing Liquidity Facility (SLF) Availed from RBI:** ₹6,687.34 crore.
* **Net Liquidity Injected (Excluding Today's Operations):** ₹1,33,213.34 crore.
* **Net Liquidity Injected (Including Today's Operations):** -₹2,51,864.66 crore
* **Reserve Position**
* **Cash Reserves of Scheduled Commercial Banks (February 18, 2026):** Cash balance with RBI at ₹8,01,777.30 crore.
* **Average Daily Cash Reserve Requirement:** ₹7,65,963.00 crore for the fortnight ending February 28, 2026.
* **Government of India Surplus Cash Balance Reckoned for Auction as on:** ₹0.00 crore on February 18, 2026.
* **Net Durable Liquidity (January 31, 2026):** ₹4,53,843.00 crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** The press release provides information on the banks' liquidity position and their engagement in various money market instruments. It also includes information on how the cash reserve requirements changed during the period
* **Action Required:** Banks need to review their liquidity management strategies based on the information provided in the press release, specifically regarding the current rates, volumes, and ranges of money market operations.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for regulating the country's monetary policy and banking system. Primary entity for the press release on money market operations.
Liquidity Adjustment Facility (LAF): A monetary policy tool used by the RBI to inject or absorb liquidity into the banking system.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow funds overnight from the RBI.
Standing Deposit Facility (SDF): A tool that allows the RBI to absorb excess liquidity from the commercial banks without any collateral.
Money Markets: Overall context - markets in which short-term debt instruments (maturity up to 1 year) are traded
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
February 20, 2026
Money Market Operations as on February 18, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,66,990.74 4.91 3.90-7.75
I. Call Money 12,284.40 5.07 4.50-5.20
II. Triparty Repo 4,81,762.25 4.89 4.75-5.00
III. Market Repo 1,68,069.89 4.93 3.90-5.10
IV. Repo in Corporate Bond 4,874.20 5.10 5.00-7.75
B. Term Segment
I. Notice Money** 86.75 5.01 4.70-5.10
II. Term Money@@ 1,353.00 - 5.50-5.80
III. Triparty Repo 2,630.00 4.93 4.85-5.05
IV. Market Repo 739.70 5.31 5.10-5.48
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# Wed, 18/02/2026 1 Thu, 19/02/2026 101.00 5.50
Wed, 18/02/2026 2 Fri, 20/02/2026 705.00 5.50
4. SDFΔ# Wed, 18/02/2026 1 Thu, 19/02/2026 3,30,643.00 5.00
Wed, 18/02/2026 2 Fri, 20/02/2026 55,241.00 5.00
5. Net liquidity injected from today's
-3,85,078.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Fri, 30/01/2026 90~ Thu, 30/04/2026 22,651.00 5.34
Fri, 30/01/2026 90~~ Thu, 30/04/2026 1,03,875.00 5.26
(b) Reverse Repo Operation
3. MSF#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 6,687.34
E. Net liquidity injected from outstanding operations [injection
1,33,213.34
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-2,51,864.66
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on February 18, 2026 8,01,777.30
(ii) Average daily cash reserve requirement for the fortnight ending^ February 28, 2026 7,65,963.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 18, 2026 0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on January 31, 2026 4,53,843.00
@ 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.
~ As per the Press Release No 2025-2026/1998 dated January 27, 2026.
~~ As per the Press Release No 2025-2026/2015 dated January 30, 2026.
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: 2025-2026/2139 Deputy General Manager
(Communications)