**Executive Summary**
This press release, dated February 20, 2026, from the Reserve Bank of India (RBI), provides details of money market operations as of February 18, 2026. It covers overnight and term segments, RBI operations, and cash reserve positions of scheduled commercial banks. The release also includes information on liquidity adjustment facilities, standing facilities, and government surplus cash balances.
**Key Points / Main Content**
* **Money Markets (as of February 18, 2026):**
* Overnight Segment: Volume of ₹6,66,990.74 Crore with a weighted average rate of 4.91% (range: 3.90-7.75%). Includes Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* Term Segment: Various tenors and volumes with weighted average rates. Includes Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **RBI Operations:**
* Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF): Today's operations and outstanding operations are detailed, including fixed and variable rate repos, reverse repos, MSF, and SDF.
* Net Liquidity: Net liquidity injected from today's operations is ₹-3,85,078.00 Crore (absorption).
* Outstanding Operations: The outstanding operations are detailed with respective fixed and variable rates for Repo, Reverse Repo, SDF and MSF.
* Standing Liquidity Facility (SLF): Standing Liquidity Facility (SLF) Availed from RBI is ₹6,687.34 Crore.
* Net Liquidity: Net liquidity injected from outstanding operations is ₹1,33,213.34 Crore.
* Net Liquidity: Net liquidity injected (outstanding including today's operations) is ₹-2,51,864.66 Crore (absorption).
* **Reserve Position:**
* Cash Reserves: Cash balances with RBI as of February 18, 2026, were ₹8,01,777.30 Crore.
* Cash Reserve Ratio: Average daily cash reserve requirement for the fortnight ending February 28, 2026 is ₹7,65,963.00 Crore.
* Government of India surplus cash balance reckoned for auction as on February 18, 2026 is ₹0.00 Crore.
* Net durable liquidity on January 31, 2026 is ₹4,53,843.00 Crore.
**Impact Analysis**
**Stakeholder: Scheduled Commercial Banks**
* **Impact:** The cash balances with RBI and the average daily cash reserve requirement for the fortnight. This provides banks with an overview of their liquidity position and reserve requirements, influencing their lending and investment decisions.
* **Action Required:** Banks need to maintain the required cash reserve ratio (CRR) with RBI and manage their liquidity positions based on the information provided in the press release.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India, primary subject providing data on money market operations.
Liquidity Adjustment Facility (LAF): A monetary policy tool used by RBI to inject or absorb liquidity.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI.
Standing Deposit Facility (SDF): A monetary policy tool used by RBI to absorb liquidity without any collateral.
Money Markets: The overall context of the press release, focusing on various money market operations.
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)