**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI), dated February 20, 2026, providing details of money market operations as of February 18, 2026. It includes data on overnight and term segments, RBI operations, and cash reserve positions of scheduled commercial banks. There are no specified deadlines or explicit action items.
**Key Points / Main Content**
* **Money Markets Data (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%). Breakdown includes call money, triparty repo, market repo, and repo in corporate bonds.
* **Term Segment:** Includes notice money, term money, triparty repo, market repo, and repo in corporate bonds.
* **RBI Operations (Today's Operations):**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF):** Includes both Fixed and Variable Rates for Repo and Reverse Repo Operations. Details amount, and current rate/cutoff rate.
* **MSF#:** MSF data are specified for tenor of 1 and 2 days.
* **SDFA#:** SDFA data are specified for tenor of 1 and 2 days.
* **Net Liquidity:** Net liquidity injected from today's operations stood at ₹-3,85,078.00 crore.
* **Net Liquidity:** Net liquidity injected from outstanding operations stood at ₹1,33,213.34 crore.
* **Net Liquidity:** Net liquidity injected including today’s operations stood at ₹-2,51,864.66 crore.
* **RBI Operations (Outstanding Operations):**
* **Variable Rate (Repo Operation):** Operations conducted on January 30, 2026 with a tenor of 90 days, maturing on April 30, 2026.
* **Reserve Position:**
* **Cash Reserves:** Cash balances with RBI as on February 18, 2026 was ₹8,01,777.30 Crore. The average daily cash reserve requirement for the fortnight ending February 28, 2026 was ₹7,65,963.00 Crore.
* **Government of India Surplus Cash Balance Reckoned for Auction as on February 18, 2026:** ₹0.00 Crore.
* **Net durable liquidity:** Net durable liquidity as on January 31, 2026: ₹4,53,843.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks need to be aware of the current rates, volumes, and liquidity conditions to manage their funds and comply with reserve requirements.
* **Action Required:** Adjust their lending and borrowing strategies based on the RBI's operations and market rates.
**Money Market Participants (e.g., Corporates, Financial Institutions)**
* **Impact:** Impacts borrowing and lending decisions based on repo rates and liquidity conditions.
* **Action Required:** Monitor market rates and volumes to optimize financial operations.
**Reserve Bank of India (RBI)**
* **Impact:** The report provides information on operations and positions to inform monetary policy decisions.
* **Action Required:** Monitor and adjust money market operations to maintain stability and achieve policy goals.
Key Entities Referenced
Liquidity Adjustment Facility (LAF): A monetary policy instrument used by the RBI to manage liquidity in the banking system.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI against government securities.
Standing Deposit Facility (SDF): A tool that allows the RBI to absorb excess liquidity from the banking system without any collateral.
Reserve Bank of India (RBI): The central bank of India, responsible for regulating the money supply and credit system.
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)