**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated February 20, 2026, provides an overview of money market operations as of February 19, 2026. It details the volumes and rates for various instruments, including overnight and term segments, as well as RBI operations like Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). It also includes the cash reserve positions of scheduled commercial banks.
**Key Points / Main Content**
* **Money Markets (as of February 19, 2026)**
* Overnight Segment: Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond all recorded a volume of ₹0.00 Crore.
* Term Segment: Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond all recorded a volume of ₹0.00 Crore.
* **RBI Operations**
* **Today's Operations:**
* MSF: ₹74.00 Crore at 5.50%
* SDF: ₹3,23,427.00 Crore at 5.00%
* Net liquidity injected from today's operations: -₹3,23,353.00 Crore
* **Outstanding Operations:**
* Repo Operation (Fri, 30/01/2026 to Thu, 30/04/2026): ₹22,651.00 Crore at 5.34%
* Reverse Repo Operation (Fri, 30/01/2026 to Thu, 30/04/2026): ₹1,03,875.00 Crore at 5.26%
* MSF (Wed, 18/02/2026 to Fri, 20/02/2026): ₹705.00 Crore at 5.50%
* SDF (Wed, 18/02/2026 to Fri, 20/02/2026): ₹55,241.00 Crore at 5.00%
* Standing Liquidity Facility (SLF) Availed from RBI: ₹6,687.34 Crore.
* Net liquidity injected from outstanding operations: ₹78,677.34 Crore.
* Net liquidity injected (outstanding including today's operations): -₹2,44,675.66 Crore.
* **Reserve Position**
* Cash balances with RBI (as of February 19, 2026): ₹7,90,503.60 Crore.
* Average daily cash reserve requirement for the fortnight ending February 28, 2026: ₹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 [surplus (+)/deficit (-)] as on January 31, 2026: ₹4,53,843.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks are informed about the current rates, liquidity conditions, and reserve requirements. This impacts their liquidity management and compliance with RBI regulations.
* **Action Required:** Banks need to manage their liquidity positions, ensure compliance with cash reserve requirements, and use the information for informed decision-making in money market operations.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India; primary regulator for monetary policy and liquidity management operations described in the press release.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the banking system. Includes repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI at a penal rate against their government securities.
Standing Deposit Facility (SDF): A tool used by the RBI to absorb excess liquidity from the banking 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 19, 2026
(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, 19/02/2026 1 Fri, 20/02/2026 74.00 5.50
4. SDFΔ# Thu, 19/02/2026 1 Fri, 20/02/2026 3,23,427.00 5.00
5. Net liquidity injected from today's
-3,23,353.00
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# Wed, 18/02/2026 2 Fri, 20/02/2026 705.00 5.50
4. SDFΔ# Wed, 18/02/2026 2 Fri, 20/02/2026 55,241.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 6,687.34
E. Net liquidity injected from outstanding operations [injection
78,677.34
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-2,44,675.66
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on February 19, 2026 7,90,503.60
(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: 2025-2026/2141 Deputy General Manager
(Communications)