**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated February 20, 2026, reports on the Money Market Operations as of February 19, 2026. It details volumes, weighted average rates, and ranges for overnight and term segments, as well as RBI operations including the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). Cash reserve positions of scheduled commercial banks are also reported.
**Key Points / Main Content**
* **Money Markets:**
* Reports volume and weighted average rate for overnight segments (Call Money, Triparty Repo, Market Repo, Repo in Corporate Bond) and term segments (Notice Money, Term Money, Triparty Repo, Market Repo, Repo in Corporate Bond), all with a volume of 0.00.
* **RBI Operations:**
* **Today’s Operations (February 19, 2026):**
* MSF: ₹74.00 Crore at 5.50%, maturing on February 20, 2026.
* SDF: ₹3,23,427.00 Crore at 5.00%, maturing on February 20, 2026.
* Net liquidity injection from today's operations (injection (+)/absorption (-)): -₹3,23,353.00 Crore
* **Outstanding Operations:**
* Repo Operation: ₹22,651.00 Crore at 5.34%, maturing on April 30, 2026.
* Reverse Repo Operation: ₹1,03,875.00 Crore at 5.26%, maturing on April 30, 2026.
* MSF: ₹705.00 Crore at 5.50%, maturing on February 20, 2026.
* SDF: ₹55,241.00 Crore at 5.00%, maturing on February 20, 2026.
* Standing Liquidity Facility (SLF) Availed from RBI: ₹6,687.34 Crore.
* Net liquidity injected from outstanding operations (injection (+)/absorption (-)): ₹78,677.34 Crore.
* Net liquidity injected (outstanding including today's operations) [injection (+)/absorption (-)]: -₹2,44,675.66 Crore.
* **Reserve Position:**
* Cash balances with RBI as on 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:** Affected by changes in liquidity and rates, impacting their borrowing and lending activities. Required to maintain specified cash reserve balances with the RBI.
**Action Required:** Monitor RBI operations and adjust liquidity management strategies to comply with reserve requirements and optimize borrowing/lending activities.
Key Entities Referenced
Reserve Bank of India (RBI): India's central bank, responsible for monetary policy and regulation of the banking system, and a primary entity involved in the money market operations described in the document.
Liquidity Adjustment Facility (LAF): A key monetary policy tool used by the RBI to inject or absorb liquidity into/from the banking system through 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 interest rate against their government securities holding.
Standing Deposit Facility (SDF): A facility that allows the RBI to absorb excess liquidity from the commercial banks without any collateral transfer, at a specified interest rate.
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)