**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated February 23, 2026, reports on money market operations as of February 20, 2026. It provides data on overnight and term segments, RBI operations including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF), and cash reserve positions of scheduled commercial banks. The report does not contain any key deadlines or action items.
**Key Points / Main Content**
*Money Market Operations as on February 20, 2026:*
* **Overnight Segment (One Leg Volume and Range):**
* Overnight Segment: ₹10,526.88 Crore, Weighted Average Rate: 4.93%, Range: 4.00-6.05%
* Call Money: ₹878.10 Crore, Weighted Average Rate: 4.82%, Range: 4.50-5.15%
* Triparty Repo: ₹3,579.90 Crore, Weighted Average Rate: 4.80%, Range: 4.40-5.06%
* Market Repo: ₹249.68 Crore, Weighted Average Rate: 4.24%, Range: 4.00-4.25%
* Repo in Corporate Bond: ₹5,819.20 Crore, Weighted Average Rate: 5.06%, Range: 5.00-6.05%
* **Term Segment (One Leg Volume and Range):**
* Term Segment: ₹12,767.70 Crore, Weighted Average Rate: 5.11%, Range: 4.50-5.78%
* Notice Money: ₹1,804.00 Crore, Range: 5.35-5.90%
* Triparty Repo: ₹4,68,368.20 Crore, Weighted Average Rate: 4.94%, Range: 4.70-5.07%
* Market Repo: ₹1,79,432.84 Crore, Weighted Average Rate: 4.97%, Range: 3.50-5.20%
* Repo in Corporate Bond: ₹600.00 Crore, Weighted Average Rate: 6.73%, Range: 6.70-6.75%
* **RBI Operations - Today's Operations:**
* Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) are reported.
* MSF: Amounts ranging from ₹0.00 to ₹700.00 Crore, Rate: 5.50%
* SDFA: Amounts ranging from ₹0.00 to ₹3,41,920.00 Crore, Rate: 5.00%
* Net liquidity injected from today's operations: -₹3,60,277.00 Crore
* **RBI Operations - Outstanding Operations:**
* Repo Operation: ₹22,651.00 Crore, Rate: 5.34%, Maturity Date: Thu, 30/04/2026
* Reverse Repo Operation: ₹1,03,875.00 Crore, Rate: 5.26%, Maturity Date: Thu, 30/04/2026
* Standing Liquidity Facility (SLF) Availed from RBI: ₹6,687.34 Crore
* Net liquidity injected from outstanding operations: ₹1,33,213.34 Crore
* Net liquidity injected (outstanding including today's operations): -₹2,27,063.66 Crore
* **Reserve Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on February 20, 2026: ₹7,84,391.13 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 20, 2026: ₹0.00 Crore
* Net durable liquidity as on January 31, 2026: ₹4,53,843.00 Crore
**Impact Analysis**
* **Scheduled Commercial Banks**
* **Impact:** Their cash reserve positions and liquidity are affected by the various RBI operations and market dynamics.
* **Action Required:** Monitor and manage their cash reserves to meet the required ratios and optimize liquidity based on the reported data.
* **Money Market Participants (e.g., financial institutions, corporations)**
* **Impact:** The data on money market rates and volumes influences their borrowing and lending decisions.
* **Action Required:** Analyze the trends in overnight and term segments to make informed decisions about short-term investments and funding strategies.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for monetary policy and regulation of the financial system, and the primary entity issuing this press release.
Liquidity Adjustment Facility (LAF): A monetary policy tool used by the RBI to manage liquidity in 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 against their government securities holdings.
Standing Deposit Facility (SDF): A monetary policy tool by which RBI absorbs liquidity from the commercial banks without any collateral.
Mumbai: Location of the Department of Communication, Central Office of the Reserve Bank of India.
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 23, 2026
Money Market Operations as on February 20, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 10,526.88 4.93 4.00-6.05
I. Call Money 878.10 4.82 4.50-5.15
II. Triparty Repo 3,579.90 4.80 4.40-5.06
III. Market Repo 249.68 4.24 4.00-4.25
IV. Repo in Corporate Bond 5,819.20 5.06 5.00-6.05
B. Term Segment
I. Notice Money** 12,767.70 5.11 4.50-5.78
II. Term Money@@ 1,804.00 - 5.35-5.90
III. Triparty Repo 4,68,368.20 4.94 4.70-5.07
IV. Market Repo 1,79,432.84 4.97 3.50-5.20
V. Repo in Corporate Bond 600.00 6.73 6.70-6.75
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# Fri, 20/02/2026 1 Sat, 21/02/2026 73.00 5.50
Fri, 20/02/2026 2 Sun, 22/02/2026 0.00 5.50
Fri, 20/02/2026 3 Mon, 23/02/2026 700.00 5.50
4. SDFΔ# Fri, 20/02/2026 1 Sat, 21/02/2026 3,41,920.00 5.00
Fri, 20/02/2026 2 Sun, 22/02/2026 0.00 5.00
Fri, 20/02/2026 3 Mon, 23/02/2026 19,130.00 5.00
5. Net liquidity injected from today's
-3,60,277.00
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
-2,27,063.66
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on February 20, 2026 7,84,391.13
(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 20, 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: 2025-2026/2150 Deputy General Manager
(Communications)