**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated February 23, 2026, reports on the money market operations as of February 21, 2026. It details the volumes and rates of various instruments, including overnight and term segments, as well as RBI operations such as LAF, MSF, and SDF. The release also provides an update on the cash reserve position of scheduled commercial banks.
**Key Points / Main Content**
* **Money Markets:**
* **Overnight Segment:** Total volume was ₹13,242.77 Crore with a weighted average rate of 4.80% (range: 4.00-5.30%).
* Call Money: ₹853.71 Crore at 4.72%.
* Triparty Repo: ₹11,524.80 Crore at 4.82%.
* Market Repo: ₹864.26 Crore at 4.69%.
* **Term Segment:** No transactions reported.
* **RBI Operations (Today's Operations):**
* **MSF:** ₹95.00 Crore for 1 day tenor and ₹64.00 Crore for 2 day tenor, both at 5.50%.
* **SDFA:** ₹2,60,225.00 Crore for 1 day tenor and ₹37,080.00 Crore for 2 day tenor, both at 5.00%.
* Net liquidity absorbed from today's operations: ₹-2,97,146.00 Crore.
* **RBI Operations (Outstanding Operations):**
* **Repo Operation:** ₹22,651.00 Crore for 90 day tenor at 5.34% and ₹1,03,875.00 Crore for 90 day tenor at 5.26%.
* **MSF:** ₹0.00 Crore for 2 day tenor and ₹700.00 Crore for 3 day tenor, both at 5.50%.
* **SDFA:** ₹0.00 Crore for 2 day tenor and ₹19,130.00 Crore for 3 day tenor, both at 5.00%.
* **Standing Liquidity Facility (SLF):** Availed from RBI worth ₹6,687.34 Crore.
* **Net Liquidity:**
* Net liquidity injected from outstanding operations: ₹1,14,783.34 Crore.
* Net liquidity injected (outstanding including today's operations): ₹-1,82,362.66 Crore.
* **Cash Reserves Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on February 21, 2026: ₹7,70,139.13 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:** ₹4,53,843.00 Crore as on January 31, 2026.
**Impact Analysis**
**Scheduled Commercial Banks:**
* **Impact:** Affected by the liquidity conditions in the market, repo rates, MSF rates, SDFA rates, and cash reserve requirements.
* **Action Required:** Manage liquidity positions and cash reserves in accordance with the reported rates and requirements. Monitor the evolution of the averages to be compliant by the end of the fortnight.
**RBI:**
* **Impact:** Responsible for managing liquidity in the money market through various instruments and facilities.
* **Action Required:** Continue monitoring market conditions and adjusting operations as necessary to maintain stability.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for monetary policy and banking regulation.
Liquidity Adjustment Facility (LAF): A monetary policy tool 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 their statutory liquidity ratio (SLR) portfolio.
Standing Deposit Facility (SDF): A tool used by the RBI to absorb excess liquidity from the banking system without any collateral.
Mumbai: Location of the RBI central office.
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 21, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 13,242.77 4.80 4.00-5.30
I. Call Money 853.71 4.72 4.50-5.15
II. Triparty Repo 11,524.80 4.82 4.00-5.30
III. Market Repo 864.26 4.69 4.00-5.25
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# Sat, 21/02/2026 1 Sun, 22/02/2026 95.00 5.50
Sat, 21/02/2026 2 Mon, 23/02/2026 64.00 5.50
4. SDFΔ# Sat, 21/02/2026 1 Sun, 22/02/2026 2,60,225.00 5.00
Sat, 21/02/2026 2 Mon, 23/02/2026 37,080.00 5.00
5. Net liquidity injected from today's
-2,97,146.00
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# 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 2 Sun, 22/02/2026 0.00 5.00
Fri, 20/02/2026 3 Mon, 23/02/2026 19,130.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 6,687.34
E. Net liquidity injected from outstanding operations [injection
1,14,783.34
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-1,82,362.66
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on February 21, 2026 7,70,139.13
(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: 2025-2026/2151 Deputy General Manager
(Communications)