**Executive Summary**
This document details the Reserve Bank of India's Money Market Operations for February 28, 2026, and related reserve positions of scheduled commercial banks. It outlines liquidity injected and absorbed through various facilities. Key operations for February 28, 2026, are presented, with outstanding operations also detailed. The net liquidity injected from today's operations was -3,73,061.00 crore.
**Key Points / Main Content**
**Money Market Operations (February 28, 2026)**
* **Overnight Segment:** All segments (Call Money, Triparty Repo, Market Repo, Repo in Corporate Bond) showed zero volume.
* **Term Segment:** All segments (Notice Money, Term Money, Triparty Repo, Market Repo, Repo in Corporate Bond) showed zero volume.
**RBI Operations: Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)**
* **Today's Operations (February 28, 2026):**
* Fixed Rate Variable Rate Repo Operations injected ₹187.00 crore at 5.50% and ₹171.00 crore at 5.50%.
* Standing Deposit Facility (SDF) operations injected ₹3,71,011.00 crore at 5.00% and ₹2,408.00 crore at 5.00%.
* The net liquidity injected from these operations was -₹3,73,061.00 crore.
* **Outstanding Operations:**
* Variable Rate Repo Operations (90-day tenor) showed an amount of ₹22,651.00 crore at 5.34% and ₹1,03,875.00 crore at 5.26%.
* MSF operations showed ₹0.00 crore at 5.50% and ₹92.00 crore at 5.50%.
* SDF operations showed ₹0.00 crore at 5.00% and ₹44,768.00 crore at 5.00%.
* Net liquidity injected from outstanding operations was ₹89,268.38 crore.
* The overall net liquidity injected (outstanding including today's operations) was -₹2,83,792.62 crore.
**Reserve Position of Scheduled Commercial Banks**
* Cash balances with RBI as on February 28, 2026, were ₹7,51,712.38 crore.
* 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 27, 2026, was ₹0.00 crore.
* Net durable liquidity (surplus (+)/deficit (-)) as on February 15, 2026, was ₹5,60,171.00 crore.
**Impact Analysis**
**Key Stakeholders:** Scheduled Commercial Banks
**Impact**
* Banks are directly involved in the money market operations conducted by the RBI, including LAF, MSF, and SDF. The reported figures reflect the liquidity available to banks and the rates at which they can access or place funds with the central bank.
* The net liquidity injected or absorbed by the RBI impacts the overall liquidity conditions in the banking system, influencing interbank lending rates and the cost of funds for banks.
* The cash reserve requirements and net durable liquidity figures provide insights into the liquidity position of scheduled commercial banks and their regulatory obligations.
**Action Required**
* Banks need to be aware of the current liquidity conditions and the operations undertaken by the RBI as detailed in this document to manage their own liquidity effectively.
* They should monitor the rates and amounts for LAF, MSF, and SDF operations for their funding and investment strategies.
* Banks must adhere to the cash reserve requirements and manage their net durable liquidity in line with regulatory guidelines.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, issuing this press release and managing monetary operations.
Liquidity Adjustment Facility (LAF): A facility provided by the RBI to banks for managing short-term liquidity.
Marginal Standing Facility (MSF): A facility for scheduled banks to borrow overnight from the RBI against their excess SLR.
Standing Deposit Facility (SDF): A facility for banks to park excess liquidity with the RBI at a fixed rate.
Press Release No. 2025-2026/2196: The specific press release document that this information is from.
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
March 02, 2026
Money Market Operations as on February 28, 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# Sat, 28/02/2026 1 Sun, 01/03/2026 187.00 5.50
Sat, 28/02/2026 2 Mon, 02/03/2026 171.00 5.50
4. SDFΔ# Sat, 28/02/2026 1 Sun, 01/03/2026 3,71,011.00 5.00
Sat, 28/02/2026 2 Mon, 02/03/2026 2,408.00 5.00
5. Net liquidity injected from today's
-3,73,061.00
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, 27/02/2026 2 Sun, 01/03/2026 0.00 5.50
Fri, 27/02/2026 3 Mon, 02/03/2026 92.00 5.50
4. SDFΔ# Fri, 27/02/2026 2 Sun, 01/03/2026 0.00 5.00
Fri, 27/02/2026 3 Mon, 02/03/2026 44,768.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 7,418.38
E. Net liquidity injected from outstanding operations [injection
89,268.38
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-2,83,792.62
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on February 28, 2026 7,51,712.38
(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 27, 2026 0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on February 15, 2026 5,60,171.00
@ 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: 2025-2026/2196 Deputy General Manager
(Communications)