**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI) presenting the money market operations as of January 9, 2026. It details volumes, weighted average rates, and ranges for various money market segments, as well as RBI operations like LAF, MSF, and SDF. It also includes the cash reserve position of scheduled commercial banks and net durable liquidity as of December 12, 2025.
**Key Points / Main Content**
* **Money Market Operations (as of January 09, 2026):**
* **Overnight Segment:**
* Volume: ₹6,82,543.95 Crore; Weighted Average Rate: 5.28%; Range: 0.01-6.50%
* **Term Segment:**
* Volume for various tenors provided with corresponding rates.
* **RBI Operations (as of January 09, 2026):**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF):**
* Fixed and Variable Rate operations are detailed, including repo and reverse repo operations.
* MSF and SDFA rates are listed for different tenors (1-3 days).
* Net liquidity injected from today's operations: ₹-34,858.00 Crore
* **Standing Liquidity Facility (SLF) Availed from RBI:**
* ₹13,558.66 Crore
* **Net liquidity injected from outstanding operations:**
* ₹13,558.66 Crore
* **Net liquidity injected (outstanding including today's operations):**
* ₹-21,299.34 Crore
* **Reserve Position (as of specified dates):**
* **Cash Reserves Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on January 09, 2026: ₹7,40,085.24 Crore.
* Average daily cash reserve requirement for the fortnight ending January 15, 2026: ₹7,48,477.00 Crore.
* **Government of India Surplus Cash Balance Reckoned for Auction as on:**
* January 09, 2026: ₹1,27,210.00 Crore
* **Net Durable Liquidity (as of December 12, 2025):**
* ₹3,25,160.00 Crore
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Must adhere to the cash reserve requirements and manage their liquidity positions in accordance with the reported rates and volumes in various money market segments. They are also affected by the LAF, MSF, and SDF operations conducted by the RBI.
* **Action Required:** Monitor the reported rates and volumes to optimize their liquidity management strategies, and ensure compliance with the stipulated reserve requirements.
**Financial Institutions/Money Market Participants**
* **Impact:** Directly affected by the rates and liquidity conditions reported for overnight and term money market segments, as well as the impact of RBI's liquidity management operations.
* **Action Required:** Adjust their trading and investment strategies based on the prevailing market conditions, as indicated by the reported rates and volumes.
**Government of India**
* **Impact:** The reported surplus cash balance with the RBI affects the government's liquidity position and borrowing plans.
* **Action Required:** Consider the government's cash position when making decisions related to borrowing and spending.
Key Entities Referenced
Reserve Bank of India: India's central bank, responsible for monetary policy and regulation of the banking system.
Money Market Operations: Trading activities in short-term debt instruments to manage liquidity in the financial system.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to inject or absorb liquidity through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility allowing banks to borrow overnight from the RBI at a penal rate against government securities.
Standing Deposit Facility (SDF): A tool enabling the RBI to absorb excess liquidity from the banking system without any collateral.
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
January 12, 2026
Money Market Operations as on January 09, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,82,543.95 5.28 0.01-6.50
I. Call Money 18,256.21 5.44 4.50-5.60
II. Triparty Repo 4,65,773.05 5.20 4.80-5.40
III. Market Repo 1,95,207.09 5.44 0.01-5.70
IV. Repo in Corporate Bond 3,307.60 5.60 5.50-6.50
B. Term Segment
I. Notice Money** 149.75 5.37 4.80-5.55
II. Term Money@@ 867.80 - 5.25-5.85
III. Triparty Repo 400.00 5.27 5.25-5.40
IV. Market Repo 786.69 5.40 4.00-5.50
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 Fri, 09/01/2026 4 Tue, 13/01/2026 50,011.00 5.27
Fri, 09/01/2026 4 Tue, 13/01/2026 77,199.00 5.26
(b) Reverse Repo Operation
3. MSF# Fri, 09/01/2026 1 Sat, 10/01/2026 69.00 5.50
Fri, 09/01/2026 2 Sun, 11/01/2026 0.00 5.50
Fri, 09/01/2026 3 Mon, 12/01/2026 273.00 5.50
4. SDFΔ# Fri, 09/01/2026 1 Sat, 10/01/2026 1,33,314.00 5.00
Fri, 09/01/2026 2 Sun, 11/01/2026 90.00 5.00
Fri, 09/01/2026 3 Mon, 12/01/2026 29,006.00 5.00
5. Net liquidity injected from today's
-34,858.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation
(b) Reverse Repo Operation
3. MSF#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 13,558.66
E. Net liquidity injected from outstanding operations [injection
13,558.66
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-21,299.34
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 09, 2026 7,40,085.24
(ii) Average daily cash reserve requirement for the fortnight ending^ January 15, 2026 7,48,477.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 09, 2026 1,27,210.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on December 12, 2025 3,25,160.00
@ 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.
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: 2025-2026/1897 Deputy General Manager
(Communications)