Money Market Operations as on January 14, 2026

**Executive Summary** This press release by the Reserve Bank of India (RBI), dated January 16, 2026, reports on money market operations as of January 14, 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). The release also covers the cash reserve position of scheduled commercial banks. **Key Points / Main Content** * **Money Markets:** * **Overnight Segment:** Total volume of ₹6,75,587.11 Crore with a weighted average rate of 5.31% (range: 0.01-5.98%). * Call Money: ₹16,343.12 Crore (5.39%, range: 4.60-5.50%). * Triparty Repo: ₹4,64,481.15 Crore (5.29%, range: 5.21-5.50%). * Market Repo: ₹1,90,595.44 Crore (5.34%, range: 0.01-5.60%). * Repo in Corporate Bond: ₹4,167.40 Crore (5.47%, range: 5.40-5.98%). * **Term Segment:** * Notice Money: ₹529.42 Crore (5.40%, range: 4.90-5.45%). * Term Money: ₹620.00 Crore (5.70-5.85%). * Triparty Repo: ₹4,266.00 Crore (5.44%, range: 5.20-5.60%). * Market Repo: ₹9,564.45 Crore (5.40%, range: 2.25-5.50%). * Repo in Corporate Bond: ₹0.00 Crore. * **RBI Operations (Today's Operations - January 14, 2026):** * **Variable Rate Repo Operation:** ₹29,114.00 Crore (5.26%, maturity: January 16, 2026). * **MSF:** ₹288.00 Crore (5.50%, maturity: January 15, 2026), ₹500.00 Crore (5.50%, maturity: January 16, 2026). * **SDF:** ₹1,17,463.00 Crore (5.00%, maturity: January 15, 2026), ₹2,056.00 Crore (5.00%, maturity: January 16, 2026). * Net liquidity injected from today's operations: -₹89,617.00 Crore. * **RBI Operations (Outstanding Operations):** * **Standing Liquidity Facility (SLF) Availed from RBI:** ₹13,178.66 Crore. * Net liquidity injected from outstanding operations: ₹13,178.66 Crore. * Net liquidity injected (outstanding including today's operations): -₹76,438.34 Crore. * **Reserve Position (as of January 14-15, 2026):** * Cash balances with RBI: ₹7,49,334.88 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 14, 2026: ₹29,114.00 Crore. * Net durable liquidity [surplus (+)/deficit (-)] as on December 12, 2025: ₹3,25,160.00 Crore. **Impact Analysis** **Scheduled Commercial Banks** * **Impact:** Affected by the money market rates and liquidity conditions reported, influencing their lending and borrowing strategies. They also need to meet the average daily cash reserve requirements. * **Action Required:** Banks must manage their cash reserves to meet the RBI requirements and adjust their operations based on the reported money market trends. **The Reserve Bank of India (RBI)** * **Impact:** As the central bank, it uses money market operations to manage liquidity in the banking system, implement monetary policy, and maintain financial stability. * **Action Required:** The RBI needs to analyze the impact of these operations to ensure effective liquidity management and policy implementation. **Government of India** * **Impact:** The government's surplus cash balance held with the RBI impacts the overall liquidity and financial conditions. * **Action Required:** Monitor the impact of government balances on money market liquidity. **Financial Institutions and Market Participants** * **Impact:** The reported rates and volumes influence funding costs and investment decisions in various market segments like call money, repo, and corporate bonds. * **Action Required:** Monitor and adjust trading and investment strategies based on the reported money market conditions.

Key Entities Referenced