**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated January 16, 2026, provides details on money market operations as of January 15, 2026. The document covers overnight and term segments, RBI operations like Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF), and the cash reserve position of scheduled commercial banks. It references several previous press releases and notifications, including one dated December 11, 2025.
**Key Points / Main Content**
* **Money Market Operations (January 15, 2026):**
* **Overnight Segment:** Volumes for call money, triparty repo, market repo, and repo in corporate bonds were all 0.00.
* **Term Segment:** Volumes for notice money, term money, triparty repo, market repo, and repo in corporate bonds were all 0.00.
* **RBI Operations (Today's Operations - January 15, 2026):**
* Fixed Rate: Not Applicable
* Variable Rate:
* Repo Operation: ₹4,437.00 crore at 5.50%
* Reverse Repo Operation: ₹1,54,487.00 crore at 5.00%
* MSF: Not Applicable
* SDF: Not Applicable
* Net Liquidity Injected: -₹1,50,050.00 crore (absorption)
* **RBI Operations (Outstanding Operations):**
* Fixed Rate: Not Applicable
* Variable Rate:
* Repo Operation (Wed, 14/01/2026, 2 days): ₹29,114.00 crore at 5.26%
* Reverse Repo Operation (Wed, 14/01/2026, 2 days): ₹500.00 crore at 5.50%
* MSF (Wed, 14/01/2026, 2 days): ₹2,056.00 crore at 5.00%
* SDF: Not Applicable
* **Other Liquidity Measures:**
* Standing Liquidity Facility (SLF) Availed from RBI: ₹13,178.66 crore.
* Net liquidity injected from outstanding operations: ₹40,736.66 crore.
* Net liquidity injected (outstanding including today's operations): -₹1,09,313.34 crore.
* **Cash Reserves Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on January 15, 2026: ₹7,23,481.46 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 31, 2025: 3,43,698.00 crore
**Impact Analysis**
**Scheduled Commercial Banks:**
* **Impact:** Banks need to be aware of the various rates and volumes applicable to different money market instruments and the cash reserve requirements.
* **Action Required:** Monitor their cash reserves to meet the regulatory requirements.
**Financial Institutions participating in LAF, MSF, and SDF:**
* **Impact:** Awareness of current rates and liquidity conditions is crucial for managing funds effectively.
* **Action Required:** Use the information to make informed decisions about participating in these operations.
**RBI:**
* **Impact:** RBI uses these operations to manage liquidity in the market.
* **Action Required:** Continue to monitor and adjust operations as needed to maintain market stability.
Key Entities Referenced
Reserve Bank of India (RBI): India's central bank, responsible for monetary policy and regulating the banking system; primary subject of this press release regarding money market operations.
Liquidity Adjustment Facility (LAF): A tool used by RBI to manage liquidity in the money market through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI at a penal interest rate against government securities.
Standing Deposit Facility (SDF): A facility allowing RBI to absorb liquidity from banks without providing 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 16, 2026
Money Market Operations as on January 15, 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# Thu, 15/01/2026 1 Fri, 16/01/2026 4,437.00 5.50
4. SDFΔ# Thu, 15/01/2026 1 Fri, 16/01/2026 1,54,487.00 5.00
5. Net liquidity injected from today's
-1,50,050.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Wed, 14/01/2026 2 Fri, 16/01/2026 29,114.00 5.26
(b) Reverse Repo Operation
3. MSF# Wed, 14/01/2026 2 Fri, 16/01/2026 500.00 5.50
4. SDFΔ# Wed, 14/01/2026 2 Fri, 16/01/2026 2,056.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 13,178.66
E. Net liquidity injected from outstanding operations [injection
40,736.66
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-1,09,313.34
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 15, 2026 7,23,481.46
(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 14, 2026 29,114.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on December 31, 2025 3,43,698.00
@ 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: 2025-2026/1932 Deputy General Manager
(Communications)