**Executive Summary**
This press release from the Reserve Bank of India, dated January 19, 2026, details the money market operations and reserve positions as of January 18, 2026. It covers overnight and term segment transactions, RBI operations including LAF, MSF, and SDF, and the cash reserve position of scheduled commercial banks. The release references several earlier press releases and notifications.
**Key Points / Main Content**
* **Money Market Operations (January 18, 2026):**
* **Overnight Segment:** Nil volume in Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **Term Segment:** Nil volume in Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **RBI Operations (Today's Operations - January 18, 2026):**
* **Repo Operation:** ₹399.00 Crore at 5.50% interest rate, maturing on January 19, 2026.
* **SDF:** ₹1,21,330.00 Crore at 5.00% interest rate, maturing on January 19, 2026.
* **Net Liquidity Injected:** ₹-1,20,931.00 Crore.
* **RBI Operations (Outstanding Operations):**
* **MSF:** ₹25.00 Crore at 5.50% (Date: January 17, 2026; Maturity: January 19, 2026); ₹605.00 Crore at 5.50% (Date: January 16, 2026; Maturity: January 19, 2026).
* **SDF:** ₹12,078.00 Crore at 5.00% (Date: January 17, 2026; Maturity: January 19, 2026); ₹3,754.00 Crore at 5.00% (Date: January 16, 2026; Maturity: January 19, 2026).
* **Standing Liquidity Facility (SLF):** ₹13,178.66 Crore Availed from RBI.
* **Net Liquidity Injected (Outstanding):** ₹-2,023.34 Crore.
* **Net Liquidity Injected (Outstanding Including Today's Operations):** ₹-1,22,954.34 Crore.
* **Reserve Position:**
* **Cash Reserves of Scheduled Commercial Banks (January 18, 2026):** ₹7,69,613.30 Crore.
* **Average Daily Cash Reserve Requirement (Fortnight ending January 31, 2026):** ₹7,64,046.00 Crore.
* **Government of India Surplus Cash Balance (January 16, 2026):** ₹0.00 Crore.
* **Net durable liquidity (December 31, 2025):** ₹3,43,698.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact**: Their cash reserve requirements and balances with RBI are reported, affecting their liquidity management.
* **Action Required**: Monitor and manage their cash reserves to meet the stipulated requirements.
**Financial Institutions participating in LAF, MSF and SDF**
* **Impact**: Interest rates and volumes for LAF, MSF and SDF impact their short-term liquidity and funding costs.
* **Action Required**: Evaluate their liquidity positions and participate in LAF, MSF, and SDF operations as needed, based on the reported rates and volumes.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, which conducts money market operations and manages liquidity.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the money market.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI.
Standing Deposit Facility (SDF): A tool used by the RBI for collateralized absorbing liquidity.
Money Market: The overall market for short-term lending and borrowing, encompassing instruments like call money, repos, and treasury bills.
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 19, 2026
Money Market Operations as on January 18, 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# Sun, 18/01/2026 1 Mon, 19/01/2026 399.00 5.50
4. SDFΔ# Sun, 18/01/2026 1 Mon, 19/01/2026 1,21,330.00 5.00
5. Net liquidity injected from today's
-1,20,931.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation
(b)
(b) Reverse Repo Operation
3. MSF# Sat, 17/01/2026 2 Mon, 19/01/2026 25.00 5.50
Fri, 16/01/2026 3 Mon, 19/01/2026 605.00 5.50
4. SDFΔ# Sat, 17/01/2026 2 Mon, 19/01/2026 12,078.00 5.00
Fri, 16/01/2026 3 Mon, 19/01/2026 3,754.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 13,178.66
E. Net liquidity injected from outstanding operations [injection
-2,023.34
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-1,22,954.34
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 18, 2026 7,69,613.30
(ii) Average daily cash reserve requirement for the fortnight ending^ January 31, 2026 7,64,046.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 16, 2026 0.00
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: 2025-2026/1945 Deputy General Manager
(Communications)