**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated January 20, 2026, provides details on money market operations and the cash reserve position of scheduled commercial banks as of January 19, 2026. It includes volumes, weighted average rates, and ranges for various money market instruments, as well as information on Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF) operations. There is mention of press releases and notifications.
**Key Points / Main Content**
* **Money Market Operations (as of January 19, 2026):**
* **Overnight Segment:** Total volume of ₹6,98,862.56 Crore with a weighted average rate of 5.18% and a range of 2.10-6.40%.
* Includes Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **Term Segment:** Total volume of ₹428.90 Crore with a weighted average rate of 5.47% and a range of 4.85-5.75%.
* Includes Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **RBI Operations:**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Today's Operations:**
* Repo Operation (Variable Rate): ₹58,740.00 Crore with a rate of 5.26% (auction on Mon, 19/01/2026, maturity on Fri, 23/01/2026).
* MSF: ₹231.00 Crore with a rate of 5.50% (auction on Mon, 19/01/2026, maturity on Tue, 20/01/2026).
* SDFA: ₹1,54,012.00 Crore with a rate of 5.00% (auction on Mon, 19/01/2026, maturity on Tue, 20/01/2026).
* Net liquidity injected from today's operations: -₹95,041.00 Crore.
* **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): -₹81,862.34 Crore.
* **Reserve Position (Scheduled Commercial Banks):**
* Cash balances with RBI as on January 19, 2026: ₹7,77,700.15 Crore.
* Average daily cash reserve requirement for the fortnight ending January 31, 2026: ₹7,64,046.00 Crore.
* **Government of India Surplus Cash Balance:**
* Reckoned for Auction as on January 19, 2026: ₹58,740.00 Crore.
* Net durable liquidity as on December 31, 2025: ₹3,43,698.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Affected by changes in repo rates, MSF, SDF, and reserve requirements. Need to monitor liquidity conditions and adjust their operations accordingly.
* **Action Required:** Must maintain required cash balances with the RBI and manage their liquidity positions in accordance with the new rates and guidelines.
**Money Market Participants**
* **Impact:** Impacted by the rates and volumes of various money market instruments (Call Money, Triparty Repo, Market Repo, etc.). These rates influence their borrowing and lending decisions.
* **Action Required:** Should adjust their trading strategies and pricing based on the reported rates and liquidity conditions.
**RBI**
* **Impact:** The central bank is responsible for managing liquidity and maintaining stability in the money market.
* **Action Required:** The RBI will continue to monitor money market conditions and may adjust its operations (LAF, MSF, SDF) as needed to achieve its monetary policy objectives.
Key Entities Referenced
Reserve Bank of India: Central bank responsible for monetary policy, oversees money market operations and reserve positions.
Liquidity Adjustment Facility (LAF): A key 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 that allows the RBI to absorb excess liquidity from the banking system without any collateral.
Money Market: The overall financial market that trades in short-term debt instruments.
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 20, 2026
Money Market Operations as on January 19, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,98,862.56 5.18 2.10-6.40
I. Call Money 13,619.35 5.40 4.50-5.50
II. Triparty Repo 4,87,279.30 5.13 4.80-5.27
III. Market Repo 1,93,306.51 5.27 2.10-6.00
IV. Repo in Corporate Bond 4,657.40 5.44 5.38-6.40
B. Term Segment
I. Notice Money** 428.90 5.47 4.85-5.75
II. Term Money@@ 910.30 - 5.40-6.30
III. Triparty Repo 2,880.00 5.18 4.85-5.50
IV. Market Repo 403.29 5.32 4.00-5.60
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 Mon, 19/01/2026 4 Fri, 23/01/2026 58,740.00 5.26
(b) Reverse Repo Operation
3. MSF# Mon, 19/01/2026 1 Tue, 20/01/2026 231.00 5.50
4. SDFΔ# Mon, 19/01/2026 1 Tue, 20/01/2026 1,54,012.00 5.00
5. Net liquidity injected from today's
-95,041.00
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$ 13,178.66
E. Net liquidity injected from outstanding operations [injection
13,178.66
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-81,862.34
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 19, 2026 7,77,700.15
(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 19, 2026 58,740.00
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: 2025-2026/1950 Deputy General Manager
(Communications)