Money Market Operations as on January 19, 2026

**Executive Summary** This press release from the Reserve Bank of India (RBI), dated January 20, 2026, reports on money market operations and reserve positions as of January 19, 2026. It details volumes, weighted average rates, and ranges for various money market segments, as well as RBI operations like the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF). The release also includes cash reserve positions of scheduled commercial banks and Government of India Surplus Cash Balance Reckoned for Auction as on January 19, 2026. **Key Points / Main Content** * **Money Market Operations (January 19, 2026):** * **Overnight Segment:** Volume: ₹6,98,862.56 Crore, Weighted Average Rate: 5.18%, Range: 2.10-6.40%. Includes Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond. * **Term Segment:** Volume: ₹428.90 Crore, Weighted Average Rate: 5.47%, Range: 4.85-5.75%. Includes Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond. * **RBI Operations (Today's Operations):** * **Repo Operation:** Auction Date: Mon, 19/01/2026, Tenor: 4 days, Maturity Date: Fri, 23/01/2026, Amount: ₹58,740.00 Crore, Rate: 5.26%. * **MSF:** Auction Date: Mon, 19/01/2026, Tenor: 1 day, Maturity Date: Tue, 20/01/2026, Amount: ₹231.00 Crore, Rate: 5.50%. * **SDFA:** Auction Date: Mon, 19/01/2026, Tenor: 1 day, Maturity Date: Tue, 20/01/2026, Amount: ₹1,54,012.00 Crore, Rate: 5.00%. * **Net Liquidity Injected from Today's Operations:** -₹95,041.00 Crore. * **RBI Operations (Outstanding Operations):** * **Net Liquidity Injected from outstanding operations:** ₹13,178.66 Crore * **Standing Liquidity Facility (SLF) Availed from RBI:** ₹13,178.66 Crore * **Net Liquidity Injected (Outstanding including Today's Operations):** -₹81,862.34 Crore * **Reserve Position (Cash Reserves Position of Scheduled Commercial Banks):** * **Cash Balances with RBI (January 19, 2026):** ₹7,77,700.15 Crore. * **Average Daily Cash Reserve Requirement (Fortnight ending January 31, 2026):** ₹7,64,046.00 Crore. * **Government of India Surplus Cash Balance Reckoned for Auction:** * **Government of India Surplus Cash Balance reckoned for Auction as on January 19, 2026:** ₹58,740.00 Crore * **Net Durable Liquidity (December 31, 2025):** ₹3,43,698.00 Crore. **Impact Analysis** **Scheduled Commercial Banks** * **Impact:** Their reserve requirements and cash balances with the RBI are reported, affecting their liquidity management and compliance. * **Action Required:** Banks must maintain required cash reserves with the RBI, manage liquidity based on market operations, and monitor the impact of the reported rates and volumes on their financial positions. **Financial Institutions Participating in Money Markets** * **Impact:** These institutions are directly affected by the rates, volumes, and operations reported, influencing their borrowing and lending strategies. * **Action Required:** These institutions need to adjust their strategies based on market rates and liquidity conditions and participate in RBI operations as needed. **Government of India** * **Impact:** The surplus cash balance of the Government of India reckoned for Auction is reported, which influences government finances and borrowing plans. * **Action Required:** The Government of India needs to monitor its cash position and adjust its borrowing plans as needed. **RBI** * **Impact:** The central bank's operations impact liquidity in the market and its policy implementation. * **Action Required:** The RBI needs to continue monitoring money market conditions and adjust operations as needed to meet policy objectives.

Key Entities Referenced