**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated January 21, 2026, reports on money market operations and the reserve position of scheduled commercial banks as of January 20, 2026. It details volumes, weighted average rates, and ranges for various money market segments, as well as RBI operations including the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). The release also references several previous press releases and notifications related to these operations.
**Key Points / Main Content**
* **Money Market Operations (as of January 20, 2026)**
* **Overnight Segment:** Volume: ₹6,86,310.36 Crore, Weighted Average Rate: 5.18%, Range: 4.00-6.35%
* **Term Segment:** Volume: ₹220.50 Crore to ₹4,189.00 Crore, Weighted Average Rate: 5.20%-5.43%, Range: Varies by segment.
* **RBI Operations (Today's Operations)**
* **Fixed Rate:** Not specified
* **Variable Rate:**
* Repo Operation: ₹1,206.00 Crore at 5.50% (Maturity Date: Wed, 21/01/2026)
* Reverse Repo Operation: ₹1,44,630.00 Crore at 5.00% (Maturity Date: Wed, 21/01/2026)
* **Net liquidity injected from today's operations:** ₹-1,43,424.00 Crore (absorption)
* **RBI Operations (Outstanding Operations)**
* **Variable Rate:** Repo Operation: ₹58,740.00 Crore at 5.26% (Maturity Date: Fri, 23/01/2026)
* **Standing Liquidity Facility (SLF) Availed from RBI:** ₹12,553.26 Crore
* **Net liquidity injected from outstanding operations:** ₹71,293.26 Crore
* **Net liquidity injected (outstanding including today's operations):** ₹-72,130.74 Crore (absorption)
* **Reserve Position (of Scheduled Commercial Banks)**
* **Cash balances with RBI as on January 20, 2026:** ₹7,65,389.81 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 20, 2026:** ₹0.00 Crore
* **Net durable liquidity as on December 31, 2025:** ₹3,43,698.00 Crore
* References to various press releases and notifications.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks are affected by the liquidity conditions, interest rates, and reserve requirements as detailed in the release.
* **Action Required:** Banks need to manage their liquidity positions and comply with the RBI's regulations and guidelines.
**Financial Market Participants**
* **Impact:** The data on money market operations and liquidity influence trading strategies and investment decisions.
* **Action Required:** Market participants need to analyze the data and adjust their positions accordingly.
**Reserve Bank of India (RBI)**
* **Impact:** The report reflects the outcomes of RBI's monetary policy actions and its efforts to manage liquidity in the market.
* **Action Required:** The RBI uses this data to assess the effectiveness of its policies and make adjustments as necessary.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for monetary policy and regulation of the financial system.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the banking system.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow funds overnight from the RBI against their government securities portfolio.
Standing Deposit Facility (SDF): A tool that allows the RBI to absorb excess liquidity from the banking system without requiring banks to provide 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 21, 2026
Money Market Operations as on January 20, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,86,310.36 5.18 4.00-6.35
I. Call Money 15,456.37 5.42 4.50-5.50
II. Triparty Repo 4,69,748.15 5.12 4.85-5.23
III. Market Repo 1,96,598.44 5.29 4.00-5.50
IV. Repo in Corporate Bond 4,507.40 5.46 5.41-6.35
B. Term Segment
I. Notice Money** 220.50 5.41 4.80-5.48
II. Term Money@@ 877.50 - 5.50-5.90
III. Triparty Repo 4,189.00 5.20 5.05-5.40
IV. Market Repo 715.82 5.43 4.00-5.64
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# Tue, 20/01/2026 1 Wed, 21/01/2026 1,206.00 5.50
4. SDFΔ# Tue, 20/01/2026 1 Wed, 21/01/2026 1,44,630.00 5.00
5. Net liquidity injected from today's
-1,43,424.00
operations [injection (+)/absorption (-)]*
II Outstanding 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#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 12,553.26
E. Net liquidity injected from outstanding operations [injection
71,293.26
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-72,130.74
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 20, 2026 7,65,389.81
(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 20, 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: 2025-2026/1956 Deputy General Manager
(Communications)