Money Market Operations as on January 20, 2026

**Executive Summary** This press release from the Reserve Bank of India, dated January 21, 2026, reports on money market operations as of January 20, 2026. It details volumes, rates, and ranges for various money market segments and RBI operations, including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) and standing liquidity facilities. The report also includes cash reserve positions of scheduled commercial banks as of specified dates and tenors. **Key Points / Main Content** * **Money Market Operations (as of January 20, 2026):** * **Overnight Segment:** Total volume ₹6,86,310.36 crore, weighted average rate 5.18%, range 4.00-6.35%. Includes Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond. * **Term Segment:** Total volume ₹5,993.82, average weighted rate of 5.30%, with transactions in 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:** * Fixed Rate operations are unspecified. * Variable Rate operations: * Repo: ₹1,206.00 crore, 5.50% * Reverse Repo: ₹1,44,630.00 crore, 5.00% * Net liquidity injected from today's operations [injection (+)/absorption (-)]*: ₹-1,43,424.00 crore. * **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) Outstanding Operations:** * Variable Rate Repo from Mon, 19/01/2026 (4-day tenor): ₹58,740.00 crore, 5.26%. * **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. * **Reserve Position:** * **Cash Reserves 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 [surplus (+)/deficit (-)] as on December 31, 2025:** ₹3,43,698.00 crore. **Impact Analysis** **Stakeholder: Scheduled Commercial Banks** * **Impact:** Impacted by the changes in liquidity conditions, Repo rates, and the cash reserve requirements. * **Action Required:** Need to manage their liquidity positions in accordance with the reported rates and volumes, and to maintain required cash reserves. **Stakeholder: Money Market Participants** * **Impact:** Impacted by the liquidity conditions in the money markets and the cost of funds in various segments (overnight and term). * **Action Required:** Need to adjust their investment and funding strategies based on the reported rates, volumes, and trends. **Stakeholder: Reserve Bank of India (RBI)** * **Impact:** This information is for internal assessment and future financial policy planning. * **Action Required:** Monitor and assess the impact of the conducted operations on the money market, and potentially take further actions if needed.

Key Entities Referenced