**Executive Summary**
This press release from the Reserve Bank of India details money market operations as of January 21, 2026. It provides volume, weighted average rates, and ranges for various money market segments and RBI operations, including liquidity adjustment facilities. The release also presents the cash reserve position of scheduled commercial banks and net durable liquidity.
**Key Points / Main Content**
* **Money Market Operations:**
* **Overnight Segment:** Volume ₹6,96,749.48 Crore, Weighted Average Rate 5.28%, Range 1.99-6.40%.
* **Term Segment:** Volume ₹121.60 Crore, Weighted Average Rate 5.29%, Range 4.95-5.50%.
* **RBI Operations (Today's Operations):**
* **Variable Rate Repo Operation:** ₹26,535.00 Crore at 5.26% (Wed, 21/01/2026 - Thu, 29/01/2026).
* **MSF:** ₹1,730.00 Crore at 5.50% (Wed, 21/01/2026 - Thu, 22/01/2026).
* **SDFA:** ₹94,136.00 Crore at 5.00% (Wed, 21/01/2026 - Thu, 22/01/2026).
* **Net liquidity injected from today's operations:** ₹-65,871.00 Crore.
* **RBI Operations (Outstanding Operations):**
* **Variable Rate Repo Operation:** ₹58,740.00 Crore at 5.26% (Mon, 19/01/2026 - Fri, 23/01/2026).
* **Other Liquidity Facilities:**
* **Standing Liquidity Facility (SLF) Availed from RBI:** ₹13,252.05 Crore.
* **Net liquidity injected from outstanding operations:** ₹71,992.05 Crore.
* **Net liquidity injected (outstanding including today's operations):** ₹6,121.05 Crore.
* **Reserve Position:**
* **Cash Reserves Position of Scheduled Commercial Banks (as on January 21, 2026):** ₹7,65,267.01 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 21, 2026):** ₹26,535.00 Crore.
* **Net durable liquidity (as on December 31, 2025):** ₹3,43,698.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact**: Banks need to be aware of the various repo rates, liquidity facilities, and reserve requirements to manage their funds effectively.
* **Action Required**: Ensure compliance with the RBI's requirements for cash reserves and utilize liquidity adjustment facilities as needed.
**Financial Institutions and Market Participants**
* **Impact**: Need to understand market liquidity conditions, benchmark rates, and the overall monetary policy stance.
* **Action Required**: Monitor the trends in money market rates and volumes to make informed decisions about investments and funding strategies.
**Reserve Bank of India (RBI)**
* **Impact**: This data informs the RBI's decisions on monetary policy and liquidity management.
* **Action Required**: Continue to monitor money market conditions and adjust policy rates and liquidity facilities as needed to maintain financial stability.
Key Entities Referenced
Reserve Bank of India (RBI): India's central bank, a key regulator in the financial system.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the money market through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI against government securities.
Standing Deposit Facility (SDF): A tool used by the RBI to absorb liquidity from the banking system without any collateral.
Money Market: A market for 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 22, 2026
Money Market Operations as on January 21, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,96,749.48 5.28 1.99-6.40
I. Call Money 18,454.62 5.44 4.50-5.50
II. Triparty Repo 4,85,016.85 5.27 5.00-5.42
III. Market Repo 1,88,726.51 5.31 1.99-5.50
IV. Repo in Corporate Bond 4,551.50 5.47 5.40-6.40
B. Term Segment
I. Notice Money** 121.60 5.29 4.95-5.50
II. Term Money@@ 819.00 - 5.50-5.90
III. Triparty Repo 1,370.00 5.36 5.25-5.40
IV. Market Repo 785.49 5.31 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 Wed, 21/01/2026 8 Thu, 29/01/2026 26,535.00 5.26
(b) Reverse Repo Operation
3. MSF# Wed, 21/01/2026 1 Thu, 22/01/2026 1,730.00 5.50
4. SDFΔ# Wed, 21/01/2026 1 Thu, 22/01/2026 94,136.00 5.00
5. Net liquidity injected from today's
-65,871.00
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$ 13,252.05
E. Net liquidity injected from outstanding operations [injection
71,992.05
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
6,121.05
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 21, 2026 7,65,267.01
(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 21, 2026 26,535.00
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: 2025-2026/1964 Deputy General Manager
(Communications)