**Executive Summary**
This document is a press release from the Reserve Bank of India (RBI) providing details of Money Market Operations as of January 21, 2026. It presents data on overnight and term money market segments, RBI operations including the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), Standing Deposit Facility (SDF), Standing Liquidity Facility (SLF), and cash reserve positions of scheduled commercial banks. The release also references other press releases.
**Key Points / Main Content**
* **Money Markets**
* **Overnight Segment:** Total volume ₹6,96,749.48 crore, weighted average rate 5.28%, range 1.99-6.40%. Components include Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **Term Segment:** Total volume ₹121.60 crore, weighted average rate 5.29%, range 4.95-5.50%. Components include 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):** Includes fixed and variable rate operations, with details on Repo and Reverse Repo operations, MSF, and SDF, including auction date, tenor, maturity date, amount, and current/cutoff rates.
* Variable Rate (Repo Operation): ₹26,535.00 crore at 5.26% (Wed, 21/01/2026)
* MSF: ₹1,730.00 crore at 5.50% (Wed, 21/01/2026)
* SDFA: ₹94,136.00 crore at 5.00% (Wed, 21/01/2026)
* Net liquidity injected from today’s operations is -₹65,871.00 crore.
* **Outstanding Operations:** Includes similar details for outstanding Repo and Reverse Repo operations, MSF, and SDF.
* Variable Rate (Repo Operation): ₹58,740.00 crore at 5.26% (Mon, 19/01/2026)
* **Standing Liquidity Facility (SLF) Availed from RBI:** ₹13,252.05 crore.
* **Net Liquidity Injected:** Net liquidity injected from outstanding operations is ₹71,992.05 crore. Net liquidity injected (outstanding including today's operations) is ₹6,121.05 crore.
* **Reserve Position**
* **Cash Reserves Position of Scheduled Commercial Banks:** Cash balances with RBI as on January 21, 2026 is ₹7,65,267.01 crore; Average daily cash reserve requirement for the fortnight ending January 31, 2026 is ₹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 [surplus (+)/deficit (-)] as on December 31, 2025:** ₹3,43,698.00
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks are directly affected by the data on cash reserve positions, money market operations, and RBI facilities.
* **Action Required:** Banks need to review and adjust their liquidity management strategies based on the information provided in the release to optimize their funding costs and ensure compliance with regulatory requirements.
**Money Market Participants**
* **Impact:** Impacted by the money market operation data.
* **Action Required:** Participants should adjust their strategies accordingly.
**RBI (Reserve Bank of India)**
* **Impact:** RBI is providing this information and monitoring the effect of their actions on the money market.
* **Action Required:** Continue to monitor and adjust monetary policy.
Key Entities Referenced
Reserve Bank of India (RBI): India's central bank, overseeing money market operations.
Liquidity Adjustment Facility (LAF): A tool used by 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 liquidity from the banks without any collateral.
Money Market: Overall context of the operations reported in the press release.
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)