**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated January 23, 2026, reports on money market operations as of January 22, 2026. It details volumes, weighted average rates, and ranges for various segments, including overnight and term segments. It also covers RBI operations like Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF).
**Key Points / Main Content**
* **Money Market Operations (as on January 22, 2026):**
* **Overnight Segment:**
* Total volume: ₹6,98,720.68 Crore; Weighted Average Rate: 5.24%; Range: 1.00-6.40%
* Call Money: Volume ₹17,853.30 Crore; Weighted Average Rate: 5.52%; Range: 4.50-5.65%
* Triparty Repo: Volume ₹4,92,727.90 Crore; Weighted Average Rate: 5.19%; Range: 4.80-5.35%
* Market Repo: Volume ₹1,83,521.98 Crore; Weighted Average Rate: 5.33%; Range: 1.00-5.55%
* Repo in Corporate Bond: Volume ₹4,617.50 Crore; Weighted Average Rate: 5.55%; Range: 5.50-6.40%
* **Term Segment:**
* Notice Money: Volume ₹1,018.70 Crore; Weighted Average Rate: 5.48%; Range: 4.80-5.60%
* Term Money: Volume ₹616.00 Crore; Range: 5.45-5.88%
* Triparty Repo: Volume ₹4,087.85 Crore; Weighted Average Rate: 5.18%; Range: 5.00-5.45%
* Market Repo: Volume ₹499.76 Crore; Weighted Average Rate: 5.63%; Range: 5.30-5.64%
* Repo in Corporate Bond: Volume ₹0.00 Crore
* **RBI Operations:**
* **Today's Operations (January 22, 2026):**
* Repo Operation: ₹50,010.00 Crore at 5.26% (Maturity Date: January 27, 2026)
* MSF: ₹147.00 Crore at 5.50% (Maturity Date: January 23, 2026)
* SDF: ₹1,58,854.00 Crore at 5.00% (Maturity Date: January 23, 2026)
* Net liquidity injected from today's operations: -₹1,08,697.00 Crore
* **Outstanding Operations:**
* Repo Operation: ₹26,535.00 Crore at 5.26% (Maturity Date: January 29, 2026)
* Reverse Repo Operation: ₹58,740.00 Crore at 5.26% (Maturity Date: January 23, 2026)
* Standing Liquidity Facility (SLF) Availed from RBI: ₹13,252.05 Crore
* Net liquidity injected from outstanding operations: ₹98,527.05 Crore
* Net liquidity injected (outstanding including today's operations): -₹10,169.95 Crore
* **Reserve Position:**
* Cash balances with RBI as on January 22, 2026: ₹7,50,724.74 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 22, 2026: ₹50,010.00 Crore
* Net durable liquidity as on December 31, 2025: ₹3,43,698.00 Crore
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact**: Affected by the cash reserve requirements and liquidity management operations conducted by the RBI.
* **Action Required**: Need to maintain required cash reserves with the RBI and participate in LAF/MSF/SDF operations to manage liquidity.
**Money Market Participants**
* **Impact**: Influenced by the rates and volumes in the overnight and term money markets, as well as the availability of liquidity through RBI's operations.
* **Action Required**: Need to monitor money market conditions and adjust their borrowing and lending strategies accordingly.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank responsible for regulating money market operations.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the money market.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow funds overnight from the RBI.
Standing Deposit Facility (SDF): A tool that allows the RBI to absorb liquidity from the banking system without any collateral.
Money Market: Market for short-term debt instruments; the report provides operational statistics.
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 23, 2026
Money Market Operations as on January 22, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,98,720.68 5.24 1.00-6.40
I. Call Money 17,853.30 5.52 4.50-5.65
II. Triparty Repo 4,92,727.90 5.19 4.80-5.35
III. Market Repo 1,83,521.98 5.33 1.00-5.55
IV. Repo in Corporate Bond 4,617.50 5.55 5.50-6.40
B. Term Segment
I. Notice Money** 1,018.70 5.48 4.80-5.60
II. Term Money@@ 616.00 - 5.45-5.88
III. Triparty Repo 4,087.85 5.18 5.00-5.45
IV. Market Repo 499.76 5.63 5.30-5.64
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 Thu, 22/01/2026 5 Tue, 27/01/2026 50,010.00 5.26
(b) Reverse Repo Operation
3. MSF# Thu, 22/01/2026 1 Fri, 23/01/2026 147.00 5.50
4. SDFΔ# Thu, 22/01/2026 1 Fri, 23/01/2026 1,58,854.00 5.00
5. Net liquidity injected from today's
-1,08,697.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Wed, 21/01/2026 8 Thu, 29/01/2026 26,535.00 5.26
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
98,527.05
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-10,169.95
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 22, 2026 7,50,724.74
(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 22, 2026 50,010.00
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: 2025-2026/1976 Deputy General Manager
(Communications)