Money Market Operations as on January 22, 2026

**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 the volumes, weighted average rates, and ranges for various segments, including overnight and term segments, and RBI operations such as LAF, MSF, and SDF. The release also provides data on cash reserves of scheduled commercial banks. **Key Points / Main Content** * **Money Market Operations (as of 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; Weighted Average Rate: N/A; 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; Weighted Average Rate: N/A; Range: N/A * **RBI Operations (Today's Operations):** * Repo Operation (Variable Rate): ₹50,010.00 Crore at 5.26% (Maturity Date: 27/01/2026) * MSF: ₹147.00 Crore at 5.50% (Maturity Date: 23/01/2026) * SDF: ₹1,58,854.00 Crore at 5.00% (Maturity Date: 23/01/2026) * Net Liquidity Injected from Today's Operations: -₹1,08,697.00 Crore * **RBI Operations (Outstanding Operations):** * Repo Operation (Variable Rate): ₹26,535.00 Crore at 5.26% (Maturity Date: 29/01/2026) * Reverse Repo Operation (Variable Rate): ₹58,740.00 Crore at 5.26% (Maturity Date: 23/01/2026) * 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 [surplus (+)/deficit (-)] as on December 31, 2025: ₹3,43,698.00 Crore **Impact Analysis** **Scheduled Commercial Banks** * **Impact:** Banks are impacted through their participation in various money market instruments and RBI facilities. * **Action Required:** Banks need to manage their liquidity positions, taking into account the rates and volumes reported, and maintain their cash reserve requirements. **Government of India** * **Impact:** The Government is impacted through its surplus cash balance with the RBI, which affects liquidity management and potential borrowing costs. * **Action Required:** The Government needs to coordinate with the RBI on liquidity management, especially concerning surplus cash balances.

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