**Executive Summary**
This press release from the Reserve Bank of India, dated January 27, 2026, provides details on money market operations as of January 23, 2026. It includes information on overnight and term segments, RBI operations, and reserve positions of scheduled commercial banks. The report details volumes, weighted average rates, and ranges for various money market instruments.
**Key Points / Main Content**
* **Money Market Operations (as of January 23, 2026):**
* **Overnight Segment:** Total volume is ₹7,20,283.44 crore with a weighted average rate of 5.15% (range: 3.00-6.35%). This includes call money, triparty repo, market repo, and repo in corporate bonds.
* **Term Segment:** Includes notice money, term money, triparty repo, market repo, and repo in corporate bonds.
* **RBI Operations:**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF):**
* Details on today's (January 23, 2026) operations, including fixed and variable rates for repo and reverse repo, MSF, and SDFA. Includes auction dates, tenor, maturity dates, amounts, and current rate/cutoff rates.
* Details on outstanding operations.
* Net liquidity injected from today's operations: -₹1,53,446.00 crore.
* Net liquidity injected from outstanding operations: ₹89,797.05 crore.
* Net liquidity injected (outstanding including today's operations): -₹63,648.95 crore.
* **Reserve Position of Scheduled Commercial Banks (as of January 23, 2026):**
* Cash balances with RBI: ₹7,61,417.29 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 23, 2026: ₹0.00.
* Net durable liquidity [surplus (+)/deficit (-)] as on December 31, 2025: ₹3,43,698.00 crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks are affected by the details provided on cash reserve requirements, RBI operations, and liquidity conditions, which impact their operational and financial planning.
* **Action Required:** Banks should review their liquidity positions and adjust their operations in response to the information provided on market rates, RBI operations, and reserve requirements.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for monetary policy and regulation of the banking system. Primary subject of the press release concerning money market operations.
Liquidity Adjustment Facility (LAF): A tool used by the Reserve Bank of India to manage liquidity in the banking system through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the Reserve Bank of India.
Standing Deposit Facility (SDF): A tool to absorb liquidity from the banking system without any collateral.
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 27, 2026
Money Market Operations as on January 23, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 7,20,283.44 5.15 3.00-6.35
I. Call Money 15,722.95 5.39 4.50-5.45
II. Triparty Repo 5,18,956.15 5.11 4.76-5.50
III. Market Repo 1,81,143.39 5.24 3.00-5.42
IV. Repo in Corporate Bond 4,460.95 5.45 5.40-6.35
B. Term Segment
I. Notice Money** 349.93 5.26 4.60-5.45
II. Term Money@@ 804.00 - 5.50-5.95
III. Triparty Repo 2,066.00 5.06 5.00-5.25
IV. Market Repo 1,029.02 5.44 5.44-5.44
V. Repo in Corporate Bond 25.00 7.75 7.75-7.75
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
(b) Reverse Repo Operation
3. MSF# Fri, 23/01/2026 1 Sat, 24/01/2026 27.00 5.50
Fri, 23/01/2026 2 Sun, 25/01/2026 0.00 5.50
Fri, 23/01/2026 3 Mon, 26/01/2026 0.00 5.50
Fri, 23/01/2026 4 Tue, 27/01/2026 936.00 5.50
4. SDFΔ# Fri, 23/01/2026 1 Sat, 24/01/2026 1,50,294.00 5.00
Fri, 23/01/2026 2 Sun, 25/01/2026 150.00 5.00
Fri, 23/01/2026 3 Mon, 26/01/2026 25.00 5.00
Fri, 23/01/2026 4 Tue, 27/01/2026 3,940.00 5.00
5. Net liquidity injected from today's
-1,53,446.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation Thu, 22/01/2026 5 Tue, 27/01/2026 50,010.00 5.26
Wed, 21/01/2026 8 Thu, 29/01/2026 26,535.00 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
89,797.05
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-63,648.95
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 23, 2026 7,61,417.29
(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 23, 2026 0.00
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: 2025-2026/1987 Deputy General Manager
(Communications)