**Executive Summary**
This Reserve Bank of India (RBI) press release, dated January 27, 2026, reports on money market operations as of January 26, 2026. It details the volumes, weighted average rates, and ranges for various money market segments and RBI operations, along with liquidity injections/absorptions. The report also provides figures for cash reserves and net durable liquidity, with references to relevant press releases and notifications.
**Key Points / Main Content**
* **Money Markets:**
* Overnight Segment: Volume is 0.00.
* Term Segment: Volume is 0.00.
* **RBI Operations (Today's Operations - January 26, 2026):**
* Variable Rate Repo Operation: ₹191.00 Crore at 5.50%.
* Variable Rate Standing Deposit Facility (SDFA): ₹1,41,031.00 Crore at 5.00%.
* Net liquidity injected from today's operations: -₹1,40,840.00 Crore.
* **RBI Operations (Outstanding Operations):**
* Variable Rate Repo Operation: ₹50,010.00 Crore and ₹26,535.00 Crore at 5.26% due on January 27, 2026, and January 29, 2026 respectively.
* Marginal Standing Facility (MSF): A total of ₹996 Crore (₹0.00 Crore, ₹60.00 Crore and ₹936.00 Crore) with maturity on January 27, 2026 at 5.50%.
* Standing Deposit Facility (SDFA): A total of ₹6,940.00 Crore (₹0.00 Crore, ₹3,000.00 Crore and ₹3,940.00 Crore) with maturity on January 27, 2026 at 5.00%.
* Net liquidity injected from outstanding operations: ₹83,853.05 Crore.
* **Liquidity Facilities:**
* Standing Liquidity Facility (SLF) Availed from RBI: ₹13,252.05 Crore.
* Net liquidity injected (outstanding including today's operations): -₹56,986.95 Crore.
* **Reserve Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on January 26, 2026: ₹7,67,782.78 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 Crore.
* Net durable liquidity as on December 31, 2025: ₹3,43,698.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Affected by changes in liquidity conditions and interest rates. Banks need to maintain adequate cash reserves and manage their liquidity positions in line with RBI regulations.
* **Action Required:** Monitor RBI operations, manage cash reserves to meet requirements, and adjust lending/borrowing strategies based on market conditions.
**Government of India**
* **Impact:** The management of government surplus cash balances impacts overall liquidity in the market.
* **Action Required:** Monitor the level of surplus cash balances and coordinate with RBI on liquidity management strategies.
**Money Market Participants**
* **Impact:** Directly impacted by the rates and availability of funds in various money market segments.
* **Action Required:** Monitor market rates and volumes, adjust investment and funding strategies accordingly.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India; primary regulator of money markets
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 used by the RBI to absorb liquidity from the banking system
Mumbai: City where the Department of Communication of RBI is located
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 26, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 0.00 - -
I. Call Money 0.00 - -
II. Triparty Repo 0.00 - -
III. Market Repo 0.00 - -
IV. Repo in Corporate Bond 0.00 - -
B. Term Segment
I. Notice Money** 0.00 - -
II. Term Money@@ 0.00 - -
III. Triparty Repo 0.00 - -
IV. Market Repo 0.00 - -
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
(b) Reverse Repo Operation
3. MSF# Mon, 26/01/2026 1 Tue, 27/01/2026 191.00 5.50
4. SDFΔ# Mon, 26/01/2026 1 Tue, 27/01/2026 1,41,031.00 5.00
5. Net liquidity injected from today's
-1,40,840.00
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# Sun, 25/01/2026 2 Tue, 27/01/2026 0.00 5.50
Sat, 24/01/2026 3 Tue, 27/01/2026 60.00 5.50
Fri, 23/01/2026 4 Tue, 27/01/2026 936.00 5.50
4. SDFΔ# Sun, 25/01/2026 2 Tue, 27/01/2026 0.00 5.00
Sat, 24/01/2026 3 Tue, 27/01/2026 3,000.00 5.00
Fri, 23/01/2026 4 Tue, 27/01/2026 3,940.00 5.00
D. Standing Liquidity Facility (SLF) Availed from RBI$ 13,252.05
E. Net liquidity injected from outstanding operations [injection
83,853.05
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-56,986.95
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 26, 2026 7,67,782.78
(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: 2025-2026/1990 Deputy General Manager
(Communications)