**Executive Summary**
This press release from the Reserve Bank of India (RBI) reports the money market operations as of January 27, 2026. It details volumes, weighted average rates, and ranges for various money market segments, as well as RBI operations including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). The release also provides the cash reserve position of scheduled commercial banks.
**Key Points / Main Content**
* **Money Market Operations (January 27, 2026):**
* **Overnight Segment:** Total volume of ₹7,38,231.48 crore, with a weighted average rate of 5.17% (range: 0.01-6.30%).
* **Term Segment:** Includes Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond with corresponding volumes and rates.
* **RBI Operations (Today's Operations):**
* Repo Operation: ₹17,951.00 crore at 5.50%.
* Reverse Repo Operation: ₹1,41,425.00 crore at 5.00%.
* Net liquidity injected from today's operations: -₹1,23,474.00 crore.
* **RBI Operations (Outstanding Operations):**
* Repo Operation: ₹26,535.00 crore at 5.26% (Auction date: January 21, 2026, Maturity date: January 29, 2026).
* **Other Liquidity Facilities:**
* Standing Liquidity Facility (SLF) availed from RBI: ₹13,252.05 crore.
* Net liquidity injected from outstanding operations: ₹39,787.05 crore.
* Net liquidity injected (outstanding including today's operations): -₹83,686.95 crore.
* **Reserve Position (Scheduled Commercial Banks):**
* Cash balances with RBI as on January 27, 2026: ₹7,58,810.26 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 27, 2026: ₹0.00.
* Net durable liquidity as on December 31, 2025: ₹3,43,698.00 crore.
**Impact Analysis**
**Stakeholder: Scheduled Commercial Banks**
* **Impact:** Banks are impacted by the cash reserve requirements and liquidity conditions managed by the RBI's money market operations. The data on cash balances with RBI as well as average daily cash reserve requirements provide clarity for banks to adjust their strategies.
* **Action Required:** Banks must monitor the rates and volumes in various money market segments to manage their liquidity effectively and meet their cash reserve requirements, adjusting strategies as needed.
**Stakeholder: Financial Institutions Participating in Repo/Reverse Repo**
* **Impact:** Financial institutions are directly affected by the repo and reverse repo rates and volumes as these affect their cost of funding or return on investments.
* **Action Required:** Institutions should review the RBI's operation details to optimize their money market activities and manage risk.
**Stakeholder: RBI**
* **Impact:** Responsible for monitoring and managing liquidity and stability in the money markets.
* **Action Required:** The RBI must continue to monitor market conditions and adjust its policies and operations to maintain stability and achieve its monetary policy objectives.
Key Entities Referenced
Reserve Bank of India (RBI): India's central bank, which conducts money market operations and manages liquidity.
Liquidity Adjustment Facility (LAF): A monetary policy tool used by the RBI to inject or absorb liquidity in the market through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow funds overnight from the RBI against their excess Statutory Liquidity Ratio (SLR) securities.
Standing Deposit Facility (SDF): A tool for absorbing liquidity from the banks without any collateral.
Money Market: The market for short-term debt instruments. This press release describes the money market operations conducted by the RBI.
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 28, 2026
Money Market Operations as on January 27, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 7,38,231.48 5.17 0.01-6.30
I. Call Money 14,136.04 5.40 4.60-5.50
II. Triparty Repo 5,26,795.00 5.16 4.55-5.28
III. Market Repo 1,92,569.49 5.18 0.01-5.75
IV. Repo in Corporate Bond 4,730.95 5.43 5.30-6.30
B. Term Segment
I. Notice Money** 541.90 5.44 4.80-5.50
II. Term Money@@ 1,242.50 - 5.55-5.90
III. Triparty Repo 1,565.00 5.19 5.10-5.20
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# Tue, 27/01/2026 1 Wed, 28/01/2026 17,951.00 5.50
4. SDFΔ# Tue, 27/01/2026 1 Wed, 28/01/2026 1,41,425.00 5.00
5. Net liquidity injected from today's
-1,23,474.00
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
(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
39,787.05
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-83,686.95
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 27, 2026 7,58,810.26
(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 27, 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: 2025-2026/2000 Deputy General Manager
(Communications)