**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated January 29, 2026, reports on money market operations as of January 28, 2026. It details overnight and term segment activity, RBI operations including liquidity adjustment facilities, and the cash reserve position of scheduled commercial banks. The report provides volumes, weighted average rates, ranges, auction details, and current rates.
**Key Points / Main Content**
* **Money Markets (as of January 28, 2026)**
* **Overnight Segment:**
* Total volume: ₹7,47,373.17 Crore; Weighted average rate: 5.16%; Range: 0.01-6.20%
* Includes Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond
* **Term Segment:**
* Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond are included, with specified volumes and rates.
* **RBI Operations (as of January 28, 2026)**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF):**
* Details provided for Fixed Rate and Variable Rate operations, including Repo and Reverse Repo operations.
* MSF and SDFA details are provided.
* Net liquidity injected from today's operations: ₹-1,07,495.00 Crore.
* Outstanding Operations: Variable Rate Repo Operation with details on Auction Date (Wed, 21/01/2026), Tenor (8 Days), Maturity Date (Thu, 29/01/2026) and Amount (26,535.00).
* **Standing Liquidity Facility (SLF):** Availed from RBI is ₹13,252.05 Crore.
* **Net Liquidity:**
* Injected from outstanding operations: ₹39,787.05 Crore.
* Injected (outstanding including today's operations): ₹-67,707.95 Crore.
* **Reserve Position (as of January 28, 2026)**
* **Cash Reserves of Scheduled Commercial Banks:**
* Cash balances with RBI as on January 28, 2026: ₹7,56,069.23 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 28, 2026: ₹6,235.00 Crore.
* **Net durable liquidity [surplus (+)/deficit (-)] as on:**
* December 31, 2025: ₹3,43,698.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Banks are directly affected by the reported money market operations, liquidity facilities, and reserve requirements.
* **Action Required:** Banks must monitor and adhere to the specified rates, volumes, and reserve requirements outlined in the press release to manage their liquidity and comply with RBI regulations.
**Government of India**
* **Impact:** The Government's surplus cash balance impacts liquidity management and auction strategies.
* **Action Required:** Monitor the reported surplus cash balance for auction planning and fiscal management.
**RBI**
* **Impact:** The central bank can track the impact of its policy on banking.
* **Action Required:** Continue monitoring and implementing monetary policy based on the trends and figures reported in this release, using the data for future policy decisions related to liquidity management and interest rates.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, responsible for regulating the country's monetary policy and banking system, and the issuer of this press release.
Liquidity Adjustment Facility (LAF): A tool used by the RBI 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 funds overnight from the RBI against their SLR portfolio.
Standing Deposit Facility (SDF): A tool used by the RBI 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 29, 2026
Money Market Operations as on January 28, 2026
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 7,47,373.17 5.16 0.01-6.20
I. Call Money 21,164.47 5.26 4.50-5.40
II. Triparty Repo 5,36,068.95 5.16 5.05-5.60
III. Market Repo 1,86,185.75 5.15 0.01-5.55
IV. Repo in Corporate Bond 3,954.00 5.38 5.29-6.20
B. Term Segment
I. Notice Money** 75.00 5.14 4.85-5.30
II. Term Money@@ 559.30 - 5.40-6.10
III. Triparty Repo 1,990.00 5.20 5.15-5.25
IV. Market Repo 114.77 5.50 5.50-5.50
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 Wed, 28/01/2026 2 Fri, 30/01/2026 6,235.00 5.26
(b) Reverse Repo Operation
3. MSF# Wed, 28/01/2026 1 Thu, 29/01/2026 598.00 5.50
4. SDFΔ# Wed, 28/01/2026 1 Thu, 29/01/2026 1,14,328.00 5.00
5. Net liquidity injected from today's
-1,07,495.00
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
-67,707.95
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on January 28, 2026 7,56,069.23
(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 28, 2026 6,235.00
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: 2025-2026/2006 Deputy General Manager
(Communications)