**Executive Summary**
This press release from the Reserve Bank of India (RBI), dated January 29, 2026, reports on the money market operations as of January 28, 2026. It details the volumes, weighted average rates, and ranges for various money market segments and RBI operations, including liquidity adjustment facilities. The report also includes the cash reserve positions of scheduled commercial banks and the government's surplus cash balance.
**Key Points / Main Content**
* **Money Markets (as of January 28, 2026):**
* **Overnight Segment:** Total volume of ₹7,47,373.17 Crore with a weighted average rate of 5.16% (range: 0.01-6.20%).
* **Term Segment:** Volume of ₹75.00 Crore for Notice Money with weighted average rate of 5.14% (range: 4.85-5.30%).
* **RBI Operations:**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) - Today's Operations:**
* Repo Operation (Fixed Rate): ₹6,235.00 Crore at 5.26% with a tenor of 2 days maturing on Fri, 30/01/2026.
* Reverse Repo Operation (Fixed Rate): ₹598.00 Crore at 5.50% with a tenor of 1 day maturing on Thu, 29/01/2026.
* SDFA (Fixed Rate): ₹1,14,328.00 Crore at 5.00% with a tenor of 1 day maturing on Thu, 29/01/2026.
* Net liquidity injected from today's operations was -₹1,07,495.00 Crore.
* **Outstanding Operations:**
* Repo Operation (Variable Rate): ₹26,535.00 Crore at 5.26% with a tenor of 8 days maturing on Thu, 29/01/2026, from Auction date Wed, 21/01/2026.
* **Standing Liquidity Facility (SLF):** ₹13,252.05 Crore was availed from RBI.
* **Net liquidity injected from outstanding operations:** ₹39,787.05 Crore.
* **Net liquidity injected (outstanding including today's operations):** -₹67,707.95 Crore.
* **Reserve Position:**
* **Cash Reserves:**
* 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 of ₹3,43,698.00 Crore as on December 31, 2025.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** The report informs banks about the current rates, liquidity conditions, and reserve requirements they need to maintain.
* **Action Required:** Banks need to ensure they meet the cash reserve requirements and manage their liquidity positions in line with the reported rates and volumes.
**Government of India**
* **Impact:** The report provides insights into the government's cash position and its impact on market liquidity.
* **Action Required:** The government can use this information to plan its borrowing and spending strategies, considering the surplus cash balance.
**Financial Market Participants**
* **Impact:** The report offers valuable information on market rates, volumes, and RBI's operations, aiding in informed decision-making.
* **Action Required:** Participants should use this data to understand market trends, adjust their investment strategies, and manage risk effectively.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank responsible for monetary policy and regulation of the financial system.
Liquidity Adjustment Facility (LAF): Tool used by the RBI to manage liquidity in the banking system.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow funds overnight from the RBI against their government securities portfolio.
Standing Deposit Facility (SDF): A tool used by the RBI to absorb excess liquidity from the banking system without the need for collateral.
Mumbai: Location of the Department of Communication, Central Office, Shahid Bhagat Singh Marg.
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)