**Executive Summary**
This press release from the Reserve Bank of India, dated October 20, 2025, details money market operations as of October 17, 2025. It covers overnight and term segment transactions, RBI operations including LAF, MSF, and SDF, as well as the cash reserve position of scheduled commercial banks. The report provides volumes, weighted average rates, and ranges for various financial instruments.
**Key Points / Main Content**
* **Money Markets:**
* **Overnight Segment:** Total volume of ₹10,543.38 Crore with a weighted average rate of 5.44% (range: 3.75-6.63%).
* **Term Segment:** Total volume of ₹14,521.43 Crore with a weighted average rate of 5.56% (range: 4.85-5.98%).
* **RBI Operations (October 17, 2025):**
* **Variable Rate Repo Operation:** ₹2,750.00 Crore at 5.51% with a maturity date of October 20, 2025.
* **MSF:** ₹7,243.00 Crore for 1-day tenor, ₹0.00 Crore for 2-day tenor, and ₹540.00 Crore for 3-day tenor at 5.75% maturing October 18-20, 2025.
* **SDF:** ₹1,18,112.00 Crore for 1-day tenor, ₹75.00 Crore for 2-day tenor, and ₹2,287.00 Crore for 3-day tenor at 5.25% maturing October 18-20, 2025.
* **Net Liquidity Injected:** Net liquidity absorption of ₹-1,09,941.00 Crore from today's operations.
* **Outstanding Operations:**
* **Standing Liquidity Facility (SLF):** ₹11,057.79 Crore availed from RBI.
* **Net Liquidity Injected:** Net liquidity injection of ₹11,057.79 Crore from outstanding operations and ₹-98,883.21 Crore including today's operations.
* **Reserve Position of Scheduled Commercial Banks:**
* **Cash Balances with RBI (October 17, 2025):** ₹8,33,827.70 Crore.
* **Average Daily Cash Reserve Requirement:** ₹8,46,979.00 Crore for the fortnight ending October 17, 2025.
* **Government of India Surplus Cash Balance (October 17, 2025):** ₹2,750.00 Crore.
* **Net Durable Liquidity (October 03, 2025):** Surplus of ₹3,85,602.00 Crore.
**Impact Analysis**
**Banks and Financial Institutions**
* **Impact**
* Affected by the rates and volumes in the overnight and term money markets.
* Impacted by the liquidity absorbed/injected through LAF, MSF, and SDF operations.
* Affected by the cash reserve requirements and the availability of SLF.
* **Action Required**
* Manage liquidity positions based on the reported market conditions and RBI operations.
* Ensure compliance with cash reserve requirements.
* Utilize available facilities like SLF as needed.
**Reserve Bank of India (RBI)**
* **Impact**
* Needs to monitor the money market operations to maintain liquidity and stability.
* Influences market rates through its repo and reverse repo operations, MSF and SDF.
* **Action Required**
* Continue to conduct money market operations as needed to manage liquidity.
* Monitor the impact of its operations on market rates and overall financial stability.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank responsible for regulating India's monetary policy and banking system, and the provider of Standing Liquidity Facility.
Liquidity Adjustment Facility (LAF): A primary tool used by the Reserve Bank of India to manage liquidity in the money market. Includes 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 at a penal interest rate against their government securities portfolio.
Standing Deposit Facility (SDF): A tool for absorbing liquidity from the banking system without any collateral.
Clearing Corporation of India Limited (CCIL): Organisation associated with RBI in relation to money market operations.
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
October 20, 2025
Money Market Operations as on October 17, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 10,543.38 5.44 3.75-6.63
I. Call Money 2,385.55 5.30 4.90-5.60
II. Triparty Repo 5,214.50 5.44 5.00-6.25
III. Market Repo 105.78 4.43 3.75-4.50
IV. Repo in Corporate Bond 2,837.55 5.60 5.45-6.63
B. Term Segment
I. Notice Money** 14,521.43 5.56 4.85-5.98
II. Term Money@@ 626.00 - 5.45-5.85
III. Triparty Repo 4,13,857.25 5.53 5.34-6.00
IV. Market Repo 2,05,789.05 5.51 4.75-6.00
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 Fri, 17/10/2025 3 Mon, 20/10/2025 2,750.00 5.51
(b) Reverse Repo Operation
3. MSF# Fri, 17/10/2025 1 Sat, 18/10/2025 7,243.00 5.75
Fri, 17/10/2025 2 Sun, 19/10/2025 0.00 5.75
Fri, 17/10/2025 3 Mon, 20/10/2025 540.00 5.75
4. SDFΔ# Fri, 17/10/2025 1 Sat, 18/10/2025 1,18,112.00 5.25
Fri, 17/10/2025 2 Sun, 19/10/2025 75.00 5.25
Fri, 17/10/2025 3 Mon, 20/10/2025 2,287.00 5.25
5. Net liquidity injected from today's
-1,09,941.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(a) Repo Operation
(b) Reverse Repo Operation
3. MSF#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 11,057.79
E. Net liquidity injected from outstanding operations [injection
11,057.79
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-98,883.21
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on October 17, 2025 8,33,827.70
(ii) Average daily cash reserve requirement for the fortnight ending October 17, 2025 8,46,979.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 17, 2025 2,750.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on October 03, 2025 3,85,602.00
@ 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.
Ajit Prasad
Press Release: 2025-2026/1345 Deputy General Manager
(Communications)