**Executive Summary**
This report, released by the Reserve Bank of India on October 20, 2025, summarizes the money market operations as of October 18, 2025. It includes details on overnight and term segments, RBI operations including Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), Standing Deposit Facility (SDF), Standing Liquidity Facility (SLF), and cash reserve positions of scheduled commercial banks. It highlights the net liquidity injected into the system and references earlier press releases for context.
**Key Points / Main Content**
* **Money Market Operations:**
* **Overnight Segment:** Total volume of ₹11,321.28 Crore with a weighted average rate of 5.48% (range: 4.90-5.90%).
* Call Money: ₹950.40 Crore (5.06% average rate).
* Triparty Repo: ₹10,249.10 Crore (5.52% average rate).
* Market Repo: ₹121.78 Crore (5.15% average rate).
* Repo in Corporate Bond: ₹0.00 Crore.
* **Term Segment:** Total volume of ₹382.55 Crore with average rate of 4.97% (range: 4.85-5.00%)
* Notice Money: ₹0.00 Crore.
* Term Money: ₹185.00 Crore (5.55% average rate).
* Triparty Repo: ₹0.00 Crore.
* Market Repo: ₹0.00 Crore.
* **RBI Operations (Today's Operations):**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF):**
* MSF: ₹5,080.00 Crore for 1-day tenor and ₹450.00 Crore for 2-day tenor at 5.75% rate.
* SDFA: ₹58,366.00 Crore for 1-day tenor and ₹3,008.00 Crore for 2-day tenor at 5.25% rate.
* Net liquidity injected (absorption): -₹55,844.00 Crore.
* **RBI Operations (Outstanding Operations):**
* MSF: ₹2,750.00 Crore for 3-day tenor at 5.51% rate; ₹0.00 Crore for 2-day tenor and ₹540.00 Crore for 3-day tenor at 5.75% rate.
* SDFA: ₹75.00 Crore for 2-day tenor and ₹2,287.00 Crore for 3-day tenor at 5.25% rate.
* **Standing Liquidity Facility (SLF):**
* SLF Availed from RBI: ₹11,057.79 Crore.
* Net liquidity injected (absorption) from outstanding operations: ₹11,985.79 Crore.
* Net liquidity injected (absorption) (outstanding including today's operations): -₹43,858.21 Crore.
* **Reserve Position:**
* Cash balances with RBI (October 18, 2025): ₹8,68,962.68 Crore.
* Average daily cash reserve requirement (fortnight ending October 31, 2025): ₹8,64,207.00 Crore.
* Government of India Surplus Cash Balance Reckoned for Auction as on October 17, 2025: ₹2,750.00 Crore.
* Net durable liquidity (October 03, 2025): ₹3,85,602.00 Crore.
**Impact Analysis**
**Banks and Financial Institutions:**
* **Impact:** Directly affected by changes in liquidity conditions, repo rates, MSF, and SDF rates, influencing their borrowing and lending strategies, and impacting profitability.
* **Action Required:** Must adjust their liquidity management strategies based on the RBI's operations and policy rates.
**RBI:**
* **Impact:** Required to monitor and adjust monetary policy instruments to maintain financial stability and manage liquidity in the market.
* **Action Required:** Needs to continue analyzing market dynamics and calibrating operations to achieve its monetary policy objectives.
**Government of India:**
* **Impact:** Affected by the surplus cash balance, which influences its borrowing program and fiscal operations.
* **Action Required:** Take into account the liquidity position when planning its borrowing and spending activities.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank responsible for monetary policy and regulation of the banking system in India; the source of data for this press release.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage liquidity in the banking system, involving repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI at a rate higher than the repo rate.
Standing Deposit Facility (SDF): A tool used by the RBI to absorb liquidity from the banking system without any collateral.
Money Markets: Financial markets where short-term debt instruments are traded, including call money, repo, and other instruments reported in the document.
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 18, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 11,321.28 5.48 4.90-5.90
I. Call Money 950.40 5.06 4.90-5.50
II. Triparty Repo 10,249.10 5.52 5.25-5.90
III. Market Repo 121.78 5.15 5.00-5.50
IV. Repo in Corporate Bond 0.00 - -
B. Term Segment
I. Notice Money** 382.55 4.97 4.85-5.00
II. Term Money@@ 0.00 - -
III. Triparty Repo 185.00 5.55 5.25-6.00
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# Sat, 18/10/2025 1 Sun, 19/10/2025 5,080.00 5.75
Sat, 18/10/2025 2 Mon, 20/10/2025 450.00 5.75
4. SDFΔ# Sat, 18/10/2025 1 Sun, 19/10/2025 58,366.00 5.25
Sat, 18/10/2025 2 Mon, 20/10/2025 3,008.00 5.25
5. Net liquidity injected from today's
-55,844.00
operations [injection (+)/absorption (-)]*
II Outstanding 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 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 2 Sun, 19/10/2025 75.00 5.25
Fri, 17/10/2025 3 Mon, 20/10/2025 2,287.00 5.25
D. Standing Liquidity Facility (SLF) Availed from RBI$ 11,057.79
E. Net liquidity injected from outstanding operations [injection
11,985.79
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-43,858.21
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on October 18, 2025 8,68,962.68
(ii) Average daily cash reserve requirement for the fortnight ending October 31, 2025 8,64,207.00
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: 2025-2026/1347 Deputy General Manager
(Communications)