**Executive Summary**
This report, dated October 23, 2025, presents the money market operations as of October 20, 2025. It details volumes, weighted average rates, and ranges for various money market segments and RBI operations, including the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF). Key data points include overnight segment volumes, term segment activities, and the net liquidity injected through these operations.
**Key Points / Main Content**
* **Money Markets:**
* Overnight Segment volume is 6,19,511.04 Crore with a weighted average rate of 5.49% and a range of 4.50-6.60%.
* Term Segment includes Notice Money with a volume of 39.00 Crore and a rate of 5.18%.
* **RBI Operations (October 20, 2025):**
* Repo Operation (Variable Rate): 12,000.00 Crore (3-day tenor, maturing October 23, 2025) at 5.52% and 1,51,113.00 Crore (4-day tenor, maturing October 24, 2025) at 5.51%
* MSF: Utilized 384.00 Crore (1-day tenor, maturing October 21, 2025) and 40.00 Crore (3-day tenor, maturing October 23, 2025) at 5.75%.
* SDF: Utilized 1,01,092.00 Crore (1-day tenor, maturing October 21, 2025), 1,420.00 Crore (2-day tenor, maturing October 22, 2025) and 1,913.00 Crore (3-day tenor, maturing October 23, 2025) at 5.25%.
* Net liquidity injected from today's operations is 59,112.00 Crore.
* **Outstanding Operations:**
* Standing Liquidity Facility (SLF) availed from RBI: 11,057.79 Crore.
* Net liquidity injected (outstanding including today's operations): 70,169.79 Crore.
* **Reserve Position of Scheduled Commercial Banks:**
* Cash balances with RBI (October 20, 2025): 9,19,332.75 Crore.
* Average daily cash reserve requirement for the fortnight ending October 31, 2025: 8,64,207.00 Crore.
* Government of India Surplus Cash Balance reckoned for Auction (October 20, 2025): 1,63,113.00 Crore.
* Net durable liquidity (October 03, 2025): 3,85,602.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
**Impact**
Affected by cash reserve requirements and liquidity conditions. They need to manage their cash balances with RBI.
**Action Required**
Monitor cash balances and ensure compliance with cash reserve requirements.
**RBI**
**Impact**
Needs to manage liquidity in the market through various instruments such as LAF, MSF, and SDF.
**Action Required**
Continue monitoring market conditions and adjust liquidity management operations as needed.
**Government of India**
**Impact**
The surplus cash balance with the RBI impacts the overall financial position of the government.
**Action Required**
Monitor and manage cash balances held with the RBI effectively.
**Money Market Participants**
**Impact**
The rates and liquidity conditions in the money market will impact borrowing costs.
**Action Required**
Stay informed about money market trends and factor into decisions.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank whose operations are detailed in the press release.
Liquidity Adjustment Facility (LAF): A monetary policy tool used by the RBI, involving repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds from the RBI.
Standing Deposit Facility (SDF): A tool used by RBI to absorb liquidity from the banking system without any collateral.
Money Market: The market for short-term debt instruments, which the press release details activities within.
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 23, 2025
Money Market Operations as on October 20, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,19,511.04 5.49 4.50-6.60
I. Call Money 11,898.90 5.61 4.50-5.68
II. Triparty Repo 3,96,644.50 5.44 5.01-5.61
III. Market Repo 2,07,965.09 5.56 4.50-5.85
IV. Repo in Corporate Bond 3,002.55 5.78 5.70-6.60
B. Term Segment
I. Notice Money** 39.00 5.18 5.00-5.24
II. Term Money@@ 615.00 - 5.50-5.85
III. Triparty Repo 1,535.00 5.69 5.10-5.80
IV. Market Repo 800.00 5.68 5.68-5.68
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 Mon, 20/10/2025 3 Thu, 23/10/2025 12,000.00 5.52
Mon, 20/10/2025 4 Fri, 24/10/2025 1,51,113.00 5.51
(b) Reverse Repo Operation
3. MSF# Mon, 20/10/2025 1 Tue, 21/10/2025 384.00 5.75
Mon, 20/10/2025 2 Wed, 22/10/2025 0.00 5.75
Mon, 20/10/2025 3 Thu, 23/10/2025 40.00 5.75
4. SDFΔ# Mon, 20/10/2025 1 Tue, 21/10/2025 1,01,092.00 5.25
Mon, 20/10/2025 2 Wed, 22/10/2025 1,420.00 5.25
Mon, 20/10/2025 3 Thu, 23/10/2025 1,913.00 5.25
5. Net liquidity injected from today's
59,112.00
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
70,169.79
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on October 20, 2025 9,19,332.75
(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 20, 2025 1,63,113.00
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: 2025-2026/1359 Deputy General Manager
(Communications)