**Executive Summary**
This press release from the Reserve Bank of India, dated October 23, 2025, details money market operations and the cash reserve position of scheduled commercial banks as of October 21, 2025. It covers overnight and term segments, RBI operations (LAF, MSF, and SDF), and liquidity injections. Key data points include volumes, weighted average rates, and amounts related to repo and reverse repo operations.
**Key Points / Main Content**
* **Money Markets:**
* **Overnight Segment (October 21, 2025):** Volume is 0.00 Crore for Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **Term Segment (October 21, 2025):** Volume is 0.00 Crore for Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **RBI Operations (Today's Operations - October 21, 2025):**
* **Variable Rate Repo Operation:** ₹47.00 Crore with a rate of 5.75% (Maturity Date: October 22, 2025).
* **Variable Rate Reverse Repo Operation:** ₹350.00 Crore with a rate of 5.75% (Maturity Date: October 23, 2025).
* **SDF:** ₹1,08,614.00 Crore and ₹1,013.00 Crore with a rate of 5.25% (Maturity Date: October 22 & 23, 2025).
* **Net Liquidity Injected:** Net liquidity injected from today's operations [injection (+)/absorption (-)] is -₹1,09,230.00 Crore.
* **RBI Operations (Outstanding Operations):**
* **Variable Rate Repo Operation:** ₹12,000.00 Crore and ₹1,51,113.00 Crore with a rate of 5.52% and 5.51% (Maturity Date: October 23 & 24, 2025).
* **MSF:** ₹0.00 Crore and ₹40.00 Crore with a rate of 5.75% (Maturity Date: October 22 & 23, 2025).
* **SDF:** ₹1,420.00 Crore and ₹1,913.00 Crore with a rate of 5.25% (Maturity Date: October 22 & 23, 2025).
* **Net Liquidity Injected from outstanding operations:** ₹1,70,877.79 Crore.
* **Net Liquidity Injected (including today's operations):** ₹61,647.79 Crore.
* **Reserve Position of Scheduled Commercial Banks (October 21, 2025):**
* Cash balances with RBI: ₹9,00,938.35 Crore.
* Average daily cash reserve requirement for the fortnight ending October 31, 2025: ₹8,64,207.00 Crore.
* Government of India Surplus Cash Balance as on October 20, 2025: ₹1,63,113.00 Crore.
* Net durable liquidity as on October 03, 2025: ₹3,85,602.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Directly affected by changes in liquidity conditions and reserve requirements, influencing their lending and investment strategies.
* **Action Required:** Monitor and adjust cash reserves to meet the RBI's requirements; participate in LAF, MSF, and SDF operations to manage liquidity.
**Financial Markets**
* **Impact:** Influenced by the RBI's liquidity management operations, affecting interest rates and overall market stability.
* **Action Required:** Track the RBI's announcements and operations to anticipate market movements and adjust investment strategies accordingly.
**Government of India**
* **Impact:** Affected by the level of surplus cash balances, which can impact borrowing costs and overall fiscal management.
* **Action Required:** Monitor surplus cash balance levels and coordinate with the RBI to manage liquidity effectively.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank of India, regulator of the financial system and key player in money market operations.
Liquidity Adjustment Facility (LAF): Monetary policy instrument used by RBI to manage liquidity in the money market, 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 penal rate, to meet unexpected shortages.
Standing Deposit Facility (SDF): A tool for absorbing liquidity from the banking system without any collateral.
Money Market Operations: Transactions in the financial market used to manage short-term liquidity, including call money, repos, and other instruments, crucial for maintaining monetary stability.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
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 21, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 0.00 - -
I. Call Money 0.00 - -
II. Triparty Repo 0.00 - -
III. Market Repo 0.00 - -
IV. Repo in Corporate Bond 0.00 - -
B. Term Segment
I. Notice Money** 0.00 - -
II. Term Money@@ 0.00 - -
III. Triparty Repo 0.00 - -
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# Tue, 21/10/2025 1 Wed, 22/10/2025 47.00 5.75
Tue, 21/10/2025 2 Thu, 23/10/2025 350.00 5.75
4. SDFΔ# Tue, 21/10/2025 1 Wed, 22/10/2025 1,08,614.00 5.25
Tue, 21/10/2025 2 Thu, 23/10/2025 1,013.00 5.25
5. Net liquidity injected from today's
-1,09,230.00
operations [injection (+)/absorption (-)]*
II Outstanding 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 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 2 Wed, 22/10/2025 1,420.00 5.25
Mon, 20/10/2025 3 Thu, 23/10/2025 1,913.00 5.25
D. Standing Liquidity Facility (SLF) Availed from RBI$ 11,057.79
E. Net liquidity injected from outstanding operations [injection
1,70,877.79
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
61,647.79
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@ Date Amount
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on October 21, 2025 9,00,938.35
(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: 2025-2026/1361 Deputy General Manager
(Communications)