**Executive Summary:**
This press release from the Reserve Bank of India (RBI), dated September 18, 2025, provides details on money market operations as of September 17, 2025. It covers various segments, including overnight, term, and liquidity adjustment facilities, as well as the cash reserve position of scheduled commercial banks. The release also presents data on net liquidity injections and outstanding operations.
**Key Points / Main Content:**
* **Money Market Operations (September 17, 2025):**
* **Overnight Segment:**
* Call Money: ₹22,370.32 Crore, Volume Weighted Average Rate: 5.47%
* Triparty Repo: ₹4,37,538.75 Crore, Volume Weighted Average Rate: 5.44%
* Market Repo: ₹1,99,471.15 Crore, Volume Weighted Average Rate: 5.45%
* Repo in Corporate Bond: ₹3,285.55 Crore, Volume Weighted Average Rate: 5.66%
* **Term Segment:**
* Notice Money: ₹349.30 Crore, Volume Weighted Average Rate: 5.36%
* Term Money: ₹340.00 Crore, Volume Weighted Average Rate: 5.60%
* Triparty Repo: ₹1,815.75 Crore, Volume Weighted Average Rate: 5.56%
* Market Repo: ₹675.00 Crore, Volume Weighted Average Rate: 5.73%
* Repo in Corporate Bond: ₹0.00
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF):**
* **Today's Operations (September 17, 2025):**
* MSF: ₹1,507.00 Crore at 5.75%
* SDF: ₹74,961.00 Crore at 5.25%
* Net liquidity injected from today's operations: ₹73,454.00 Crore (injection)
* **Outstanding Operations:**
* Repo: ₹585.00 Crore at 5.51% (September 16, 2025)
* Net liquidity injected from outstanding operations: ₹9,708.57 Crore (injection)
* Net liquidity injected outstanding including today's operations: ₹63,745.43 Crore injection
* **Standing Liquidity Facility (SLF):**
* Availed from RBI: ₹9,123.57 Crore
* **Cash Reserves Position of Scheduled Commercial Banks (September 17, 2025):**
* Cash balances with RBI: ₹8,71,776.97 Crore
* Average daily cash reserve requirement for the fortnight ending September 19, 2025: ₹9,04,057.00 Crore
* **Government of India Surplus Cash Balance (September 17, 2025):**
* ₹0.00
* **Net durable liquidity surplus/deficit (August 22, 2025):**
* ₹4,85,401.00 Crore surplus
**Impact Analysis:**
**Scheduled Commercial Banks:**
* *Impact:* Banks need to maintain the required cash reserve ratio with the RBI and are impacted by the liquidity management operations conducted by the RBI.
* *Action Required:* Ensure compliance with the average daily cash reserve requirement for the fortnight ending September 19, 2025 (₹9,04,057.00 Crore).
**Money Market Participants:**
* *Impact:* Participants in the call money, triparty repo, and market repo markets are affected by the rates and volumes reported, which provide insight into market liquidity and borrowing costs.
* *Action Required:* Monitor the trends in volume-weighted average rates and volumes in various market segments to inform trading and investment decisions.
**Reserve Bank of India (RBI):**
* *Impact:* The RBI uses these operations to manage liquidity in the market and maintain financial stability.
* *Action Required:* Continue monitoring market conditions and adjusting liquidity management tools as needed to achieve monetary policy objectives.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank responsible for regulating money markets and liquidity in India, and the primary publisher of this press release.
Liquidity Adjustment Facility (LAF): A monetary policy tool used by the RBI to inject or absorb liquidity in the banking system through repo and reverse repo operations.
Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow overnight funds 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 providing collateral.
Money Market: The overall context of the report, focusing on overnight and term segments involving call money, triparty repo, and market repo.
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
September 18, 2025
Money Market Operations as on September 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) 6,62,665.77 5.45 3.00-6.55
I. Call Money 22,370.32 5.47 4.75-5.65
II. Triparty Repo 4,37,538.75 5.44 5.20-5.75
III. Market Repo 1,99,471.15 5.45 3.00-5.75
IV. Repo in Corporate Bond 3,285.55 5.66 5.55-6.55
B. Term Segment
I. Notice Money** 349.30 5.36 5.00-5.45
II. Term Money@@ 340.00 - 5.60-5.85
III. Triparty Repo 1,815.75 5.56 5.40-5.65
IV. Market Repo 675.00 5.73 5.73-5.73
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&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF# Wed, 17/09/2025 1 Thu, 18/09/2025 1,507.00 5.75
4. SDFΔ# Wed, 17/09/2025 1 Thu, 18/09/2025 74,961.00 5.25
5. Net liquidity injected from today's
-73,454.00
operations [injection (+)/absorption (-)]*
II Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo Tue, 16/09/2025 3 Fri, 19/09/2025 585.00 5.51
(b) Reverse Repo
3. MSF#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 9,123.57
E. Net liquidity injected from outstanding operations [injection
9,708.57
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-63,745.43
operations) [injection (+)/absorption (-)]*
RESERVE POSITION@2
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on September 17, 2025 8,71,776.97
(ii) Average daily cash reserve requirement for the fortnight ending September 19, 2025 9,04,057.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ September 17, 2025 0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on August 22, 2025 4,85,401.00
@ 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. 2019-2020/1900 dated February 06, 2020.
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: 2025-2026/1113 Deputy General Manager
(Communications)