**Executive Summary**
This report, dated September 22, 2025, details money market and RBI operations as of September 20, 2025. It includes data on overnight and term segment transactions, liquidity adjustment facilities, and reserve positions of scheduled commercial banks. It specifies amounts, weighted average rates, and ranges for various financial instruments.
**Key Points / Main Content**
* **Money Market Operations (September 20, 2025):**
* **Overnight Segment:** Total volume of ₹10,892.67 Crore with a weighted average rate of 5.33% (range: 4.25-5.90%).
* Call Money: ₹2,206.55 Crore (5.37%, range: 4.75-5.50%)
* Triparty Repo: ₹8,555.10 Crore (5.33%, range: 4.90-5.90%)
* Market Repo: ₹131.02 Crore (4.72%, range: 4.25-5.40%)
* Repo in Corporate Bond: ₹0.00 Crore
* **Term Segment:** Total volume of ₹30.00 Crore with a weighted average rate of 5.00% (range: 5.00-5.00%).
* Notice Money: ₹30.00 Crore (5.00%, range: 5.00-5.00%)
* Term Money, Triparty Repo, Market Repo, Repo in Corporate Bond: ₹0.00 Crore
* **RBI Operations:**
* **Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF):**
* Reverse Repo (Main Operation): ₹75,384.00 Crore (5.25%).
* Reverse Repo (Fine Tuning Operations): ₹2,324.00 Crore (5.25%).
* MSF: ₹246.00 Crore (5.75%).
* SDF: ₹192.00 Crore (5.75%).
* **Outstanding Operations:**
* Repo (Fine Tuning Operations): ₹390.00 Crore (5.51%).
* Repo (Fine Tuning Operations): ₹59,967.00 Crore (5.51%).
* MSF: ₹150.00 Crore (5.75%).
* SDF: ₹2,511.00 Crore (5.25%).
* **Liquidity Measures:**
* Standing Liquidity Facility (SLF) Availed from RBI: ₹10,318.83 Crore.
* Net liquidity injected from outstanding operations: ₹68,314.83 Crore.
* Net liquidity injected (outstanding including today's operations): -₹8,955.17 Crore.
* **Reserve Position:**
* Cash balances with RBI (September 20, 2025): ₹8,98,661.02 Crore.
* Average daily cash reserve requirement (fortnight ending October 03, 2025): ₹9,13,308.00 Crore.
* **Government of India Surplus Cash Balance (September 19, 2025):** ₹60,357.00 Crore.
* **Net durable liquidity (September 05, 2025):** ₹4,66,312.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Scheduled Commercial Banks are subject to the reserve requirements and liquidity management guidelines outlined in the report. Their daily operations are affected by the rates and volumes specified for LAF, MSF, and SDF.
* **Action Required:** Scheduled Commercial Banks need to monitor their cash reserve positions and adjust their participation in liquidity management operations (Repo, Reverse Repo, MSF, SDF) to comply with RBI guidelines and optimize their liquidity positions.
**RBI (Reserve Bank of India)**
* **Impact:** The RBI is responsible for managing liquidity in the money market through various instruments (LAF, MSF, SDF). This report reflects the outcome of their operations and provides insights into the current liquidity conditions in the market.
* **Action Required:** The RBI needs to analyze the data presented in the report to assess the effectiveness of its liquidity management operations and make necessary adjustments to maintain stability in the money market.
**Government of India**
* **Impact:** The Government of India's surplus cash balance is reported and reckoned for auction purposes, affecting the overall fiscal management.
* **Action Required:** The Government needs to consider the surplus cash balance when planning borrowing and expenditure.
Key Entities Referenced
Reserve Bank of India (RBI): Central bank responsible for monetary policy and regulation of the Indian banking system, overseeing liquidity management through various instruments.
Liquidity Adjustment Facility (LAF): A tool used by the RBI to manage 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 SLR portfolio at a penal interest rate.
Standing Deposit Facility (SDF): A tool allowing the RBI to absorb liquidity from the banking system without any collateral.
Scheduled Commercial Banks: Banks included in the Second Schedule to the Reserve Bank of India Act, 1934, subject to regulatory oversight and maintaining cash reserves with the RBI.
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 22, 2025
Money Market Operations as on September 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) 10,892.67 5.33 4.25-5.90
I. Call Money 2,206.55 5.37 4.75-5.50
II. Triparty Repo 8,555.10 5.33 4.90-5.90
III. Market Repo 131.02 4.72 4.25-5.40
IV. Repo in Corporate Bond 0.00 - -
B. Term Segment
I. Notice Money** 30.00 5.00 5.00-5.00
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&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF# Sat, 20/09/2025 1 Sun, 21/09/2025 246.00 5.75
Sat, 20/09/2025 2 Mon, 22/09/2025 192.00 5.75
4. SDFΔ# Sat, 20/09/2025 1 Sun, 21/09/2025 75,384.00 5.25
Sat, 20/09/2025 2 Mon, 22/09/2025 2,324.00 5.25
5. Net liquidity injected from today's
-77,270.00
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 Fri, 19/09/2025 3 Mon, 22/09/2025 390.00 5.51
Fri, 19/09/2025 6 Thu, 25/09/2025 59,967.00 5.51
(b) Reverse Repo
3. MSF# Fri, 19/09/2025 2 Sun, 21/09/2025 0.00 5.75
Fri, 19/09/2025 3 Mon, 22/09/2025 150.00 5.75
4. SDFΔ# Fri, 19/09/2025 2 Sun, 21/09/2025 0.00 5.25
Fri, 19/09/2025 3 Mon, 22/09/2025 2,511.00 5.252
D. Standing Liquidity Facility (SLF) Availed from RBI$ 10,318.83
E. Net liquidity injected from outstanding operations [injection
68,314.83
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-8,955.17
operations) [injection (+)/absorption (-)]*
RESERVE POSITION@
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on September 20, 2025 8,98,661.02
(ii) Average daily cash reserve requirement for the fortnight ending October 03, 2025 9,13,308.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ September 19, 2025 60,357.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on September 05, 2025 4,66,312.00
@ 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: 2025-2026/1141 Deputy General Manager
(Communications)