**Executive Summary**
This press release from the Reserve Bank of India (RBI) details the money market operations as of September 21, 2025. It reports on liquidity adjustment facilities, standing facilities, and cash reserve positions. The release also specifies Government of India surplus cash balances and net durable liquidity as of earlier dates.
**Key Points / Main Content**
* **Money Markets**:
* Overnight Segment: Volume is zero across Call Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* Term Segment: Volume is zero across Notice Money, Term Money, Triparty Repo, Market Repo, and Repo in Corporate Bond.
* **RBI Operations**:
* Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
* **Today's Operations**:
* MSF: ₹230.00 Crore at 5.75%
* SDFA: ₹73,485.00 Crore at 5.25%
* Net liquidity injected from today's operations: -₹73,255.00 Crore
* **Outstanding Operations**:
* MSF: Several transactions on 19th and 20th September, maturing on 22nd and 25th September, at rates of 5.75% and 5.51%.
* SDFA: Several transactions on 19th and 20th September, maturing on 22nd September, at 5.25%.
* Standing Liquidity Facility (SLF) Availed from RBI: ₹10,318.83 Crore.
* Net liquidity injected from outstanding operations: ₹66,182.83 Crore.
* Net liquidity injected (outstanding including today's operations): -₹7,072.17 Crore.
* **Reserve Position**:
* Cash Reserves Position of Scheduled Commercial Banks
* Cash balances with RBI as on September 21, 2025: ₹9,00,451.57 Crore.
* Average daily cash reserve requirement for the fortnight ending October 03, 2025: ₹9,13,308.00 Crore.
* Government of India Surplus Cash Balance Reckoned for Auction as on September 19, 2025: ₹60,357.00 Crore.
* Net durable liquidity as on September 05, 2025: ₹4,66,312.00 Crore.
**Impact Analysis**
**Scheduled Commercial Banks**
**Impact**
The report provides information on the cash reserve requirements and balances held with the RBI. It affects their liquidity management and compliance obligations.
**Action Required**
Ensure compliance with reserve requirements and adjust liquidity management strategies based on the reported figures.
**Government of India**
**Impact**
The reported surplus cash balance directly impacts the government's fiscal position and borrowing plans.
**Action Required**
Take note of the surplus cash balance for budget and debt management purposes.
**Financial Institutions Participating in LAF, MSF, and SDF**
**Impact**
These institutions are directly impacted by the operational details, including volumes, rates, and maturity dates, as these influence their liquidity management and returns.
**Action Required**
Adjust participation in LAF, MSF, and SDF operations based on the reported details and their own liquidity needs.
Key Entities Referenced
Reserve Bank of India: Central bank responsible for regulating money market operations.
Money Market: The market where short-term financial instruments are traded.
Liquidity Adjustment Facility (LAF): A monetary policy tool used by RBI to inject or absorb liquidity.
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.
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
September 22, 2025
Money Market Operations as on September 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&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF# Sun, 21/09/2025 1 Mon, 22/09/2025 230.00 5.75
4. SDFΔ# Sun, 21/09/2025 1 Mon, 22/09/2025 73,485.00 5.25
5. Net liquidity injected from today's
-73,255.00
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# Sat, 20/09/2025 2 Mon, 22/09/2025 192.00 5.75
Fri, 19/09/2025 3 Mon, 22/09/2025 150.00 5.75
4. SDFΔ# Sat, 20/09/2025 2 Mon, 22/09/2025 2,324.00 5.25
Fri, 19/09/2025 3 Mon, 22/09/2025 2,511.00 5.25
D. Standing Liquidity Facility (SLF) Availed from RBI$ 10,318.83
E. Net liquidity injected from outstanding operations [injection
66,182.83
(+)/absorption (-)]*2
F. Net liquidity injected (outstanding including today's
-7,072.17
operations) [injection (+)/absorption (-)]*
RESERVE POSITION@
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on September 21, 2025 9,00,451.57
(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: 2025-2026/1142 Deputy General Manager
(Communications)