**Executive Summary**
This report summarizes money market operations conducted by the Reserve Bank of India (RBI) as of September 25, 2025. It details the volumes, weighted average rates, and ranges for various money market segments and RBI operations, including the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF), and Standing Deposit Facility (SDF). The next deadline mentioned is October 3, 2025 for the average daily cash reserve requirement for the fortnight ending.
**Key Points / Main Content**
* **Money Markets (September 25, 2025):**
* **Overnight Segment:** Total volume of ₹6,60,450.48 Crore, weighted average rate of 5.53% (range: 3.50-6.55%).
* Call Money: Volume ₹20,334.77 Crore, weighted average rate 5.58% (range: 4.75-5.75%).
* Triparty Repo: Volume ₹4,25,873.55 Crore, weighted average rate 5.52% (range: 5.15-5.74%).
* Market Repo: Volume ₹2,10,336.86 Crore, weighted average rate 5.55% (range: 3.50-5.87%).
* Repo in Corporate Bond: Volume ₹3,905.30 Crore, weighted average rate 5.73% (range: 5.65-6.55%).
* **Term Segment:**
* Notice Money: Volume ₹165.50 Crore, rate 5.40% (range: 5.00-5.55%).
* Term Money: Volume ₹425.00 Crore, rate 5.90% (range: 5.90-5.91%).
* Triparty Repo: Volume ₹8,813.30 Crore, rate 5.80% (range: 5.50-6.00%).
* Market Repo: Volume ₹300.00 Crore, rate 5.80% (range: 5.80-5.80%).
* Repo in Corporate Bond: Volume ₹0.00 Crore.
* **RBI Operations (Today's Operations):**
* Repo: Volume ₹69,060.00 Crore (auction date: September 25, 2025; tenor: 1 day; maturity date: September 26, 2025; rate: 5.51%).
* Reverse Repo: Volume ₹2,688.00 Crore (auction date: September 25, 2025; tenor: 1 day; maturity date: September 26, 2025; rate: 5.75%).
* MSF: Volume ₹95,049.00 Crore (auction date: September 25, 2025; tenor: 1 day; maturity date: September 26, 2025; rate: 5.25%).
* Net liquidity injected from today's operations (absorption): -₹23,301.00 Crore.
* **RBI Operations (Outstanding Operations):**
* **Standing Liquidity Facility (SLF):**
* SLF Availed from RBI: ₹10,318.83 Crore.
* **Liquidity Position:**
* Net liquidity injected from outstanding operations (absorption): ₹10,318.83 Crore.
* Net liquidity injected (outstanding including today's operations) (absorption): -₹12,982.17 Crore.
* **Reserve Position of Scheduled Commercial Banks:**
* Cash balances with RBI as on September 25, 2025: ₹9,15,761.74 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 25, 2025: ₹69,060.00 Crore
* September 05, 2025: ₹4,66,312.00 Crore
**Impact Analysis**
**Scheduled Commercial Banks**
* **Impact:** Must maintain required cash balances with RBI.
* **Action Required:** Monitor liquidity positions and adjust operations to meet reserve requirements and manage cash flow.
**Money Market Participants**
* **Impact:** Impacted by the overnight and term segment volumes, weighted average rates and ranges.
* **Action Required:** Monitor the RBI operations and outstanding operations, as well as the liquidity position.
**Government of India**
* **Impact:** Impacted by the Surplus Cash Balance.
* **Action Required:** Monitor the Surplus Cash Balance.
Key Entities Referenced
Liquidity Adjustment Facility (LAF): A monetary policy instrument used by the Reserve Bank of India 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 additional amounts of overnight money from the Reserve Bank of India by dipping into their Statutory Liquidity Ratio (SLR) portfolio up to a limit at a penal rate of interest.
Standing Deposit Facility (SDF): A tool that allows the Reserve Bank of India to absorb liquidity from commercial banks without requiring collateral, offering a lower interest rate than reverse repo.
Reserve Bank of India (RBI): The central bank of India, responsible for formulating and implementing monetary policy, regulating and supervising the financial system, and managing the country's currency.
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 26, 2025
Money Market Operations as on September 25, 2025
(Amount in ₹ Crore, Rate in Per cent)
MONEY MARKETS@ Volume Weighted Range
(One Leg) Average Rate
A. Overnight Segment (I+II+III+IV) 6,60,450.48 5.53 3.50-6.55
I. Call Money 20,334.77 5.58 4.75-5.75
II. Triparty Repo 4,25,873.55 5.52 5.15-5.74
III. Market Repo 2,10,336.86 5.55 3.50-5.87
IV. Repo in Corporate Bond 3,905.30 5.73 5.65-6.55
B. Term Segment
I. Notice Money** 165.50 5.40 5.00-5.55
II. Term Money@@ 425.00 - 5.90-5.91
III. Triparty Repo 8,813.30 5.80 5.50-6.00
IV. Market Repo 300.00 5.80 5.80-5.80
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 Thu, 25/09/2025 1 Fri, 26/09/2025 69,060.00 5.51
(b) Reverse Repo
3. MSF# Thu, 25/09/2025 1 Fri, 26/09/2025 2,688.00 5.75
4. SDFΔ# Thu, 25/09/2025 1 Fri, 26/09/2025 95,049.00 5.25
5. Net liquidity injected from today's
-23,301.00
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
(b) Reverse Repo
3. MSF#
4. SDFΔ#
D. Standing Liquidity Facility (SLF) Availed from RBI$ 10,318.83
E. Net liquidity injected from outstanding operations [injection
10,318.83
(+)/absorption (-)]*
F. Net liquidity injected (outstanding including today's
-12,982.17
operations) [injection (+)/absorption (-)]*2
RESERVE POSITION@
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on September 25, 2025 9,15,761.74
(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 25, 2025 69,060.00
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: 2025-2026/1173 Deputy General Manager
(Communications)