Document title: Money Market Operations as on July 19, 2026
Issuing authority: Reserve Bank of India
Reference: Press Release 2026-2027/713
Date: 20 July 2026
Policy Rates and Liquidity
The RBI’s Marginal Standing Facility (MSF) rate was fixed at 5.50% and the Standing Deposit Facility (SDF) rate at 5.00% for the day of 19 July 2026. Today’s operations injected ₹1,60,255.00 crore via SDF at 5.00% and withdrew ₹680.00 crore via MSF at 5.50%, resulting in a net liquidity absorption of ₹1,59,575.00 crore. Outstanding repo operations dated 17 July 2026 amounted to ₹75,003.00 crore at an average rate of 5.26% and reverse repo of ₹816.00 crore at the same rate. No MSF or SDF balances were outstanding from 18 July 2026. Additional SDF balances of ₹5,970.00 crore (dated 18 July) and ₹5,478.00 crore (dated 17 July) were recorded at 5.00%. The Standing Liquidity Facility (SLF) availed from RBI stood at ₹10,783.82 crore. Net liquidity injected from outstanding operations was ₹75,154.82 crore, while the cumulative net liquidity injected, including today’s operations, was a deficit of ₹84,420.18 crore.
Banking and Credit
Cash balances of scheduled commercial banks with the RBI on 19 July 2026 were ₹8,32,766.32 crore. The average daily cash reserve requirement for the fortnight ending 31 July 2026 was ₹8,15,720.00 crore.
Government Cash Position
The Government of India’s surplus cash balance available for auction as of 17 July 2026 was ₹75,819.00 crore. Net durable liquidity as of 30 June 2026 stood at ₹4,99,485.00 crore.
The RBI’s money market operations for the reporting date show zero transaction volumes across all overnight and term segments, a substantial net liquidity absorption of over ₹84,000 crore, and stable cash reserve levels for scheduled commercial banks.