Document title: Money Market Operations as on July 25, 2026
Issuing authority: Reserve Bank of India
Reference number: Press Release 2026-2027/758
Date: July 27, 2026
Policy Rates and Liquidity
On July 25, 2026 the RBI conducted a Marginal Standing Facility (MSF) operation for a one‑day tenor maturing on July 26, 2026, injecting ₹60.00 cr at a rate of 5.50 %. A two‑day MSF operation scheduled for July 27, 2026 had a zero amount at the same rate. The Standing Deposit Facility (SDF) operation for a one‑day tenor on July 26, 2026 absorbed ₹1,74,673 cr at a rate of 5.00 %; a two‑day SDF on July 27, 2026 absorbed ₹120 cr at 5.00 %. Net liquidity from today’s operations was a withdrawal of ₹1,74,733 cr (calculated as Repo + MSF + SLF – Reverse Repo – SDF). An outstanding variable‑rate repo operation dated July 20, 2026 with a seven‑day tenor maturing on July 27, 2026 had ₹72,051 cr outstanding at a rate of 5.26 %. The Standing Liquidity Facility (SLF) availed from the RBI amounted to ₹12,979.66 cr. Net liquidity injected from outstanding operations was ₹81,521.66 cr, while total net liquidity including today’s operations resulted in a net absorption of ₹93,211.34 cr.
Banking and Credit
Cash reserve balances of scheduled commercial banks were ₹8,10,466.43 cr on July 25, 2026 and increased to ₹8,15,720.00 cr by July 31, 2026, reflecting the average daily cash reserve requirement for the fortnight ending July 31, 2026.
Financial Stability and Inclusion
The Government of India surplus cash balance available for auction on July 24, 2026 was zero. Net durable liquidity as of June 30, 2026 stood at ₹4,99,485 cr.
Overall, the RBI’s operations on July 25, 2026 showed a substantial liquidity absorption through the SDF, while cash reserve balances of banks remained stable and overall durable liquidity remained positive.