Document title: Press Release – Money Market Operations as on October 21, 2026

Issuing authority: Reserve Bank of India

Reference number: Press Release: 2026-2027/1364

Date: October 22, 2026

Policy Rates and Liquidity

The RBI reported that on 21 October 2026 the net liquidity injected from today’s operations was a negative ₹72,977 cr, reflecting overall liquidity absorption. The Liquidity Adjustment Facility (LAF) operations included a repo of ₹50,007 cr at a rate of 5.52% for a one‑day tenor, a Marginal Standing Facility (MSF) of ₹2,613 cr at 5.75%, and a Standing Deposit Facility (SDF) of ₹1,25,597 cr at 5.25%. Outstanding operations comprised a repo of ₹1,00,014 cr at 5.51% (seven‑day tenor) and a reverse repo of ₹37,055 cr at 5.49% (twenty‑nine‑day tenor). The Standing Liquidity Facility availed from the RBI amounted to ₹9,476.05 cr. Net liquidity from outstanding operations was a surplus of ₹72,435.05 cr, while the combined net liquidity including today’s operations was a modest absorption of ₹541.95 cr.

Banking and Credit

Cash reserves of scheduled commercial banks stood at ₹8,46,959.44 cr as of 21 October 2026. The average daily cash reserve requirement for the fortnight ending 31 October 2026 was ₹8,33,309.00 cr. The Government of India’s surplus cash balance available for auction on the same date was ₹50,007.00 cr. Net durable liquidity, representing the overall surplus or deficit, was reported at ₹10,14,401.00 cr as of 30 September 2026.

Capital Markets and Flows

The overnight money‑market segment (including call money, triparty repo, market repo and corporate‑bond repo) recorded a total volume of ₹6,95,661.81 cr with a weighted average rate of 5.64% and a rate range of 4.85% to 6.00%. Call money contributed ₹11,933.13 cr at 5.65% (range 4.85%‑5.90%). Triparty repo accounted for ₹4,87,398.75 cr at 5.64% (range 5.51%‑5.87%). Market repo added ₹1,90,233.33 cr at 5.64% (range 5.25%‑5.95%). Repo in corporate bonds amounted to ₹6,096.60 cr at 5.72% (range 5.70%‑6.00%).

In the term segment, notice money volume was ₹201.00 cr at 5.37% (range 5.20%‑5.56%). Term money volume was ₹290.00 cr with a quoted range of 5.70%‑6.15% (rate not disclosed). Triparty repo in the term segment was ₹2,402.50 cr at 5.70% (range 5.60%‑5.80%). Market repo contributed ₹1,000.00 cr at 5.96% (range 5.92%‑6.00%). Repo in corporate bonds for the term segment was ₹154.05 cr at a flat rate of 6.90%. The aggregate volume for the term segment therefore summed to approximately ₹4,056.55 cr.

Financial Stability and Inclusion

The RBI’s net durable liquidity of ₹10,14,401.00 cr as of 30 September 2026 indicates a substantial surplus in the system, supporting financial stability. The combination of liquidity absorption through today’s operations and the existing surplus suggests a calibrated approach to managing short‑term liquidity conditions.

Regulatory and Policy Measures

All figures are based on the Reserve Bank of India and the Clearing Corporation of India Limited. The operations reference earlier press releases and notifications, including Press Release No. 2025‑2026/1201 (30 September 2025), Press Release No. 2022‑2023/41 (8 April 2022), and various RBI circulars dated October 10 and 12, 2026. These documents provide the legal and procedural framework for the reported money‑market and liquidity operations.

Overall, the RBI’s data for 21 October 2026 shows a sizeable overnight money‑market turnover, targeted liquidity absorption of ₹72,977 cr, and robust cash‑reserve balances, reflecting ongoing fine‑tuning of liquidity conditions in the Indian financial system.