Document title: Money Market Operations as on September 14, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/1115
Date: September 15, 2026
Policy Rates and Liquidity
The RBI’s Marginal Standing Facility (MSF) operated on 14 September 2026 with a one‑day tenor, a maturity on 15 September 2026, an amount of 11,221.00 crore and a rate of 5.50 %. The Standing Deposit Facility (SDF) on the same day also had a one‑day tenor, a maturity on 15 September 2026, an amount of 2,53,028.00 crore and a rate of 5.00 %. Net liquidity injected from today’s operations was recorded as a negative figure of –2,41,807.00 crore, indicating net absorption of liquidity.
Outstanding Operations
Reverse repo operations outstanding include: a 4‑day tenor dated 11 September 2026 with maturity on 15 September 2026 amounting to 3,44,864.00 crore at 5.24 %; a 15‑day tenor dated 31 August 2026 maturing on 15 September 2026 amounting to 1,34,625.00 crore at 5.24 %; a 26‑day tenor dated 11 September 2026 maturing on 7 October 2026 amounting to 60,449.00 crore at 5.24 %; and a 30‑day tenor dated 7 September 2026 maturing on 7 October 2026 amounting to 2,59,276.00 crore at 5.24 %.
Outstanding MSF positions are minimal: 0.00 crore for tenors of 2 and 3 days (13 September 2026 and 12 September 2026 respectively) and a residual 8.00 crore for a 4‑day tenor on 11 September 2026, all at a rate of 5.50 %. Outstanding SDF positions show 204.00 crore for a 2‑day tenor on 13 September 2026 and 3,158.00 crore for a 4‑day tenor on 11 September 2026, both at a rate of 5.00 %; the 3‑day tenor on 12 September 2026 recorded 0.00 crore.
The Standing Liquidity Facility (SLF) availed from the RBI amounts to 3,584.11 crore. Net liquidity injected from outstanding operations alone is –7,98,983.89 crore, and when combined with today’s operations the cumulative net liquidity injection stands at –10,40,790.89 crore.
Banking and Credit
Cash reserve positions of scheduled commercial banks show cash balances with the RBI of 7,86,313.40 crore as of 14 September 2026 and an average daily cash reserve requirement for the fortnight ending 15 September 2026 of 8,10,284.00 crore. The Government of India’s surplus cash balance reckoned for auction as on 11 September 2026 is nil (0.00 crore). Net durable liquidity, representing surplus, was recorded at 8,05,736.00 crore as of 15 August 2026.
Overall, the data indicate a substantial net absorption of liquidity from both today’s and outstanding operations, with the RBI maintaining a 5.50 % MSF rate and a 5.00 % SDF rate while cash reserve balances of scheduled banks remain elevated.