Document Title: Money Market Operations as on September 19, 2026

Issuing Authority: Reserve Bank of India (RBI)

Reference: Press Release 2026-2027/1153

Date: 21 September 2026

Policy Rates and Liquidity

The RBI disclosed that the overnight money‑market segment (categories I‑IV) recorded a total volume of ₹11,474.37 crore with a weighted average rate of 5.22% and a rate range of 4.75‑5.50%. Within this segment, call money contributed ₹828.80 crore at a rate of 4.92% (range 4.75‑5.25%), triparty repo accounted for ₹10,613.25 crore at 5.25% (range 5.04‑5.50%), and market repo amounted to ₹32.32 crore with a weighted average rate of 5.02% (range 5.01‑5.02%). No activity was reported in the corporate‑bond repo sub‑segment.

The term‑segment showed a notice‑money weighted rate of 1.50% with a flat range of 4.90‑4.90%; all other term‑segment instruments (term money, triparty repo, market repo, corporate‑bond repo) reported zero volume.

Liquidity Adjustment Facility (LAF), MSF and SDF Operations

On 19 September 2026 the RBI conducted marginal standing facility (MSF) operations: a 1‑day tenor operation maturing on 20 September 2026 for ₹74.00 crore at 5.50%, and a 2‑day tenor operation maturing on 21 September 2026 for ₹0.00 crore at 5.50%.

Standing Deposit Facility (SDF) operations on the same day included a 1‑day tenor of ₹88,464.00 crore at 5.00% (maturing 20 September) and a 2‑day tenor of ₹1,123.00 crore at 5.00% (maturing 21 September).

Net liquidity injected from today’s operations was a withdrawal of ₹89,513.00 crore.

Outstanding Operations

Reverse‑repo operations outstanding as of 18 September 2026 comprised:

  • A 3‑day tenor (maturing 21 September) of ₹2,22,629.00 crore at 5.24%.
  • A 26‑day tenor (maturing 7 October) of ₹52,449.00 crore at 5.24%.
  • A 30‑day tenor (maturing 7 October) of ₹2,39,276.00 crore at 5.24%.

MSF outstanding on 18 September 2026 showed zero utilisation for both 2‑day and 3‑day tenors at the 5.50% rate.

SDF outstanding on 18 September 2026 recorded zero utilisation for the 2‑day tenor and ₹1,303.00 crore for the 3‑day tenor at 5.00%.

The Standing Liquidity Facility (SLF) availed from the RBI contributed a net liquidity injection of ₹3,480.76 crore from outstanding operations. Overall net liquidity from outstanding operations was an absorption of ₹5,12,176.24 crore, leading to a cumulative net liquidity position (including today’s operations) of a deficit of ₹6,01,689.24 crore.

Banking and Credit – Cash Reserve Position

Scheduled commercial banks held cash balances with the RBI of ₹8,19,270.39 crore as of 19 September 2026. The average daily cash reserve requirement for the fortnight ending 30 September 2026 was projected at ₹8,21,989.00 crore.

Government Liquidity

The Government of India’s surplus cash balance for auction purposes was ₹0.00 crore as of 18 September 2026. Net durable liquidity showed a surplus of ₹10,66,303.00 crore as of 31 August 2026.

Overall, the RBI’s money‑market operations indicate a substantial net liquidity absorption on 19 September 2026, with continued utilisation of the SDF and a modest presence of reverse‑repo facilities, while banking sector cash reserves remain near the required levels.