Document title: Money Market Operations as on August 19, 2026
Issuing authority: Reserve Bank of India
Reference: Press Release 2026-2027/927
Date: August 20, 2026
Policy Rates and Liquidity
The RBI’s overnight money‑market segment recorded a total volume of ₹6,28,239.69 crore with a weighted average rate of 4.99% and a rate range of 1.10% to 5.45%. Within this segment, call money amounted to ₹11,991.91 crore at 5.15% (range 4.60%‑5.20%), triparty repo to ₹4,44,150.45 crore at 4.96% (range 4.80%‑5.15%), market repo to ₹1,65,164.43 crore at 5.03% (range 1.10%‑5.25%), and repo in corporate bonds to ₹6,932.90 crore at 5.28% (range 5.20%‑5.45%).
For the term segment, notice money stood at ₹297.00 crore at 5.11% (range 4.85%‑5.20%), term money at ₹364.00 crore with a quoted range of 5.60%‑6.15% (rate not disclosed), triparty repo at ₹920.00 crore at 4.98% (range 4.95%‑5.00%), market repo at ₹89.85 crore at 5.35% (flat range), and repo in corporate bonds at ₹55.00 crore at 5.40% (flat range).
Today's RBI operations included a reverse repo of ₹1,25,825.00 crore for one‑day tenor at a cutoff rate of 5.24%, a marginal standing facility (MSF) injection of ₹71.00 crore at 5.50%, and a standing deposit facility (SDF) injection of ₹1,56,077.00 crore at 5.00%. The net liquidity effect of today’s operations was a withdrawal of ₹2,81,831.00 crore.
Outstanding reverse repo operations from 17 August 2026 (seven‑day tenor) amount to ₹98,945.00 crore at 5.24%. The Standing Liquidity Facility availed from the RBI totals ₹9,916.06 crore. Net liquidity absorbed from outstanding operations is ₹89,028.94 crore, leading to an overall net liquidity absorption of ₹3,70,859.94 crore when today’s operations are included.
Banking and Credit
Cash reserves of scheduled commercial banks as of 19 August 2026 stood at ₹8,18,786.99 crore. The average daily cash reserve requirement for the fortnight ending 31 August 2026 was ₹8,17,404.00 crore, indicating a marginal surplus in cash holdings. The Government of India’s surplus cash balance available for auction on the same date was zero.
Capital Markets and Flows
The money‑market data reflect robust activity across both overnight and term segments, with total overnight volume exceeding ₹6.28 lakh crore and term‑segment volumes contributing an additional ₹1,726.85 crore. Rate spreads across segments remained within narrow bands, evidencing stable market conditions.
Financial Stability
Net durable liquidity, defined as the surplus or deficit after accounting for cash reserves, was a surplus of ₹6,79,145.00 crore as of 31 July 2026. The cumulative net liquidity absorption of ₹3,70,859.94 crore, combining today’s and outstanding operations, underscores the RBI’s ongoing stance of liquidity tightening.
The document was prepared by Deputy General Manager Ajit Prasad (Communications).