Document title: Money Market Operations as on July 23, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/746
Date: July 24, 2026
Policy Rates and Liquidity
The RBI reported that the total overnight segment (including sub‑segments I‑IV) recorded a volume of ₹6,73,445.78 crore with a weighted average rate of 5.07% and a rate range of 4.00‑5.40%. Call Money contributed ₹14,221.94 crore at 5.28% (range 4.60‑5.35%). Triparty Repo accounted for ₹4,72,781.75 crore at 5.02% (range 4.00‑5.25%). Market Repo stood at ₹1,80,028.69 crore at 5.19% (range 4.00‑5.40%). Repo in Corporate Bond was ₹6,413.40 crore at 5.38% (range 5.35‑5.40%).
In the term segment, Notice Money volume was ₹210.00 crore at 5.18% (range 5.05‑5.33%). Term Money volume was ₹1,208.00 crore with a rate band of 5.50‑5.80% (rate not disclosed). Triparty Repo in the term segment was ₹4,222.60 crore at 5.10% (range 4.80‑5.35%). Market Repo was ₹1,447.38 crore at 5.22% (range 4.90‑5.40%). No Repo in Corporate Bond was recorded for the term segment.
Liquidity facilities on 23 July 2026 included a Marginal Standing Facility (MSF) injection of ₹483.00 crore at 5.50% for a one‑day tenor (23/07/2026 to 24/07/2026). The Standing Deposit Facility (SDF) injected ₹1,85,102.00 crore at 5.00% for the same one‑day tenor. Net liquidity injected from today’s operations was a withdrawal of ₹1,84,619.00 crore (negative injection).
Outstanding operations as of 22‑20 July 2026 showed repo operations of ₹7,200.00 crore (2‑day tenor), ₹34,291.00 crore (3‑day tenor) and ₹72,051.00 crore (7‑day tenor), each at a rate of 5.26%. Net liquidity injected from outstanding operations amounted to ₹1,27,497.66 crore. Combining today’s and outstanding operations, the overall net liquidity position was a withdrawal of ₹57,121.34 crore.
Banking and Credit
Cash reserves of scheduled commercial banks as of 23 July 2026 were ₹7,95,380.61 crore, rising to an average daily cash reserve requirement of ₹8,15,720.00 crore for the fortnight ending 31 July 2026. The Government of India’s surplus cash balance available for auction on 23 July 2026 was zero. Net durable liquidity as of 30 June 2026 stood at a surplus of ₹4,99,485.00 crore.
Capital Markets and Flows
The money market operations detailed above reflect active participation across overnight and term segments, with weighted average rates ranging between 4.00% and 5.80% and total volumes exceeding ₹6.73 lakh crore in the overnight market alone.
Financial Stability and Inclusion
The net liquidity absorption of ₹57,121.34 crore indicates a tightening stance in the short‑term money market, while the positive net injection from outstanding operations (₹1,27,497.66 crore) provides a counterbalancing buffer. The robust cash reserve balances of scheduled banks and the absence of government surplus cash suggest ample liquidity on the demand side.
Regulatory and Policy Measures
The data are presented under Press Release No. 2026-2027/746, issued by Deputy General Manager Ajit Prasad (Communications). Footnotes reference earlier press releases and notifications governing the Liquidity Adjustment Facility, Standing Deposit Facility, and related operational guidelines.
Overall, the RBI’s July 23, 2026 money market operations demonstrate a high‑volume, moderately priced liquidity environment with a net absorption of funds, sustained bank cash reserves, and continued use of MSF and SDF facilities to manage short‑term liquidity needs.