Document title: Money Market Operations as on September 26, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/1199
Date: September 28, 2026
Policy Rates and Liquidity
The RBI conducted its daily liquidity operations on 26 September 2026. The Marginal Standing Facility (MSF) was offered for a one‑day tenor at a rate of 5.50%, with an amount of ₹32.00 crore. The Standing Deposit Facility (SDF) was made available for a one‑day tenor at 5.00% with a sizable injection of ₹1,82,306.00 crore. No SDF was offered for the two‑day tenor.
Banking and Credit
Cash reserves of scheduled commercial banks as of 26 September 2026 amounted to ₹8,63,392.68 crore. The average daily cash reserve requirement (CRR) for the fortnight ending 30 September 2026 was ₹8,21,989.00 crore.
Reserve Position
The Government of India’s surplus cash balance reckoned for auction on 25 September 2026 was zero. Net durable liquidity, defined as surplus (+) or deficit (‑), as on 31 August 2026 stood at a surplus of ₹10,66,303.00 crore.
Net Liquidity Injection
Liquidity injected from today’s operations (including repo, MSF and SDF) resulted in a net absorption of ₹1,82,274.00 crore. Considering outstanding operations, the net absorption was ₹2,42,617.24 crore. Cumulatively, the net liquidity injected (including today’s and outstanding operations) amounted to a net absorption of ₹4,24,891.24 crore.
Outstanding Operations Details
Outstanding reverse repo operations included a three‑day tenor of ₹90,280.00 crore at 5.24% (dated 25 September 2026) and a 26‑day tenor of ₹39,449.00 crore at 5.24% (dated 11 September 2026). A 30‑day tenor reverse repo of ₹1,13,676.00 crore at 5.24% was also outstanding (dated 7 September 2026). Outstanding MSF positions comprised a two‑day tenor of ₹0.00 crore and a three‑day tenor of ₹154.00 crore, both at 5.50%. Outstanding SDF positions were ₹1,301.00 crore for a two‑day tenor and ₹2,311.00 crore for a three‑day tenor, both at 5.00%. The Standing Liquidity Facility (SLF) availed from RBI amounted to ₹4,245.76 crore.
Overall, the RBI’s money market operations on 26 September 2026 indicate a deliberate net withdrawal of liquidity from the system, supported by modest MSF and substantial SDF injections, while cash reserve balances of banks remain robust.