Document Title: Money Market Operations as on September 20, 2026
Issuing Authority: Reserve Bank of India (RBI)
Reference: Press Release 2026-2027/1154
Date: 21 September 2026
Policy Rates and Liquidity
The RBI’s Marginal Standing Facility (MSF) operated on 20 September 2026 with a one‑day tenor, amounting to ₹82.00 crore at a cutoff rate of 5.50 %. The Standing Deposit Facility (SDF) on the same day offered ₹91,747.00 crore at a rate of 5.00 %. Net liquidity injected from today’s operations was a withdrawal of ₹91,665.00 crore. Outstanding variable‑rate repo operations as of 18 September 2026 comprised three tranches: ₹2,22,629.00 crore (3‑day tenor), ₹52,449.00 crore (26‑day tenor) and ₹2,39,276.00 crore (30‑day tenor), all at 5.24 % rate. MSF outstanding on 19 and 18 September 2026 showed zero utilisation. SDF outstanding amounted to ₹1,123.00 crore (2‑day tenor) and ₹1,303.00 crore (3‑day tenor) at 5.00 %.
Banking and Credit
Cash balances of scheduled commercial banks with the RBI stood at ₹8,15,649.80 crore on 20 September 2026. The average daily cash reserve requirement (CRR) for the fortnight ending 30 September 2026 was projected at ₹8,21,989.00 crore.
Financial Stability and Inclusion
Net liquidity injected from outstanding operations amounted to a deficit of ₹5,13,299.24 crore, and when combined with today’s operations the cumulative net liquidity injection was a deficit of ₹6,04,964.24 crore. The Standing Liquidity Facility (SLF) availed from the RBI amounted to ₹3,480.76 crore. The Government of India’s surplus cash balance for auction on 18 September 2026 was zero. Net durable liquidity as on 31 August 2026 showed a surplus of ₹10,66,303.00 crore.
Overall, the RBI’s money‑market operations on 20 September 2026 reflected zero transaction volumes across all overnight and term segments, a substantial net liquidity absorption, and stable cash‑reserve positions for banks.