Document Title, Issuing Authority, Reference, Date

Money Market Operations as on July 16, 2026

Reserve Bank of India, Department of Communication

Press Release: 2026-2027/689

Date: July 17, 2026

Policy Rates and Liquidity

On Thursday, 16 July 2026 the RBI conducted a one‑day repo operation of ₹18,425.00 crore at a rate of 5.26% maturing on 17 July 2026. The Marginal Standing Facility (MSF) was utilised for ₹5,741.00 crore at 5.50% for the same tenor, and the Standing Deposit Facility (SDF) absorbed ₹1,17,446.00 crore at 5.00%. The net liquidity effect of today’s operations was a withdrawal of ₹93,280.00 crore, calculated as Repo + MSF + SLF − Reverse Repo − SDF.

Banking and Credit

Cash reserves of scheduled commercial banks with the RBI stood at ₹8,11,351.70 crore on 16 July 2026. The average daily cash reserve requirement for the fortnight ending 31 July 2026 increased to ₹8,15,720.00 crore, indicating a modest rise in required liquidity buffers.

Capital Markets and Flows

The overnight money‑market segment (including call money, triparty repo, market repo and repo in corporate bonds) recorded a total volume of ₹6,82,567.89 crore. The weighted average rate across this segment was 5.31% with a range of 4.00% to 6.80%.

  • Call Money: volume ₹21,228.64 crore, average rate 5.35% (range 4.60%‑5.70%).
  • Triparty Repo: volume ₹4,71,326.30 crore, average rate 5.32% (range 5.20%‑5.85%).
  • Market Repo: volume ₹1,82,271.60 crore, average rate 5.28% (range 4.00%‑5.90%).
  • Repo in Corporate Bonds: volume ₹7,741.35 crore, average rate 5.42% (range 5.35%‑6.80%).

In the term segment, Notice Money amounted to ₹427.65 crore at an average rate of 5.27% (range 4.95%‑5.40%). Term Money volume was ₹565.00 crore with a quoted range of 5.50%‑5.75%. Triparty Repo in the term segment was ₹3,138.85 crore at 5.40% (range 5.10%‑5.55%), while Market Repo was ₹88.98 crore at a flat rate of 5.60%. No repo activity in corporate bonds was recorded for the term segment.

Financial Stability and Inclusion

Net durable liquidity, representing the surplus of cash in the system, was ₹4,99,485.00 crore as of 30 June 2026. The Standing Liquidity Facility (SLF) availed from the RBI amounted to ₹10,083.82 crore, contributing to a net liquidity injection from outstanding operations of the same amount. Including today’s operations, the overall outstanding net liquidity injection stood at a deficit of ₹83,196.18 crore.

Regulatory and Policy Measures

All figures are based on data from the Reserve Bank of India and the Clearing Corporation of India Limited (CCIL). The report references earlier press releases dated 30 September 2025, 8 April 2022, 27 December 2023, 19 March 2015, and the notification RBI/2025-26/148 dated 11 December 2025. The document is signed by Deputy General Manager Ajit Prasad, Communications.

Overall, the RBI’s operations on 16 July 2026 reflect a net absorption of liquidity, a modest increase in cash reserve requirements for banks, and continued active management of short‑term money‑market rates.