Document title: Money Market Operations as on July 21, 2026
Issuing authority: Reserve Bank of India
Reference: Press Release No. 2026-2027/729
Date: July 22, 2026
Policy Rates and Liquidity
The RBI reported that the overnight money‑market segment (comprising Call Money, Triparty Repo, Market Repo and Repo in Corporate Bond) recorded a total volume of ₹6,55,296.51 crore. The weighted average rate for the overnight segment was 5.25%, with a range of 4.00‑5.54%. Individual rates were: Call Money 5.35% (range 4.30‑5.41%), Triparty Repo 5.23% (range 4.92‑5.30%), Market Repo 5.30% (range 4.00‑5.54%) and Repo in Corporate Bond 5.47% (range 5.40‑5.52%).
In the term segment, Notice Money carried a rate of 5.20% (range 5.05‑5.30%), Term Money ranged between 5.30% and 5.85%, Triparty Repo was priced at 5.34% (range 5.25‑5.45%) and Market Repo at 3.72% (range 3.50‑5.60%). No Repo in Corporate Bond was recorded for the term segment.
Today's liquidity operations included a 3‑day repo of ₹34,291.00 crore at 5.26% (maturing on 24 July 2026), a 1‑day Marginal Standing Facility (MSF) of ₹54.00 crore at 5.50% (maturing on 22 July 2026), and a 1‑day Standing Deposit Facility (SDF) of ₹1,28,594.00 crore at 5.00% (maturing on 22 July 2026). Net liquidity injected from today’s operations was a withdrawal of ₹94,249.00 crore.
Outstanding operations as of 20 July 2026 showed a 7‑day repo of ₹72,051.00 crore at 5.26% (maturing on 27 July 2026). Net liquidity injected from outstanding operations amounted to ₹84,959.82 crore. Combining today’s and outstanding operations, the overall net liquidity injection was a net absorption of ₹9,289.18 crore.
Banking and Credit
The cash reserves position of scheduled commercial banks indicated cash balances with the RBI as of 21 July 2026 (specific amount not disclosed) and an average daily cash reserve requirement for the fortnight ending 31 July 2026 of ₹8,31,895.35 crore and ₹8,15,720.00 crore respectively.
Financial Stability and Inclusion
The Government of India’s surplus cash balance available for auction on 21 July 2026 was ₹34,291.00 crore. Net durable liquidity, reflecting the overall surplus or deficit, stood at a surplus of ₹4,99,485.00 crore as of 30 June 2026. Additionally, the Standing Liquidity Facility (SLF) availed from the RBI amounted to ₹12,908.82 crore.
Overall, the RBI’s money‑market operations on 21 July 2026 show a substantial overnight market volume, modest net liquidity absorption, and ample cash reserve buffers in the banking system, indicating continued liquidity management under the prevailing policy framework.