Document Title: Money Market Operations as on July 24, 2026
Issuing Authority: Reserve Bank of India
Reference Number: Press Release: 2026-2027/756
Date: July 27, 2026
Policy Rates and Liquidity
The RBI reported that net liquidity injected from today’s operations amounted to a withdrawal of ₹1,78,362.00 crore, indicating overall liquidity absorption. Outstanding operations contributed a net injection of ₹85,030.66 crore, resulting in a cumulative net liquidity absorption of ₹93,331.34 crore for the period. The Marginal Standing Facility (MSF) was operated on 24 July 2026 with a 1‑day tenor of ₹55.00 crore at a rate of 5.50 %; the 2‑day and 3‑day tenors saw no utilisation. The Standing Deposit Facility (SDF) on the same day accepted ₹1,74,908.00 crore for a 1‑day tenor at 5.00 % and ₹3,509.00 crore for a 3‑day tenor at 5.00 %, with no 2‑day uptake. The Standing Liquidity Facility (SLF) availed from the RBI stood at ₹12,979.66 crore.
Capital Markets and Flows
Money market activity on 24 July 2026 showed an overnight segment volume of ₹6,80,990.58 crore with a weighted average rate of 5.07 % and a rate range of 0.01‑5.40 %. Within this segment, Call Money accounted for ₹20,906.96 crore at an average rate of 5.12 % (range 4.60‑5.20 %). Triparty Repo contributed ₹4,78,230.15 crore at 5.05 % (range 4.90‑5.25 %). Market Repo comprised ₹1,75,386.02 crore at 5.10 % (range 0.01‑5.40 %). Repo in Corporate Bonds recorded ₹6,467.45 crore at 5.29 % (range 5.25‑5.35 %).
In the term segment, Notice Money volume was ₹81.85 crore at an average rate of 5.04 % (range 4.85‑5.15 %). Term Money volume stood at ₹153.50 crore with a rate range of 5.40‑6.10 %. Triparty Repo in the term segment amounted to ₹2,802.00 crore at 5.10 % (range 5.05‑5.25 %). Market Repo in the term segment was ₹736.00 crore at 5.40 % (range 5.38‑5.40 %). No activity was reported for Repo in Corporate Bonds in the term segment.
Banking and Credit
Cash reserves of scheduled commercial banks as of 24 July 2026 were ₹8,10,498.68 crore. The average daily cash reserve requirement for the fortnight ending 31 July 2026 was slightly higher at ₹8,15,720.00 crore, indicating a marginal shortfall in cash balances relative to statutory requirements.
Government Liquidity Position
The Government of India reported a surplus cash balance of zero for the auction dated 24 July 2026. As of 30 June 2026, the net durable liquidity position showed a deficit of ₹4,99,485.00 crore.
Overall, the RBI’s money market operations reflect a substantial overnight market turnover, modest net liquidity absorption, and a slight shortfall in banks’ cash reserves relative to required levels, while the government’s cash position remains neutral with a notable durable liquidity deficit.