Document title: Money Market Operations as on September 13, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/1114
Date: 13 September 2026
Policy rates and liquidity
The RBI conducted operations across the Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) and Standing Deposit Facility (SDF) on 13 September 2026. MSF was offered on two tenors – 1 day and 2 days – both at a rate of 5.50%. The SDF was offered on 13 September for a 1‑day tenor amounting to ₹2,80,579 crore at 5.00% and for a 2‑day tenor amounting to ₹204 crore at 5.00%. Net liquidity injected from today’s operations, calculated as Repo + MSF + SLF – Reverse Repo – SDF, was a net absorption of ₹2,80,631 crore.
Outstanding variable‑rate operations as of 11 September 2026 included repo transactions of ₹3,44,864 crore (tenor 4 days), ₹1,34,625 crore (15 days), ₹60,449 crore (26 days) and ₹2,59,276 crore (30 days), all priced at 5.24%. Additional outstanding repo positions were recorded on 7 September 2026 (₹2,59,276 crore, 30‑day tenor) and on 12 September 2026 for MSF and SDF, each showing zero utilisation for the 1‑day and 2‑day tenors respectively, except a minor SDF utilisation of ₹1,910 crore on 12 September for a 3‑day tenor at 5.00% and ₹3,158 crore on 11 September for a 4‑day tenor at 5.00%. The Standing Liquidity Facility (SLF) availed from RBI amounted to ₹3,584.11 crore. Aggregating outstanding operations, net liquidity injected (injection + absorption) was a net deficit of ₹8,00,689.89 crore, and when combined with today’s absorption the cumulative net liquidity position stood at a deficit of ₹10,81,320.89 crore.
Banking and credit
Cash reserves of scheduled commercial banks as of 13 September 2026 were ₹7,93,471.35 crore. The average daily cash reserve requirement (CRR) for the fortnight ending 15 September 2026 was projected at ₹8,10,284.00 crore, indicating a slight shortfall relative to actual cash balances. The Government of India’s surplus cash balance reckoned for auction as of 11 September 2026 was nil. Net durable liquidity, defined as surplus (+) or deficit (‑), as of 15 August 2026 was recorded at ₹8,05,736 crore.
The data presented is based on information from the Reserve Bank of India and the Clearing Corporation of India Limited (CCIL).
Overall, the RBI’s money market operations on 13 September 2026 reflected a net liquidity absorption, with MSF and SDF rates unchanged at 5.50% and 5.00% respectively, and cash reserve positions of scheduled banks remaining robust relative to the required CRR.