Document title: Money Market Operations as on July 08, 2026
Issuing authority: Reserve Bank of India
Reference number: Press Release: 2026-2027/630
Date: July 09, 2026
Policy Rates and Liquidity
The RBI disclosed that on July 8, 2026 the overnight money‑market segment recorded a total volume of ₹6,59,022.07 crore, with a weighted average rate of 5.20% and a rate range of 3.00% to 5.60%. Within this segment, Call Money accounted for ₹22,781.79 crore at an average rate of 5.27% (range 4.60%‑5.60%), Triparty Repo for ₹4,50,275.35 crore at 5.20% (range 5.12%‑5.55%), Market Repo for ₹1,79,050.48 crore at 5.21% (range 3.00%‑5.56%), and Repo in Corporate Bonds for ₹6,914.45 crore at 5.32% (range 5.29%‑5.50%).
In the term‑money segment, Notice Money volume was ₹52.47 crore at an average rate of 5.10% (range 4.80%‑5.20%), Term Money volume was ₹936.50 crore with a rate range of 5.35%‑6.00% (average rate not disclosed), Triparty Repo volume was ₹1,110.00 crore at 5.18% (range 5.15%‑5.20%), Market Repo volume was ₹200.00 crore at a flat rate of 5.50%, and there was no activity in Repo in Corporate Bonds.
For the day’s operations, the RBI conducted a one‑day repo on Wednesday, 08 July 2026, maturing on Thursday, 09 July 2026, injecting ₹665.00 crore at a rate of 5.26%. The Marginal Standing Facility (MSF) absorbed ₹282.00 crore at 5.50%, while the Standing Deposit Facility (SDF) injected ₹99,812.00 crore at 5.00%. Net liquidity from today’s operations was a withdrawal of ₹98,865.00 crore.
Outstanding operations include a three‑day repo dated Monday, 06 July 2026, maturing on Thursday, 09 July 2026, with an amount of ₹14,600.00 crore at 5.26%. Net liquidity injected from outstanding operations amounted to ₹24,683.82 crore, resulting in an overall net liquidity position (including today’s operations) of a deficit of ₹74,181.18 crore. The Standing Liquidity Facility availed from the RBI stood at ₹10,083.82 crore.
Banking and Credit
Cash reserves of scheduled commercial banks as of 08 July 2026 were ₹7,74,028.15 crore. The average daily cash reserve requirement for the fortnight ending 15 July 2026 was higher, at ₹7,98,115.00 crore, indicating that banks held cash balances slightly below the average required level for that period.
Capital Markets and Flows
The money‑market data reflect robust activity across both overnight and term segments. The overnight segment’s total volume of over ₹6.59 lakh crore underscores strong liquidity demand, while the term segment, though smaller in absolute terms, shows diversified usage of notice money, term money, and repo facilities. The weighted average rates across segments clustered around the 5.1%‑5.3% band, with the narrowest range observed in the Market Repo (5.50% flat) and the widest in Call Money (4.60%‑5.60%).
The Government of India’s surplus cash balance reckoned for auction on 08 July 2026 was ₹665.00 crore, contributing to a net durable liquidity surplus of ₹4,82,130.00 crore as of 15 June 2026.
Overall, the RBI’s operations on 08 July 2026 reflected a net absorption of liquidity, a modest injection through the SDF, and continued high cash‑reserve holdings by scheduled commercial banks, indicating a cautious stance on liquidity management amid active money‑market participation.