Document title: Money Market Operations as on July 18, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/712
Date: July 20, 2026
Policy Rates and Liquidity
The RBI reported that the overnight money market segment (including Call Money, Triparty Repo, and Market Repo) recorded a total volume of ₹18,380.15 crore with a weighted average rate of 4.45 %, ranging between 3.50 % and 5.40 %. Call Money contributed ₹908.15 crore at 4.94 %, Triparty Repo ₹16,111.00 crore at 4.41 %, and Market Repo ₹1,361.00 crore at 4.59 %. The Marginal Standing Facility (MSF) was operated on 18 July 2026 for a tenor of 1 day, injecting ₹1,437.00 crore at a rate of 5.50 %; a second tenor of 2 days saw no injection. The Standing Deposit Facility (SDF) on the same day absorbed ₹1,59,492.00 crore for a 1‑day tenor at 5.00 % and ₹5,970.00 crore for a 2‑day tenor at the same rate.
Banking and Credit
Cash reserve positions of scheduled commercial banks were disclosed: cash balances with the RBI as of 18 July 2026 stood at ₹8,34,639.69 crore. The average daily cash reserve requirement for the fortnight ending 31 July 2026 was ₹8,15,720.00 crore. The Government of India’s surplus cash balance available for auction on 17 July 2026 was ₹75,819.00 crore.
Liquidity Management and Net Injection
Net liquidity injected from today’s operations was a negative ₹1,64,025.00 crore, indicating net absorption. Considering outstanding operations, the net liquidity injected amounted to a deficit of ₹82,900.18 crore. The Standing Liquidity Facility (SLF) availed from RBI amounted to ₹10,783.82 crore. Overall net liquidity injected from outstanding operations (including today’s) was a positive ₹81,124.82 crore before accounting for today’s absorption.
Financial Stability Indicators
The net durable liquidity position as of 30 June 2026 showed a surplus of ₹4,99,485.00 crore. These figures reflect the RBI’s ongoing liquidity management through repo, reverse repo, MSF, SDF, and SLF operations to align market conditions with policy objectives.
In summary, the RBI’s money market operations on 18 July 2026 displayed substantial overnight market activity, a weighted average rate near the upper bound of the observed range, and a net liquidity absorption of over ₹1.6 lakh crore for the day, while overall outstanding operations continued to inject liquidity into the system. The cash reserve balances of scheduled banks remain robust, supporting the stability of the banking sector.