Document title: Money Market Operations as on September 25, 2026
Issuing authority: Reserve Bank of India
Reference number: Press Release: 2026-2027/1197
Date: September 28, 2026
Policy Rates and Liquidity
The RBI disclosed that the overnight money‑market segment (comprising Call Money, Triparty Repo, Market Repo and Repo in Corporate Bond) recorded a total volume of 7,22,052.74 crore rupees with a weighted average rate of 5.10 % and a rate range of 4.00‑5.50 %. Call Money alone amounted to 13,110.64 crore at 5.20 % (range 4.60‑5.30 %). Triparty Repo volume was 5,07,385.95 crore with a weighted average rate of 5.11 % (range 5.06‑5.45 %). Market Repo contributed 1,94,321.75 crore at 5.05 % (range 4.00‑5.50 %). Repo in Corporate Bond stood at 7,234.40 crore at 5.23 % (range 5.20‑5.36 %).
In the term segment, Notice Money volume was 2,242.30 crore at 5.23 % (range 4.60‑5.35 %). Term Money volume was 20.50 crore with no rate quoted. Term Triparty Repo amounted to 2,560.00 crore at 5.22 % (range 5.10‑5.26 %). Term Market Repo was 480.84 crore at 5.38 % (range 5.35‑5.45 %). Repo in Corporate Bond for the term segment was 50.00 crore at a flat rate of 8.00 %.
Today's operations included a reverse repo of 90,280.00 crore for a three‑day tenor (Fri 25/09/2026 to Mon 28/09/2026) at 5.24 %. The Marginal Standing Facility (MSF) was utilised for 44.00 crore on a one‑day tenor (Fri 25/09/2026 to Sat 26/09/2026) at 5.50 %. The Standing Deposit Facility (SDF) saw two transactions: 154.00 crore for three days (Fri 25/09/2026 to Mon 28/09/2026) at 5.50 % and 2,18,132.00 crore for one day (Fri 25/09/2026 to Sat 26/09/2026) at 5.00 %. Additional SDF operations of 1,301.00 crore (two‑day tenor) and 2,311.00 crore (three‑day tenor) were executed at 5.00 % each. Net liquidity injected from today's operations was a withdrawal of 3,11,826.00 crore.
Outstanding operations comprised reverse repo transactions of 39,449.00 crore (26‑day tenor, Fri 11/09/2026 to Wed 07/10/2026) and 1,13,676.00 crore (30‑day tenor, Mon 07/09/2026 to Wed 07/10/2026), both priced at 5.24 %. Net liquidity absorbed from outstanding operations was 1,48,879.24 crore. Combining today's and outstanding positions, total net liquidity injection amounted to a withdrawal of 4,60,705.24 crore.
Banking and Credit
The cash reserves position of scheduled commercial banks as of 25 September 2026 showed cash balances with the RBI of 8,27,985.00 crore rupees. The average daily cash reserve requirement for the fortnight ending 30 September 2026 was 8,21,989.00 crore rupees. The Government of India reported a surplus cash balance of zero for the auction dated 25 September 2026. Net durable liquidity, representing the overall surplus or deficit, stood at a surplus of 10,66,303.00 crore rupees as of 31 August 2026.
Capital Markets and Flows
The money‑market data illustrate robust activity across various instruments. The overnight segment alone accounted for over seven lakh crore rupees in volume, with call money, triparty repo, market repo and corporate‑bond repo contributing respectively 13,110.64 crore, 5,07,385.95 crore, 1,94,321.75 crore and 7,234.40 crore. Rate spreads were narrow, with weighted average rates clustering around 5 % and observed ranges between 4.00 % and 5.50 %. In the term segment, notice money and term repo instruments together added roughly 2,800 crore rupees, with rates ranging from 5.20 % to 8.00 % for corporate‑bond repo. These figures reflect the depth and pricing dynamics of India’s short‑term funding markets.
Financial Stability
The aggregate net liquidity position of –4,60,705.24 crore rupees indicates a substantial absorption of liquidity by the RBI during the reporting window, suggesting a tightening stance. Nevertheless, the banking system retains ample cash reserves, with scheduled commercial banks holding over 8 lakh crore rupees in cash balances and a durable liquidity surplus exceeding 10 lakh crore rupees. The combination of active repo operations, modest MSF utilisation, and significant SDF placements underscores the RBI’s calibrated approach to managing short‑term liquidity while preserving system stability.
Overall, the RBI’s money‑market operations for the period reflect a concerted effort to fine‑tune liquidity conditions, maintain stable short‑term rates within a narrow band, and ensure that the banking sector’s cash position remains robust. This detailed operational snapshot provides market participants with clear visibility into the central bank’s liquidity management toolkit and its impact on money‑market conditions.