Document title: Money Market Operations as on July 12, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/649
Date: July 13, 2026
Policy Rates and Liquidity
The Marginal Standing Facility (MSF) operation on 12 July 2026 (tenor 1 day, maturity 13 July) injected ₹740.00 crore at a rate of 5.50%. The Standing Deposit Facility (SDF) on the same day injected ₹1,72,284.00 crore at a rate of 5.00%. Net liquidity injected from today’s operations (repo + MSF + SLF – reverse repo – SDF) was –₹1,71,544.00 crore, indicating net absorption. Outstanding repo operation dated 10 July 2026 (tenor 3 days, maturity 13 July) amounted to ₹50,015.00 crore at 5.26%. Outstanding MSF on 11 July 2026 (tenor 2 days) was ₹0.00 at 5.50%, and outstanding SDF on the same date was ₹0.00 at 5.00%. The Standing Liquidity Facility (SLF) availed from RBI amounted to ₹10,083.82 crore. Net liquidity injected from outstanding operations was ₹56,767.82 crore. Combined net liquidity injected, including today’s and outstanding operations, was –₹1,14,776.18 crore.
Banking and Credit
Cash reserves of scheduled commercial banks as of 12 July 2026 stood at ₹7,86,316.47 crore. The average daily cash reserve requirement for the fortnight ending 15 July 2026 was ₹7,98,115.00 crore.
Money Market Activity
All money market segments—including overnight call money, triparty repo, market repo, repo in corporate bond, notice money, term money, and related instruments—recorded zero volume and no weighted average rates on 12 July 2026.
Government Liquidity Position
The Government of India surplus cash balance reckoned for auction was ₹50,015.00 crore as of 10 July 2026. Net durable liquidity (surplus) as of 15 June 2026 was ₹4,82,130.00 crore.
Regulatory and Policy Measures
The operations are conducted under the frameworks of the Reserve Bank of India and the Clearing Corporation of India Limited (CCIL). The data references earlier press releases and notifications for methodology, including Press Release No. 2025-2026/1201 (30 September 2025), Press Release No. 2023-2024/1548 (27 December 2023), and Notification No. RBI/2025-26/148 DOR.RET.REC.354/12.01.001/2025-26 (11 December 2025).
Overall, the RBI’s money market operations on 12 July 2026 showed zero transactional activity, a substantial net liquidity absorption of over ₹1.14 lakh crore, robust cash reserves in the banking system, and a sizable government surplus cash balance.