Document title: Money Market Operations as on September 18, 2026

Issuing authority: Reserve Bank of India (RBI)

Reference number: Press Release 2026-2027/1151

Date: September 21, 2026

Policy Rates and Liquidity

The RBI reported a net liquidity absorption of ₹6,19,975.24 crore when combining today’s operations with outstanding operations, indicating a tightening of market liquidity.

Today's reverse repo operation (tenor 3 days) amounted to ₹2,22,629.00 crore at a rate of 5.24%, while the Marginal Standing Facility (MSF) for a 1‑day tenor was ₹191.00 crore at 5.50% and for a 2‑day tenor no amount was availed.

Standing Deposit Facility (SDF) operations included a 3‑day transaction of ₹0.00 at 5.50% and a 1‑day transaction of ₹1,07,990.00 at 5.00%; a 3‑day SDF of ₹1,303.00 at 5.00% was also recorded.

Net liquidity injected from today’s operations was a negative ₹3,31,731.00 crore, while net liquidity from outstanding operations was a negative ₹2,88,244.24 crore, leading to an overall net liquidity absorption of ₹6,19,975.24 crore.

Banking and Credit

Cash reserves of scheduled commercial banks as on 18 September 2026 stood at ₹8,28,700.80 crore. The average daily cash reserve requirement for the fortnight ending 30 September 2026 was ₹8,21,989.00 crore.

The Government of India’s surplus cash balance reckoned for auction was ₹10,66,303.00 crore as of 18 September 2026 (and also as of 31 August 2026).

Capital Markets and Flows

Overnight segment (I+II+III+IV) recorded a total volume of 12,740.38 crore with a weighted average rate of 5.02% and a rate range of 4.25‑5.30%.

  • Call Money volume: ₹1,149.49 crore at 4.94% (range 4.60‑5.10%).
  • Triparty Repo volume: ₹4,547.20 crore at 5.01% (range 4.87‑5.30%).
  • Market Repo volume: ₹252.69 crore at 4.25% (range 4.25‑4.26%).
  • Repo in Corporate Bond volume: ₹6,791.00 crore at 5.07% (range 5.00‑5.30%).

Term segment volumes were as follows:

  • Notice Money: 12,330.76 crore at 5.09% (range 4.50‑5.40%).
  • Term Money: ₹379.25 crore (rate not disclosed, range 5.40‑6.10%).
  • Triparty Repo: 5,12,947.30 crore at 5.07% (range 4.98‑5.50%).
  • Market Repo: 1,90,389.49 crore at a weighted average rate of 4.82% (range 2.00‑5.55%).
  • Repo in Corporate Bond: No transactions recorded (₹0.00).

Financial Stability and Inclusion

The overall net liquidity absorption of ₹6.19 trillion reflects a contractionary stance by the RBI, aimed at managing excess liquidity in the system. The substantial cash reserves held by scheduled banks and the government’s surplus cash balance provide a buffer, supporting financial stability.

The data underscores the RBI’s active management of money market rates and liquidity through repo, reverse repo, MSF, and SDF operations, while maintaining robust cash reserve positions across the banking sector.