The Reserve Bank of India released its money market operations data for July 16, 2026. Overall, the overnight segment recorded a total volume of ₹6,82,567.89 crore, with a weighted average rate of 5.31%. This snapshot offers a clear view of short-term liquidity conditions across Indian money markets.
Key Details of RBI Money Market Operations
Call Money traded at a weighted average rate of 5.35%, with volumes touching ₹21,228.64 crore. Triparty Repo dominated the overnight segment, clocking ₹4,71,326.30 crore at 5.32%. Meanwhile, Market Repo contributed ₹1,82,271.60 crore at 5.28%, and Repo in Corporate Bond added ₹7,741.35 crore at 5.42%.
In the term segment, activity remained relatively modest. Notice Money traded at ₹427.65 crore, while Term Money recorded ₹565.00 crore. Additionally, Term Triparty Repo stood at ₹3,138.85 crore at a weighted average rate of 5.40%.
RBI Liquidity Operations and Reserve Position
The RBI conducted a Variable Rate Repo operation on July 16, 2026, injecting ₹18,425.00 crore at a cut-off rate of 5.26%. Banks also accessed the Marginal Standing Facility (MSF) for ₹5,741.00 crore at 5.50%. However, the Standing Deposit Facility (SDF) absorbed a significantly larger ₹1,17,446.00 crore at 5.00%, resulting in a net liquidity absorption of ₹93,280.00 crore from the day’s operations.
As a result, the net liquidity position including outstanding operations stood at a deficit of ₹83,196.18 crore. The Standing Liquidity Facility (SLF) availed from the RBI amounted to ₹10,083.82 crore. Therefore, overall liquidity conditions remained in absorption mode on this date.
On the reserve front, scheduled commercial banks held cash balances of ₹8,11,351.70 crore with the RBI as on July 16, 2026. The average daily cash reserve requirement for the fortnight ending July 31, 2026 stood at ₹8,15,720.00 crore. Furthermore, net durable liquidity as on June 30, 2026 was reported at a surplus of ₹4,99,485.00 crore, indicating comfortable medium-term liquidity despite short-term absorption.
What This Means for Banking Customers
Short-term borrowing costs remain stable, with overnight rates hovering near the RBI’s policy corridor. For example, rates ranged between 4.00% and 6.80% across segments. This stability generally supports predictable lending rates for consumers and businesses. Additionally, the data signals active liquidity management by the RBI to keep inflation and credit growth in check.
Source: RBI Press Releases
