The Reserve Bank of India released its RBI money market operations data for July 20, 2026. The overnight segment recorded a total volume of ₹6,70,648.83 crore. The weighted average rate stood at 5.26%, with rates ranging from 0.01% to 5.60%.
Key Highlights of RBI Money Market Operations
The overnight segment comprised four sub-categories. Call Money volumes reached ₹15,684.92 crore at a weighted average rate of 5.34%. Triparty Repo dominated the segment, recording ₹4,69,428.30 crore at 5.25%. Additionally, Market Repo volumes stood at ₹1,78,278.71 crore, while Repo in Corporate Bonds added ₹7,256.90 crore at 5.42%.
The term segment saw comparatively modest activity. Notice Money transactions totalled ₹223.55 crore at 5.24%. Term Money volumes reached ₹638.00 crore, with rates ranging between 5.60% and 5.85%. Meanwhile, term Triparty Repo recorded ₹2,807.00 crore at a weighted average rate of 5.29%.
RBI Liquidity Operations and Reserve Position
The RBI conducted a Variable Rate Repo Operation on July 20, 2026, injecting ₹72,051.00 crore for a 7-day tenor at a cut-off rate of 5.26%. However, the Standing Deposit Facility (SDF) absorbed a significantly larger ₹1,53,619.00 crore overnight at 5.00%. As a result, net liquidity from today’s operations showed an absorption of ₹80,945.00 crore.
The Marginal Standing Facility (MSF) saw borrowings of ₹623.00 crore at 5.50% for one day. Therefore, the net liquidity position, including outstanding operations, reflected an absorption of ₹69,596.18 crore. The Standing Liquidity Facility availed from RBI stood at ₹11,348.82 crore.
Scheduled Commercial Banks held cash balances of ₹8,18,816.68 crore with the RBI as on July 20, 2026. For example, this comfortably exceeded the average daily cash reserve requirement of ₹8,15,720.00 crore for the fortnight ending July 31, 2026. Furthermore, net durable liquidity remained in surplus at ₹4,99,485.00 crore as of June 30, 2026.
What This Means for Banking Markets
The data indicates that the RBI money market continues to operate in a liquidity absorption mode. Short-term rates remain well-anchored near the policy repo rate. This signals steady monetary conditions for Indian banks and financial institutions. Overall, the market reflects stable and controlled liquidity management by the central bank.
Source: RBI Press Releases
