India’s money market operations on July 28, 2026, showed active overnight borrowing and lending activity. The RBI money market data reveals a total overnight segment volume of ₹6,89,671.98 crore. The weighted average rate for overnight transactions stood at 5.28%, with rates ranging between 2.00% and 5.62%.
Key Details of RBI Money Market Operations
The overnight segment broke down into four key components. Call Money recorded a volume of ₹16,083.05 crore at a weighted average rate of 5.31%. Meanwhile, Triparty Repo dominated activity with ₹4,79,909.60 crore traded at 5.30%. Market Repo contributed ₹1,87,105.88 crore, and Repo in Corporate Bond added ₹6,573.45 crore at 5.35%.
The term segment saw comparatively lighter activity. Notice Money transactions totalled ₹733.40 crore at a weighted average rate of 5.57%. Additionally, Term Money recorded ₹689.00 crore, with rates ranging from 5.35% to 5.80%. Term Triparty Repo stood at ₹320.00 crore, while Term Market Repo was minimal at ₹52.76 crore.
RBI Liquidity Operations and Reserve Position
On the liquidity front, the RBI absorbed ₹1,32,746.00 crore through the Standing Deposit Facility (SDF) at 5.00% for a one-day tenor. However, a small Marginal Standing Facility (MSF) borrowing of ₹92.00 crore also occurred at 5.50%. As a result, today’s net liquidity absorption came to ₹1,32,654.00 crore, signalling surplus conditions in the banking system.
Outstanding variable rate repo operations from July 27, 2026, remained active at ₹12,720.00 crore maturing on July 30, 2026. The Standing Liquidity Facility availed from the RBI stood at ₹12,979.66 crore. Therefore, the overall net liquidity position, including today’s operations, showed an absorption of ₹1,06,954.34 crore.
What This Means for Banking Liquidity
Cash balances of scheduled commercial banks with the RBI stood at ₹8,00,024.22 crore as on July 28, 2026. The average daily cash reserve requirement for the fortnight ending July 31, 2026, is ₹8,15,720.00 crore. Notably, net durable liquidity as on June 30, 2026, remained comfortably in surplus at ₹4,99,485.00 crore. This suggests that the banking system continues to hold adequate liquidity buffers despite short-term absorption by the RBI.
Source: RBI Press Releases
