India’s money market operations on October 22, 2026, showed active liquidity management by the Reserve Bank of India. The overnight segment recorded a total volume of ₹7,14,822.46 crore, with a weighted average rate of 5.66%. These figures reflect the RBI’s ongoing effort to keep short-term borrowing costs stable.
Key Details of RBI Money Market Operations
The overnight segment was dominated by Triparty Repo, which contributed ₹5,22,241.70 crore at a weighted average rate of 5.65%. Additionally, Market Repo accounted for ₹1,74,353.65 crore at 5.67%. Call Money volumes stood at ₹12,966.21 crore, while Repo in Corporate Bonds added ₹5,260.90 crore at a higher rate of 5.81%.
In the term segment, activity was relatively subdued. However, Repo in Corporate Bonds stood out, fetching a weighted average rate of 7.20%. Notice Money and Term Money traded within ranges of 5.10–5.85% and 5.50–6.65%, respectively.
On the RBI operations front, the central bank conducted a Variable Rate Repo of ₹50,006 crore for one day at a cut-off rate of 5.54%. Meanwhile, the Marginal Standing Facility (MSF) saw ₹3,746 crore borrowed at 5.75%. The Standing Deposit Facility (SDF) absorbed ₹1,61,742 crore at 5.25%.
Liquidity Position and What It Means for Banks
Net liquidity from today’s operations showed an absorption of ₹1,07,990 crore, indicating the RBI is actively withdrawing excess funds from the system. As a result, the overall net liquidity position, including outstanding operations, stood at a deficit of ₹31,254.95 crore. This signals a tighter short-term liquidity environment for scheduled commercial banks.
Scheduled commercial banks held cash balances of ₹8,45,922.05 crore with the RBI as on October 22, 2026. The average daily cash reserve requirement for the fortnight ending October 31, 2026, was ₹8,33,309 crore. Therefore, banks maintained a comfortable buffer above the minimum requirement.
Net durable liquidity as of September 30, 2026, remained in surplus at ₹10,14,401 crore. This suggests that despite short-term absorption, the broader banking system continues to enjoy adequate liquidity support from the RBI.
Source: RBI Press Releases
