India’s money market operations on October 23, 2026, show the Reserve Bank of India actively managing liquidity across key segments. The RBI money market data reveals a net liquidity absorption of ₹1,20,292 crore from today’s operations alone. Therefore, the central bank continues its cautious approach to system-wide liquidity.
Key Highlights of RBI Money Market Operations
The overnight segment recorded a total volume of ₹7,08,940.38 crore, with a weighted average rate of 5.74%. Triparty Repo dominated activity, contributing ₹4,78,984.90 crore at an average rate of 5.75%. Meanwhile, Call Money traded at 5.78%, and Market Repo settled at 5.71%. Additionally, Repo in Corporate Bonds saw ₹9,054.40 crore change hands at a relatively higher rate of 5.89%.
On the term segment side, Notice Money volumes stood at ₹4,137.93 crore at 5.73%. Term Market Repo recorded ₹1,263.13 crore at 5.96%, which was the highest average rate in this segment. However, Repo in Corporate Bonds under the term segment saw zero activity on the day.
RBI Liquidity Operations and Reserve Position
The RBI conducted a Variable Rate Repo operation worth ₹50,003 crore for a 3-day tenor at a cut-off rate of 5.58%. Banks also accessed the Marginal Standing Facility (MSF) to the tune of ₹32,021 crore across different tenors at 5.75%. As a result, the Standing Deposit Facility (SDF) absorbed a significant ₹2,02,316 crore in total across overnight and short-term windows at 5.25%.
Outstanding operations reflect a Variable Rate Repo of ₹1,00,014 crore maturing on October 26, 2026. Additionally, an outstanding Reverse Repo of ₹29,555 crore remains in place until November 6, 2026. The net liquidity from outstanding operations stands at a positive ₹80,870.05 crore injection. However, when today’s operations are included, the net position turns to a deficit of ₹39,421.95 crore.
Cash Reserves and Durable Liquidity
Scheduled Commercial Banks held cash balances of ₹8,45,527.53 crore with the RBI as of October 23, 2026. The average daily cash reserve requirement for the fortnight ending October 31, 2026, stands at ₹8,33,309 crore. For context, net durable liquidity as of September 30, 2026, showed a surplus of ₹10,14,401 crore, indicating overall comfortable system liquidity over the medium term.
Source: RBI Press Releases
