Net liquidity flow positive in RBI's June 23 money market operations

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Highlights

In the June 23 overnight segment, triparty repo was ₹487,749.60 crore, call money ₹20,969.93 crore, and market repo ₹182,451.39 crore.
In the central bank's variable rate repo operation, ₹141,171 crore was allotted at 5.26%, with total net liquidity injection at ₹14,823.89 crore.
Scheduled commercial banks' cash balances with RBI stood at ₹785,161.16 crore, while the average daily cash reserve requirement was ₹801,069 crore.

This article was translated from the original. Read the original version by our correspondent here.

June 23 Operations and Rates

According to Reserve Bank of India's Reserve Bank of India press release 2026-2027/524, in the overnight segment comprising call money, triparty repo, market repo, and corporate bond repo, triparty repo had the largest share at ₹487,749.60 crore. Call money volume was ₹20,969.93 crore and market repo volume was ₹182,451.39 crore, while corporate bond repo stood at ₹6,789.80 crore.

The weighted average rate in the overnight segment was 5.38% for call money, 5.24% for triparty repo, 5.28% for market repo, and 5.43% for corporate bond repo. In the term segment, notice money was ₹82.50 crore and triparty repo was ₹3,305 crore, while term money stood at ₹765 crore with a rate range of 5.65% to 6.20%.

Liquidity Position and Banking Indicators

In the central bank's variable rate repo operation on the same day, ₹141,171 crore was allotted at 5.26% for 7-day maturity. Under MSF, ₹1,048 crore was recorded at 5.50% and under SDF, ₹138,150 crore at 5.00%, resulting in a net liquidity injection of ₹4,069 crore from the day's operations.

Utilization under RBI's standing liquidity facility was ₹10,754.89 crore, and including outstanding operations, the total net liquidity injection reached ₹14,823.89 crore. As of June 23, 2026, scheduled commercial banks' cash balances with RBI stood at ₹785,161.16 crore, while the average daily cash reserve requirement for the fortnight ending June 30, 2026, was ₹801,069 crore.

The calculated surplus cash balance for Government of India auctions on June 23, 2026, was ₹141,171 crore. As of May 31, 2026, net durable liquidity surplus was ₹486,400 crore, which remains a key indicator for the overall liquidity position in the banking system.

Our earlier report highlighted that growth in India's eight core infrastructure industries slowed to 0.5% in May and that contraction in five sectors—coal, crude oil, natural gas, refinery products, and fertilizers—continued to put pressure on industrial momentum. At the same time, partial support from strong growth in electricity, cement, and steel was noted, indicating that weakness in energy and petro-based segments remains significant for the overall economic outlook.

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