Net liquidity injection of ₹10,311.89 crore in RBI's June 24 money market operations

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RBI Money Market June 24

Highlights

On June 24, 2026, the total net liquidity injection from RBI's daily operations was ₹10,311.89 crore, while net liquidity absorption from the day's activities was ₹141,614 crore.
Total turnover in the overnight money market was ₹676,503.87 crore, including call money, triparty repo, market repo, and corporate bond repo; average rates ranged between 5.20% and 5.40%.
As of May 31, 2026, the net durable liquidity surplus stood at ₹486,400 crore, confirming a broad liquidity surplus in the banking system.

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June 24 Operations and Market Rates

According to RBI press release 2026-2027/534, on June 24, 2026, a net liquidity absorption of ₹141,614 crore was recorded from the day's operations under the Liquidity Adjustment Facility, Marginal Standing Facility, and Standing Deposit Facility. On the same day, ₹724 crore was recorded under the one-day MSF facility at 5.50%, and ₹142,338 crore under SDF at 5.00%.

In the overnight segment, call money turnover was ₹21,919.29 crore, triparty repo ₹462,044.80 crore, market repo ₹187,136.98 crore, and corporate bond repo ₹5,402.80 crore. The weighted average rates in these segments were 5.37%, 5.20%, 5.23%, and 5.40% respectively.

In the term segment, notice money showed a turnover of ₹141 crore at a weighted average rate of 5.51%, while term money recorded a turnover of ₹50.50 crore with rates ranging from 5.65% to 6.25%. Triparty repo and market repo recorded average rates of 5.20% and 5.50% at ₹2,007 crore and ₹1,049.32 crore respectively.

Banking System Liquidity and Reserve Position

Outstanding operations include ₹141,171 crore from the seven-day repo auction of June 23, 2026, maturing on June 30, 2026, at a cut-off rate of 5.26%. Under the Standing Liquidity Facility, ₹10,754.89 crore was availed from the RBI, resulting in a net liquidity injection of ₹151,925.89 crore from outstanding operations.

Combining daily and outstanding operations, the total net liquidity injection stands at ₹10,311.89 crore, indicating that despite the day's absorption, the system remains in overall liquidity surplus. On June 24, 2026, scheduled commercial banks held ₹771,964.81 crore in cash balances with the RBI, while the average daily cash reserve ratio requirement for the fortnight ending June 30, 2026, was ₹801,069 crore.

The calculated surplus cash balance of the Government of India for auction on June 24, 2026, was zero. As of May 31, 2026, the net durable liquidity surplus stood at ₹486,400 crore, highlighting the backdrop of broad systemic liquidity.

Our previous report discussed the role of high capital costs and the expected return–risk premium behind high valuations in the Indian stock market, explaining how limited domestic capital options and the global mobility of foreign capital widen the gap between valuations and actual earnings potential, and how external sector pressures (such as trade surplus/current account) can influence market sentiment going forward.

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