RBI's July 19, 2026 money market operations report showed a net liquidity absorption of ₹84,420.18 crore

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RBI July 19, 2026 Report

Highlights

According to RBI's money market report on July 19, 2026, total net liquidity stood at -₹84,420.18 crore, indicating net absorption.
Transactions of ₹680 crore at 5.50 percent under the Marginal Standing Facility and ₹160,255 crore at 5.00 percent under the Standing Deposit Facility were recorded.
For the fortnight ending July 31, 2026, the average daily cash reserve requirement was ₹815,720 crore, while banks' cash balances with RBI stood at ₹832,766.32 crore.

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

Operations and Rates for July 19

As stated in Reserve Bank of India press release 2026-2027/713, for July 19, 2026, today's operational window records ₹680 crore under the Marginal Standing Facility (MSF) at 5.50 percent and ₹160,255 crore under the Standing Deposit Facility (SDF) at 5.00 percent. Based on these daily operations, the day's net liquidity, on the scale of injection (plus) and absorption (minus), stands at -₹159,575 crore.

The report shows 0.00 volume in all major segments of the overnight and term money market, including call money, triparty repo, market repo, and corporate bond repo. No applicable rate data is provided for these, indicating that no transactions were recorded in these segments on that day.

Outstanding operations include ₹75,003 crore and ₹816 crore at 5.26 percent under 3-day variable rate repo bids from July 17, 2026, which remain until maturity. Outstanding SDF amounts include ₹5,970 crore for the 2-day operation on July 18, 2026, and ₹5,478 crore for the 3-day operation on July 17, 2026, both at 5.00 percent.

Impact on Banking System and Cash Position

₹10,783.82 crore is availed from RBI under the Standing Liquidity Facility (SLF), while net liquidity injection from outstanding operations is ₹75,154.82 crore. Adding today's operations to the outstanding amounts, the total net liquidity stands at -₹84,420.18 crore, reflecting net liquidity absorption from the system.

Scheduled commercial banks' cash reserve position shows ₹832,766.32 crore in cash balances with RBI as of July 19, 2026. The average daily cash reserve requirement for the fortnight ending July 31, 2026, is recorded at ₹815,720 crore.

The report states that as of July 17, 2026, the Government of India's surplus cash balance available for auction is ₹75,819 crore. As of June 30, 2026, net durable liquidity surplus is ₹499,485 crore, highlighting the broader systemic liquidity backdrop amid daily absorption.

Our previous report covered the redemption value of two Sovereign Gold Bond (SGB) series maturing in July 2026. It explained the RBI's pre-announced redemption value and its calculation basis (the simple average of IBJA's closing price for 999 purity gold) for SGB 2020-21 Series X (July 18, 2026) and SGB 2021-22 Series IV (July 20, 2026), providing investors with better clarity on cash flows and settlement.

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