RBI's money market operations report showed net liquidity absorption of Rs. 2.57 lakh crore on October 14

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Highlights

Total turnover in the RBI's money market operations on October 14, 2026, stood at Rs. 688,424.63 crore, with triparty repo accounting for Rs. 474,688.50 crore.
The net liquidity impact from October 14 operations was negative Rs. 129,265 crore, while the total net liquidity impact reached negative Rs. 256,515.90 crore.
Scheduled commercial banks' cash balances with the RBI stood at Rs. 800,996.09 crore, while the average daily cash reserve requirement was Rs. 817,219 crore.

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October 14 operations and market rates

According to the RBI's money market operations data for October 14, 2026, total turnover in the overnight segment, including call money, triparty repo, market repo and corporate bond repo, stood at Rs. 688,424.63 crore. Triparty repo accounted for the largest share in this segment at Rs. 474,688.50 crore, while market repo stood at Rs. 193,281.93 crore and call money at Rs. 15,293.55 crore.

The weighted average rate in the overnight segment was 5.55%, while call money, triparty repo, market repo and corporate bond repo were recorded at 5.52%, 5.58%, 5.48% and 5.52%, respectively. In the term segment, notice money stood at Rs. 278 crore, term money at Rs. 312.50 crore, triparty repo at Rs. 2,372 crore, market repo at Rs. 1,092.36 crore and corporate bond repo at Rs. 154.05 crore.

Liquidity adjustment and implications for the banking system

The RBI's liquidity adjustment facility activities on the same day showed a variable rate reverse repo of Rs. 25,533 crore, MSF of Rs. 1,697 crore and SDF of Rs. 105,429 crore. The net liquidity impact from the day's operations was negative Rs. 129,265 crore, indicating liquidity absorption from the system.

Under outstanding operations, Rs. 37,558 crore, Rs. 18,170 crore and Rs. 75,655 crore remained outstanding from repo auctions conducted on October 12, October 9 and October 8, respectively. The net liquidity impact from outstanding operations was negative Rs. 127,250.90 crore, bringing the total net liquidity impact, including today's operations, to negative Rs. 256,515.90 crore.

Scheduled commercial banks' cash balances with the RBI stood at Rs. 800,996.09 crore on October 14, 2026, while the average daily cash reserve requirement for the fortnight ending October 15, 2026, was Rs. 817,219 crore. The Government of India's surplus cash balance for auction purposes was recorded at zero, while net durable liquidity surplus as of September 15, 2026, was reported at Rs. 1,393,819 crore.

Our previous report discussed a potential repo rate hike ahead of the RBI Monetary Policy Committee's October policy decision amid rising retail inflation, crude oil above $100 and pressure on the rupee. It noted that the repo rate has remained unchanged at 5.25% for several meetings, and markets are watching whether the central bank will merely raise rates or also signal further tightening.

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