What This Data Release Covers
On 24 March 2026, the Reserve Bank of India published its daily money market and liquidity operations data. This is a routine but information rich snapshot that reveals how short term interest rates are behaving in India and how much liquidity the RBI is injecting into or absorbing from the banking system.
For NRIs who invest in Indian debt funds, fixed deposits, or equity markets, these numbers offer a window into the current monetary conditions shaping returns and valuations.
Overnight Money Market Rates at a Glance
The overnight segment (which includes call money, triparty repo, market repo, and repo in corporate bonds) saw a combined volume of ₹6,77,503.26 crore on one leg, with a weighted average rate of 5.22%.
Here is how the individual segments performed:
| Segment | Volume (₹ crore) | Weighted Avg Rate | Range | |---|---|---|---| | Call Money | 16,602.00 | 5.30% | 4.50% to 5.45% | | Triparty Repo | 4,66,924.80 | 5.18% | 4.75% to 5.36% | | Market Repo | 1,87,258.56 | 5.29% | 3.50% to 5.57% | | Repo in Corporate Bond | 6,717.90 | 5.52% | 5.45% to 6.50% |
The triparty repo segment dominated volumes, which is typical. Rates across segments clustered in the 5.18% to 5.52% band, suggesting orderly conditions with no signs of stress.
Term Money Market Segments
The term segment (anything beyond overnight) recorded much smaller volumes:
| Segment | Volume (₹ crore) | Weighted Avg Rate | Range | |---|---|---|---| | Notice Money | 448.30 | 5.28% | 4.85% to 5.35% | | Term Money | 963.20 | Not available | 5.25% to 7.30% | | Triparty Repo | 2,207.00 | 5.23% | 5.00% to 5.50% | | Market Repo | 570.00 | 5.49% | 4.25% to 5.75% | | Repo in Corporate Bond | 0.00 | No trades | No trades |
The wider range in term money (5.25% to 7.30%) reflects the premium that lenders demand for locking in funds beyond one day.
RBI Liquidity Operations: The Key Numbers
Today's Operations (23 March 2026, maturing 24 March 2026)
| Operation | Amount (₹ crore) | Rate | |---|---|---| | Variable Rate Repo | 79,256.00 | 5.26% | | Marginal Standing Facility (MSF) | 108.00 | 5.50% | | Standing Deposit Facility (SDF) | 2,79,429.00 | 5.00% |
The net liquidity impact from the day's operations was an absorption of ₹2,00,065 crore. This means banks parked significantly more money with the RBI (through the SDF at 5.00%) than they borrowed from it. The SDF absorption of ₹2,79,429 crore dwarfed the repo injection of ₹79,256 crore, pointing to surplus liquidity conditions in the system.
Outstanding Operations
Several variable rate repo operations remained outstanding:
| Auction Date | Tenor | Maturity | Amount (₹ crore) | Rate | |---|---|---|---|---| | 17 March 2026 | 7 days | 24 March 2026 | 48,014.00 | 5.26% | | 30 January 2026 | 90 days | 30 April 2026 | 12,451.00 | 5.34% | | 30 January 2026 | 90 days | 30 April 2026 | 1,03,875.00 | 5.26% |
The Standing Liquidity Facility (SLF) availed from RBI stood at ₹9,528.64 crore.
Net Liquidity Position
| Measure | Amount (₹ crore) | |---|---| | Net from outstanding operations | +1,73,868.64 (injection) | | Net from today's operations | −2,00,065.00 (absorption) | | Combined net position | −26,196.36 (absorption) |
The combined picture shows the RBI in a marginal net absorption mode of about ₹26,196 crore. This is a relatively balanced stance, neither flooding the system with cash nor squeezing it tight.
Bank Reserve Position
Scheduled commercial banks held ₹7,71,995.98 crore in cash balances with the RBI as on 23 March 2026. The average daily cash reserve requirement for the fortnight ending 31 March 2026 stood at ₹7,75,262 crore.
This means banks were running slightly below their required CRR average, which could lead to some last minute scrambling for funds as the fortnight closes on 31 March 2026. This is worth watching because it can cause temporary spikes in overnight rates.
The Government of India's surplus cash balance reckoned for auction as on 23 March 2026 was ₹79,256 crore.
What This Means for NRI Investors
Debt Fund and Fixed Deposit Investors
The overnight and short term rates hovering around 5.18% to 5.30% give you a sense of the baseline return environment for liquid funds, overnight funds, and ultra short duration funds. If you hold NRE or NRO fixed deposits, the rates banks offer you will broadly reflect these underlying money market conditions plus a spread.
The SDF rate of 5.00% acts as the effective floor for short term rates, while the MSF rate of 5.50% acts as the ceiling. Rates are trading comfortably within this corridor, which signals stable monetary conditions.
Equity Market Investors
Surplus liquidity conditions (banks parking large amounts with the RBI through SDF) generally support equity valuations because they indicate that the financial system has ample cash. The marginal net absorption of ₹26,196 crore is modest and does not signal any tightening pressure.
For NRIs invested in Indian equities, mutual funds, ETFs, REITs, or InvITs, the current liquidity environment remains supportive. Interest rate sensitive sectors like banking, real estate, and NBFCs tend to benefit when liquidity is comfortable and rates are stable.
The Bigger Picture
This daily data does not by itself signal any policy change. It is a snapshot of how the RBI's existing policy settings are playing out in real time. NRIs should watch for the next Monetary Policy Committee (MPC) announcement for any changes to the repo rate or the policy corridor. The current data suggests the transmission of existing policy is orderly.
Key Takeaways
1. Overnight money market rates averaged around 5.22% on 24 March 2026 2. The RBI was in marginal net absorption mode at about ₹26,196 crore on a combined basis 3. Banks were slightly below their CRR requirement heading into the fortnight end on 31 March 2026 4. Liquidity conditions remain comfortable, which is broadly supportive for both debt and equity investments 5. No signs of stress or unusual volatility in any money market segment
This article is based on the RBI press release dated 24 March 2026. NRI investors should consult their financial advisors and check the latest RBI notifications before making investment decisions.