Decoding Money Market Operations: Insights from March 2026

The report presents an overview of money market operations as of March 24, 2026, covering overnight and term segment activities. Detailed information about volumes, rates, liquidity operations by the Reserve Bank of India, and cash reserves of scheduled commercial banks are highlighted, providing a snapshot of financial activities.

As of March 24, 2026, the money market saw significant activities across both overnight and term segments. Call money, triparty repos, market repos, and corporate bond repos characterized the overnight segment, reflecting a diverse range of operations with weighted average rates fluctuating between 2.00% and 6.50%.

In the term segment, notice money, term money, triparty repos, and market repos were notable, with rates reaching up to 7.25%. The Reserve Bank of India's liquidity adjustments, via variable rate repo and reverse repo operations, played a crucial role in influencing the financial landscape.

Scheduled commercial banks maintained sizeable cash reserves, while government surplus cash balances remained robust. Overall, these operations underline the complex dynamics of India's financial market as it navigates through the economic demands of 2026.

(With inputs from agencies.)