How to Read RBI's Daily Money Market Operations Release: A Walk Through the 11 November 2026 Table
Almost every working day, the Reserve Bank of India (RBI) publishes a press release called Money Market Operations. It is a useful page, and an easy one to skip, because it arrives as a dense table full of abbreviations.
I am Nishi Jain, a full-time trader in Jaipur and ex-JioBlackRock. In this post I take one real release — RBI Press Release 2026-2027/1481, dated 12 November 2026, which reports operations as on 11 November 2026 — and read it section by section. This is education only. It is not a view on rates, and it is not a suggestion to act.
All amounts are in ₹ crore and rates are in per cent, as in RBI's table.
Part A: the overnight money market
The first block shows how much money changed hands overnight between market participants, and at what rate.
Segment | Volume (one leg) | Weighted average rate | Range |
|---|---|---|---|
Call money | 15,202.33 | 5.59 | 4.30–5.70 |
Triparty repo | 5,53,968.65 | 5.35 | 4.51–5.55 |
Market repo | 1,78,772.07 | 5.48 | 1.00–5.70 |
Repo in corporate bond | 7,598.10 | 5.66 | 5.50–6.60 |
Overnight segment total | 7,55,541.15 | 5.39 | 1.00–6.60 |
How to read it:
Call money is unsecured overnight borrowing and lending, mainly between banks.
Triparty repo and market repo are secured: the borrower gives government securities (or, in the last row, corporate bonds) as collateral.
The four rows add up exactly to the total of ₹7,55,541.15 crore. Triparty repo alone was ₹5,53,968.65 crore, roughly three-quarters of the overnight segment that day.
The weighted average rate tells you where most of the money actually traded. The range only tells you the highest and lowest deals, which can be a handful of small trades.
Part B: the term segment
Below the overnight rows, RBI lists money lent for longer than one day. On 11 November, notice money (2 to 14 days, unsecured) was ₹324.85 crore at 5.44%. Term money (15 days to one year) was ₹1,123.50 crore. Triparty repo was ₹7,739.25 crore at 5.31%, and market repo was ₹2,928.38 crore at 5.56%. Repo in corporate bonds was nil. These volumes are small next to the overnight market, which is normal.
The release does not show a weighted average rate for term money that day (the cell is marked "–"). It does show a range of 5.50–6.00%.
Part C: RBI's own operations
This is where RBI itself appears. The three facilities to know are the Standing Deposit Facility (SDF), where banks park surplus money with RBI; the Marginal Standing Facility (MSF), where banks borrow from RBI at a higher rate; and variable rate repo or reverse repo auctions, which RBI runs when it wants to add or absorb liquidity for a set number of days.
On 11 November 2026:
Operation | Tenor | Amount | Rate |
|---|---|---|---|
MSF (banks borrowed from RBI) | 1 day | 201.00 | 5.75 |
SDF (banks parked funds with RBI) | 1 day | 1,94,258.00 | 5.25 |
Net from the day's operations | −1,94,057.00 (absorption) |
From earlier days, RBI lists a 4-day Variable Rate Repo done on 9 November, maturing 13 November, for ₹50,003 crore at 5.51%, plus ₹10,306.87 crore of Standing Liquidity Facility. Together that is ₹60,309.87 crore of injection. If VRR auctions are new to you, start with my earlier explainer on Variable Rate Repo auctions.
The net liquidity line, and how it is calculated
RBI's footnote gives the formula: Net liquidity = Repo + MSF + SLF − Reverse Repo − SDF. A minus sign means RBI absorbed more than it injected.
For 11 November, the table's final line (row F) shows:
Today's operations: −1,94,057.00
Outstanding operations: +60,309.87
Total: −1,33,747.13
You can check it yourself: −1,94,057.00 + 60,309.87 = −1,33,747.13. A negative figure here means banks, taken together, were placing more money with RBI than they were borrowing from it. That sits alongside RBI running the overnight VRRR on 12 November to absorb funds, but this table alone does not explain RBI's reasons.
Where the rates sit: the corridor
RBI's homepage "Current Rates" panel, which I read on 13 November 2026, shows the policy repo rate at 5.50%, the SDF rate at 5.25% and the MSF rate at 5.75%. That is the corridor: SDF is the floor, MSF is the ceiling.
On 11 November, the overnight weighted average of 5.39% sat inside that corridor, below the repo rate. Call money at 5.59% was a little above the repo rate. Watching where the overnight rate sits within the corridor is one simple way to see how tight or easy money is on a given day.
Part G to I: reserves and durable liquidity
The bottom block is easy to misread:
Cash balances of scheduled commercial banks with RBI on 11 November: ₹8,48,055.51 crore.
Average daily cash reserve requirement for the fortnight ending 15 November: ₹8,16,655.00 crore.
The first is one day's balance. The second is a requirement averaged over a fortnight. Comparing them for a single day says little.
Net durable liquidity: a surplus of ₹7,93,409 crore, but note the date: as on 15 October 2026. This figure is published with a lag, so do not treat it as the position on 11 November.
What this table does not tell you
It does not say what RBI will do next. It does not forecast the repo rate. And it is not a view on bond or equity prices. It is a daily record. Read it as that, and it becomes a clear window into India's money market.
FAQ
What is RBI's Money Market Operations release?
It is a near-daily RBI press release that reports overnight and term money market volumes and rates, RBI's own liquidity operations (SDF, MSF, repo and reverse repo), and the cash reserve position of banks. The example here is Press Release 2026-2027/1481, covering 11 November 2026.
What does a negative net liquidity figure mean?
RBI's formula is Repo + MSF + SLF − Reverse Repo − SDF. A negative number, like −₹1,33,747.13 crore on 11 November 2026, means RBI absorbed more funds than it injected, taking outstanding operations into account.
What is the difference between SDF and MSF?
SDF is where banks deposit surplus funds with RBI (5.25% on 11 November 2026). MSF is where banks borrow overnight from RBI at a higher rate (5.75%). The policy repo rate (5.50%) sits between them.
Is the net durable liquidity figure current?
Not necessarily. In this release it is shown as on 15 October 2026, while the rest of the table is for 11 November 2026. Always check the date beside it.
Sources
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any security. Figures are from RBI Press Release 2026-2027/1481 dated 12 November 2026 and the RBI website's Current Rates panel; refer to the originals for full details.
— Nishi Jain, full-time trader in Jaipur, ex-JioBlackRock. Updates: https://t.me/nishijain_com.
