The RBI absorbed ₹2.29 lakh crore net in a single overnight session
Serguey Asael Shinder2 min readThe Reserve Bank of India published Money Market Operations as on 22 September 2026 on 23 September. The overnight segment traded ₹7,44,738.10 crore in one leg at a weighted average rate of 5.11%, across a range of 3.01–6.30%.
By instrument:
| | volume (₹ crore) | weighted avg | range | |---|---|---|---| | Call money | 15,782.26 | 5.24 | 4.00–5.35 | | Triparty repo | 5,51,739.55 | 5.13 | 4.80–5.23 | | Market repo | 1,69,487.29 | 5.04 | 3.01–5.30 | | Repo in corporate bond | 7,729.00 | 5.33 | 5.25–6.30 |
The Bank's own operations that day: a one-day variable rate reverse repo absorbing ₹71,971 crore at 5.24%; marginal standing facility lending of ₹2,956 crore at 5.50%; and the standing deposit facility taking ₹1,59,892 crore at 5.00%. Net across the day's operations: ₹2,28,907 crore absorbed.
What it means
The corridor is doing its job, and the distribution shows where the pressure sits. The standing deposit facility is the floor and the marginal standing facility is the ceiling; banks placed ₹1.6 lakh crore at the floor and borrowed under ₹3,000 crore at the ceiling. That is a system with surplus rupees looking for somewhere to sit overnight, not one scrambling for funds.
The weighted average of 5.11% against a call rate of 5.24% is the detail worth keeping. Triparty repo is three quarters of the volume and trades below call money — collateralised lending clearing cheaper than uncollateralised is exactly as it should be, and the gap is the price of credit risk for a single night. When that gap narrows or inverts, something has changed in how banks see each other; today it did not.
⚠️ This is one day's operations, published with a one-day lag. We are not reading a trend from it and not projecting anything: the range of 3.01% to 6.30% in the overnight segment is a reminder that a weighted average conceals a wide distribution, and the tails are where anything interesting would first appear.