Turnover across India’s overnight money-market segments reached ₹7,55,541.15 crore on 11 November, according to the Reserve Bank of India’s latest daily operations statement.
The combined weighted average rate was 5.39%, with transactions recorded in a broad 1.00% to 6.60% range. The data provide a high-frequency view of where banks and other financial institutions are raising and placing short-term funds.
Triparty repo remains the largest segment
Triparty repo accounted for ₹5,53,968.65 crore of turnover and carried a weighted average rate of 5.35%. Market repo recorded ₹1,78,772.07 crore at 5.48%.
The unsecured call-money market was much smaller at ₹15,202.33 crore, with a weighted average rate of 5.59%. Corporate-bond repo turnover stood at ₹7,598.10 crore and its weighted average rate was 5.66%.
These segment differences matter because the overnight market is not a single pool. Secured repo transactions use collateral and generally account for the majority of activity, while call money provides a narrower view of unsecured interbank funding conditions.
Liquidity conditions remain important for rate transmission
The RBI reported an average daily cash reserve requirement of ₹8,16,655 crore for the reporting fortnight. It also showed durable liquidity in surplus at ₹7,93,409 crore as of 15 October, a broader estimate that is published with a lag.
One day’s turnover and rate range should not be read as a trend by itself. Market participants will compare subsequent sessions, the RBI’s liquidity operations and the position of overnight rates relative to the monetary-policy framework.
For banks, mutual funds and corporate treasuries, the mix of call and repo activity helps indicate the availability and price of very short-term funding. Persistent changes can influence money-market instruments and eventually feed into deposit and lending conditions.
The 11 November reading shows a liquid overnight market led by collateralised transactions. The next question is whether the weighted rate remains stable as cash balances, government flows and central-bank operations change through the month.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
