Monetary Policy

Tenor 3-day Notified Amount (in ₹ crore) 1,00,000 Total amount of offers received (in ₹ crore) 1,07,887 Amount accepted (in ₹ crore) 1,00,024 Cut off Rate (%) 5.24 Weighted Average Rate (%) 5.24 Partial Acceptance Percentage of offers received at cut off rate 91.06

On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct the following operations during December 2025 to inject liquidity into the banking system: a. OMO purchase auctions of Government of India securities for an aggregate amount of ₹1,00,000 crore in two tranches of ₹50,000 crore each to be held on December 11, 2025, and December 18, 2025 b. USD/INR Buy/Sell Swap auction of USD 5 billion for a tenor of three years to be held on December 16, 2025

Good morning and Namaskar. We are in the last month of an eventful and a challenging 2025. We look back at the year so far with satisfaction. The economy witnessed robust growth and benign inflation; the banking system further consolidated and the regulatory framework was refined to strengthen the financial system, enhance ease of doing business, and improve consumer protection. At the same time, we approach the new year with hope, vigour and determination to further support the economy and accelerate progress.

The Monetary Policy Committee (MPC) held its 58th meeting from December 3 to 5, 2025, under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India. The MPC members Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Poonam Gupta and Shri Indranil Bhattacharyya attended the meeting.

Tenor 1-day Notified Amount (in ₹ crore) 75,000 Total amount of offers received (in ₹ crore) 72,377 Amount accepted (in ₹ crore) 72,377 Cut off Rate (%) 5.49 Weighted Average Rate (%) 5.48 Partial Acceptance Percentage of offers received at cut off rate NA

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Thursday, December 04, 2025, as under:

The Reserve Bank has today released data on Reserve Money for the fortnight ended November 28, 2025.

Tenor 2-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore) 55,944 Amount accepted (in ₹ crore) 50,017 Cut off Rate (%) 5.49 Weighted Average Rate (%) 5.49 Partial Acceptance Percentage of offers received at cut off rate 87.36

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Tuesday, December 02, 2025, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 2 10:30 AM to 11:00 AM December 04, 2025 (Thursday) 2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

Tenor 4-day Notified Amount (in ₹ crore) 75,000 Total amount of offers received (in ₹ crore) 56,935 Amount accepted (in ₹ crore) 56,935 Cut off Rate (%) 5.49 Weighted Average Rate (%) 5.49 Partial Acceptance Percentage of offers received at cut off rate NA