RBI’s LAF Corridor Simplified: SDF, MSF & All That Jazz 23Sep2025

RBI’s LAF Corridor Simplified: SDF, MSF & All That Jazz 23Sep2025

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(The views expressed here are for information purposes only and should not be construed as a recommendation or investment advice. While the author is a CFA Charterholder with nearly 25 years of experience in financial markets, this content is intended to share general insights and does not constitute financial guidance. Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.)

 

 

Abbreviations used:

 

LAF liquidity adjustment facility

MSF marginal standing facility

RBI Reserve Bank of India 

SDF standing deposit facility

WACR weighted average call rate 

 

 

What is LAF corridor?

And what is its significance?

Why did RBI introduce SDF rate?

Difference between Reverse repo and SDF?

MSF versus SDF? 

 

 

The article tries to explain the above briefly, includes a bonus tip also. 😁

 

 

1. LAF Corridor Prior to Apr2022:

Since May 2011, the Reserve Bank of India (RBI) had defined the interest rate corridor of the Liquidity Adjustment Facility (LAF) with the marginal standing facility (MSF) rate as the upper bound (ceiling), the fixed overnight reverse repo rate as the lower bound (floor) and the LAF policy repo rate positioned in between.

Upper bound (ceiling):   MSF rate
Mid-range rate:                Repo rate
Lower bound (floor):       Fixed reverse repo rate
 

While the MSF provided market participants access to central bank liquidity at a premium above the policy rate, the fixed rate overnight reverse repo window allowed surplus liquidity to be parked with the RBI at the end of the day at a discount below the LAF policy repo rate.

 

 

(article continues below)

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Related blogs:

 

LAF Repo Rate: The Single Policy Rate

 

Primer on Market Stabilisation Scheme (MSS) and Liquidity Management

 

Bank Rate: Is It Relevant Now? 

 

What is Marginal Standing Facility (MSF)? 

 

Update on Marginal Standing Facility (MSF) 

 

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2. LAF Corridor Since Apr2022:

The above definition ended in Apr2022. Effective from Apr2022, RBI defines the LAF corridor as follows:

 

The RBI defines the LAF corridor with the marginal standing facility (MSF) rate as the upper bound (ceiling), the standing deposit facility (SDF) rate as the lower bound (floor) and the LAF policy repo rate positioned in the middle. 

 

The corridor is symmetric in the sense the SDF rate and MSF rate are 25 basis points away from the policy repo rate, acting as the lower and upper bounds of the corridor respectively. 

 

Since Apr2022, the fixed reverse repo rate was replaced with SDF rate as the floor.  

 

In Apr2022, RBI changed the definition of the LAF corridor and simultaneously introduced SDF -- which removed the RBI's constraint of compulsory collateral for liquidity absorption (more on SDF in Section 4 below).  

Effectively, the current LAF corridor, as of 23Sep2025, is:

 

Upper bound (ceiling):   5.75% (MSF rate)
Mid-range rate:                5.50% (Repo rate)
Lower bound (floor):       5.25% (SDF rate)

 

Technically, the width of the LAF corridor is now 50 basis points (one percentage point equals 100 basis points), which is the difference between MSF and SDF rates.  


RBI Policy rates as of 23Sep2025 are:

Policy Repo Rate: 5.50%
Standing Deposit Facility Rate: 5.25%
Marginal Standing Facility Rate: 5.75%
Bank Rate: 5.75%
Fixed Reverse Repo Rate: 3.35%

3. Significance of LAF corridor:

 

The LAF Liquidity Adjustment Facility (LAF) corridor is a key monetary policy tool used by the RBI to manage short-term liquidity and guide interest rates in the economy. 

It is defined by the MSF rate as the ceiling and the SDF rate as the floor, with the repo rate at the middle. 

RBI manages liquidity using a corridor system with weighted average call rate (WACR) as the target rate. The overnight WACR is the operating target rate for RBI's liquidity operations.  

The WACR is expected to move and be contained within the LAF corridor. By keeping the WACR in a tight range of 50 basis points, the RBI tries to convey its monetary policy signals to the economic agents in the financial system.

In essence, the corridor acts as a tool to control short-term interest rate volatility and maintain stability of the monetary system. 

 

4. Standing Deposit Facility (SDF) rate:

 

The Standing Deposit Facility rate serves as the floor of the LAF corridor and is used to manage excess liquidity in the financial system.

 

The SDF rate is always placed 25 basis points below the RBI's LAF Repo rate. This was instituted by RBI in Apr2022, when the definition of the LAF corridor was altered. 

 

While the MSF rate allows the RBI to inject liquidity into the banking system, the SDF enables it to absorb excess liquidity form banks. Together, these two standing facilities form the upper and lower bounds of the LAF corridor.

 

Notably, the MSF rate is 25 basis points above the Repo rate, while the SDF rate is 25 basis points below the Repo rate. In Apr2022, the width of the LAF corridor was restored to 50 basis points, and it has since been maintained at that level.

 

For a brief period between Mar2020 (COVID-19 outbreak)  and Apr2022, RBI allowed the corridor to rise up to 200 basis points to manage the extraordinary situation back then.  

 

RBI introduced the collateral-free Standing Deposit Facility or SDF in Apr2022, following an amendment to Section 17 of the RBI Act, 1934 in 2018. This amendment empowered the RBI to offer a standing facility to banks without requiring any collateral on RBI's part.

 

The SDF helps the RBI to manage the banking liquidity system more effectively. 

 

 

5. Reverse Repo versus Standing Deposit Facility:

 

Under the reverse repo window, RBI absorbs liquidity from the banking system. While doing so, RBI has to provide collateral in the form of government securities to commercial banks. This is a constraint for RBI, because it may not have, at times, sufficient stock of government securities to offer as collateral to commercial banks. 

 

Now with the introduction of SDF in Apr2022, RBI can absorb excess liquidity, if any, from the banking system without any collateral. 

 

To sum up, collateral requirements under reverse repo window limit the RBI’s operational scope during periods of high liquidity, while SDF removes this bottleneck and enables more efficient liquidity management. 

 

 

6. MSF versus SDF:

 

The RBI provides liquidity tools, MSF and SDF to banks. These facilities are used at the discretion of banks. In the case of MSF, banks have to provide collateral to RBI while accessing RBI funds; but RBI need not offer any collateral to banks while accepting deposits from banks through SDF route. 

But repo window, reverse repo window and OMO (open market operations) are at the discretion of the RBI. 

It is worth noting the SDF is not only a liquidity management tool, but also a financial stability tool. 

 

 

7. Bonus tip: 

 

The word "standing" in MSF and SDF means permanent, on-demand access to these liquidity tools for banks — making them predictable, reliable instruments in RBI’s liquidity management toolkit. This is standard terminology used by global central banks.  

 

 

 - - -

 

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References: 

 

Above image courtesy: Google Gemini 

 

RBI governor statement 08Apr2022

 

Operating procedure of monetary policy 26Feb2021 - narrow versus wide LAF corridor, upper bound, lower bound and mid-range

 

Report of the Internal Working Group to Review the Liquidity Management Framework 06Aug2025 

 

RBI Hikes Repo and Reverse Repo Rates 20Mar2010 

 

RBI Monetary Policy Instruments / tools 

 

PIB Press Release 06Jun2025 (PDF form) - Direct and indirect monetary policy tools used by RBI are:

 

Repo rate

MSF rate

SDF rate

LAF

LAF corridor 

Reverse repo rate

Bank rate

CRR

SLR 

14-day term repo / reverse repo auctions

OMOs or open market operations 

 

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Disclosure:  I've got a vested interest in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets.

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India: How Rates and Ratios are Moving - vrk100 - 26May2022

India: How Rates and Ratios are Moving

 

Follow @vrk100

  

(For data from Jun2024 onwards, please check blog on Indian Economy Data Bank) 

(Updates with new information as on 31Mar2024, 31Dec2023, 30Sep2023, 30Jun2023, 31Mar2023, 31Dec2022, 30Sep2022 and 30Jun2022 are available at the end of this blog post) 

We can glean some insights from data. But datasets are often a bundle of contradictions. One data point nobody talks about now is 364-day Treasury Bill (364-DTB) yield. In the past six or seven weeks, the yield spiked by a massive 130 basis points from 4.62 per cent at end-Mar2022 to 5.92 per cent now. These are primary yields in auctions announced by Reserve Bank of India (RBI) from time to time, India's central bank, which also acts as a debt manager for the federal as well as state governments. 

So, what has changed in the past seven weeks that stimulated such a big surge in Treasury Bill yields? In a surprise move and at an unscheduled meeting in the first week of May2022, RBI increased the policy repo rate by 40 basis points (or 0.40 percentage points) to 4.40 per cent. Even before the repo rate hike, RBI had given indications about the gradual withdrawal of massive liquidity it provided in the past two years since the outbreak of COVID-19 Pandemic.

As inflationary expectations have been rising, some banks have started raising their deposit rates slowly and lending rates by a wider margin. Financial markets too have taken note of the rising inflation (both consumer price inflation or CPI as well as wholesale price inflation or WPI). Accordingly, market-determined rates, like, T-bill rates, G-Sec rates and call money rates have started their upward journey in the past three or four months.

 

For example, call money rate (where banks borrow and lend money overnight without any collateral) rose  from 3.32 per cent at end-Dec2021 to 4.06 per cent now. 

 

 

High Inflation

CPI inflation has been, more or less, above RBI's comfort level of six per cent for the past 30 months or so. WPI inflation has been running in double digits for the past one year. CPI is now at 7.8 per cent, whereas WPI is at 15.1 per cent (both prints for Apr2022).

The data are presented in the table given below. RBI's policy repo rate had remained stagnant at 4 per cent between April 2020 and April 2022, despite higher inflationary expectations in the economy. 

The table also gives data pertaining to various market rates, like, liquid mutual fund returns, one-year deposit rates, savings bank rates, post office deposit and other small savings rates and others. You can observe from the data: most of the deposit rates and other rates are supposed to be market-driven--in the sense that they are expected to respond to rising inflation and other market forces on a real time basis. 

 

But all these rates have more less remained stagnant between April 2020 and January 2022. Take the case of small savings interest rates, which are administered by the Government of India. They are supposed to be market-driven (Tweet thread 16Feb2016) as per changes made in 2016 by Government of India. But these rates have remained unchanged for the past nine quarters (Apr2020 to Jun2022). These administered rates are linked to government security yields of similar maturity, but now the policy is abandoned by the government without giving any explanation for the flip-flop.

 

 

Low Market Returns

Take another example, liquid mutual fund returns. Liquid mutual funds invest in short-term instruments with a maturity of up to 91 days. But the one-year trailing returns collapsed below 4 per cent in Dec2020 and they now generate a one-year return of just 3.3 per cent; even though repo rate is at 4.4o per cent, T-Bill yields are 4 per cent and call money rate is above 4 per cent. To be fair, it will take another two or three quarters for the liquid fund returns to adjust to rising short-term interest rates in the banking system.

Even the benchmark market interest rate, 10-year G-Sec yield, remained stagnant between Mar2020 and Mar2022. Only in the past two months or so, it started rising and now it is above 7.30 per cent. 

 

 

Negative real interest rates

 

Indian savers have continuously suffered negative real interest rates in the past two to three years. Even now, with rampaging inflation, negative real interest rates continue to dog senior citizens and others who depend on bank fixed deposits for their regular expenses. 

 

Real interest rate is repo rate minus CPI inflation rate. Negative real interest rate means CPI inflation is well above the policy repo rate, and the purchasing power of money has been weakening year after year.

There seems to be no respite from negative real interest rates for the vulnerable sections of society. 

From the table, you could observe how savings bank interest rates, term deposit rates and small savings interest rates (post office, PPF and NSC) have not responded to rising inflation and rising market rates.

 

Table: How Rates and Ratios are Moving: 

 

(please click on the image for a better view)

 

To Sum Up

 

When monetary policy transmission is weak and when RBI plays ultra loose monetary policy too long, savers suffer enormously as shown above. Despite higher inflation, term deposit rates and small savings rates have failed to respond proportionately. India is supposed to be an economic giant and unfortunately, market economy seems to be not working properly. 

 

In free markets, both lending and deposit rates should respond to the market forces (of supply and demand for money) in a proper way. But this has not been happening in India unfortunately. It is time the fiscal and monetary authorities took care of all the stakeholders, including savers and depositors, and provided relief to the vulnerable. 

 

- - -

P.S.: 

 

Update dated 22Apr2024 with new quarterly information as on 31Mar2024 >

 

In the past three months (between 31Dec 2023 and 31Mar2024), there has been no change in RBI's policy rates. Bank lending rates are slightly up, while deposits rates are stagnant. CPI and WPI inflation are down; and real interest rates are up.

The changes in data in the past one year  (between 31Mar2023 and 31Mar2024) are very interesting: 

1. While RBI policy rates remain the same in the past one year, lending rates are up by 50 basis points; while deposits are up less than 50 basis points.

2. RBI policy rates remain the same, even as CPI and WPI inflation are down by 81 basis points and 81 bp respectively.

3. While call money rates are slightly up, 91-day Treasury bill yield is up in the past one year; but yields of 182-day and 364-day T bills are up.

4. While RBI rates remain the same, CPI inflation and 10-year G-Sec yield are down in the past one year.

5. Post office deposit rates and other small savings rates, like, NSC and PPF do not move in line with the market interest rates; because Govt of India uses the instruments for political purposes.

6. However, there has been no change in PPF rate for the past 17 quarters, throwing PPF investors under the bus. It's not clear why PPF investors face the wrath of Govt of India for more than four years.

7. Due to tightness in banking liquidity, liquid mutual funds have responded well to the market dynamics. The one-year liquid fund returns rose from 5.50 percent as on 31Mar2023 to 7.08 percent as on 31Mar2024. This indicates liquid mutual funds are market-determined rates and respond well to interest rate market dynamics.

 

 

 

Update dated 13Jan2024 with new quarterly information as on 31Dec2023 >

 

In the past three months (between 31Dec2023 and 30Sep2023), there has been no change in the RBI's policy rates. Banks' lending rates and deposit rates are slightly up. There has also been a slight uptick in T-Bill rates as banking liquidity is tight in the system.

 

Several interest rates in the Indian economy are not market-determined. For example, check savings bank deposit rates, which have remained the same in the past three and a half years. Nobody knows how the SB rates remain the same even though there is competition in the banking system; RBI also does not bother about the stickiness of SB rates. Obviously, RBI works as a protector of banks, as opposed to its mandated role of a supervisor.

 

Consider one-year term deposit rates of banks -- they are more or less the same in the past one year (see table 2 for yearly comparison); while liquid mutual fund returns are fetching 6.85 percent per year now versus 4.70 a year ago.

Without doubt, PM Modi government and banking regulator RBI have been unfair to savers and senior citizens in the past four years -- that is, especially, since the COVID-19 Pandemic outbreak.

 

Two tables are included -- one with quarterly movement and another with calendar year data from 2018 to 2023 >

 

 

 

 

P.S.: 

 

Update dated 24Oct2023 with new quarterly information as on 30Sep2023 >

 

In the past three months (between 30Jun2023 and 30Sep2023), there has been no change in the RBI's policy rates. Banks' lending rates and deposit rates have remained the same, more or less. However, there has been a slight uptick in T-Bill rates, as RBI continues to drain liquidity (via additional CRR and hardened policy stance) form the banking system.

Calendar quarter CPI inflation rates appear lower, however in between CPI surged up to 7.44 percent in Jul2023 and 6.83 percent in Aug2023 before cooling off to 5.02 percent, at least officially. However, the common people continue to suffer from heavily price rise in the past four years. Not much has been done by governments to alleviate the suffering of the people, except some empty sloganeering. 

Meanwhile, PM Modi gov't continues to keep PPF investors under the bus by holding the PPF interest rate stagnant for more than 42 months since Apr2020. There is no reason to keep the rate at the same level while cumulative inflation has been surged massively in the past five years.

Moreover, PPF interest rate are expected to move, as per PM Modi govt's state policy itself, in tandem and are pegged at more than 100 basis points of 10-year government security yield. But the government has been violating its own stated policy for more than three years to the detriment of small savings investors. 

P.S.: 

 

Update dated 27Jul2023 with new quarterly information as on 30Jun2023 >

 

In the past three months (between 31Mar2023 and 30Jun2023), short term interest rates, like, call money and 91-day T bill, have remained flat while 10-year G sec yield fell by 21 basis points. Liquid funds' one year returns jumped by 100 basis points to 6.5 percent in the Apr-Jun2023 quarter, NSC and post office rates are up, but PPF interest rate has not been changed for 14 quarters continuously. 

 

Inflationary pressures are down, while WPI inflation is in negative territory. Savings deposit interest rates have remained unchanged for more than three years.  Other rates remained more or less the same in the past one quarter.

 

 

P.S.: 

 

Update dated 17Apr2023 with new quarterly information as on 31Mar2023 >

 

In the past one quarter (between 31Dec2022 and 31Mar2023), as the RBI raised (in response to rising inflationary pressure) its policy repo rate by 25 basis points to 6.50 percent, short-term rates in the market, like, call money, liquid fund returns, bank deposit & lending rates and one-year Post Office term deposit rates have gone up. 

 

But banks have not raised their savings bank deposit rates since Apr2020, when they were reduced substantially. Banks in India act like an oligopoly, with the banking regulator RBI looking the other way. 

Government of India has not raised public provident fund (PPF) interest rate since Apr2020 and it has remained stagnant at 7.10 percent. It's not clear why PPF has not been raised even though 10-year G-Sec yield (to which PPF interest rate is benchmarked) has been above 7 percent for the past one year.

 

CPI inflation was more than 6 percent in January and February 2023, but it fell below 6 percent in Mar2023.

 

 

 

Update dated 30Jan2023 with yearly info from Dec2018 till Dec2022 >

 

The table shows data for the past five years between Dec2018 and Dec2022 -- all the data are as of the end of each calendar year > one can see how the rates and ratios are moving and which rates are out of line with market-determined rates and whether they truly reflect the ground realities in the Indian economy > it may be mentioned due to financial repression, many rates and ratios do not reflect reality -- central banks intervene heavily in financial markets and government policies change capriciously putting free markets in jeopardy >

 

Update dated 30Jan2023 with new quarterly information as on 31Dec2022 >

 

There has been no change in third quarter of FY 2022-23 in small savings rate of PPF and 5-year NSC (but NSC rate was up slightly effective 01Jan2023) and bank savings bank (SB) account rates. SB rates have remained stagnant even though call money rates and short term Treasury bill yields have gone up substantially in third quarter. 

 

In the third quarter, bank fixed deposit rates have gone up faster than bank lending rates mainly due to dip in deposit growth rates as compared to bank loan growth -- to put differently, banks are unable to fund the resurgence in credit growth due to withdrawal of liquidity in the banking system by the Reserve Bank of India. 

 

Real interest rates in India have turned positive as of 31Dec2022, for the first time in more than three years, as deposit rates have surged in recent months. Liquid fund returns too are going up due to increase in short-term market interest rates.

 

 

 

Update dated 14Oct2022 with new information as on 30Sep2022 >

 

As can be seen from the table given below, there are big movements in short term interest rates between Jun2022 and Sep2022. The RBI has raised the policy Repo rate by 100 basis points during Jul-Sep2022 quarter. And in response, bank lending rates, call money rates, Treasury Bill rates and 10-year G-Sec yield have gone up. 

As is the case with banks in the last few decades, banks are slow in raising their deposit rates, but as is their wont they've raised their interest rates on loans in bigger proportion. 

One notable feature of weak policy transmission of RBI monetary policy is slower rise in deposit rates with bigger increases in lending rates by banks -- which is having detrimental effect on savers, especially, senior citizens, exacerbated by runway inflation in the past three years.

For the past three years, savers in India have been suffering from negative interest rates. Unfortunately, there is not much discussion on this topic from the Indian media, which are completely dancing to the tune of those in power. 

You can observe from the table, there has been no change in savings bank deposit rates in the past one year despite increases in RBI policy rates and elevated consumer price inflation. In a market economy, all rates across the spectrum should respond in tandem with the interest rate environment in the macro economy.

Similarly, there has been no change in small savings deposit rates (PPF, NSC and one-year post office deposit shown in the table) in the past one year -- as per government's own policy, small savings schemes' interest rates are supposed to move in tandem with government bond yields of similar maturity with a quarterly reset.

But the PM Modi government has been violating its own policy of "market-determined" interest rates on the small savings schemes. Nothing with the PM Modi government is market-determined, everything depends on political expediency and crony capitalism of giving special support to its preferred oligarchs. (PIB press release dated 16Feb2016 on "market-determined" interest rates on small savings schemes)

 

 

Update dated 16Jul2022 with new information as on 30Jun2022 >

 

As can be seen from the table given below, rates and ratios moved pretty fast between March 2022 and June 2022 as Reserve Bank of India (RBI), India's central bank, raised repo rate by 90 basis points (bp) in two instalments and cash reserve ratio (CRR) by 50 basis points during this period. 

10-year G-Sec yield rose by almost 60 bp; but the biggest impact was in 364-day Treasury bill rate, which rose by 167 bp. In a rising interest rate scenario, short term interest rates tend to rise faster than long-term rates. Lending rates and deposit rates too started rising along with repo rate hikes. 

 

But there is no change in savings bank deposit rates by banks. This stickiness in SB interest rates indicates lack of competition in Indian banking. RBI had one job: to protect the interests of existing banks.

 

Call money rate jumped by 137 bp to 4.71 percent and liquid mutual fund return for one year rose to 3.50 percent.

As monetary policy transmission is weak in India, term deposit rates barely rose by 10 or 15 bp; whereas lending rates have risen by 30 to 50 basis points.

 

 

Abbreviations used:

 

RBI - Reserve Bank of India

PPF - Public Provident Fund

NSC - National Savings Certificates VIII Issue

G-Sec - government security 

 

References:

Tweet thread 16Feb2016

PIB press release 16Feb2016 - "market-determined" interest rates

 

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Disclosure:  I've vested interested in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets. 

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