RBI notes liquidity surplus, rates fell then rose in mid‑September due to tax outflows, tightening overall.

• Collateralised repos, market repo, and secured overnight rates moved closely with the uncollateralised call rate today.
• Three‑month Treasury yields, CDs, and NBFC commercial papers hardened during the September 15‑19 period amid volatility.
• Money‑market risk premium rose slightly, as the spread between CP and 91‑day Treasury increased during this.