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RBI to conduct seven-day VRRR auction on Friday to mop up liquidity
The average liquidity surplus in the system over the past two weeks-reflected by the daily absorption by the RBI-was around Rs 2.5 trillion
New Delhi
In view of the persisting liquidity surplus in the banking system, which has resulted in the weighted average call rate (WACR) trading below the policy repo rate, the Reserve Bank of India (RBI) has announced a 7-day variable rate reverse repo (VRRR) auction worth Rs 1 trillion on Friday to absorb excess liquidity.
'On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Friday, June 27,' the central bank said in a statement.
'Further, on a review of evolving liquidity conditions, it has been
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