RBI pulls out ₹2 trillion transient liquidity via 7-day VRRR auction
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The Reserve Bank of India (RBI) on Friday pulled out ₹2.00031 trillion transient liquidity from the banking system through a seven-day variable rate reverse repo (VRRR) auction.
The central bank had received higher bids worth ₹2.28098 trillion than the notified amount of ₹2 trillion in the auction.
The RBI accepted the bid at a 5.24 per cent cut-off rate and 5.23 per cent weighted average rate.
Currently, the liquidity in the banking system is estimated to be in surplus of around ₹4.09 trillion.
Before this, the central bank had conducted a seven-day VRRR auction on April 10 and pulled out ₹2.00,041 trillion of transient liquidity from the banking system. These funds were reversed today into the banking system.
"Going ahead, we will continue to be proactive and pre-emptive in liquidity management and ensure sufficient liquidity in the banking system to meet the productive requirements of the economy," RBI Governor Sanjay Malhotra said during the April monetary policy.
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