India, Sept. 16 -- The Reserve Bank of India (RBI) absorbed Rs 2.90 lakh crore from the banking system through two Variable Rate Reverse Repo (VRRR) auctions on Wednesday, amid significant surplus liquidity.
In the first auction, the RBI received bids worth Rs 3,17,088 crore against the notified amount of Rs 2.50 lakh crore. The central bank accepted Rs 2,50,025 crore at a cut-off and weighted average rate of 5.24 per cent.
The second auction saw a relatively weaker response, with bids worth Rs 40,302 crore received against the notified amount of Rs 1 lakh crore. The RBI accepted the entire amount.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....