India, Sept. 23 -- The Reserve Bank of India (RBI) on Tuesday absorbed '71,971 crore from the banking system through an overnight variable rate reverse repo (VRRR) auction amid a huge surplus. The central bank received bids worth '71,971 crore, which it accepted fully, for a notified amount of '75,000 crore, according to an official release. The bids were accepted at a cut-off and weighted average rate of 5.24 per cent, the release said. The RBI has been conducting various VRRR auctions since last month in order to absorb surplus liquidity from the banking system and align the overnight money market rates to the repo rate. Currently, liquidity in the banking system is estimated to be in surplus of around '4.92 lakh crore as on September 2...