The Reserve Bank of India today announced an overnight Variable Rate Reverse Repo (VRRR) auction of up to Rs 1.5 lakh crore for Tuesday, August 18, amid its review of prevailing and evolving liquidity conditions.
According to a release issued today the auction will be conducted between 9.30 am and 10 am, with the funds scheduled for reversal on August 19.
The announcement came after the RBI conducted two VRRR auctions on Monday. In the overnight auction, the central bank accepted Rs 96,914 crore against the notified amount of Rs 1 lakh crore, at a cut-off rate of 5.24 per cent.
In a separate seven-day VRRR auction, the RBI accepted Rs 98,945 crore against the notified Rs 2 lakh crore, also at a cut-off rate of 5.24 per cent.
The RBI had earlier announced the second overnight VRRR auction for Monday for Rs 1 lakh crore, with reversal scheduled for August 18.
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