RBI withdraws ₹1 lakh crore via VRRR auction amid surplus liquidity –

The Reserve Bank of India-RBI has removed 1,00,010 crore rupees from the banking system through the seven-day variable rate reverse repo (VRRR) auction held today. RBI in a release said that it had received bids worth 1,70,880 crore rupees, out of which bids worth 1,00,010 crore rupees were accepted at a 5.47 per cent cut-off rate. Currently, as per RBI’s data, the liquidity in the banking system is in surplus of around 4.04 lakh crore rupees.