 "RBI to conduct Rs 4 trillion rollover VRRR auction on Friday")
The Reserve Bank of India (RBI) will be conducting a 7-day variable rate reverse repo (VRRR) auction of Rs 4 trillion on Friday.
This is a rollover of this week’s three day and two day VRRR auctions, and is conducted as per the new liquidity framework of the RBI.
Banks, meanwhile, are not participating in the auctions enthusiastically as the system liquidity is being steadily drained by the RBI. On Feb 1’s Rs 4 trillion VRRR auctions for three days, banks parked just about half of the scheduled Rs 4 trillion. The next day, for a two day VRRR, banks parked Rs 1.2 trillion out of Rs 2 trillion proposed by the RBI.
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