 "Banks park ₹1.5 trillion at RBI's three-day VRRR liquidity auction")
Banks parked Rs 1.5 trillion at the Reserve Bank of India’s (RBI’s) three-day Variable Rate Reverse Repo (VRRR) auction.
The RBI’s VRRR operations are intended to absorb surplus liquidity from the financial system and anchor short-term money market rates closer to the policy repo rate.
Net liquidity in the banking system was in a surplus of Rs 2.85 trillion on Thursday, according to the latest RBI data.
The weighted average call rate (WACR), the operating target of monetary policy, settled at 5.43 per cent on Friday, compared with the previous close of 5.35 per cent.
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