RBI to conduct Rs 1.50 lakh cr 7-day variable rate repo auction

The Reserve Bank of India (RBI) on Monday said it will conduct a seven-day variable rate repo (VRR) auction of Rs 1.50 lakh crore on March 17. The auction will take place between 9:30 AM and 10:00 AM on March 17, and the reversal of these funds will take place on March 24, as per the central bank's release. The central bank announced the auction based on the current and evolving liquidity conditions of the banking system, the release added. Currently, the liquidity in the banking system is estimated to be in surplus of around Rs 2.08 lakh crore.

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