{"id":18806,"date":"2026-09-18T01:37:35","date_gmt":"2026-09-18T08:07:35","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=18806"},"modified":"2026-09-18T01:37:36","modified_gmt":"2026-09-18T08:07:36","slug":"rbi-vrrr-auction","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/rbi-vrrr-auction\/","title":{"rendered":"RBI Absorbs \u20b92.4 Lakh Cr Through VRRR Amid \u20b97.38 Lakh Crore Liquidity Surplus"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/rbi-vrrr-auction\/#Why_Liquidity_in_the_Banking_System_Is_So_High\" >Why Liquidity in the Banking System Is So High<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/rbi-vrrr-auction\/#What_the_RBI_Is_Doing_to_Absorb_the_Surplus\" >What the RBI Is Doing to Absorb the Surplus<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/rbi-vrrr-auction\/#What_Is_VRRR_and_How_Does_It_Work\" >What Is VRRR and How Does It Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/rbi-vrrr-auction\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/li><li><span aria-current=\"page\">RBI Absorbs \u20b92.4 Lakh Cr Through VRRR Amid 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strong{display:block;color:var(--forest);font-weight:700;margin-bottom:3px;}\n  .final-cta{background:var(--forest);border-radius:16px;padding:40px;margin:56px 0 32px;text-align:center;}\n  .final-cta h3{font-family:'Bricolage Grotesque',sans-serif;font-size:22px;font-weight:800;color:var(--fresh);margin-bottom:24px;letter-spacing:-0.3px;}\n  .final-pills{display:flex;flex-wrap:wrap;justify-content:center;gap:10px;margin-bottom:28px;}\n  .final-pill{background:rgba(108,232,144,0.1);border:1px solid rgba(108,232,144,0.25);color:var(--mint);font-size:13px;font-weight:600;padding:7px 16px;border-radius:20px;}\n  .final-cta a{display:inline-flex;background:var(--copper);color:var(--forest);font-family:'Bricolage Grotesque',sans-serif;font-weight:800;font-size:15px;padding:14px 32px;border-radius:8px;text-decoration:none;transition:opacity 0.15s;}\n  .final-cta a:hover{opacity:0.9;}\n  .disclaimer{margin:18px 0 0;padding:18px 22px;background:var(--mint-2);border:1px solid var(--line);border-radius:14px;font-size:14px;line-height:1.6;color:var(--grey);}\n  .disclaimer strong{color:var(--steel);}\n  .source{margin:30px 0 0;padding-top:18px;border-top:1px solid var(--line);font-size:14px;color:var(--grey);word-break:break-word;}\n  .source a{color:var(--copper-deep);}\n  .faq{display:flex;flex-direction:column;gap:12px;margin:6px 0 22px;}\n  .faq-item{background:var(--mint-2);border:1px solid var(--line);border-radius:14px;overflow:hidden;transition:border-color .2s ease, box-shadow .2s ease;}\n  .faq-item:hover{border-color:var(--copper);box-shadow:0 2px 10px rgba(239,161,69,0.18);}\n  .faq-item[open]{border-color:var(--copper);box-shadow:0 2px 10px rgba(239,161,69,0.18);}\n  .faq-q{list-style:none;cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:17px 20px;font-weight:700;color:var(--forest);font-size:16px;}\n  .faq-q::-webkit-details-marker{display:none;}\n  .faq-icon{flex:0 0 auto;width:26px;height:26px;border-radius:50%;background:var(--copper);color:#fff;display:flex;align-items:center;justify-content:center;font-size:16px;font-weight:800;line-height:1;transition:transform .2s ease, background .2s ease;}\n  .faq-item[open] .faq-icon{background:var(--forest);transform:rotate(45deg);}\n  .faq-a{margin:0;padding:0 20px 18px;color:#33413B;font-size:15.5px;line-height:1.6;}\n  .video-wrap{position:relative;padding-bottom:56.25%;height:0;overflow:hidden;border-radius:14px;margin:6px 0 22px;border:1px solid var(--line);}\n  .video-wrap iframe{position:absolute;top:0;left:0;width:100%;height:100%;border:0;}\n  @media (max-width:640px){ body{font-size:16.5px;} .masthead{padding:32px 24px 28px;} .body{padding:28px 24px 34px;} h2{margin-top:36px;} table{font-size:14px;} }\n  .entry-title,.post-title,.single-post h1,h1.entry-title{color:#000!important;}\n<\/style>\n\n<div class=\"body\">\n  <p>The Reserve Bank of India absorbed \u20b92.40 lakh crore through variable rate reverse repo auctions from the banking sector on Thursday amid a large liquidity surplus. The central bank received bids worth \u20b92,39,959 crore, which it accepted fully at a cut-off and weighted average rate of 5.24%.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Why_Liquidity_in_the_Banking_System_Is_So_High\"><\/span>Why Liquidity in the Banking System Is So High<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>The banking system surplus stands at approximately \u20b97.38 lakh crore as of September 16. Two factors drove the build-up:<\/p>\n  <ul class=\"doc\">\n    <li>Heavy mobilisation of FCNR(B) deposits by banks brought foreign currency into the system, and subsequent swaps with the RBI provided rupee liquidity to banks<\/li>\n    <li>Month-end government expenditure, including payments toward salaries and pensions, added further liquidity<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"What_the_RBI_Is_Doing_to_Absorb_the_Surplus\"><\/span>What the RBI Is Doing to Absorb the Surplus<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>The RBI has been conducting multiple VRRR auctions since last month to absorb excess liquidity from the banking system and align overnight money market rates with the repo rate. Thursday&#8217;s auction is part of that ongoing effort.<\/p>\n  <p>Beyond VRRR, the central bank also announced Open Market Operation sales of government securities for a notified amount of \u20b91 lakh crore in three tranches last week. The schedule for these OMO sales is as follows:<\/p>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Tranche<\/th>\n          <th>Date<\/th>\n          <th>Amount<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>First<\/td><td>September 17<\/td><td>\u20b950,000 crore<\/td><\/tr>\n        <tr><td>Second<\/td><td>September 21<\/td><td>\u20b925,000 crore<\/td><\/tr>\n        <tr><td>Third<\/td><td>September 28<\/td><td>\u20b925,000 crore<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2><span class=\"ez-toc-section\" id=\"What_Is_VRRR_and_How_Does_It_Work\"><\/span>What Is VRRR and How Does It Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>A variable rate reverse repo is a tool through which the RBI absorbs surplus funds from banks for a fixed period at a market-determined rate. Banks park their excess cash with the RBI and earn interest on it. By conducting these auctions, the central bank reduces the amount of free liquidity in the system and brings short-term market rates closer to the policy repo rate.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <div class=\"outlook\">\n    <p>The combination of VRRR auctions and OMO bond sales signals that the RBI is actively managing the large liquidity overhang in the banking system. Whether the surplus narrows meaningfully will depend on how FCNR(B) swap obligations mature, how government spending patterns evolve, and how much the OMO sales draw from system funds over the three scheduled tranches.<\/p>\n  <\/div>\n\n  <p class=\"source\">\n    <strong>Source:<\/strong>\n    Moneycontrol\n  <\/p>\n\n  <div class=\"disclaimer\">\n    <strong>Disclaimer:<\/strong> This content is for education and awareness purpose only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India absorbed \u20b92.40 lakh crore through variable rate reverse repo auctions from the banking sector on Thursday amid a large liquidity surplus. The central bank received bids worth \u20b92,39,959 crore, which it accepted fully at a cut-off and weighted average rate of 5.24%. Why Liquidity in the Banking System Is So &hellip; <a href=\"https:\/\/shoonya.com\/blog\/rbi-vrrr-auction\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;RBI Absorbs \u20b92.4 Lakh Cr Through VRRR Amid \u20b97.38 Lakh Crore Liquidity Surplus&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":18807,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[6536,10600,10601,5987,10597,10602,10603,10599,10598],"class_list":["post-18806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-open-market-operation","tag-rbi-liquidity","tag-rbi-liquidity-surplus","tag-rbi-monetary-policy","tag-rbi-vrrr-auction","tag-repo-auctions","tag-variable-rate-reverse-repo","tag-vrrr","tag-vrrr-auction-india"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RBI Absorbs \u20b92.4 Lakh Crore via VRRR Amid Surplus Liquidity<\/title>\n<meta name=\"description\" content=\"RBI absorbed \u20b92.40 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