Ahead of tax payments, RBI injects ₹75,000 cr via VRR
Financial Express Mumbai|March 16, 2024
THE RESERVE BANK of India (RBI) on Friday infused ₹75,000 crore into the banking system through the variable rate repo (VRR) auction, aiming to provide funds to the banks ahead of advance tax and Goods and Services Tax (GST) payments which will drain out liquidity from the system.
SACHIN KUMAR

Advance tax and GST payments are expected to drain out nearly ₹2.5 trillion from the banking system.

"Liquidity may turn into a deficit mode next week, as close to ₹2.5 trillion is estimated to flow out of the banking system due to advanced tax and GST payments.

With today's (Friday) VRR auction, the RBI wants to ensure that the banking system has enough liquidity," treasury head of a public sector bank told FE.

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