Banks place aggressive bids at VRR auction
Financial Express Mumbai|January 13, 2024
THE RESERVE BANK of India (RBI) on Friday received bids worth 3.92 trillion from banks, against the notified amount of 1.75 trillion, at the variable rate repo (VRR) auction. Unlike the previous seven-day auctions, the RBI extended the tenure of Friday's auction to 13 days.
SACHIN KUMAR

"The central bank has extended the tenure of VRR auction to 13 days from seven days because liquidity conditions were expected to improve significantly in January, but it has not happened. Daily deficit numbers are still in 1-1.5-trillion range," Madan Sabnavis, chief economist, Bank of Baroda, told FE. If the RBI conducts next VRR auction of the same duration (13-day), it would mean that the central bank expects the tight liquidity condition to remain for a longer period, he added.

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