RBI to auction overnight VRR worth ₹50,000 crore on October 22
After reviewing changing near-term liquidity conditions, the Reserve Bank of India is set to conduct an overnight variable rate repo auction under the Liquidity Adjustment Facility on October 22, 2026. The auction is for a notified amount of ₹50,000 crore, with reversal scheduled for Friday, October 23, 2026.
Highlights
- The Reserve Bank of India will conduct an overnight variable rate repo (VRR) auction worth ₹50,000 crore on October 22, 2026.
- The auction will have a one-day tenor and will be reversed on October 23, 2026. It will be conducted between 09:30 and 10:00.
- The RBI is taking this step after reviewing near-term liquidity conditions and will manage short-term liquidity within its established operational framework.
This article was translated from the original. Read the original version by our correspondent here.
Auction plan for liquidity management
According to a press release from the Reserve Bank of India, this overnight variable rate repo, or VRR, auction will be held on Thursday, October 22, 2026, between 09:30 and 10:00. The decision follows a review of current and evolving near-term liquidity conditions.The notified amount is ₹50,000 crore, with a one-day tenor. The central bank said the operation will be reversed on Friday, October 23, 2026.
Operational rules and market signals
The operational guidelines for the auction will remain the same as those set out in the Reserve Bank's press release number 2021-2022/1572 dated January 20, 2022. This indicates that the RBI will continue to use its established operational framework to adjust short-term liquidity.Such VRR operations are generally used to manage the availability of short-term funds in the banking system and keep money market conditions balanced. The October 22 auction is being viewed as a near-term liquidity management measure for India's banking and financial sector.
Our previous report focused on the Reserve Bank of India's Monetary Policy Committee (MPC) decision in October, discussing the possibility of a repo rate hike amid rising retail inflation, crude oil above $100 per barrel, and pressure on the rupee. It noted that markets would closely watch not only the rate decision, but also signals about further tightening and the central bank's assessment of inflation and growth.
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