RBI to Withdraw 2 Trillion Rupees via Reverse Repo Auction
The Reserve Bank of India scheduled a seven-day variable rate reverse repo auction for 2 trillion rupees today. This move aims to absorb excessive liquidity.
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The Reserve Bank of India announced a strategic cash withdrawal operation on Friday to address high levels of liquidity within the financial system. The central bank is set to conduct a seven-day variable rate reverse repo (VRRR) auction to absorb 2 trillion rupees, which is approximately $21.58$ billion.
