RBI Conducts VRR Auctions for Year-End Liquidity Management
Summary
The Reserve Bank of India (RBI) announced Variable Rate Repo (VRR) auctions to manage year-end liquidity for the banking system. Two auctions are scheduled for March 27 and March 30, 2026, with notified amounts of ₹75,000 crore and ₹50,000 crore, respectively.
What changed
The Reserve Bank of India (RBI) has announced two Variable Rate Repo (VRR) auctions under the Liquidity Adjustment Facility (LAF) to provide flexibility to the banking system for year-end liquidity management. The first auction is scheduled for March 27, 2026, with a notified amount of ₹75,000 crore and a tenor of 6 days. The second auction will be held on March 30, 2026, with a notified amount of ₹50,000 crore and a tenor of 3 days. The operational guidelines for these auctions remain the same as previously issued.
Banks participating in these auctions should note the specific dates, amounts, and window timings for each auction. The reversal dates for both auctions are April 02, 2026. Compliance officers should ensure their treasury departments are aware of these auctions and can participate if necessary to manage their liquidity positions effectively during the financial year-end.
What to do next
- Participate in VRR auctions on March 27 and March 30, 2026, if liquidity management requires.
- Review operational guidelines referenced in Press Release 2021-2022/1572.
Source document (simplified)
Press Releases
| () | | | | | | | | | | | | | | | | | | | |
| Date : Mar 24, 2026 | | | | | | | | | | | | | | | | | | | |
| Variable Rate Repo (VRR) auctions under LAF for the end of the Financial Year | | | | | | | | | | | | | | | | | | | |
| | On a review of current and evolving liquidity conditions, and to provide flexibility to the banking system in year-end liquidity management, it has been decided to conduct the following Variable Rate Repo (VRR) auctions:
\| Sl. No. \| Date of Auction \| Notified Amount
(₹ crore) \| Tenor
(day) \| Window Timing \| Date of Reversal \|
\| 1 \| March 27, 2026
(Friday) \| 75,000 \| 6 \| 9:30 AM to 10:00 AM \| April 02, 2026
(Thursday) \|
\| 2 \| March 30, 2026
(Monday) \| 50,000 \| 3 \| 9:30 AM to 10:00 AM \| April 02, 2026
(Thursday) \|
2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.
Ajit Prasad
Deputy General Manager
(Communications)
Press Release: 2025-2026/2319 | Sl. No. | Date of Auction | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | 1 | March 27, 2026
(Friday) | 75,000 | 6 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) | 2 | March 30, 2026
(Monday) | 50,000 | 3 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) |
| Sl. No. | Date of Auction | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | | | | | | | | | | | | | |
| 1 | March 27, 2026
(Friday) | 75,000 | 6 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) | | | | | | | | | | | | | |
| 2 | March 30, 2026
(Monday) | 50,000 | 3 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) | | | | | | | | | | | | | | | On a review of current and evolving liquidity conditions, and to provide flexibility to the banking system in year-end liquidity management, it has been decided to conduct the following Variable Rate Repo (VRR) auctions:
| Sl. No. | Date of Auction | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal |
| 1 | March 27, 2026
(Friday) | 75,000 | 6 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) |
| 2 | March 30, 2026
(Monday) | 50,000 | 3 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) |
2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.
Ajit Prasad
Deputy General Manager
(Communications)
Press Release: 2025-2026/2319 | Sl. No. | Date of Auction | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | 1 | March 27, 2026
(Friday) | 75,000 | 6 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) | 2 | March 30, 2026
(Monday) | 50,000 | 3 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) |
| On a review of current and evolving liquidity conditions, and to provide flexibility to the banking system in year-end liquidity management, it has been decided to conduct the following Variable Rate Repo (VRR) auctions:
| Sl. No. | Date of Auction | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal |
| 1 | March 27, 2026
(Friday) | 75,000 | 6 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) |
| 2 | March 30, 2026
(Monday) | 50,000 | 3 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) |
2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.
Ajit Prasad
Deputy General Manager
(Communications)
Press Release: 2025-2026/2319 | Sl. No. | Date of Auction | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | 1 | March 27, 2026
(Friday) | 75,000 | 6 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) | 2 | March 30, 2026
(Monday) | 50,000 | 3 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) | |
| Sl. No. | Date of Auction | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | | | | | | | | | | | | | | |
| 1 | March 27, 2026
(Friday) | 75,000 | 6 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) | | | | | | | | | | | | | | |
| 2 | March 30, 2026
(Monday) | 50,000 | 3 | 9:30 AM to 10:00 AM | April 02, 2026
(Thursday) | | | | | | | | | | | | | | |
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