RBI Overnight Variable Rate Repo Auction
Summary
The Reserve Bank of India (RBI) announced it will conduct an overnight Variable Rate Repo (VRR) auction on March 23, 2026, to manage liquidity conditions. The auction will be for ₹1,00,000 crore with a tenor of one day.
What changed
The Reserve Bank of India (RBI) has announced an overnight Variable Rate Repo (VRR) auction scheduled for March 23, 2026. The auction aims to manage current and evolving liquidity conditions in the banking system. A total of ₹1,00,000 crore will be made available through this one-day repo facility, with the auction window set between 9:30 AM and 10:00 AM on the specified date.
This action is a routine liquidity management operation by the central bank. Banks participating in the auction will receive funds overnight, with the reversal scheduled for March 24, 2026. The operational guidelines for this auction are consistent with previous RBI communications, specifically referencing Press Release 2021-2022/1572 dated January 20, 2022. No new compliance actions are required beyond participation in the auction for banks seeking to manage their short-term liquidity needs.
What to do next
- Banks should monitor liquidity conditions and consider participation in the VRR auction if needed.
Source document (simplified)
Press Releases
| () | | | | | | | | | | | |
| Date : Mar 20, 2026 | | | | | | | | | | | |
| RBI to conduct Overnight Variable Rate Repo (VRR) auction under LAF on March 23, 2026 | | | | | | | | | | | |
| | On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Monday, March 23, 2026, as under:
\| Sl. No. \| Notified Amount
(₹ crore) \| Tenor
(day) \| Window Timing \| Date of Reversal \|
\| 1 \| 1,00,000 \| 1 \| 9:30 AM to 10:00 AM \| March 24, 2026
(Tuesday) \|
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: 2025-2026/2298 | Sl. No. | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | 1 | 1,00,000 | 1 | 9:30 AM to 10:00 AM | March 24, 2026
(Tuesday) |
| Sl. No. | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | | | | | | |
| 1 | 1,00,000 | 1 | 9:30 AM to 10:00 AM | March 24, 2026
(Tuesday) | | | | | | | | On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Monday, March 23, 2026, as under:
| Sl. No. | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal |
| 1 | 1,00,000 | 1 | 9:30 AM to 10:00 AM | March 24, 2026
(Tuesday) |
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: 2025-2026/2298 | Sl. No. | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | 1 | 1,00,000 | 1 | 9:30 AM to 10:00 AM | March 24, 2026
(Tuesday) |
| On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Monday, March 23, 2026, as under:
| Sl. No. | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal |
| 1 | 1,00,000 | 1 | 9:30 AM to 10:00 AM | March 24, 2026
(Tuesday) |
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: 2025-2026/2298 | Sl. No. | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | 1 | 1,00,000 | 1 | 9:30 AM to 10:00 AM | March 24, 2026
(Tuesday) | |
| Sl. No. | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal | | | | | | | |
| 1 | 1,00,000 | 1 | 9:30 AM to 10:00 AM | March 24, 2026
(Tuesday) | | | | | | | |
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