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News›Markets›Forex›Forex News›RBI turns to longer-dated VRRR for liquidity mop-up The
Economic Times daily newspaper is available online now. Read Today's Paper RBI turns to longer-dated VRRR for liquidity
mop-upSECTIONSRBI turns to longer-dated VRRR for liquidity mop-upET BureauLast Updated: Sep 05, 2026, 10:13:00 AM
ISTRate StoryFollow usShareFont SizeAbcSmallAbcMediumAbcLargeSavePrintCommentSynopsisIn an effort to control escalating
inflation, the Reserve Bank of India is running auctions to draw in surplus liquidity from the financial system. This
move comes as call money rates fall beneath the policy repo rate, with predictions indicating liquidity levels could
exceed fifteen lakh crore by the close of September. Additionally, the central bank recently sold government securities
worth thirty-two thousand crore.Listen to this article in summarized format Listen Loading...×× Subscribe to
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SubscriptionANIThe Reserve Bank of India (RBI) will hold a 30-day variable rate reverse repo (VRRR) auction Monday with
a target to suck out ₹7 lakh crore from the inter-bank market, which is flush with excess liquidity following the
special dollar-mobilisation programme.The central bank has been conducting VRRR auctions almost every day to manage the
surplus liquidity, which could potentially add to inflationary pressures. The excess liquidity also led the weighted
call money rate to 4.95%, significantly below the policy rate.The RBI typically endeavours to align overnight call rates
as close as possible to the policy repo rate, which stands at 5.25%.ET BureauThe long-term VRRR was announced as the RBI
is trying to suck out excess liquidity from the system on a durable basis, analysts said. Some expect the excess
liquidity spawned by the forex-inflow programme could rise to ₹15 lakh crore by the end of September."Based on the
flows from FCNR-B and other schemes, core or durable liquidity surplus that was at ₹8.06 lakh crore as of August 15
may cross ₹15 lakh crore by end of September," ICICI Securities said in a note.Live EventsAnnouncing the long-term
VRRR auction Friday, RBI said participating banks can opt for premature reversal. Requests for premature reversal can be
placed at least two working days prior to the original date of reversal.Market response to the three-day variable rate
reverse repo auctions, which the central bank conducted Friday, fell short of the earmarked quota. The regulator
mobilised a total of ₹6.02 lakh crore through two separate VRRR auctions against the cumulative notified amount of
₹8.5 lakh crore.Surplus liquidity in India's banking system surged to a record high of ₹10.3 lakh crore as of
September 3, forcing the central bank to step up liquidity absorption operations. Record inflows exceeding $130 billion
through the forex-inflow programs and the following dollar-rupee swaps are contributing to the massive liquidity
overhang.Meanwhile, the central bank sold two government papers -- one new stock and the 7.71% 2066 stock for a total
₹32,000 crore Friday. The new five-year stock saw the cut-off yield settling at 6.53% while the 7.71% 2066 paper saw
the cut-off yield at 7.6618%, the RBI said.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to
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