Document title: RBI to conduct 3‑day Variable Rate Repo (VRR) auction under LAF on July 21, 2026
Issuing authority: Reserve Bank of India
Reference number: Press Release 2026-2027/721
Date: July 20, 2026
Policy rates and liquidity
The Reserve Bank of India has decided to conduct a Variable Rate Repo (VRR) auction on Tuesday, 21 July 2026, under the Liquidity Adjustment Facility. The auction will offer a notified amount of ₹75,000 crore with a three‑day tenor. Bids may be submitted between 09:30 AM and 10:00 AM on the auction day, and the repo funds will be reversed on 24 July 2026 (Friday).
Regulatory and policy measures
The operational guidelines for this VRR auction will be the same as those outlined in the RBI Press Release 2021‑2022/1572 dated 20 January 2022. The announcement is issued under Press Release 2026‑2027/721 by Deputy General Manager Ajit Prasad, Communications.
The RBI’s use of a short‑term VRR auction reflects its ongoing effort to fine‑tune liquidity conditions in the banking system through the LAF mechanism.