RBI Overnight VRR Auction Cutoff 5.54%

Document title: Result of the Overnight Variable Rate Repo (VRR) auction held on October 22, 2026

Issuing authority: Reserve Bank of India (RBI)

Reference number: Press Release: 2026-2027/1365

Date: October 22, 2026

Policy Rates and Liquidity

The RBI conducted an overnight Variable Rate Repo (VRR) auction on 22 October 2026. The notified amount for the auction was ₹50,000 crore. Bids received amounted to ₹1,62,354 crore, of which ₹50,006 crore was allotted, resulting in a partial allotment of 3.2 % of the total bids at the cut‑off rate. The cut‑off rate was fixed at 5.54 %, while the weighted average rate across the allotted bids was 5.55 %.

The auction outcome reflects a strong demand for overnight liquidity and indicates that the RBI is maintaining a relatively tight monetary stance in the short‑term money market.

Overall, the RBI’s VRR auction results demonstrate continued active management of liquidity conditions through the repo market, with rates hovering just above 5.5 % and a high level of participation from market participants.