Document title: Result of the 7‑day Variable Rate Repo (VRR) auction – 19 Oct 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026‑2027/1347
Date: 19 October 2026
Policy Rates and Liquidity
The RBI conducted a 7‑day Variable Rate Repo (VRR) auction on 19 October 2026. The notified amount for the auction was ₹100,000 crore. Bids received totaled ₹150,735 crore, indicating demand that exceeded the notified amount by approximately 50.7%. The RBI allotted ₹100,014 crore, resulting in a partial allotment of 56.04% of the bids at the cut‑off rate. The cut‑off rate was set at 5.51%, while the weighted average rate of the allotted bids was marginally higher at 5.52%.
The auction outcome reflects the RBI's liquidity management stance, with a modestly higher weighted average rate than the cut‑off, suggesting competitive bidding pressure in the short‑term money market.
Overall, the VRR auction demonstrated robust participation from market participants and the RBI's continued use of variable‑rate repo operations to fine‑tune liquidity conditions.