Document title: Result of the 4‑day Variable Rate Repo (VRR) auction held on November 09, 2026
Issuing authority: Reserve Bank of India, Department of Communication
Reference number: Press Release: 2026-2027/1467
Date: November 09, 2026
Policy Rates and Liquidity
The Reserve Bank of India conducted a four‑day Variable Rate Repo (VRR) auction on 9 November 2026. The notified amount for the auction was ₹50,000 crore. Bids received from participants totalled ₹62,872 crore, indicating strong demand. The RBI allotted ₹50,003 crore, effectively covering the entire notified amount with a marginal excess of ₹3 crore. The cut‑off rate, i.e., the highest rate at which bids were accepted, was set at 5.51 %. The weighted average rate across all allotted bids was slightly higher at 5.54 %. At the cut‑off rate, 15.18 % of the total bids received were partially allotted.
The auction results demonstrate robust participation in the repo market and provide insight into prevailing short‑term funding costs. The cut‑off rate of 5.51 % reflects the market’s assessment of liquidity conditions and the RBI’s policy stance at the time of the auction.
Overall, the RBI’s VRR auction on 9 November 2026 achieved near‑full allocation of the notified amount, with a modest spread between the cut‑off and weighted average rates, underscoring the effectiveness of the instrument in managing short‑term liquidity.