Document title: Result of the 2‑day Variable Rate Repo (VRR) auction held on July 22, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/731
Date: July 22, 2026
Policy rates and liquidity
The RBI announced the outcome of a two‑day Variable Rate Repo (VRR) auction conducted on July 22, 2026. The notified amount for the operation was ₹75,000 crore. Bids received totaled ₹7,200 crore, and the entire bid volume was allotted, resulting in an amount allotted of ₹7,200 crore. Both the cut‑off rate and the weighted average rate were identical at 5.26 %. No partial allotment percentage was applicable as the full bid amount was allotted at the cut‑off rate.
Regulatory and policy measures
The auction forms part of the RBI’s ongoing liquidity management framework, utilizing the Variable Rate Repo mechanism to inject liquidity into the banking system at market‑determined rates. The press release was issued by Deputy General Manager Ajit Prasad of the Communications Division.
The operation reflects the RBI’s stance on maintaining adequate liquidity while anchoring short‑term rates around the 5.26 % level. This concludes the key factual details of the VRR auction outcome.