Document title: Result of the Overnight Variable Rate Reverse Repo (VRRR) auction held on September 17, 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/1130
Date: September 17, 2026
Policy rates and liquidity
The RBI conducted an overnight Variable Rate Reverse Repo (VRRR) auction on 17 September 2026. The notified amount for the operation was ₹300,000 crore. Participants submitted offers amounting to ₹239,959 crore, which were fully accepted. Both the cut‑off rate and the weighted average rate for the auction were 5.24%. No partial acceptance percentage was reported, indicating that all offers were taken at the cut‑off rate.
The operation reflects RBI's ongoing liquidity management stance, utilizing the VRRR mechanism to absorb excess funds from the banking system at the prevailing policy rate.
In conclusion, the RBI’s overnight VRRR auction absorbed ₹239,959 crore of liquidity at a 5.24% rate, with full acceptance of offers, underscoring the central bank’s active role in managing short‑term market liquidity.