RBI absorbs Rs 2.90 lakh crore via two VRRR auctions amid surplus liquidity

The Reserve Bank of India mopped up Rs 2.90 lakh crore through two VRRR auctions as banking system liquidity stayed at Rs 9.85 lakh crore surplus. OMO sales of government bonds worth Rs 1 lakh crore planned to tighten rupee liquidity further.

In the first auction, the central bank received bids worth Rs 3,17,088 crore for a notified amount of Rs 2.50 lakh crore.