Banks park Rs 59,875 cr against notified amount in RBI's VRRR auction

Banks parked Rs. 59,875 crore against the notified amount of Rs. 100,000 crore at a weighted average rate of 6.49 per cent at the Reserve bank of India’s 14-day variable rate reverse repo (VRRR) auction.  

In July, the central bank conducted seven VRRR auctions so far to remove surplus liquidity from the system. The total notified amount in the last six auctions was Rs 8 trillion, in which banks have parked only Rs 4,04,523 crore.

The surplus liquidity in the system stood at Rs. 37,800 crore on Thursday.