The Reserve Bank of India (RBI) accepted ₹50,015 crore in a Nov. 4 overnight reverse repo auction, temporarily drawing cash from the banking system after offers exceeded the ₹50,000 crore notified amount.
The one-day operation drew ₹73,907 crore in offers, ₹23,907 crore more than the amount announced for the auction. The RBI accepted ₹15 crore more than the notified amount.
Both the cutoff rate and weighted average rate were 5.49%.
The RBI accepted 67.64% of offers submitted at the cutoff rate, its auction result showed.
Reverse repos temporarily withdraw cash from the banking system. Repo and lending facilities can add liquidity on the same day, so this auction result alone does not show the RBI’s net liquidity position.
