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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →The Reserve Bank of India absorbed a reported ₹2,10,192 crore (₹2.10 lakh crore) from the banking system through two overnight Variable Rate Reverse Repo (VRRR) auctions on October 5, 2026. The operations were intended to absorb surplus liquidity and keep overnight money-market rates aligned with the repo rate; they did not constitute a change to the policy repo rate.
What the RBI accepted in each auction
The figures below come from a Press Trust of India report carried by Business Standard on October 5, 2026. The reported results distinguish the amount announced for each operation from the bids received and the amount accepted.
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| Overnight VRRR auction | Notified amount | Bids received | Amount accepted | Reported rate |
|---|---|---|---|---|
| First | ₹2 trillion | ₹2,10,688 crore | ₹2,00,050 crore | 5.24% weighted average |
| Second | ₹50,000 crore | ₹10,142 crore | ₹10,142 crore | Not stated in the PTI report |
| Combined accepted amount | — | — | ₹2,10,192 crore | — |
The first auction received bids above its ₹2 trillion notified amount, but the RBI accepted ₹2,00,050 crore. The second received bids below its ₹50,000 crore notification and accepted all ₹10,142 crore offered. The report gives a weighted average rate only for the first auction, so no rate for the second can be inferred from these figures.
Why the RBI used overnight VRRR auctions
A variable rate reverse repo auction is a liquidity-management operation: banks place funds with the RBI for the specified tenor, and the auction determines the rate at which accepted funds are absorbed. In this case, the tenor was overnight. PTI reported that the RBI had conducted multiple VRRR auctions over the preceding two months to absorb surplus liquidity and align overnight money-market rates with the repo rate.
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That stated purpose concerns liquidity and short-term market rates. The October 5 operation was not a reported policy-rate decision, and the PTI account does not say that the repo rate changed.
What the reported surplus estimate means
PTI cited RBI data for an estimated banking-system liquidity surplus of around ₹5.16 trillion as of October 4, 2026. The figure is an estimate for that date, not the amount absorbed by the two auctions the next day. The report attributed the surplus to FCNR(B) deposit mobilization followed by RBI swaps that supplied rupee liquidity to banks, and to month-end government spending, including salaries and pensions. Those are explanations attributed to the report, not independently established causal findings here.
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How to read the numbers
- Notified amount: The amount announced for an auction, not a promise that the RBI will accept that entire amount.
- Bids received: The funds banks offered to place in the operation.
- Amount accepted: The funds the RBI took in. The two accepted amounts add up to ₹2,10,192 crore.
- Weighted average rate: The report gives 5.24% for the first auction only; it does not state a rate for the second.
The reported event figures are from PTI’s October 5, 2026 account in Business Standard. The exact RBI result notice was not independently verified for this article, so the auction amounts and rates are presented as reported rather than as independently confirmed from the primary release.
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