RBI Accepts ₹18,133 Crore in 3-Day Variable Rate Reverse Repo Auction

What was announced

On November 6, 2026, the Reserve Bank of India conducted a three-day Variable Rate Reverse Repo auction under press release 2026-2027/1457. The central bank notified an intended amount of ₹25,000 crore for the liquidity window. Financial institutions submitted total offers worth ₹18,133 crore.

The Reserve Bank of India accepted the full ₹18,133 crore offered by participating banks. The cut off rate stood at 5.49 percent, while the weighted average rate was also 5.49 percent. Because the central bank accepted all incoming offers, the partial acceptance percentage at the cut off rate was marked as not applicable.

What it means

A Variable Rate Reverse Repo auction is a process where the central bank borrows money from commercial banks for a specified duration, offering interest in return. In this operation, the borrowing arrangement lasts three days. Commercial banks place their excess cash with the central bank when they have surplus money on hand.

The final numbers show that banks offered ₹18,133 crore, which was less than the maximum target of ₹25,000 crore set by the Reserve Bank of India. The cut off rate and weighted average rate both settled at 5.49 percent, showing that all accepted bids were processed at that single rate.

What the announcement does not tell us

The press release does not state why the Reserve Bank of India set the target notified amount at ₹25,000 crore. It does not explain why bank offers fell short of that target by ₹6,867 crore.

The document lists Ajit Prasad, Deputy General Manager of Communications, as the issuing officer. However, it gives no detailed commentary on broader market conditions, monetary policy goals, or which individual banks submitted offers.