The Reserve Bank of India's 30-day variable rate reverse repo (VRRR) auction received a tepid response from banks, with bids falling significantly short of the notified amount, despite surplus liquidity across the banking system.

A VRRR auction is a monetary policy tool used by a central bank to absorb excess cash from the banking system.
The Reserve Bank of India (RBI) received Rs 2,59,276 crore bids for 30-day VRRR, as against a notified amount of Rs 7 lakh crore.