RBI schedules 30-day variable-rate reverse repo to drain liquidity
Reserve Bank of India will conduct a 30-day variable rate reverse repo with early redemption for 7 trillion rupees on September 7 to withdraw excess banking liquidity and support banks’ surplus deployment.
The Reserve Bank of India will hold a longer-term cash withdrawal auction with an early redemption feature to encourage banks to deploy surplus funds and manage rising liquidity.The RBI will conduct a 30-day variable rate reverse repo for 7 trillion rupees ($74.09 billion) on September 7, it said…