The RBI absorbed over Rs 3.53 lakh crore through a one-day VRRR auction to manage surplus liquidity in the banking system. Against a notified Rs 5 lakh crore, banks submitted bids worth Rs 3,53,390 crore, all of which were accepted at a 5.24 per cent rate. The move follows strong foreign currency inflows through the FCNR(B) scheme.
This is a summary. For the full story, refer to the original source. Public of India presents verified citizen-relevant reporting.