RBI Absorbs Rs 6 Lakh Crore Liquidity Amid Record Surplus
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The Reserve Bank of India (RBI) absorbed over Rs 6 lakh crore of excess funds from the banking system in two auctions, following a record liquidity surplus of Rs 10.73 lakh crore driven by robust inflows into dollar deposits. The central bank used Variable Reserve Repo Rate (VRRR) auctions to manage the liquidity, with market participants suggesting additional tools may be needed. The surge in liquidity is primarily due to the special FCNR(B) deposit scheme, which raised over $126 billion by end-August.
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