The Reserve Bank of India will conduct overnight variable rate repo auction for a notified amount of Rs 100 billion today (Jan. 29, 2015). The auction will be conducted between 12 pm and 12.30 pm as per the revised guidelines on Term Repo Auctions issued on Feb. 13, 2014.

Successful bidders will get the allotment at their respective bid rates. Bids at or below the repo rate will be rejected. The reversal of the overnight variable rate repo will take place on Jan. 30, 2015.

RBI injected Rs 159 billion in the banking system via 1-day repo on Jan. 28, 2015. At the auction conducted under liquidity adjustment facility, the central bank received 39 bids for 1-day repo, which were accepted. These repos are traded at a fixed rate of 7.75%.