The Reserve Bank of India (RBI) will conduct overnight reverse repo variable rate auction for a notified amount of Rs 100 billion today (Oct. 20, 2014). The auction will be conducted between 3.45 PM and 4.15 PM as per the revised guidelines on Term Repo Auctions issued on Feb. 13, 2014.

Successful offers will get the allotment at their respective offered rates. Offers at or above the repo rate will be rejected. The reversal of the overnight reverse repo will take place on Oct. 21, 2014 (Tuesday).

RBI today injected Rs 98.12 billion in the banking system via 1-day repo. At the auction conducted under liquidity adjustment facility, the central bank received 30 bids for 1-day repo, were accepted. These repos are traded at a fixed rate of 8%.