RBI to conduct Rs 25,000-cr overnight variable rate repo auction on Jul 8

RBI to conduct a Rs 25,000-crore overnight variable rate repo auction on July 8, with funds to be reversed on July 9. Banking system liquidity remains in surplus of around Rs 1.19 lakh crore as of July 6. On July 7, RBI received a muted response with bids of just Rs 1,135 crore against a notified amount of Rs 50,000 crore, accepted at a cut-off rate of 5.26 percent.