RBI's Overnight VRRR on 12 November 2026, and the 3-Day Auction Set for 13 November
A Variable Rate Reverse Repo, or VRRR, is one of the ways the Reserve Bank of India (RBI) absorbs surplus liquidity from the banking system for a set number of days, at a rate decided in an auction.
I am Nishi Jain, a full-time trader in Jaipur and ex-JioBlackRock. On 12 November 2026 RBI published two VRRR notices: the result of that day's overnight auction, and a notice for a 3-day auction on 13 November. Here they are, line by line. This is education only, not a view on rates or a suggestion to act.
The overnight result, 12 November
Press Release 2026-2027/1484, dated 12 November 2026, reports the overnight (1-day) VRRR auction held that day:
Item | Figure |
|---|---|
Tenor | 1-day |
Notified amount | ₹50,000 crore |
Total offers received | ₹58,149 crore |
Amount accepted | ₹50,012 crore |
Cut-off rate | 5.49% |
Weighted average rate | 5.47% |
Partial acceptance at the cut-off | 59.56% |
Offers were larger than the notified amount. RBI accepted ₹50,012 crore, a little above the ₹50,000 crore notified, and took 59.56 per cent of the offers that came in at the cut-off rate.
The 3-day auction scheduled for 13 November
The same day, Press Release 2026-2027/1487 said RBI will conduct a 3-day VRRR auction on Friday, 13 November 2026, "on a review of current and evolving liquidity conditions":
Item | Figure |
|---|---|
Notified amount | ₹75,000 crore |
Tenor | 3 days |
Auction window | 9:30 AM to 10:00 AM |
Date of reversal | 16 November 2026 (Monday) |
The notice says the operational guidelines in RBI Press Release 2019-2020/1947 dated 13 February 2020 still apply.
VRRR and VRR, in plain words
A Variable Rate Repo (VRR) is an auction at which RBI injects liquidity: banks can borrow from RBI against collateral, at a rate set in the auction.
A Variable Rate Reverse Repo (VRRR) is the other direction: RBI absorbs surplus funds from banks for a stated tenor. I wrote my earlier explainer on Variable Rate Repo auctions when RBI was using VRR in October. Today's two press releases are about VRRR, not VRR.
What these tables do not tell you
They do not say what RBI will do at the next auction, and they are not a forecast of the policy repo rate. They only record one overnight result and one forthcoming 3-day notice. For the result of the 13 November auction, wait for RBI's own result press release.
FAQ
What did the 12 November overnight VRRR auction result show?
RBI Press Release 2026-2027/1484 says RBI accepted ₹50,012 crore against a notified amount of ₹50,000 crore, at a cut-off rate of 5.49 per cent and a weighted average rate of 5.47 per cent.
How much was bid in that auction?
The same press release says total offers received were ₹58,149 crore. At the cut-off rate, 59.56 per cent of those offers were accepted.
What is the 13 November VRRR auction?
Press Release 2026-2027/1487 says RBI will conduct a 3-day VRRR auction on 13 November 2026 for a notified amount of ₹75,000 crore, with the window from 9:30 AM to 10:00 AM and reversal on 16 November 2026.
How is a VRRR different from a VRR?
In a VRR, RBI injects liquidity. In a VRRR, RBI absorbs surplus liquidity for a set tenor, at a rate decided in the auction. Both figures above come only from the 12 November press releases.
Does this say where interest rates will go next?
No. These are operational auction notices and a result. They are not a policy-rate decision and not a forecast.
Sources
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any security. Figures are from RBI Press Releases 2026-2027/1484 and 2026-2027/1487 dated 12 November 2026; refer to the originals for the full tables. — Nishi Jain, full-time trader in Jaipur, ex-JioBlackRock. Updates: https://t.me/nishijain_com.
