The Reserve Bank of India said on Thursday that it will hold a 14-day variable rate repo auction worth Rs 50,000 crore on May 19. This will be the RBI’s first such operation in more than two months.
The last time the RBI held a 14-day variable rate repo auction was on March 10, while a five-day auction with variable rates was held on March 24. Banks borrow money from the RBI through a variable-rate repo auction.
Despite conditions of excess liquidity in the banking sector, analysts said the central bank’s most recent decision was probably in response to a recent steep spike in overnight funding costs.
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