The Reserve Bank of India will conduct overnight repo variable rate auction for a notified amount of Rs 250 billion (Dec. 16, 2014). The auction will be conducted between 4 pm and 4.30 pm as per the revised guidelines on Term Repo Auctions issued on Feb. 13, 2014.

Successful bids will get the allotment at their respective bid rates. Bids at or below the repo rate will be rejected. The reversal of the overnight repo will take place on December 17, 2014 (Wednesday).

RBI injected Rs 206.82 billion in the banking system via 1-day repo on Dec. 16, 2014. At the auction conducted under liquidity adjustment facility, the central bank received 53 bids for 1-day repo, were accepted. These repos are traded at a fixed rate of 8%.