RBI to suck out Rs 3.5 lakh crore, correct rate anomalies

The Reserve Bank of India (RBI) will conduct a variable reverse repo auction where banks can park their excess cash in the system that is sloshing about with Rs 2.60 lakh crore of liquidity. The tenor of these auctions will be 13 days. So, banks will earn interest on parked money for the period.

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