New Delhi, June 27 -- The Reserve Bank of India (RBI) released the results of its seven-day Variable Rate Reverse Repo (VRRR) auction held on Friday.

This liquidity absorption operation is part of the Central bank's ongoing efforts to manage surplus liquidity in the banking system.

According to the official notification, the RBI had announced a notified amount of Rs 1 lakh crore for this auction.

However, the total amount of bids received from banks and financial institutions stood at Rs 84,975 crore, falling short of the targeted amount. The Central bank accepted the entire amount of Rs 84,975 crore that was offered by the participants.

The cut-off rate for the auction was set at 5.49 per cent, while the weighted average rate came in...