RBI announces overnight cash withdrawal after technical glitch hits auction: Report

The RBI announced another cash withdrawal operation on Monday after technical issues reduced participation in a longer-term auction, Reuters reported. The RBI will conduct an overnight variable rate reverse repo (VRRR) auction for ₹5 lakh crore after banks bid for only ₹2.59 lakh crore in a 30-day auction. The bidding was shifted to another platform after technical problems with E-Kuber.