India's central bank, the Reserve Bank of India (RBI), withdrew approximately ₹2 lakh crore (around $24 billion) of surplus liquidity from the country's banking system on Friday through a seven-day variable rate reverse repo (VRRR) auction — a mechanism by which the central bank temporarily absorbs excess cash from commercial banks. Demand from lenders exceeded the notified limit, with bids totalling ₹2.28 lakh crore received against the ₹2 lakh crore on offer. The RBI accepted bids at a cut-off rate of 5.24%, signalling its continued effort to manage short-term liquidity conditions and keep interbank rates aligned with its policy stance.