An ICICI Bank report says the banking system's surplus liquidity fell sharply due to GST payments and higher cash reserve requirements, leaving a surplus of Rs 50,000 crore (0.2% of NDTL) as of October 23. The RBI has begun variable-rate repo (VRR) auctions, including a seven-day operation worth Rs 1 lakh crore. The weekly average call rate rose to 5.70% from 5.48%, and the market repo rate to 5.66% from 5.37%. At the government securities auction, the average borrowing cost rose 20 basis points to 7.60%, while rising oil prices amid the West Asia conflict raise inflation concerns. ICICI Bank expects the 10-year benchmark yield to trade between 7.40% and 7.60% in the near term.
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- RBI accepts no bids in treasury bill auction, 10-Year bond yield climbs to 7.44%
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- RBI accepts no bids in treasury bill auction , 10 - Year bond yield climbs to 7 . 44 %
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