RBI mops up Rs 6.02 lakh crore through VRRR auctions against a Rs 8.50 lakh crore plan

The surplus liquidity in the system rose to a record high of Rs 10.3 lakh crore as of September 3, forcing the central bank to step up liquidity absorption operations. The massive foreign currency inflows and the following dollar-rupee swaps are contributing to the massive liquidity overhang.