RBI to undertake Rs 2 lakh cr liquidity absorption exercise on Apr 9 By IANS | 2 Views Reserve Bank of India (RBI). (File Photo: IANS). Image Source: IANS News Mumbai, April 8 : With an eye on inflation and surplus liquidity in the system, the RBI on Thursday announced variable rate reverse repo (VRRR) auctions of Rs 2 lakh crore with a maturity of 14 days. The apex bank had recommenced VRRR auctions since January 15. The latest auction will be conducted on Friday, April 9 with date of reversal being April 23. The fresh VRRR is being launched as indicated in the Revised Liquidity Management Framework announced on February 6, 2020.