The Reserve Bank of India has offered Rs 11,772 crore to banks through a 12-day variable rate repo auction. Before the auction, the RBI enhanced the amount of auction to Rs 50,000 crore from Rs 25,000 crore, announced earlier.

In the auction, the central bank received Rs 11,772 crore of bids and allocated the entire amount at a cut-off rate of 5.16 per cent.RBI had advanced this auction to today from March 30 due to the evolving financial conditions and taking into account the impact of disruptions caused by COVID-19. It will conduct another variable term repo auction of Rs 25,000 crore on March 31.