The Reserve Bank of India said that it will conduct 7 day variable rate reverse repo auctions on December 21, 2017.
"The apex bank will conduct the variable rate reverse repo auctions as per the revised guidelines on Term Repo Auctions issued on February 13, 2014," RBI said in a notification.
The bank will auction overnight variable rate reverse repo for Rs 200 billion between. 2.30 pm to 3.00 pm
Successful offers will get accepted at their respective offered rates, while bids at or below the repo rate will be rejected.