The Reserve Bank of India will conduct overnight repo variable rate auction for a notified amount of Rs. 40,000 crore today (December 23, 2014, Tuesday). The auction will be conducted between 4.00 pm and 4.30 pm as per the revised guidelines on Term Repo Auctions issued on February 13, 2014. Successful bidders will get the allotment at their respective bid rates. Bids at or below the repo rate will be rejected. The reversal of the overnight repo will take place on December 24, 2014 (Wednesday).