Banking and RBI
RBI to conduct Rs 50,000 crore 2-day VRR auction on 3 June
2 June 2026 | Reserve Bank of India
The RBI decided to conduct a 2-day Variable Rate Repo auction under the LAF on Wednesday, 3 June 2026 for Rs 50,000 crore, 9:30 to 10:00 AM, with reversal on Friday, 5 June 2026.
The RBI's money market data for 1 June 2026 show the overnight segment's weighted average rate at 5.16 per cent on a volume of Rs 7,63,639.61 crore, with Rs 96,543 crore parked under the SDF at 5.00 per cent and Rs 623 crore taken under the MSF at 5.50 per cent.
Key facts- VRR auction: 3 June 2026, 2-day, Rs 50,000 crore
- Reversal: 5 June 2026
- Overnight weighted average rate on 1 June: 5.16%
- SDF Rs 96,543 crore at 5.00%; MSF Rs 623 crore at 5.50% (1 June)
Exam takeaway: The SDF rate is the floor of the LAF corridor and the MSF rate is its ceiling.
Quick revision: RBI 2-day VRR 3 June 2026: Rs 50,000 crore; overnight WAR 5.16% on 1 June (RBI).
Reserve Bank of India original sourceEconomy and Finance
Revised WPI with base year 2022-23 and new Producer Price Indices to be released on 15 June
2 June 2026 | Press Information Bureau
PIB said on 2 June 2026 that the revision of the WPI base year from 2011-12 to 2022-23 and the compilation of Producer Price Indices (PPIs) were approved by the competent authority on 25 May 2026. The Office of the Economic Adviser, DPIIT will release the revised WPI series on 15 June 2026 at 12 noon, replacing the 2011-12 series.
It will also release the new Output PPI, a trial Input PPI and a Service PPI covering seven services: banking, securities transaction, insurance, management of pension funds, railways, air passenger and telecom, all with base year 2022-23. Because WPI is widely used in price escalation clauses, it will be released for five years alongside the PPIs and then discontinued.
Key facts- WPI base year: 2011-12 to 2022-23; release 15 June 2026
- New indices: Output PPI, trial Input PPI, Service PPI (7 services)
- Service PPI covers: banking, securities, insurance, pension funds, railways, air passenger, telecom
- WPI to run alongside PPI for five years, then be discontinued
Exam takeaway: WPI measures wholesale price changes; PPI measures prices received by producers.
Quick revision: WPI base revised to 2022-23 from 15 June 2026; PPIs launched; WPI to run five more years (PIB, 2 June).
Press Information Bureau original sourceAppointments, Awards and Important Days
Justice Meenakshi Madan Rai appointed Chief Justice of Patna High Court
2 June 2026 | Press Information Bureau
PIB said the President, in consultation with the Chief Justice of India, appointed Justice Meenakshi Madan Rai, a Judge of the Sikkim High Court, as Chief Justice of the Patna High Court with effect from 5 June 2026, following the retirement of Justice Sangam Kumar Sahoo on 4 June 2026.
Key facts- Appointed: Justice Meenakshi Madan Rai, Chief Justice, Patna High Court
- Effective: 5 June 2026
- From: Sikkim High Court
- Predecessor: Justice Sangam Kumar Sahoo (retires 4 June)
Exam takeaway: High Court Chief Justices are appointed by the President in consultation with the Chief Justice of India.
Quick revision: Justice Meenakshi Madan Rai to be Chief Justice of Patna High Court from 5 June 2026 (PIB).
Press Information Bureau original source