For years the reverse repo rate formed the floor of the RBI’s interest rate corridor: banks with spare money parked it with the RBI at this rate. Since April 2022, the Standing Deposit Facility has replaced it as the floor, and the fixed-rate reverse repo now plays only a minor role.
Finance glossary
What is Reverse repo rate?
The rate at which the RBI borrows money from banks, historically used to absorb surplus cash from the banking system.