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LLR stands for Liquidity Adjustment Facility (LAF) - Lender of Last Resort. It is a tool used by the Reserve Bank of India (RBI) to manage liquidity in the banking system. The LAF consists of two facilities - Repo and Reverse Repo.

Repo

Repo is a short-term borrowing facility for banks. Under this facility, banks can borrow funds from the RBI by selling their government securities. The RBI buys these securities and credits the bank's account with the funds. The banks have to pay back the funds along with interest at the end of the agreed term. The Repo rate is the rate at which banks borrow funds from the RBI.

Reverse Repo

Reverse Repo is a short-term lending facility for banks. Under this facility, banks can lend funds to the RBI by buying government securities. The RBI sells these securities and credits the bank's account with the funds. The banks receive interest on the funds they lend. The Reverse Repo rate is the rate at which banks lend funds to the RBI.

Why is LLR used?

The RBI uses the LAF to manage liquidity in the banking system. If there is excess liquidity in the system, the RBI can absorb it by conducting a Reverse Repo operation. This reduces the amount of funds available to the banks, which can help control inflation. On the other hand, if there is a shortage of liquidity, the RBI can inject funds into the system by conducting a Repo operation. This increases the amount of funds available to the banks, which can help stimulate economic growth.

Conclusion

In conclusion, LLR is a tool used by the RBI to manage liquidity in the banking system. The LAF consists of two facilities - Repo and Reverse Repo. The RBI uses these facilities to inject or absorb funds into the banking system to control inflation and stimulate economic growth.