The Reserve Bank of India on Tuesday injected Rs 48,014 crore in transient liquidity into the banking system through a seven-day variable rate repo (VRR) auction. These funds were infused at a cut-off rate and weighted average rate of 5.26 per cent, the bank said in a statement. The liquidity injected was much lower than the notified amount of Rs 1.50 lakh crore, despite a sharp drop in surplus liquidity in the banking system due to advance tax payments.