VRF creates separate routing table (also called data plane). The new routing table created is separate to global/default routing table.
Generally speaking VRF are created e.g. company acquires new company which also wants to use same network infrastructure, however we want to keep their routes separate from ours.
VRF are used by interior gateway protocols like RIP, EIGRP etc to provide dynamic routing(VRF lite) or we can use static routes for VRF as well.
VRF can also be used by BGP to support VRF lite or in MP-BGP implementation.
command that you entered above is for global routing table .
