India Central Bank offers 599.10 billion rupees at special repo

23-04-09 The Reserve Bank of India said it would conduct a special repo auction for 599.10 billion rupees on Thursday April 22, 2009.

The reversal of the auction will be on April 27, it said in a statement.

The special repo facility was introduced on Oct. 14, offering 200 billion rupees to meet liquidity needs of mutual funds.

The central bank later increased the facility to 600 billion rupees to include liquidity needs of non-banking financial companies and housing finance companies and has said it would be held every day till Sept. 30.

At its policy review on Tuesday the central bank said the daily auction would be conducted until April 24, after which, the sale would be done on a weekly basis every Monday and the facility would be available till March 2010

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