RBI offers 600 bn rupees at special repo

The Reserve Bank of India said it would conduct a special repo auction for 600 billion rupees on Monday. The reversal of the auction will be on May 18, it said in a statement.

The special repo facility was introduced on Oct. 14, 2008 on a daily basis, offering 200 billion rupees to meet liquidity needs of mutual funds.

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The central bank later increased the facility to 600 billion rupees to include liquidity needs of non-banking financial companies and housing finance companies. At its policy review on April 21, the central bank said the auction will be conducted on a weekly basis every Monday till March 2010.

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