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Business News/ Industry / RBI to conduct special repo auctions
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RBI to conduct special repo auctions

RBI to conduct a 14-day term special repo auction for `40,000 crore on Friday

Banks borrow from RBI through repo in exchange for government securities. Photo: BloombergPremium
Banks borrow from RBI through repo in exchange for government securities. Photo: Bloomberg

Mumbai: The Reserve Bank of India (RBI) on Thursday said it will conduct a 14-day term special repo auction for 40,000 crore on Friday.

Additionally, on the last closing day of the banking financial year on 28 March, the central bank will conduct a five-day 20,000 crore repo auction “in order to facilitate smooth and non-disruptive conduct of banking operations during the annual closing of accounts for the financial year 2013-14".

Banks borrow from RBI through repo in exchange for government securities.

“As a one-time measure, standalone primary dealers will be allowed to participate in the auction to be conducted on 28 March 2014 within the notified amount of 20,000 crore," RBI said.

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Published: 20 Mar 2014, 05:36 PM IST
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