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Business News/ Market / Stock-market-news/  RBI to conduct term 13-day repo auction on Friday
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RBI to conduct term 13-day repo auction on Friday

The auctions have been announced following 'assessment of the prevailing liquidity conditions', RBI said

File picture of the Reserve Bank of India. Photo: Pradeep Gaur/MintPremium
File picture of the Reserve Bank of India. Photo: Pradeep Gaur/Mint

Mumbai: The Reserve Bank of India (RBI) will conduct a 13-day term repo auction of 60,000 crore and a three-day additional repo auction of 20,000 crore on Friday, the central bank said on its website. The auctions have been announced following “assessment of the prevailing liquidity conditions," RBI said.

In its monetary policy announcement on Tuesday, the RBI had hiked the cap for long-term repo of 7 and 14 days to 0.75% of banking deposits from 0.50% of deposits earlier.

Simultaneously, RBI curtailed the amount of money banks could get through overnight repo to 0.25% of bank deposits from 0.50% earlier, in line with the Urjit Patel committee report that recommended “de-emphasizing overnight guaranteed access windows for banks’ liquidity management."

“The primary objective is to improve transmission of policy impulses across the interest rate spectrum," RBI had said.

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Published: 03 Apr 2014, 07:11 PM IST
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