RBI offers Rs56,955 cr at special repo

RBI offers Rs56,955 cr at special repo

Mumbai: The Reserve Bank of India (RBI) said it would conduct a special repo auction for Rs56,955 crores on Friday.

The reversal of the auction will be on 2 January, 2009, it said in a statement.

The special repo facility was introduced on 14 October, offering Rs20,000 crores to meet liquidity needs of mutual funds (MFs).

The RBI later increased the facility to Rs60,000 crores to include liquidity needs of non-banking financial companies, and has said it will be held every day until further notice.

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