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The Reserve bank of India received 194 bids for Rs 27,189.62 crore at the auction of the 35-day cash management bills on Monday. The central bank accepted 114 bids aggregating Rs 11,000 crore at a cut off price of Rs 98.89, with the yield to maturity (YTM) working out to 11.70 per cent.
YTM is the rate of return that a bond is expected to fetch if it is held until the maturity date. The cash management bills will be maturing on September 17, 2013. In the auction, the RBI did not receive any non-competitive or individual bids.
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