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In a bid to boost further liquidity into the banking system, RBI will conduct auction for bonds worth Rs 61,500 crore on Friday, RBI said.
“The Reserve Bank will conduct a 14-day term repo variable rate auction for a notified amount of Rs 61,500 crore on August 22, 2014 (Friday). The auction will be conducted as per the revised guidelines issued on February 13, 2014,” RBI said in a statement.
Under term repo facility, RBI offers money to banks for a specific period at varying rates that hover around the repo rate, which is at 8 per cent currently.
Successful bidders will get the allotment at their respective bids. The reversal of the 14 day term repo will take place on September 5, 2014 (Friday), the statement added.
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