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Friday, March 21, 2014

RBI announces term repo auctions ahead of annual closing of accounts

The Reserve Bank of India (RBI) will conduct a 14-day term repo variable rate auction for a notified amount of Rs 40000 crore on 21 March 2014. The reversal of the 14-day term repo will take place on 04 April 2014. 

Further, in order to facilitate smooth and non-disruptive conduct of banking operations during the annual closing of accounts for the financial year 2013-14, the Reserve Bank has also decided: 

a. To conduct a 5-day term repo variable rate auction for a notified amount of Rs 20000 crore on 28 March 2014 with reversal on 02 April 2014. 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 Rs 20000 crore. 

Both the term repo auctions will be conducted as per the revised guidelines issued on 13 February 2014. Successful bidders will get the allotment at their respective bids. 

b. To offer funds to the banks through the Marginal Standing Facility (MSF) on 31 March 2014 with reversal on 02 April 2014. The MSF window will remain open between 5.00 and 5.30 pm on 31 March 2014.
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