Saturday, October 12, 2013

Banks borrow 7-day money at 8.8%

RBI on 7 October had said it would conduct seven to 14 days repo lending. Photo: Mint
RBI on 7 October had said it would conduct seven to 14 days repo lending. Photo: Mint

Live Mint :Anuproy:Fri, Oct 11 2013. 11 12 PM IST
Banks borrowed Rs.19,000 crore from RBI at a cut-off rate of 8.80%

Mumbai: Banks borrowed Rs.19,000 crore from the Reserve Bank of India (RBI) at a cut-off rate of 8.80%, lower than the emergency liquidity window, known as marginal standing facility, rate of 9%, at the central bank’s first seven-day repo transaction on Friday.
RBI on 7 October had said it would conduct seven to 14 days repo lending. Friday’s auctions results published on the central bank’s website showed banks offered to borrow money at interest rates ranging between 7.60% and 8.96%.

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