RBI offers 600 bn rupees at special repo

The Reserve Bank of India said it would conduct a special repo auction for 600 bn rupees on Friday. The reversal of the auction will be on March 20, it said in a statement. The special repo facility was introduced on Oct. 14, offering 200 bn rupees to meet liquidity needs of mutual funds. The central bank later increased the facility to 600 bn rupees to include liquidity needs of non-banking financial companies and housing finance companies and has said it would be held every day till Sept. 30.