RBI offers Rs 60,000 cr at special repo

The Reserve Bank of India said it would conduct a special repo auction for Rs 60,000 crore. The reversal of the auction will be on May 11, it said in a statement. The special repo facility was introduced on Oct. 14, offering Rs 20,000 crore to meet liquidity needs of mutual funds. The central bank later increased the facility to Rs 60,000 crore 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, 2009. At its policy review on April 21, the central bank said the auction will be conducted every Monday till March 2010.