India cbank offers 600 bln rupees at special repo

MUMBAI, Oct 30 - The Reserve Bank of India will conduct a special repo auction for 600 billion rupees on Monday and the reversal of the auction will be on Nov. 9, it said in a statement.

The special repo facility on a daily basis was introduced on Oct. 14, 2008, offering 200 billion rupees to meet liquidity needs of mutual funds.

The central bank later increased the facility to 600 billion rupees to include liquidity needs of non-banking financial companies and housing finance companies.

At its policy review on April 21, the central bank said the auction will be conducted on a weekly basis every Monday till March 2010. (Reporting by Mumbai Treasury Desk; Editing by Ramya Venugopal)