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The Reserve Bank of India (RBI), Country's Central bank, said that it extends the special liquidity measures, which was unveiled last week up to November 4, in order to help banks tide over a temporary cash crunch.
The two RBI would conduct two liquidity adjustment facility (LAF) auctions at 4:15 pm (1045 GMT) between November 1 and November 4, it said in a release yesterday.The RBI also said that the funds can be availed by the banks under the special measures up to an additional 1 percent of their deposits as on October 8.
As the LAF auction on November 4, 2010 will be for four days, banks may seek waiver of penal interest for any shortfall in maintenance of statutory liquidity ratio (SLR) arising out of availment of this facility up to November 7, 2010 purely as an ad hoc, temporary measure.A special liquidity measures was unveiled by the Reserve Bank of India (RBI), Country's Central bank, in order to tide banks over the temporary cash crunch.
Under the special measures, funds can be availed by the bank up to an additional 1 percent of their deposits. RBI will conduct two liquidity adjustment facility (LAF) auctions on October 29 and November 1 at 2:30 p.m. and 4:15 p.m respectively. Moreover, a two day repo auction will be conducted by the bank on Saturday. This move by the Central bank comes following the Rs. 15,000 crore IPO of Coal India Ltd and a spurt in festival season demand.
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