The auction will be held between 12 noon and 12.30 pm, RBI said in a release today.
"The Reserve Bank of India will conduct 7-day variable rate repo auction for a notified amount of Rs. 20,000 crore on May 8, 2015," it said.
Successful bidders will get the allotment at their respective bid rates. Bids at or below the repo rate will be rejected, it added.
The reversal of the 7-day variable rate repo will take place on May 15, 2015.
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