MUMBAI (Reuters) - The Reserve Bank of India extended the range of collateral that can be used for repo transactions on the country's interbank market to include bonds issued by multilateral financial institutions such as the World Bank and Asian Development Bank.
The move will help develop the corporate debt market, the Reserve Bank of India said in a circular on Tuesday.
Currently, such collateral is limited to commercial papers, certificate ?of deposits, non-convertible debentures, and listed corporate debt securities of more than one year maturity and rated AA or above.
(Reporting by Suvashree Dey Choudhury in Mumbai; editing by John Stonestreet)
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