The Reserve Bank set the cut-off at yesterdays auction of seven-year paper at 12.59 per cent. This is lower than the yield of 12.69 per cent offered at the auction of five-year paper a month ago. Against the notified amount of Rs 2,000 crore, RBI received 310 bids aggregating Rs 5,450.06 crore. It accepted 54 bids, of which 20 received partial allotment. The weighted average yield worked out to 12.55 per cent.
