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The Reserve Bank of India (RBI) will open a temporary three-day repo borrowing window for mutual funds to lend a total of Rs 25000 crores in order to meet their liquidity needs, according to a notification on Wednesday.
The RBI said the repo window will be operational until further notice, and that details for the repo facility will be announced separately.
The central bank called the repo window facility a "contingency" measure. It comes two days after the RBI lifted some short-term rates to drain out liquidity and address the rupee's weakness.
