Banks borrow Rs 19,001 cr from RBI's 7-day term repo

Cut-off rate set by RBI was 8.80% and range of bids received were 7.60-8.96%

In the first 7-day term repo auction held on Friday, banks borrowed Rs 19,001 crore from the Reserve Bank of India (RBI).

The cut-off rate set by RBI was 8.80% and the range of bids received were 7.60-8.96%. The notified amount for the auction was Rs 19,000 crore.

On Monday announced that it has decided to provide additional liquidity through term repos of 7-day and 14-day tenor for a notified amount equivalent to 0.25% of net demand and time liabilities (NDTL) of the banking system through variable rate auctions on every Friday beginning October 11.