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The Reserve Bank of India (RBI) on Wednesday decided to conduct a special 3-day repo at an interest rate of 10.25% for a notified amount of Rs. 25,000 crore with a view to enabling banks to meet the liquidity requirements of mutual funds, said a press release. This is a as a contingency measure.
The details of the facility will be announced separately, said the central bank. According to RBI this facility will be made available for a temporary period until further notice.
