The Reserve Bank of India (RBI) received a healthy response for its Rs 80,000-crore cash management bill (CMB) auction on Thursday.
The RBI received bids of Rs 3.45 trillion, or more than four times the amount on offer. The cut-off yield was slightly higher than the prevailing rate. The cut-off for the 84-day bill came at 3.2880 per cent, against the 91-day treasury bill yield of 3.20 per cent.
The RBI received 306 bids for the bond on offer. The CMB is being issued to manage temporary mismatches in cash by the government.