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WMA LIMIT TOUCHES Rs7,000 CR

Article Abstract:

The Reserve Bank of India (RBI) and the government have agreed upon a ways and means (WMA) limit of Rs7000 crore for the second half of 1998-99. The RBI has stated that the outstanding balance under the WMA account amounted to Rs6996 crore as on October 9, 1998. The government has privately placed two-year paper worth Rs3000 crore at a coupon rate of 11.40 percent as withdrawals of over 75 percent of the decided limit requires a fresh floatation of securities. (khr)

Publisher: Bennett, Coleman & Co. Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998

Strategy & planning

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CALL RATES DROP TO CLOSE AT 9-9.25%

Article Abstract:

On October 20, 1998, the call rates were 9-9.25 percent in the inter-bank call money market. The demand for funds were low as most of the banks had covered for October 23, 1998. The Reserve Bank of India could raise only Rs425 crore through its 8 percent 3-day repos. (ag)

Publisher: Bennett, Coleman & Co. Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998

Receipt of funds

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Subjects list: Commercial banks, India, Reserve Bank of India

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