The meeting chaired by the RBI Governor, Y.V. Reddy, reviewed key economic, monetary and financial developments.

All central board members, namely Y.H. Malegam, Prof Mihir Rakshit, D.S. Brar, Ratan Tata, Dr Amrita Patel, K.P. Singh, K. Madhava Rao, Prof V.S. Vyas, H.P. Ranina, N.R. Narayana Murthy, Suresh Krishna, Dr Ashok Ganguly and the Government nominee, Ashok K. Jha attended.

RBI: G-Sec auctions for Rs.8,000 crore fully subscribed
Mumbai: The sale of two government securities, the 8.07 per cent 2017 paper and 7.5 per cent 2034 paper, for Rs8,000 crore were oversubscribed on Thursday.

The notified amount for the 8.07 per cent 2017 paper was Rs5,000 crore, with RBI receiving 287 bids amounting to Rs9,015.82 crore. Of this, RBI accepted 116 bids amounting to Rs4,926 crore. The cut-off price was Rs107.17. Partial allotment percentage was 38.02 per cent from nine bids. Weighted average price was Rs107.33. RBI also received and accepted 74 non-competitive bids amounting to Rs73.99 crore. Partial allotment percentage was 100 per cent.

The underwriting amount accepted from primary dealers was Rs3,580 crore.

In the case of the 7.5 per cent 2034 paper, the notified amount was Rs3,000 crore. RBI received 148 competitive bids amounting to Rs6,354.77 crore.

Of this RBI accepted five bids amounting to Rs2,918.84 crore. The cut-off price was Rs100.65. Partial allotment percentage was 81.77 per cent from one bid. The weighted average price was Rs100.81. RBI also received and accepted 70 bids amounting to Rs81.15 crore. Partial allotment percentage was 100 per cent.

The underwriting amount accepted from primary dealers was Rs1,565 crore.

8 August 2005

RBI announces interest rates on floating rate bonds
Mumbai: The Reserve Bank of India has announced the rate of interest on Floating Rate Bonds, 2011 and 2015 (II).

The rate on FRB 2011 applicable from August 8, 2005 to August 7, 2006 would be 5.87 per cent per annum. The rate on FRB 2015 (II) applicable from August 10, 2005 to August 9, 2006 would be 6.24 per cent per annum.

The variable base rate on the FRB 2011 and FRB 2015 is the average of the implicit yields of the last three 364-day treasury bill auctions held up to the start of the annual coupon period, the RBI said.