Punjab announces Rs 500 crore state development loan

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Mumbai, July 7 (UNI) Reserve Bank of India will conduct a yield- based auction on July 10 for a Rs 500 crore ten year state development Loan, announced by Punjab.

RBI in a release here said that it would determine the maximum yield at which the offer would be accepted, on the basis of bids received before 1230 hrs on the auction day.

Investment in Government stock would be reckoned as eligible investment in government securities by banks for the purpose of statutory liquidity ratio, under section 24 of the Banking Regulations Act, 1949. The stock would qualify for the ready forward facility, RBI said in the release.


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