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June, 03rd 2010

As the fund out- flow from the banking system is gaining momentum, on Wednesday the banks have opted for a net borrowing Rs 12,775 crore from the Reserve Bank of India (RBI). On Tuesday banks have withdrawn Rs 5,575 crore from the RBI.

The banks in both the liquidity adjustment auctions (LAF) had parked Rs 570 crore with RBI earning 3.75% while they withdrew Rs 12,775 crore in reverse repo window at cost of 5.25%.

The overnight call rate was hovering around 5% and transaction volume was around Rs 4,664 crore on Wednesday. The banks have borrowed Rs 8,416 crore on Tuesday and Rs 11,384 crore on Monday.

With liquidity tightening, the rates for commercial papers(CPs) and certificate of deposits (CD) have also gone up. Several public sector banks like Dena bank, UCO Bank and Central Bank of India have sought ratings for raising resources through CDs. Accordingly rates on short term debt papers in the secondary market rose by around 20 basis points on Tuesday because mutual funds sold papers on redemption pressures, dealers said.

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