The Reserve Bank of India will conduct Repo/Reverse Repo auction under Liquidity Adjustment Facility (LAF) on June 30, 2005 for four days (with reversal on July 4, 2005) instead of one day, as announced earlier. Further, no Repo/Reverse Repo operation will be conducted on July 1, 2005. This is in partial modification of the auction calendar in respect of LAF notified vide our Press Release : 2004-2005/1012 dated March 29, 2005.

The modification has become necessary due to the Reserve Bank of India being closed for public transactions on July 1, 2005 on account of its Annual Closing of Accounts. There is no change in the existing terms and conditions under which the LAF auctions are conducted.