Call rates little changed on start of fresh reporting cycle

Interbank call rates, the rates at which banks borrow short-term funds from each other, were little changed 8.25/30% from its previous close of 8.20/30% on Friday, despite the start of fresh reporting fortnight since most banks prefer to cover for their mandated fortnightly requirements at the earlier. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 18968 crore through repo auction on April 21, 2014. The banks via LAF borrowed Rs 3728 crore through repo auction and parked Rs 2916 crore via reverse repo window on April 17, 2014. The overnight borrowing rates touched a high and low of 8.30% and 8.00% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.16% on Monday and total volume stood at Rs 33940.07 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.33% on Monday and total volume stood at Rs 54382.45 crore, so far. The indicative call rates which closed 8.20/8.30% on Friday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far