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India cbank:to sell 35-day cash mgmt bills on May 11

MUMBAI, May 10 (Reuters) - India's central bank said on Monday it will sell 60 billion rupees of 35-day cash management bills on May 11 and the bills would be repaid at par on June 16. The auction will be held under the multiple price method, the Reserve Bank of India (RBI) said in a statement. "It may be recalled that the Government of India, in consultation with the Reserve Bank of India, had, in August 2009, decided to issue a new short term instrument to meet the temporary cash flow mismatches of the government," the RBI said. Cash management bills will have the generic character of Treasury bills and would be non-standard, discounted instruments issued for maturities of less than 91-days. (Reporting by Suvashree Dey Choudhury; Editing by Surojit Gupta) ((suvashree.dchoudhury@thomsonreuters.com; +91-22-6636-9223; Reuters Messaging: suvashree.dchoudhury.reuters.com@reuters.net)) Keywords: INDIA CBANK/BILLS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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