 "West Bengal govt raises Rs 2,500 crore at 6.99% in RBI auction")
The West Bengal government has raised Rs 2,500 crore in state development loans at 6.99 per cent in the latest auction held by the Reserve Bank of India, official data showed.
The fund raising was in a 9-year state debt paper to meet resources for developmental works.
In the June-end auction, the state was able to raise Rs 2,500 crore at a rate of 6.79 per cent.
Rating agency CARE said the cost of market borrowings for states has been ruling over 6.9 per cent since the third week of June. It has risen by 23 basis points since mid-June and by 42 basis points since April.
In the quarter ended June, the state government had raised Rs 10,500 crore through auctions of state securities and development loans.
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