--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 20, 2001 94003 12.50 % 2004 10.00 111.51 7.6493 94003 12.50 % 2004 10.00 111.51 7.6493 98009 11.90 % 2007 10.00 116.65 8.2519 00017 11

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 19, 2001 00012 11.03 % 2012 5.00 110.02 9.5391 Contract Date : July 20, 2001 94009 11.75 % 2001 10.00 100.39 7.4714 96016 13.82 % 2002

The Government of India has announced auction of "9.39 percent Government Stock, 2011" for an aggregate amount of Rs 5,000 crore (nominal). The auction will be price based and will be conducted by the Reserve Bank of India (RBI) at Mumbai on Wednesday, July 25, 2001. The Stock will be eligible for ready forward facility. Bids in the prescribed form obtainable from the Regional Director, RBI, Public Debt Office, Fort, Mumbai, should be submitted on July 25, 2001 during

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 19, 2001 97009 10.85 % 2001 5.00 100.08 7.7130 94009 11.75 % 2001 10.00 100.36 7.8788 87006 11.00 % 2002 2.60 102.95 7.1623 97011 11.1

The Reserve Bank of India has announced the auction of 91 day Government of India treasury bills for a notified amount of Rs.250 crore. The auction will be conducted using 'Uniform Price Auction' method. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the Bank. The sale will be subject to terms and conditions specified in the General Notification No.F.2(12)-W&M/97 dated 31 March 1998 issued by Government of India

The Reserve Bank of India has announced the auction of 364 day Government of India treasury bills for a notified amount of Rs.750 crore. State Governments are allowed to participate as non-competitive bidders and the allocation to non-competitive bidders will be outside the notified amount, at the discretion of the Bank. The sale will be subject to terms and conditions specified in the General Notification No.F.2(12)-W&M/97 dated 31 March 1998 issued by Government

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 17, 2001 00016 11.40 % 2008 5.00 114.25 8.6721 01007 9.39 % 2011 5.00 100.30 9.3418 Contract Date : July 18, 2001 97009 10.85 % 2001 1

The results of the auction of State Stock held on July 20, 2001 are : Auction Results I. Notified amount : Rs.190.00 crore II. Bids received (i) Number : 66 (ii) Amount : Rs. 472.2815 crore III. Cut-off Yield : 9.50 IV. Bids accepted (i) Number : 15 (ii) Amount : Rs. 190.00 crore V. Partial Allotment Percentage : 35.71 (4 Bids) VI. Devolvement on Primary Dealers : Nil (in fulfillment of underwriting commitment) VII. Total amount accepted : Rs.190.00 crore VIII. Weight

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 14, 2001 00012 11.03 % 2012 5.00 109.80 9.5704 00012 11.03 % 2012 5.00 109.81 9.5690 Contract Date : July 16, 2001 01007 9.39 % 2011 5

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 16, 2001 97011 11.15 % 2002 5.00 103.87 7.4811 98004 11.10 % 2003 10.00 105.48 7.6331 98004 11.10 % 2003 10.00 105.48 7.6331 94003 12.

Date of Auction :July 18, 2001I.Notified amount: Rs.250.00 crore II.Bids received (a) Competitive bids Number:24 Amount:Rs.452.50 crore (b) Non-competitive bids Number:0 Amount:Nil III.Cut-off price:Rs.98.25 IV.Competitive bids accepted Number:11 Amount:Rs.250.00 crore V.Partial Allotment Percentage:N.A. VI .Devolvement on RBI:Nil VII.Non-competitive bids accepted (a) Number:0 Amount:Nil (b)Partial Allotment Percentage:N.A.P.V.Sadanandan Asstt. ManagerPress Release :

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 13, 2001 94003 12.50 % 2004 5.00 111.03 7.8656 99008 11.68 % 2006 5.00 113.44 8.1947 00016 11.40 % 2008 5.00 114.50 8.6310 00016 11.40

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 11, 2001 00007 9.90 % 2005 5.00 106.74 7.7999 00017 11.50 % 2011 10.00 114.30 9.3159 Contract Date : July 12, 2001 97011 11.15 % 2002

The Government of Gujarat have announced the sale of 10 year Stock to the public by auction for an amount Rs.190 crore. The auction will be conducted by Mumbai (Fort) Office of the Reserve Bank of India on July 20, 2001. Tenders should be submitted in the prescribed form at that Office on Friday, July 20, 2001 before 14.30 hrs. Results will be announced the same evening. Payment by successful bidders will be on Monday, July 23, 2001.Alpana Killawala General ManagerPre

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 11, 2001 94003 12.50 % 2004 10.00 111.70 7.6127 00016 11.40 % 2008 15.00 115.26 8.5003 00017 11.50 % 2011 15.00 114.37 9.3061 00017 11

The Reserve Bank of India has announced the auction of 91 day Government of India treasury bills for a notified amount of Rs.250 crore. The auction will be conducted using 'Uniform Price Auction' method. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the Bank. The sale will be subject to terms and conditions specified in the General Notification No.F.2(12)-W&M/97 dated 31 March 1998 issued by Government of India

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 10, 2001 94003 12.50 % 2004 10.00 111.46 7.7100 00016 11.40 % 2008 5.00 114.75 8.5895 01007 9.39 % 2011 5.00 101.29 9.1891 00017 11.50

The results of the RBI OMO Auction of 12.59% Government Stock 2004 held on July 12, 2001 are : Auction Results I.Notified amount: Rs.5000.00 crore II.Bids received (i) Number:99 (ii) Amount:Rs.8415.00 crore III.Cut-off Yield:Rs.112.25 (YTM) (7.8258%)IV.Bids accepted (i) Number:28 (ii) Amount:Rs.5000.00 crore V.Partial Allotment Percentage:75 (4 Bids) VI.Weighted Average Price:Rs.112.41P.V. Sadanandan Asst. ManagerPress Release : 2001-02/52

--------------------------------------------------------------------------- Loan Nomenclature Amount Price * YTM % Code (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : July 10, 2001 94009 11.75 % 2001 7.00 100.50 7.4905 94009 11.75 % 2001 10.00 100.46 7.8073 94009 11.75 % 2001 5.00 100.46 7.8073 94009 11.7

The Reserve Bank of India has decided to offer 12.59% Government Stock 2004 from its investment portfolio for sale through auction on July 12, 2001, for an aggregate amount of Rs.5000 crore.Application forms may be obtained from Internal Debt Management Cell, Reserve Bank of India, 16th Floor, Central Office Building, Mumbai or from Public Debt Office, Reserve Bank of India, Mumbai Office. The bids should be tendered on July 12, 2001 up to 2.30 p.m. On the basis of th