--------------------------------------------------------------------------- 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 : May 16, 2001 94003 12.50 % 2004 5.00 108.83 8.9150 00016 11.40 % 2008 5.00 109.45 9.5642 00014 11.30 % 2010 5.00 108.62 9.8484 00017 11.50

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 under the Scheme of Liquidity Adjustment Facility, has announced one day repo auction and reverse repo auction in Government of India dated securities and treasury bills of all maturities of 91, 182 and 364 day Treasury Bills on May 21, 2001 (Monday) for scheduled commercial banks and Primary Dealers holding SGL Account and Current Account with it at Mumbai.The eligible banks/institutions may submit separate applications before 10.30 a.m. on

(Amount in Rupees crore and rate in per cent per annum)1. Call/Notice Money Market*(i) Volumes BanksPrimary DealersNon-Bank InstitutionsTotalBorrowings13364.007753.00021117.00Lendings12455.001829.004897.0019181.00(ii) Interest RatesBorrowingsLendings (a)Weighted average rate8.928.97 (b) Range of rates7.00-9.306.92-9.852 Term Money Market*Volume(Turnover)Range of RatesBorrowings82.006.00- 10.00Lendings5.009.50- 9.503. Standing Liquidity Facility Availed from RBI $ Amou

--------------------------------------------------------------------------- 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 : April 04, 2001 00015 11.43 % 2015 4.00 104.10 10.8552 Contract Date : May 15, 2001 00010 10.95 % 2011 5.00 105.73 10.0299 01004 10.45 % 201

May 18, 2001The Reserve Bank of India’s Reference Rate for the US dollar is Rs.46.94 on 18.05.2001. Based on the Reference Rate for US dollar and middle rates of the cross currency quotes at 12 noon, the exchange rates of major currencies against the rupee are given below : DateCURRENCY 1 USD1 GBP1 EURO100 YEN17 May, 200146.940067.072641.497338.1418 May, 200146.940067.063241.365938.0700Note : The reference rate is based on 12 noon rates of a few select banks in Mumbai

The results of the RBI Repo/Reverse Repo auctions held on May 18, 2001 are : Item Repo Auction (Sale of securities by RBI) Reverse Repo Auction (Purchase of securities by RBI) 1. Applications received for three day repo period: (i) Number (ii) Amount (Face value in Rs. crore) Nil Nil 27 4430 2. Applications accepted for three day repo period: (i) Number (ii) Amount (Face Value in Rs.crore) (iii) Cut-off Rate (per cent) NA NA NA 23 4310 8.75 3. Weighted average Cut-off

(Amount in Rupees crore and rate in per cent per annum)1. Call/Notice Money Market*(i) Volumes BanksPrimary DealersNon-Bank InstitutionsTotalBorrowings13546.008186.00021732.00Lendings13299.001923.004957.0020179.00(ii) Interest RatesBorrowingsLendings (a)Weighted average rate8.658.68 (b) Range of rates7.30-9.256.64-9.252 Term Money Market*Volume(Turnover)Range of RatesBorrowings -Lendings56.009.65-11.253. Standing Liquidity Facility Availed from RBI $ Amount (outstandi

--------------------------------------------------------------------------- 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 : May 15, 2001 97009 10.85 % 2001 0.11 100.55 7.9709 98019 11.68 % 2002 5.00 103.25 8.7962 97011 11.15 % 2002 20.00 102.87 8.7331 97011 11.15

The results of the auction of 10.47 per cent Government Stock, 2015 held on May 17, 2001 are : Auction Results I.Notified amount: Rs.4000.00 crore II.Bids received (i) Number:320 (ii) Amount:Rs. 11257.746 crore III.Cut-off Price (per cent):Rs.102.02 (YTM) (10.1891%)IV.Bids accepted (i) Number:108 (ii) Amount:Rs. 4000.00 crore V.Partial Allotment Percentage:48.25 (15 Bids) VI.Devolvement on Primary Dealers:Nil (in fulfillment of underwriting commitment) VII.Devolvement