India cbank offers 552.55 bln rupees at special repo

MUMBAI, Nov 18 (Reuters) - The Reserve Bank of India said it would conduct a special 14-day repo auction for 552.55 billion rupees ($11.1 billion) on Tuesday.

The reversal of the auction will be on Dec. 2, it said in a statement.

The special repo facility was introduced on Oct. 14 to meet liquidity needs of mutual funds for an allocated 200 billion rupees.

The central bank has increased the facility to 600 billion rupees to include liquidity needs of non-banking financial companies, and said it would be held every day until further notice. ($1=49.70 rupees) (Reporting by Swati Bhat)