RBI cancels gilts auction scheduled on Friday

NEW DELHI- India cancelled auctions of government securities to be held on Feb. 18, a government statement said on Monday, a move that follows a sharp rise in bond yields after the announcement of a record borrowing programme earlier this month.

"On review of the Government of India's cash position, it has been decided, in consultation with Reserve Bank of India, to cancel auction of all the securities scheduled to be held on February 18," a government statement said.