NABARD to issue 3-month CP - traders

India's National Bank for Agriculture and Rural Development (NABARD) plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Wednesday.

The state-run company will offer a yield of 7.19% on the issue for which it has received commitments worth 16 billion rupees ($196.85 million), the bankers added.

The notes are rated A1+ by ICRA.

($1 = 81.2800 Indian rupees)