MUMBAI, Aug 12 (Reuters) - India's Reliance Retail Ventures plans to raise funds selling commercial papers maturing in three months, two merchant bankers said on Friday.

The company, a unit of Reliance Industries Ltd , will offer a yield of 6.00% on the issue and has received commitments worth around 16 billion rupees ($200.77 million), according to the bankers.

The notes are rated A1+ by CRISIL. ($1 = 79.6950 Indian rupees) (Reporting by Dharamraj Lalit Dhutia Editing by Vidya Ranganathan)