One bank will be able to submit up to three applications, the minimum value of each fixed at 1 million rubles ($37,900).
The measure is part of a package of anti-crisis financial laws approved by the upper house of Russia's parliament and signed by the president on Monday.
The criteria established by the Central Bank to select banks eligible for the unsecured six-month loans came into force earlier on Friday. Only banks rated by the international rating agencies Fitch Ratings, Standard & Poor's and Moody's Investors Service will be able to take part.
A Russian government source said earlier in the day that around 120 banks would be involved. He cautioned that the Russian government was only prepared to protect the country's key banks, and that state-owned stakes in some banks could be increased.
The Finance Ministry has previously held similar auctions, with around $30 billion already disbursed.
Meanwhile, Russia's largest state-run bank, Sberbank, will receive a $19 billion subordinated loan from the Central Bank, with the first $5.7 billion expected to be transferred next week, an insider said on Friday.
"The agreement has been signed. The funds are likely to be transferred next Tuesday or Wednesday," the source said.
