RBI fixes FRB rate at 7.86 pc

Mumbai, May 14 (UNI) The Reserve Bank of India (RBI) today fixed the interest rate on Floating Rate Bonds (FRB, 2014) at 7.86 per cent per annum, which will be applicable for a period extending from May 20 to May 19, next year.

The variable base rate for payment of interest shall be the average rate of the implicit yields at cut-off prices of the last three auctions of Government of India 364-day Treasury Bills held up to May 19 this year, an RBI release here said.

UNI