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RBI fixes interest at 9.77 pc for floating rate bonds, 2013
Mumbai, Sep 8 (UNI) The Reserve Bank of India today announced the rate of interest on the Floating Rate Bonds, 2013 (FRB, 2013) applicable for the year (September 10, 2008 to September 9, 2009) at 9.77 per cent per annum.
It may be recalled that the rate of interest on the FRB, 2013 was set at a mark-up (as decided in the auction held on September 9, 2004) over and above the variable base rate. The variable base rate for payment of interest shall be the average rate (rounded off up to two decimal places) of the implicit yields at cut-off prices emerging in the three auctions of Government of India 364 day Treasury Bills immediately preceding the relative annual coupon reset date.
The
variable
base
rate
based
on
the
average
rate
of
the
implicit
yields
at
cut-off
prices
of
the
said
last
three
auctions
of
Government
of
India
364
day
Treasury
Bills
worked
out
to
be
9.32
per
cent.
The
mark-up
decided
in
the
auction
held
on
September
9,
2004
was
0.45
(plus
0.45)
percent.
The
coupon
rate
has
been
fixed
accordingly,
RBI
said
in
a
release
here
UNI
VK
OBB
AG1850
