Mumbai (Maharashtra) [India]: The rate of interest on the Floating Rate Bonds, 2024 (FRB 2024) applicable for the half year May 7 to November6 has been fixed at 6.30 percent per annum, the Reserve Bank of India (RBI) announced on Friday.
It may be recalled that the rate of interest on the FRB, 2024 was set at average rate (rounded off up to two decimal places) of the implicit yields at the cut-off prices of the last three auctions of Government of India 182 day Treasury Bills held up to period preceding the coupon reset date, which is May 7.
The implicit yields will be computed by reckoning 365 days in a year. The coupon rate has been fixed accordingly. (ANI)