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Our Bureau

Mumbai , May 31

THE Reserve Bank of India (RBI) has said that the rate of interest on the Government of India Floating Rate Bonds, 2009 (FRB, 2009) applicable for the half year (June 6, 2005 to December 5, 2005) will be 5.59 per cent per annum.

The rate on FRB, 2009 was set at a mark-up over and above the variable base rate.

"The variable base rate for payment of interest will be the average rate of the implicit yields at cut-off prices of the last six auctions of Government of India 364-day Treasury Bills held up to the commencement of the respective half yearly coupon period," the RBI said.

The variable base rate based on the average rate of the implicit yields at cut-off prices of the said last six auctions of Government of India 364 day Treasury Bills works out to be 5.60 per cent.

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