The rate of interest on the Floating Rate Bonds, 2020 (FRB, 2020) applicable for the half year June 21, 2013 to December 20, shall be 7.34% per annum, said the Reserve Bank of India (RBI) in a press release on Thursday. It may be recalled that the rate of interest on the FRB, 2020 was set at average rate of the implicit yields at the cut-off prices of the last three auctions of 182 day treasury bills held up
to period preceding the coupon reset date, which is June 21.
The implicit yield has been computed by reckoning 365 days in a year. The coupon rate has been fixed accordingly.
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