The rate of interest on the Floating Rate Bonds, 2020 (FRB, 2020) applicable for the half year June 21, 2015 to December 20, 2015 shall be 7.80 per cent per annum, Reserve Bank of India (RBI) said.
It may be recalled that the rate of interest on the FRB, 2020 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 June 21.
The implicit yields will be computed by reckoning 365 days in a year. The coupon rate has been fixed accordingly.
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