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Sunday, Nov 24, 2002
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Floating Rate Bonds 2006

The RBI has announced an interest rate of 5.72 per cent per annum for the Floating Rate Bonds 2006. This is applicable for the half-year ending May 21, 2003. The interest rate on the FRBs has been fixed based on the mark-up in auctions and the variable interest rate. The mark-up in the auction held on November 22, 2001 was minus 0.05 per cent. The base rate using the average rate of implicit yields at cut off prices of the last six auctions of the Government of India 364 day Treasury Bills held before November 21 was 5.77 per cent. Based on these numbers, the rate of interest for the FRBs has been fixed at 5.72 per cent.

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