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RBI fixes rate on FRBs at 5.99 p.c.

MUMBAI: The Reserve Bank of India has fixed the rate of interest on the Floating Rate Bonds, 2017, at 5.99 per cent per annum for six months up to July 2. The interest rate of FRBs was set at a mark-up over and above the variable base rate, the RBI said here in a statement today. The variable rate would be applicable for six months beginning yesterday, it said. The variable base rate calculated on the basis of the average rate of implicit yields at cut-off prices for the last six auctions for 364-day treasury bills works out to 5.65 per cent and the mark-up for the calculation is 0.34 per cent, decided in the auction held on July 1, 2002, it added. — PTI

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