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of <h1>RBI Sets Interest Rate for Floating Rate Bonds, 2016 at 8.98% for May 2014-May 2015 Period.</h1> The Reserve Bank of India announced that the interest rate for the Floating Rate Bonds, 2016, for the period from May 7, 2014, to May 6, 2015, is set at 8.98% per annum. This rate includes a mark-up of 0.04% over the variable base rate, which is determined by the average implicit yields from the three most recent auctions of the Government of India's 364-day Treasury Bills. The calculated variable base rate is 8.94%, resulting in the final coupon rate for the bonds.
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