The RBI announced that the rate of interest on Government of India Floating Rate Bonds, 2020 (GOI FRB 2020) applicable for the half year June 21, 2020 to December 20, 2020 shall be 3.48% per annum. The rate of interest on GOI FRB, 2020 is set at the average rate (rounded off 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 the commencement of respective semi-annual coupon periods, which is June 21, 2020. The implicit yields will be computed by reckoning 365 days in a year. The coupon rate has been fixed accordingly.
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