MUMBAI, May 17 (Reuters) - India's central bank set a coupon of 7.54 percent on 2014 floating rate bonds (FRB) for the year from May 20, 2013 to May 19, 2014, it said in a release on Friday.
The variable base rate, based on the average rate of the implicit cut-off yields at the last three auctions of 364-day treasury bills, worked out to be 7.40 per cent, the central bank said.
The spread decided in the auction held on May 19, 2003 was (+) 0.14 (plus 0.14) percent. The coupon rate has been fixed accordingly, the RBI said. (Reporting by Neha Dasgupta; Editing by Anupama Dwivedi)