MUMBAI, April 30 (Reuters) - India's central bank set a coupon of 7.62 percent on 2016 floating rate bonds (FRB) for the year from May 7, 2013 to May 6, 2014, it said in a release on Tuesday.
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 7.58 per cent, the central bank said. The mark-up decided in the auction held on May 6, 2004 was (+) 0.04 (plus 0.04). The coupon rate has been fixed accordingly, the RBI said. (Reporting by Neha Dasgupta; Editing by Subhranshu Sahu)