India cbank sets yearly rate on FRB 2013 at 9.77 pct

MUMBAI, Sept 8 (Reuters) - The Reserve Bank of India said on Monday it had set the annual rate of interest on floating rate bonds (FRB) maturing in 2013 at 9.77 percent for the 12 months ending Sept. 9, 2009.

The variable base rate for payment of interest is the average rate of the implicit yields at cut-off prices of the last three 364-day treasury bill auctions, immediately preceding the relative annual coupon reset date.