There is a good overview on REPO-LAWS

Just search the way I typed it.

Repo Rate - also called Bank rate is the rate at which central banks lend loans to the member banks of a country. This rate actually impacts the rate at which these member banks grant loans to their customers

Reverse Repo Rate - is the reverse of repo rate and is the interest the central bank would pay its member banks.

When banks have any shortage of funds, they can borrow it from Reserve Bank of India or from other banks. The rate at which the RBI lends money to commercial banks is called repo rate.

The Reserve Bank parks its money with other banks at the reverse repo rate.

When banks have any shortage of funds, they can borrow it from Reserve Bank of India or from other banks. The rate at which the RBI lends money to commercial banks is called repo rate.

The Reserve Bank parks its money with other banks at the reverse repo rate.

Repo Rate - also called Bank rate is the rate at which central banks lend loans to the member banks of a country. This rate actually impacts the rate at which these member banks grant loans to their customers

So, In India, The Reserve Bank decides the Repo Rate