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When in case RBI require to take loan from commercial bank, than this rate of interest is known as reverse repo rate
They both refer to the same. 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
As banks need capital for their operations & they may undergo some financial crisis. At that time banks borows money from RBI at certain rate that rate of borowing in known as REPO RATE. In some cases if bank have excess amount they deposit their amount with RBI. the rate of intrest banks get paid by RBI is REVERSE REPO RATE. Reporate Plays important role in liquidity & Inflation.