Difference Between Bank rate and the Repo rate?

  Though bank rate and the repo rate is same the major difference between them is,

• Bank rate is a Long term process where the rate is determined by Central Bank(RBI) during normal days whereas
• Repo rate is the Short term process where the rate is determined by Central Bank(RBI) during Inflation or Deflation period.

What is Bank Rate?

• Bank rate, also referred to as the discount rate, is the rate of interest which a central bank(RBI) charges on the loans and advances that it extends to commercial banks and other financial intermediaries. 
• Changes in the bank rate are often used by central banks to control the money supply.