The Reserve Bank said it is in discussion with the government to revamp inflation indexed bonds to attract more retail investors. Inflation indexed bonds were introduced last year by the central bank but were not well received due to its complex structure. RBI Deputy Governor H R Khan told reporters on the sidelines of an event in Mumbai that RBI had launched inflation indexed bonds that were not successful. The central bank is coming out with the revised version. He said that timing of the inflation indexed bonds launched last time was not possibly right and there were issues regarding understanding of the product and also related to interest pay out. He said that the central bank was looking to offer quarterly interest pay out unlike last time on quarterly basis when the payout was only on maturity. Mr.Khan, however, did not give any timeline for the launch of the revise inflation indexed bonds. Mr.Khan further said the central bank and the government are in the process of preparing framework for differentiated banking licence.