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The Repo Rate is the rate at which the central bank (like the Reserve Bank of India) lends money to commercial banks in the event of a shortfall. It is a tool used to control money supply in the economy. For example, if the RBI sets the repo rate at 5%, a commercial bank borrowing 100 crore would have to pay back 105 crore after a certain period.

On the other hand, the Reverse Repo Rate is the rate at which the central bank borrows money from commercial banks. It is used to absorb excess money in the banking system. If the RBI sets the reverse repo rate at 4%, a commercial bank lending 100 crore in the money market would receive 104 crore after a certain period.

In essence, the repo rate influences the cost of borrowing for banks, affecting overall money supply, while the reverse repo rate helps manage excess liquidity in the financial system.