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Dear Students,
 Bank Rate means the rate at which Central bank lends the money to the commercial bank for the short period of time.

Repo Rate means the rate charged by the Central Bank from the Commercial bank for repurchasing the assets already sold to them. 

Role of Repo Rate and Bank Rate in controlling the money supply are as follows : -

IN CASE OF INFLATION (Situation of increase in Money Supply)  
  1. REPO RATE​​​​​​ - in case of inflation , Repo Rate is increased by the Central Bank , due to which borrowing by the commercial bank is reduced or become costlier than before. so , either commercial bank borrow less or if borrow then must lend it at higher rates because of increase in cost of borrowing. so in such a way. Due to which people will borrow less and less liquidity remains in the hands of public and AD gets Reduced.
  2. BANK RATE -  In Case of inflation , Bank Rate is increase by the central bank ,  the borrowing rate become costlier than before and due to which lending rate also become very high . so people will prefer to borrow less and less money and again liquidity become less and AD is reduced .
IN CASE OF DEFLATION (Situation of decrease in Money Supply)
  1. REPO RATE - In Case of Deflation , Repo Rate is reduced , as it is reduced , so borrowing by the commercial bank becomes cheaper than before , so they will borrow more and more money and in turn lending rate also becomes cheaper . So people will prefer to borrow more and more money from commercial  bank and liquidity in the hands of public increases and this will increase the AD also . 
  2. BANK RATE - In Case of Deflation, Bank Rate is also reduced, so lending rate by the commercial bank becomes cheaper than before , so they will lend more and more money and in turn lending rate also becomes cheaper . So people will prefer to borrow more and more money from commercial  bank and liquidity in the hands of public increases and this will increase the AD also . 
Regards.

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increase in bank rate: when bank rate increases credit becomes costlier so people borrow less, as lending rate Rises. demand for credit is reduced. t
As the result less money will flow in the economy so, AD falls.
2) decrease in bank rate: when bank rate decreases credit become cheaper so people more as lending rate falls. Demand for credit is increased. As a result more money will flow in the economy so AD rises.
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1) increase in repo rate: increasing repo rate makes borrowings commercial banks costlier. so these banks are forced to raise their lending rates. Since, borrowings are costlier to people so they borrow less. banks therefore, create less credit. As a result AD falls.
2) decrease in a repo rate: reducing repo rate makes borrowings by commercial banks cheaper. So, these banks are forced to reduce the lending rates since borrowings are cheaper to people, so they more. banks therefore, create more credit
As a result AD rises.
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bank rate or discount rate refers to the rate at which Central Bank lends to Commercial Bank as a lender of Last Resort. It refers to the rate of interest at which Commercial bank borrow from Central Bank to meet their long-term needs without collateral.
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repo rate or re-purchase rate refers to the rate of interest at which Commercial bank borrow from Central Bank to meet their short-term needs by selling financial securities to Central Bank with Collateral. (in India the duration of such type of borrowing is limited up to 7 days). bank rate is higher than repo rate. bank rate does not allow any facility of re-purchase of securities whereas repo rate allows re-purchase of securities that it is why it is called as repurchase rate.
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