Abstract: A drill includes a shank, a central insert and a peripheral insert. The shank defines a central axis of rotation and has pockets which carry the peripheral and central inserts. Chip flutes are formed in an outer periphery of the shank for conducting chips cut by the respective inserts. The peripheral insert includes a first operative cutting edge, and the central insert includes a second operative cutting edge which overlaps the first cutting edge at an overlap region. The central insert forms a rake surface adjacent to the second cutting edge. The rake surface includes a first portion disposed at the overlap region, and a second portion disposed at the axis of rotation of the shank. The first portion has a larger rake angle than the second portion.