Rotary cutting tool comprising an exchangeable cutting insert

A tool shank for use with a cutting insert in a rotary cutting tool includes a body having, and adapted to be rotated about, a central longitudinal tool axis, the body having a tip portion structured to receive at least a portion of the cutting insert therein. The shank also includes a pair of chip flutes formed in the body and a pair of recesses, each recess bordering a respective chip flute. Each recess includes a rim portion extending perpendicular to the tool axis and a bearing surface extending at an incline relative to the tool axis. Each rim portion is adapted to engage a corresponding surface on the cutting insert. Each bearing surface is adapted to engage a corresponding bearing surface on the cutting insert in a manner such that the cutting insert is pulled against the body when the rotary cutting tool is rotated about the tool axis.