Various reinforced concrete structure around the world, such as bridges are exposed to aggressive chloride environment, hence, start to corrode after short service period. The main reason for the deterioration of these structures is corrosion of steel reinforcement due to chlorides. Poor quality concrete and low cover are contributory factors. The cost of repairing or replacing the deteriorated structure has become the major concern for the asset owners. One of the most successful and substantiated techniques of protecting structure from corrosion is cathodic protection (CP). The BS EN ISO 12696 performance criteria followed for monitoring CP efficiency is evolved from the experimental analysis and may not be always correct. This paper suggests an improved method for monitoring corrosion rate through Butler Volmer equation using the polarization data. This method has been applied to one year CP monitoring data from a viaduct site. It was observed that corrosion rate was reducing with time, showing the effectiveness of CP to protect the steel in structure. Prediction of corrosion rate of the steel from potential shift forms the basis for the improved CP performance criterion for reinforced concrete structures. Information about the actual corrosion rate would be beneficial to predict the true state of steel reinforcement and accordingly apply a suitable repair technique to extend the service life of RC structures.