The Reserve Bank of India (RBI) has asked banks and financial institutions to adopt by _______ a widely accepted Alternative Reference Rate, such as the Secured Overnight Financing Rate (SOFR), to complete the transition from the scandal-hit London Interbank Offered Rate (LIBOR) and Mumbai Interbank Forward Outright Rate (MIFOR).
The Reserve Bank of India (RBI) has asked banks and financial institutions to adopt by July 1 a widely accepted Alternative Reference Rate, such as the Secured Overnight Financing Rate (SOFR), to complete the transition from the scandal-hit London Interbank Offered Rate (LIBOR) and Mumbai Interbank Forward Outright Rate (MIFOR). Banks and private companies were using LIBOR as the benchmark rate for raising funds abroad. It was a key benchmark for setting the interest rates charged on adjustable-rate loans, mortgages and corporate debt. New transactions are now predominantly undertaken using SOFR and the Modified Mumbai Interbank Forward Outright Rate (MMIFOR). SOFR is considered a more accurate and more secure pricing benchmark.
21, 44, 78, 121, 179, 246
14, 16, 22, 46, 172, 886
2100, 2140, 2186, 2240, 2300, 2372
15, 30, 30, 20, 10, 8
97, 98, 107, 132, 181, 264
1152 3456 432 1296 164 486
3, 4, 9, 28, 116, 566, 3397
66, 220, 384, 543, 702, 861
20.5, 30, 40.5, 53, 64.5, 78
44, 57, 81, 119, 170, 234, 311.
