CURRENT AFFAIRS : BANKING & FINANCE
RBI asks banks to complete transition away from London Interbank Offered Rate from July 1, 2023
- The Reserve Bank of India (RBI) has issued an advisory to banks and other RBI-regulated entities, emphasising the need to take steps to ensure a complete transition from the London Interbank Offered Rate (LIBOR) from July 1, 2023.
Key Highlights :
- RBI has advised the “Banks/financial institutions (FIs) are advised to ensure that no new transactions undertaken by them or their customers rely on or are priced using the US$ LIBOR or the Mumbai Interbank Forward Outright Rate (MIFOR).
