RBI Advises Banks To Complete Transaction From LIBOR By July 1!!!

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RBI Advises Banks To Complete Transaction From LIBOR By July 1
RBI Advises Banks To Complete Transaction From LIBOR By July 1

RBI Advises Banks To Complete Transactions From LIBOR By July 1: The Reserve Bank of India (RBI) has instructed all banks to ensure to complete the transaction from the London Interbank Offered Rate (LIBOR) by July 1, 2023. This instruction is also applicable to RBI-regulated entities and financial institutions.

As per the previous directives, Financial Benchmark India Private Limited (FBIL) will be ceased to publish Mumbai Interbank Forward Outright Rate (MIFOR) from June 30. Up on this announcement, the bank and FI are taking necessary steps to take away the transaction deals linked with LIBOR and MIFOR.

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