RBI notifies Modified Mumbai Interbank Forward Outright Rate as a ‘significant benchmark’
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- Last Updated on 3 December, 2022
Circular No. RBI/2022-23/142 FMRD.FMSD.06/03.07.25/2022-23, Dated 01.12.2022
Earlier, the RBI had notified six financial benchmarks administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as ‘significant benchmark’. Now, Reserve Bank notifies Modified Mumbai Interbank Forward Outright Rate administered by FBIL as a ‘significant benchmark’. Updated list of ‘significant benchmarks’ administered by FBIL shall now contain seven benchmarks including Mumbai Interbank Forward Outright Rate.
Further, the RBI clarified that the person administering the ‘significant benchmark’, shall make an application to the Reserve Bank within a period of three months from the date of this notification for authorization to continue administering MMIFOR.
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