RBI Update- Notification of Significant Benchmark dated 1 st December, 2022

Reserve Bank of India vide its Circular dated 1 st December, 2022 notified six financial benchmarks administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as ‘significant benchmark’ with regard to the Circular on Financial Benchmark Administrators (Reserve Bank) Directions, 2019 (hereinafter referred to as ‘the Directions’), dated June 26, 2019 and RBI circular dated January 01, 2020.

Reserve Bank of India notified Modified Mumbai Interbank Forward Outright Rate (MMIFOR) administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as a ‘significant benchmark’ with reference to paragraph 3(i) of the Directions. The updated list of ‘significant benchmarks’ administered by FBIL are as follow: Overnight Mumbai Interbank Outright Rate (MIBOR)Mumbai Interbank Forward Outright Rate (MIFOR)USD/INR Reference RateTreasury Bill RatesValuation of Government SecuritiesValuation of State Development Loans (SDL)Modified Mumbai Interbank Forward Outright Rate (MMIFOR)

Further, 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 and shall continue to remain a ‘significant benchmark’ till further notice.

This Circular is applicable to all the Financial Benchmark Administrators and shall come into immediate effect.

Link: View Circular