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MIBOR may have a wider use with RBI's involvement in its determination
MIBOR may have a wider use with RBI's involvement in its determination The Mumbai Interbank Offered Rate (MIBOR) may have a wider use in the time to come with the Reserve Bank of India (RBI) coming up with the draft guidelines on financial benchmarks last Friday. According to experts through this would take time to come into effect, but the MIBOR is set to have more standing as it will be determined based on RBI guidelines. The MIBOR is currently a polled benchmark. Fixed Income Money Market and Derivatives Association of India and National Stock Exchange of India Limited (NSEIL) joined hand in 2002 to publish the daily quotes on MIBOR. The polling process is conducted by NSEIL where treasury officials of banks are called and asked to participate for the poll. The .MIBOR is currently used for majority of deals struck for interest rate swaps, forward rate agreements, floating rate debentures and term deposits. However its application is very meager when compared with the London Inte...
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