Question
Which of the following is the new interest rate
benchmark, introduced by RBI, based on secured money markets, as a better replacement to MIBOR ?Solution
The Reserve Bank had set up the Committee on the MIBOR Benchmark (Chairperson: Shri Ramanathan Subramanian) to review the Rupee interest rate benchmarks in the country, especially the usage of Mumbai Interbank Outright Rate (MIBOR), and to examine the need for transition to new benchmarks. Based on the recommendations, it is proposed to develop a benchmark based on the secured money markets (both basket repo and TREP) – the Secured Overnight Rupee Rate (SORR).  Financial Benchmarks India Limited (FBIL) is being requested to take the proposal forward. Â
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