Question

    The Overnight Alternative Reference Rate for the

    respective currency / Swap rates quoted / displayed by whom shall be used as the reference for arriving at the interest rates on FCNR(B) (Foreign Currency Non Resident-Bank) deposits as per the recent circular by RBI
    A Foreign Exchange Dealers Association of India (FEDAI) Correct Answer Incorrect Answer
    B Financial Benchmarks India Pvt. Ltd. (FBIL) Correct Answer Incorrect Answer
    C Fixed Income Money Market and Derivatives Association of India (FIMMDA) Correct Answer Incorrect Answer
    D Bank’s Board Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The Overnight Alternative Reference Rate for the respective currency / Swap rates quoted / displayed by Financial Benchmarks India Pvt. Ltd. (FBIL) shall be used as the reference for arriving at the interest rates on FCNR(B) deposits.

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