Question
The Reserve Bank of India (RBI), based on the
recommendations of the Committee on the MIBOR Benchmark, has proposed replacing the existing MIBOR with a new benchmark rate. What is the name of this new rate?Solution
The Mumbai Interbank Outright Rate (MIBOR) has long been the primary rupee interest rate benchmark in India. However, due to limitations in depth and representativeness, the RBI constituted a Committee on the MIBOR Benchmark, chaired by Shri Ramanathan Subramanian, to review its adequacy. The committee recommended developing a benchmark rate based on secured money markets (covering transactions like basket repos and TREPs). As a result, the RBI proposed introducing the Secured Overnight Rupee Rate (SORR) as the new benchmark. This rate is intended to be more robust, transparent, and reflective of actual secured funding costs.
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