Jul 28, 2023

MIFOR Not to Be Used as Significant Benchmark

In light of the cessation of the publication of the US Dollar London Interbank Offered Rate (‘USD LIBOR’), the RBI by way of its Notification dated June 22, 2023 has granted its approval to cease the publication of the Mumbai Interbank Forward Outright Rate (‘MIFOR’). Accordingly, MIFOR has ceased to be a ‘significant benchmark’ after June 30, 2023.

An updated list of ‘significant benchmarks’, which has come into effect from July 1, 2023, is as follows:

i.    Overnight Mumbai Interbank Outright Rate;

ii.   USD/INR reference rate;

iii.  Treasury bill rates;

iv.   Valuation of Government Securities;

v.    Valuation of State Development Loans; and

vi.   Modified Mumbai Interbank Forward Outright Rate.




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