Current Affairs - Banking - Discussion

Discussion Forum : Banking - Latest Current Affairs (Q.No. 202)
By which month of the year has RBI instructed banks to end reliance on LIBOR and adopt an alternative reference rate?
July 2023
May 2023
August 2023
June 2023
Answer: Option
The Reserve Bank of India (RBI) has instructed financial institutions and banks to adopt an Alternative Reference Rate, primarily the Secured Overnight Financing Rate (SOFR), and end their reliance on the scandal-shrouded London Interbank Offered Rate (LIBOR) and Mumbai Interbank Forward Outright Rate (MIFOR) by July 1.
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