• RBI has asked banks & RBI-regulated entities to take steps to ensure a complete transition away from the London Interbank Offered Rate (LIBOR) from July 01, 2023.
    • LIBOR stands for London Interbank Offered Rate.
    • An interest rate average submitted by leading UK banks, it is a benchmark rate against which global lenders currently mark their transactions.
  • It acts as a benchmark for short-term interest rates.
  • LIBOR is administered by the Intercontinental Exchange or ICE.
  • It is published daily across five currencies including US dollar, Euro, British pound, Japanese yen and Swiss franc.
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