**Summary:**
This notification, RBI201920133 FMRD.FMSD.2203.07.035201920, issued by the Reserve Bank of India (RBI) on January 01, 2020, designates six benchmarks administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as "significant benchmarks" under the Financial Benchmark Administrators Reserve Bank Directions, 2019, dated June 26, 2019. The benchmarks are: (1) Overnight Mumbai Interbank Outright Rate (MIBOR), (2) Mumbai Interbank Forward Outright Rate (MIFOR), (3) USDINR Reference Rate, (4) Treasury Bill Rates, (5) Valuation of Government Securities, and (6) Valuation of State Development Loans (SDL). As per paragraph 3(ii) of the aforementioned directions, FBIL is required to apply to the RBI for authorization to continue administering these benchmarks within three months from the date of this notification. The notification is issued as required under the Financial Benchmark Administrators Reserve Bank Directions, 2019. The issuing authority is Saswat Mahapatra, Deputy General Manager, Reserve Bank of India.
Key Entities Referenced
Financial Benchmark Administrators Reserve Bank Directions, 2019: A set of directions issued by the Reserve Bank of India related to financial benchmark administrators.
Reserve Bank of India: The central bank of India.
Financial Benchmarks India Pvt. Ltd.: An organization administering financial benchmarks, abbreviated as FBIL.
Overnight Mumbai Interbank Outright Rate: A significant benchmark administered by FBIL, abbreviated as MIBOR.
Mumbai Interbank Forward Outright Rate: A significant benchmark administered by FBIL, abbreviated as MIFOR.
USDINR Reference Rate: A significant benchmark administered by FBIL, which is a reference rate for the USDINR exchange rate.
Treasury Bill Rates: A significant benchmark administered by FBIL, which refers to the rates of Treasury Bills.
State Development Loans: A significant benchmark administered by FBIL, abbreviated as SDL.
RBI/2019-20/133
FMRD.FMSD.22/03.07.035/2019-20 January 01, 2020
To
All the Financial Benchmark Administrators
Dear Sir/Madam
Financial Benchmark Administrators (Reserve Bank) Directions, 2019
Please refer to the Financial Benchmark Administrators (Reserve Bank) Directions, 2019,
dated June 26, 2019.
2. As provided in paragraph 3(i) of the above directions, the Reserve Bank hereby notifies the
following benchmarks administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as a
‘significant benchmark’:
(1) Overnight Mumbai Interbank Outright Rate (MIBOR)
(2) Mumbai Interbank Forward Outright Rate (MIFOR)
(3) USD/INR Reference Rate
(4) Treasury Bill Rates
(5) Valuation of Government Securities
(6) Valuation of State Development Loans (SDL)
3. Further, in terms of paragraph 3(ii) of the above directions, the person administering the
‘significant benchmark’, shall make an application to the Reserve Bank within a period of three
months from the date of this notification for authorization to continue administering these
benchmarks.
4. This notification has been issued by the Reserve Bank as required under the Financial
Benchmark Administrators (Reserve Bank) Directions, 2019, dated June 26, 2019.
Yours faithfully
(Saswat Mahapatra)
Deputy General Manager