**Summary:**
This notification, issued by the Reserve Bank of India (RBI) on December 1, 2022, designates the Modified Mumbai Interbank Forward Outright Rate (MMIFOR), administered by Financial Benchmarks India Pvt. Ltd. (FBIL), as a significant benchmark, in accordance with the Financial Benchmark Administrators (Reserve Bank) Directions, 2019. Consequently, FBIL is required to apply to the RBI for authorization to continue administering MMIFOR within three months of this notification. The updated list of significant benchmarks administered by FBIL now includes: (i) Overnight Mumbai Interbank Outright Rate (MIBOR), (ii) Mumbai Interbank Forward Outright Rate (MIFOR), (iii) USD/INR Reference Rate, (iv) Treasury Bill Rates, (v) Valuation of Government Securities, (vi) Valuation of State Development Loans (SDL), and (vii) Modified Mumbai Interbank Forward Outright Rate (MMIFOR). The MIFOR will continue to remain a significant benchmark until further notice. This notification is issued as per the Financial Benchmark Administrators (Reserve Bank) Directions, 2019. For further information, contact the Financial Markets Regulation Department, Central Office Building, 9th Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001, India. Tel: +91 22 2260 1000, Fax: +91 22 22702290, email: cgmfmrdrbi.org.in.
Key Entities Referenced
Reserve Bank of India: The central bank of India, the issuer of this notification.
Financial Benchmark Administrators Reserve Bank Directions, 2019: A set of directions issued by the Reserve Bank of India regarding financial benchmark administrators.
Financial Benchmarks India Pvt. Ltd. FBIL: The administrator of several financial benchmarks, including those declared as significant benchmarks by the Reserve Bank of India.
Modified Mumbai Interbank Forward Outright Rate MMIFOR: A financial benchmark administered by FBIL, newly notified as a significant benchmark.
Overnight Mumbai Interbank Outright Rate MIBOR: A significant financial benchmark administered by FBIL.
Mumbai Interbank Forward Outright Rate MIFOR: A significant financial benchmark administered by FBIL.
USDINR Reference Rate: A significant financial benchmark administered by FBIL.
Mumbai, Maharashtra: Location of the Central Office Building of Financial Markets Regulation Department, Reserve Bank of India
भारतीय �रज़व र् बक�
RESERVE BANK OF INDIA
RBI/2022-23/142
FMRD.FMSD.06/03.07.25/2022-23 December 01, 2022
To
All the Financial Benchmark Administrators
Madam/Sir
Notification of Significant Benchmark
Please refer to the Financial Benchmark Administrators (Reserve Bank) Directions,
2019 (hereinafter referred to as ‘the Directions’), dated June 26, 2019 and RBI circular
dated January 01, 2020, notifying six financial benchmarks administered by Financial
Benchmarks India Pvt. Ltd. (FBIL) as ‘significant benchmark’.
2. In terms of paragraph 3(i) of the Directions, the Reserve Bank hereby notifies
Modified Mumbai Interbank Forward Outright Rate (MMIFOR) administered by
Financial Benchmarks India Pvt. Ltd. (FBIL) as a ‘significant benchmark’.
3. The updated list of ‘significant benchmarks’ administered by FBIL is given below:
(i) Overnight Mumbai Interbank Outright Rate (MIBOR)
(ii) Mumbai Interbank Forward Outright Rate (MIFOR)
(iii) USD/INR Reference Rate
(iv) Treasury Bill Rates
(v) Valuation of Government Securities
(vi) Valuation of State Development Loans (SDL)
(vii) Modified Mumbai Interbank Forward Outright Rate (MMIFOR)
�वत्तीय बाज़ार �व�नयमन �वभाग,क�द्र�य कायार्लय भवन, नौवीं मंिजल, शह�द भगत �सहं माग,र् फोटर्, मुंबई–400001.भारत
फोन: (91-22) 2260 1000,फैक्स: (91-22) 22702290 ई-मेल: cgmfmrd@rbi.org.in
Financial Markets Regulation Department, Central Office Building, 9th Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001. India
Tel: (91-22) 2260 1000, Fax: (91-22) 22702290 e-mail- cgmfmrd@rbi.org.in
�हन्द� आसान है, इसका प्रयोग बढ़ाइए4. Further, in terms of paragraph 3(ii) of the 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 MMIFOR.
5. The MIFOR, administered by FBIL, shall continue to remain a ‘significant
benchmark’ till further notice.
6. 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,
(Dimple Bhandia)
Chief General Manager