FBIL-Overnight MIBOR
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Revision as of 13:03, 14 September 2015
FBIL Overnight Mumbai Interbank Outright Rate’ (commonly called as FBIL-Overnight MIBOR (Mumbai Inter-Bank Offer Rate)) is the new benchmark rate for unsecured loans of one day duration fixed by the Board of Financial Benchmarks India Pvt. Ltd (FBIL) based on the actual transactions in the inter-bank call money market. It reflects the short term funding costs to banks in India and indicates the rate at which banks in India borrow and lend money amongst themselves. The existing benchmark ie. MIBOR based on ‘polled rates’ administered by Fixed Income Money Market and Derivative Association of India (FIMMDA) and National Stock Exchange (NSE) has been replaced by this new Benchmark with effect from July 22,2015.
Contributed by
- P K Abdul Kareem (IES 1996) with inputs from officials at National Stock Exchange of India Ltd. (NSE)
- Email- pkakareem@yahoo.com