The Financial Conduct Authority (FCA), UK has announced on March 05, 2021 that LIBOR will cease to be an indicative rates.(12.07.2021)

The Financial Conduct Authority (FCA), UK has announced on March 05, 2021 that LIBOR will cease to be an indicative rates

(a) Immediately after December 31, 2021, in the case of all Pound sterling, Euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and

(b) Immediately after June 30, 2023, in the case of the remaining US dollar settings.

Reserve Bank of India has requested Indian Banks to frame a policy for adoption of the Alternate Reference Rates (ARR) and address risk arising from cessation of LIBOR. 

(RBI/2021-22/69 CO.FMRD.DIRD.S39/14.02.001/2021-22 dated 8.7.2021)

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