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The Financial Stability and Development Council (FSDC) on Tuesday took up the issue of challenges involved in smooth transition from London Interbank Offer Rate (Libor)-based contracts. The meeting, chaired by finance minister Nirmala Sitharaman, noted that a multi-pronged strategy involving relevant stakeholder institutions and departments is required in this regard. Libor, the global benchmark for borrowings, is expected to cease by the end of next year. The RBI has been planning to replace it with the Mumbai Interbank Forward Outright Rate (Mifor). India s exposure to LIBOR-linked borrowings, bonds, deposits and derivative contracts is pegged at $331 billion. Indian Banks Association (IBA) has been working closely with market participants to facilitate transition to alternate benchmarks and create consumer awareness.

Injeti srinivasNirmala sitharamanSupratim bandyopadhyayShaktikanta dasAjay tyagiIndian banks associationPension fund regulatoryDevelopment councilDevelopment authorityInternational financial services centres authorityFinancial stabilityLondon interbank offer rateMumbai interbank forward outright rateBanks associationReserve bankBankruptcy board