RBI asks banks to complete transition away from LIBOR from July 1
The Financial Conduct Authority (FCA), UK, in March 5, 2021, had announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative. Historiclly, LIBOR has been a globally accepted key benchmark interest rate that indicates borrowing costs between banks.
The complete transition from LIBOR is a significant event in the global financial markets which requires continued attention from all stakeholders to mitigate operational risks and ensure an orderly transition.