The Modified Mumbai Interbank Forward Outright Rate has been added as the sevent major benchmarks managed by Financial Benchmarks India Pvt. Ltd. The list includes Overnight Mumbai Interbank Outright Rate, Mumbai Interbank Forward Outright Rate, USD/INR Reference Rate, Treasury Bill Rates, Valuation of Government Securities, and Valuation of State Development Loans.
This will be followed by Financial Benchmarks India's application within three months to RBI for approval to manage the new benchmark Modified Mumbai Interbank Forward Outright Rate as per norms issued in 2019.
The administrator also needs to ensure that data related to these benchmarks is preserved for 10 years. In case of data related to litigation, it should be kept for two years after the case is disposed of.
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