6/12/2024, 3:24:03 pm

New interest rate benchmark SORR to replace Mibor

The Reserve Bank of India has decided to float a new interest rate benchmark- the Secured Overnight Rupee Rate (SORR) -- in line with the increasing importance of the collateralised money markets. The move is expected to improve the credibility of the interest rate benchmark setting. SORR will replace the Mumbai Interbank Outright Rate (MIBOR), which has been in vogue since 1998.