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JC - Legal Updates - End of LIBOR – A Step Closer!

Legal Updates

08 Jul 2021

End of LIBOR – A Step Closer!

The Reserve Bank of India (“RBI”) has encouraged banks and financial institutions to use any widely accepted Alternative Reference Rate for entering into new financial contracts on or before 31st December 2021. The RBI has also emphasized the need to adopt robust fallback clauses suggested by various domestic and international associations. This would be relevant in the context of legacy contracts.

In addition to the above, the RBI has also urged banks to move from Mumbai Interbank Forward Outright Rate (“MIFOR”) to Adjusted MIFOR and Modified MIFOR for legacy and fresh contracts respectively.

With this notification, the RBI has finally indicated the need to move away from LIBOR and other IBORs as the benchmark rate for legacy as well as new financing contracts.


For any further information, please contact Mr. Jayesh H (jayesh.h@jclex.com), Mr. Saurabh Sharma (saurabh.sharma@jclex.com), Mr. Ankit Sinha (ankit.sinha@jclex.com) or Ms. Smrithi Nair (smrithi.nair@jclex.com).