FCNR (B) Accounts interest rates on deposits during LIBOR transition: RBI advises banks to use ARR
With the expectation that the publication of the London Interbank Offered Rate (LIBOR) as a benchmark rate will cease by the end of 2021, RBI permitted banks to offer interest rates on FCNR (B) deposits using widely accepted ‘Overnight Alternative Reference Rate (ARR)* for the respective currency’ with upward revision in the interest rates ceiling…