The Reserve Bank of India today announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days. ‘ This measure will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of…
The Reserve Bank of India (RBI) today issued an advisory to banks and other RBI-regulated entities, underlining the need to take steps to ensure a complete transition away from the London Interbank Offered Rate (LIBOR) from July 01, 2023. The key messages in the advisory include: Banks should ensure no new transactions are linked to…
Edited and updated on 12.05.2023 ”LIBOR”, once labeled as the world’s most important benchmark was discredited because of the 2008 financial crisis when authorities in the United States and Britain found traders had manipulated it to make a profit that sparked an investigation by Britain’s Financial Services Authority (FSA). The LIBOR rigging scandal of 2008…