The updated list of ‘significant benchmarks’ shall come into effect from July 01, 2023

In a notification on Friday (23, June) the RBI said that the Financial Benchmark Administrators (FBAs), which control ‘significant benchmarks’ in the markets for financial instruments regulated by the banking regulator, have been accorded approval to cease the publication of the Mumbai Interbank Forward Outright Rate (MIFOR) after June 30, 2023.“In light of the cessation…

RBI directions to Banks: Govt. accounts reporting window of March 31 shall be kept open till 12 noon on April 1

RBI on Tuesday notified that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year. All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023, said RBI. It further said…