“Banks and financial institutions are encouraged to cease entering into new financial contracts that reference LIBOR as a benchmark,” RBI said in a release Thursday. …and instead use any widely accepted alternative reference rate (ARR), as soon as practicable and in any case by December 31, 2021.”source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-warns-banks-of-libor-preparedness/articleshow/84241608.cms
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