In July 2021, the RBI issued an advisory to banks and financial institutions to cease entering into new financial contracts that reference Libor as a benchmark and instead use any widely accepted alternative reference rate (ARR) by December 2021. The issue figured in a meeting between RBI and senior executives of all top banks in December.source https://economictimes.indiatimes.com/industry/banking/finance/banking/some-lenders-still-continuing-with-libor-contracts-says-rbi/articleshow/96864316.cms
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