♦ Reserve Bank of India (RBI) has announced Introduction of the Secured Overnight Rupee Rate (SORR) a benchmark based on the secured money markets.

♦ The RBI had set up the Committee on the MIBOR Benchmark to review the Rupee interest rate benchmarks in the country, especially the usage of Mumbai Interbank Outright Rate (MIBOR), and to examine the need for transition to new benchmarks.

♦ The Committee recommended several important measures to further develop the interest rate derivative market and improve the credibility of interest rate benchmarks.