The Reserve Bank of India (RBI) has directed banks to transition from the London Interbank Offered Rate (LIBOR). The regulator has encouraged banks and financial institutions to cease entering into new financial contracts that reference LIBOR as a benchmark as soon as practicable and at the latest by December 31, 2021. It has also asked banks to encourage their customers to cease entering into new LIBOR referenced contracts. The RBI has asked banks to replace the LIBOR system with alternative reference rates (ARR). Banks and financial institutes have also been asked to undertake a comprehensive review of all direct and indirect LIBOR exposures and put in place a framework to mitigate risks arising from such exposures during the transition. Banks have also been encourage to stop using the Mumbai Interbank Forward Outright Rate (MIFOR) which references the LIBOR. FBIL began publishing daily adjusted MIFOR rates from June 15, 2021 and modified MIFOR rates from June 30, 2021 which can be used for legacy contracts and fresh contracts respectively. Banks may trade in MIFOR after December 31, 2021 only for certain specific purposes such as transactions executed to support risk management activities such as hedging, required participation in central counterparty procedures, market-making in support of client activities or novation of MIFOR transactions in respect of transactions executed on or before December 31, 2021.