- The Mumbai Interbank Offered Rate (MIBOR) is calculated everyday by the National Stock Exchange of India (NSEIL) as a weighted average of lending rates of a group of banks, on funds lent to first-class borrowers.
- It is the interest rate at which banks can borrow funds, in marketable size, from other banks in the Indian interbank market.
- The MIBOR was launched on June 15, 1998 by the Committee for the Development of the Debt Market, as an overnight rate.
- The NSEIL launched the 14-day MIBOR on November 10, 1998, and the one month and three month MIBORs on December 1, 1998.
- Since the launch, MIBOR rates have been used as benchmark rates for the majority of money market deals made in India.
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