back Back

IDBI Bank announces offering of products benchmarking to ARRs

By Leandra Monteiro

January 10, 2022

  • Alternative Reference Rates
  • ARRs
  • Digital Lending
Share

IDBI Bank, IDBI Bank announced that it has started offering products benchmarking to Alternative Reference Rates (ARRs) thus replacing London Inter-Bank Offered Rate (LIBOR) in line with regulatory guidelines. With effect from January 1, 2022, all the new transactions are being referenced to the ARRs. The Alternative Reference Rates (ARRs) include Secured Overnight Financing Rate (SOFR) for USD transactions, Sterling Overnight Interbank Average (SONIA) for GBP transactions, etc.

The transition away from the London Interbank Offered Rate (LIBOR) is a global phenomenon and is one of the important events.

IDBI Bank has already undertaken transactions benchmarking to ARRs through its IBU GIFT City Branch and India Operations. The Bank has once again exhibited its ability to adapt to the changes and continue to offer superior services to its clients across product lines.

To continue serving its clients unhindered in the transition from LIBOR to different Alternative Reference Rates (ARRs), Bank undertook extensive preparation to manage various modifications in its systems and processes. During the transition phase, Bank continuously engaged with its clients to keep them abreast of the market developments on transition away from LIBOR.

Previous Article

January 10, 2022

Technisys expands team to support online Cyberbank Marketplace for FinTech solutions

Read More
Next Article

January 10, 2022

OneConnect inks partnership with Chengfang Financial Technology

Read More









IBSi Daily News Analysis

Banks, UK banks, Britons

December 06, 2023

Alternative Reference Rates

Most Britons think big banks prioritise profits over helping savers, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

U Gro Capital & Laghu Udyog Bharati set to support India’s MSMEs

Read More

Today

Kiwibank integrates Apple Pay to facilitate customers payments

Read More

Today

6 lending platforms offering quick and easy personal loans in India  

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2023

£1,500.00 / year

Know More
Next-Gen Debt Collection Systems Growing Importance of Collections Q4 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023