News > SBI adopts new benchmark rate, drops decades-old Libor

SBI adopts new benchmark rate, drops decades-old Libor

State Bank of India ( SBI ) has adopted a new benchmark in place of the London Inter-Bank Offered Rate (Libor), which has been used to price foreign currency loans for decades.

SBI said that it has already started offering ARR (alternate reference rates) -based products to customers. The country's largest bank has also started knowledge-sharing sessions to increase awareness of the new product among corporate customers.