Current · Source: Reserve Bank of India · RBI/2022-23/142 · issued 01 Dec 2022 · ~1 min read
Quick answerRBI has added Modified Mumbai Interbank Forward Outright Rate (MMIFOR) to the list of significant benchmarks. FBIL must apply for authorization within three months. This tightens regulatory oversight on a key forex benchmark.
The rule, in the simplest words
RBI has added MMIFOR to the list of significant benchmarks.
FBIL must apply for authorization to continue administering MMIFOR within three months.
Banks and lenders using MMIFOR for forex forward pricing must follow stricter governance and reporting standards.
How it plays out — a real example
Ava, a forex & trade-finance officer in Indore, needs to price a foreign exchange forward contract using MMIFOR. She ensures that her bank follows RBI's benchmark governance requirements and updates their internal policies to reflect MMIFOR's new status as a significant benchmark. Ava also coordinates with FBIL to understand any changes in benchmark submission or calculation processes.
What changed
RBI has notified MMIFOR, administered by FBIL, as a significant benchmark under the 2019 Directions. The updated list now includes seven benchmarks, with MMIFOR joining MIBOR, MIFOR, USD/INR Reference Rate, T-Bill Rates, G-Sec Valuation, and SDL Valuation. FBIL must apply for authorization to continue administering MMIFOR within three months from the date of this notification (December 01, 2022).
What it means for you
Banks and lenders using MMIFOR for forex forward pricing now face stricter governance and reporting standards under the significant benchmark framework. This enhances transparency and reduces manipulation risk, aligning with global benchmark reforms. FBIL's compliance burden increases, but market confidence in MMIFOR reliability should improve.
What you must do
Review your exposure to MMIFOR-linked contracts and ensure compliance with RBI's benchmark governance requirements.
Update internal policies to reflect MMIFOR's new status as a significant benchmark.
Coordinate with FBIL to understand any changes in benchmark submission or calculation processes.
Monitor RBI's authorization timeline for FBIL to avoid disruptions in MMIFOR usage.
Who it affects
Financial Benchmarks India Pvt. Ltd. (FBIL), Banks using MMIFOR for forex forward pricing, Treasury and risk management teams, Regulatory compliance departments
❓ Common questions
What is MMIFOR and why is it now significant?
MMIFOR is the Modified Mumbai Interbank Forward Outright Rate, a benchmark for forex forward contracts. RBI designated it as significant to ensure robust governance and reduce manipulation risk, following global standards.
What must FBIL do within three months?
FBIL must apply to RBI for authorization to continue administering MMIFOR as a significant benchmark, as per paragraph 3(ii) of the 2019 Directions.
Does this affect existing MIFOR status?
No, MIFOR remains a significant benchmark till further notice, as clarified in the notification.
📜 Read the original circular — full text as issued by RBI
RBI/2022-23/142
FMRD.FMSD.06/03.07.25/2022-23
December 01, 2022
To
All the Financial Benchmark Administrators
Madam/Sir
Notification of Significant Benchmark
Please refer to the Financial Benchmark Administrators (Reserve Bank) Directions, 2019 (hereinafter referred to as ‘the Directions’), dated June 26, 2019 and RBI circular dated January 01, 2020 , notifying six financial benchmarks administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as ‘significant benchmark’.
2. In terms of paragraph 3(i) of the Directions, the Reserve Bank hereby notifies Modified Mumbai Interbank Forward Outright Rate (MMIFOR) administered by Financial Benchmarks India Pvt. Ltd. (FBIL) as a ‘significant benchmark’.
3. The updated list of ‘significant benchmarks’ administered by FBIL is given below:
(i) Overnight Mumbai Interbank Outright Rate (MIBOR)
(ii) Mumbai Interbank Forward Outright Rate (MIFOR)
(iii) USD/INR Reference Rate
(iv) Treasury Bill Rates
(v) Valuation of Government Securities
(vi) Valuation of State Development Loans (SDL)
(vii) Modified Mumbai Interbank Forward Outright Rate (MMIFOR)
4. Further, in terms of paragraph 3(ii) of the Directions, the person administering the ‘significant benchmark’, shall make an application to the Reserve Bank within a period of three months from the date of this notification for authorization to continue administering MMIFOR.
5. The MIFOR, administered by FBIL, shall continue to remain a ‘significant benchmark’ till further notice.
6. This notification has been issued by the Reserve Bank as required under the Financial Benchmark Administrators (Reserve Bank) Directions, 2019, dated June 26, 2019 .
Yours faithfully,
(Dimple Bhandia)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2022-23/142 · issued 01 Dec 2022. The plain-English explanation above is BankPulse’s own independent summary.
Example: if you are a Compliance officer at a bank this circular applies to (Financial Benchmarks India Pvt. Ltd. (FBIL), Banks using MMIFOR for forex forward pricing, Treasury and risk management teams, Regulatory compliance departments), your first concrete step on “RBI Notifies MMIFOR as Significant Benchmark” is: “Review your exposure to MMIFOR-linked contracts and ensure compliance with RBI's benchmark governance requirements.” (RBI issued this 01 Dec 2022).
Circular: RBI/2022-23/142 -- RBI Notifies MMIFOR as Significant Benchmark
Issued: 01 Dec 2022
Action required: Review your exposure to MMIFOR-linked contracts and ensure compliance with RBI's benchmark governance requirements.
Action required: Update internal policies to reflect MMIFOR's new status as a significant benchmark.
Action required: Coordinate with FBIL to understand any changes in benchmark submission or calculation processes.
Action required: Monitor RBI's authorization timeline for FBIL to avoid disruptions in MMIFOR usage.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12414&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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