what was the mumbai interbank offer rate mibor 
the mumbai interbank offer rate mibor was the rate at which banks in india wanted to charge other banks to lend them money it was used in conjunction with the mumbai interbank bid mibid rate which was the rate banks wanted to pay to borrow money the mibor was the indian version of the london intrabank offer rate and was fixed for funds that ranged from overnight to three months understanding the mumbai interbank offer rate mibor banks borrow and lend money to one another on the interbank market to maintain appropriate legal liquidity levels and to meet reserve requirements placed on them by regulators interbank lending rates are made available only to the largest and most creditworthy financial institutions mibor was the asking rate for overnight to three month loans calculated every day by the national stock exchange of india nse as a weighted average of proposed lending rates data was gathered by polling 30 major banks throughout india on the rates they intended to use to lend funds to their most trusted borrowers history of the miborthe mibor was launched on june 15 1998 by the indian national stock exchange nse committee for the development of the debt market as a benchmark for the call money market the nse launched the 14 day mibor on november 10 1998 and the one month and three month mibors on december 1 1998 between 1998 and 2015 mibor rates were used as benchmark rates for the majority of money market deals made in india in 2015 it was decided that polled respondents could too easily manipulate mibor by exaggerating their rate estimates for profitability purposes the latest version of mibor is the financial benchmarks india pvt ltd fbil overnight mumbai interbank outright rate fbil overnight mibor which is based on actual transaction rates and includes a maximum and minimum rate 1mibor vs mibidoriginally mibor was the rate that banks wanted to be paid for overnight loans in 2015 it was replaced by the fbil overnight mibor due to concerns that the banks polled could easily falsify the rates they claimed they were going to charge the new mibor is based on observable rates so there is no question of whether the rate estimations are accurate or honest the mumbai interbank bid rate mibid was the companion rate to the original mibor in that it was the rate at which banks wanted to pay for a loan it was lower than the mibor rate which created a bid ask spread between the two rates mibid was also discontinued in 2015 instead of using two rates created by polling banks the fbil overnight mibor is a range of rates calculated by observing transactions between banks rather than asking them what rates they would charge and ask 