what is the difference between libor and mibor 
the london intrabank offered rate libor was set by submissions from a panel of banks in the u k and was used by several countries libor was replaced by the secured overnite financing rate sofr the original mumbai intrabank overnight rate was india s version of libor and was set based on polls from 30 banks and dealers in india but it was replaced in 2015 by the fbil overnight mibor the bottom linethe mumbai intrabank offered rate was the overnight rate banks charged each other for loans in india it was used in conjunction with mibid to create a rate spread for banks rates were derived by polling specific banks and dealers who could influence rates based on the probability of profitability it was replaced in 2015 by the fbil overnight mibor which is a rate range calculated using the weighted averages of transactions occurring in the indian market 