......The Reserve Bank of India (RBI) and commercial banks have arrived at some consensus to gradually move away from 'polled' rates that may be prone to manipulation, to 'traded' rates in calculating the daily benchmarks in the currency and money markets. "At a meeting with the Reserve Bank a week ago, banks were told to give their views. The general preference was that the two most liquid benchmarks,Mibor and RBI reference rates, should be based on dealt rates," said the treasurer of a large bank. "The regulator is favourably inclined towards the change... it will happen over time.".......
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