Large banks gear up for transition from LIBOR to SOFR

MUMBAI: After the smokestack industries, it is time for India’s bulge-bracket banks to up the ‘atmanirbhar’ quotient. What would that entail? For starters, ditching a London benchmark to fix overnight rates in Mumbai.So, the Secured Overnight Funding Rate (SOFR) will likely be the new bellwether for Indian companies/banks pricing overseas money market/derivative deals or loans. That would replace the age-old London Interbank Offered Rate