YOU may have heard of LIBOR – if you replace London by Mumbai, you will know what is MIBOR. A committee was set up for the development of debt market. According to their suggestion, NSE had developed MIBID (Mumbai Interbank Bid Rate) AND MIBOR (Mumbai Interbank Offer Rate) for the overnight market. This was launched sometime in 1998. They are reference rates. Then NSE launched the 14-day MIBID/MIBOR and then the one month and the 3 month MIBOR AND MIBID. Thus all the 4 categories of MIBOR AND MIBID are now available.
It is the simple average of the quotes by the various participants in the market – banks, PDs, institutions polled on a daily basis.
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