SBI embraces new benchmarks (ARRs) in LIBOR transition
Mumbai, December 31, 2021: Country’s largest commercial bank, State Bank of India (SBI) is ready to embrace new recommended interest rate benchmarks necessitated from LIBOR cessation for its day-to-day businesses and in product pricing. All the systems and processes in SBI are aligned to support transactions linked to these Alternate Reference Rates (ARR). SBI has already started offering ARR-based products to the customers through its domestic and foreign branches. Additionally, the bank is at the forefront in spreading awareness about this transition among its customers and extensive client groups through curated Knowledge Sharing Sessions.
On the imminent transition, Shri Ashwini Kumar Tewari, Managing Director (International Banking, Technology & Subsidiaries), SBI said, “LIBOR Transition is a significant financial event for international financial markets. As the country’s largest bank, SBI has been assiduously tracking the global developments in the LIBOR space to align with the best practices and has proactively modified its systems and processes to embrace the change from LIBOR to ARR. Our readiness will assist the smooth transition in embracing ARR mechanism in the Indian banking industry at large.”