RBI has announced Introduction of the Secured Overnight Rupee Rate (SORR) ' a benchmark based on the secured money markets. The Reserve Bank had set up the Committee on the MIBOR Benchmark to review the Rupee interest rate benchmarks in the country, especially the usage of Mumbai Interbank Outright Rate (MIBOR), and to examine the need for transition to new benchmarks. The Committee recommended several important measures to further develop the interest rate derivative market and improve the credibility of interest rate benchmarks. The Reserve Bank has examined the recommendations of the Committee as well as the feedback received. In line with the recommendations and reflective of the current market dynamics, it is proposed to develop a benchmark based on the secured money markets (both basket repo and TREP) ' the Secured Overnight Rupee Rate (SORR). Financial Benchmarks India Limited (FBIL) is being requested to take the proposal forward. The other recommendations of the Committee are under consideration.

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