RBI MPC Meeting: With the aim to improve the integrity of financial benchmarks, the Reserve Bank on Thursday announced a review of the regulatory framework for financial benchmark administrators. Governor Shaktikanta Das said the RBI will put in place a comprehensive, risk-based framework for administration of financial benchmarks as part of the review.

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The regulations on this regard were issued in June 2019.

Financial benchmark administrators are entities which control creation, operation and administration of benchmarks on prices, rates, indices or values.

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"This will cover all benchmarks related to foreign exchange, interest rates, money markets and government securities. The revised directions will provide greater assurance about the accuracy and integrity of financial benchmarks," he said.

Das also announced a consolidation and harmonisation of instructions for supervisory data submission into a single master direction to reduce compliance burden and to promote greater ease of doing business for supervised entities.

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