State Bank Of India

State Bank of India (SBI) has executed two inter-bank short term money market transactions with pricing linked to secured overnight financing rate (SOFR). SOFR is an identified replacement for USD LIBOR (London Inter-Bank Offered Rate) which is expected to be phased out at the end of 2021. The transactions were executed by the bank through its Hong Kong branch. The transaction demonstrates SBI's progress in aligning its systems and processes to embrace Alternate Reference Rates (ARRs).

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.