SBI awarded the mandate for the first SOFR linked ECB deal by Indian Oil Corporation Limited

 Country’s largest commercial bank, State Bank of India (SBI) has been awarded the mandate for the first SOFR (Secured Overnight Financing Rate) linked ECB deal by Indian Oil Corporation Limited (IOCL).  SOFR is an identified replacement for USD LIBOR which is expected to be phased out at the end of 2021. The sunset has been triggered by the decision of Financial Conduct Authority (FCA) in UK not to compel contributing banks for LIBOR calculation after December 2021.

On this occasion, Deputy Managing Director (International Banking Group), Shri C Venkat Nageswar, said, “It is the first SOFR deal in the ECB space and the transaction demonstrates SBI’s position as a leader in aligning its systems and processes to embrace Alternate Reference Rates (ARRs). IOCL, the largest public sector Oil Marketing Company in India, by availing the first SOFR linked ECB, will set the pace for smooth transition by Indian Corporates to ARR mechanism.”

Comments

Post a Comment

Popular posts from this blog

First DPL match was won by US Consulate Staff Team

Image
  ICWO - Indian Community Welfare Organisation  organized the First DPL- Diplomat Cricket Tournament for Embassy, Consulate & High Commission Staff on 10 th   August 2024 at Soka Ikeda College of Arts and Science for Women, Sethu Bhaskara Nagar, Madhanangkuppam, Kolathur, Chennai. T he event aims to create high level Awareness to STOP Child Abuse, Child Trafficking, Child Marriage & Child Labour in Tamilnadu and mobilize funds for intervention to address the same. A.J.Hariharan, Secretary – ICWO thanked both the US Consulate and Malaysian Consulate for their support and participation in the diplomate cricket tournament as to create an awareness about the Child Marriage, Child Trafficking & Child Labour and Child Abuse in Tamilnadu. The tournament has created huge interest among the players and the consul officials. We, ICWO have plan to organize similar event on 3 rd  May 2025. This time for men and women doubles badminton tournament. We emphasis there is...
Read more

TATA AIG Strengthens Tamil Nadu Health Insurance Portfolio with New Riders amid Strong Growth

Image
Chennai, 12 November 2024: TATA AIG General Insurance, a leading general insurance provider in India, is strengthening its health insurance offerings in Tamil Nadu with five specialised riders: Mental Wellbeing, Empower Her, OPD Care, CanCare, and Flexi Shield. These riders are specifically designed to address the unique and diverse healthcare needs of the state’s residents, providing enhanced protection in areas such as mental health, women’s health, cancer treatment, and routine medical costs. TATA AIG has established a robust presence across 31 districts in Tamil Nadu, with key branches in Chennai, Coimbatore, Madurai, Tiruchirapalli, Tirunelveli, and Salem. The company’s expansive network includes over 1000 hospitals, ensuring seamless access to cashless treatment for its customers across both urban and rural regions. With a well-established network of agents and digital platforms, the company is bringing quality health insurance solutions to every corner of the state. This pe...
Read more

Apollo Cancer Centers now introduces Made in India, CAR T Cell Program

Image
First Private Hospital in India to Successfully Complete CAR T Cell Therapy.  In a ground-breaking development, Apollo Cancer Centres (ACCs) has emerged as the first private hospital group in India to have a successfully complete CAR-T cell program and to further augment it, the group will now provide access to Made in India CAR-T cell therapy, beginning with NexCAR19 (Actalycabtagene autoleucel), for the treatment of B-cell lymphomas and B-acute lymphoblastic leukaemia in patients aged 15 years and above.   Marking a historic moment in the country's medical landscape , Dr. T Raja, Director of Medical Oncology at ACC, Chennai, spearheaded the development of this revolutionary clinical program, and has successfully treated six patients till date.   CAR-T cell therapies, often known as living drugs involve the extraction of a patients T-cells (a type of white blood cells whose function is to fight cancer cells) through a process known as Apheresis. These T-cells are t...
Read more