MUMBAI - The Indian central bank has asked banks to ensure a complete transition away from the London Interbank Offered Rate (LIBOR), which is being phased out globally by July 1, 2023.

The Reserve Bank of India said banks should ensure no new transactions are linked to LIBOR or the local equivalent - the Mumbai Interbank Forward Outright Rate (MIFOR).

It added that the local financial benchmark authority would stop publishing MIFOR rates by the end of June.

Banks have also been asked to ensure clauses in existing contracts linked to LIBOR to allow for a transition.

(Reporting by Ira Dugal; Editing by Saumyadeb Chakrabarty)