The Reserve Bank of India's (RBI) committee has recommended significant changes to the computation methodology of the Mumbai Interbank Outright Rate (MIBOR). The committee suggests that the MIBOR fixing rate should now include transactions from the first three hours of trading, instead of the current one hour. Additionally, the committee proposes that the Financial Benchmarks India Limited (FBIL) develop and publish a new benchmark based on the secured money market, referred to as the Secured Overnight Rupee Rate. These recommendations aim to enhance the accuracy and reliability of the interbank fixing rate. Following a recent board meet, the India market regulator issued a statement aligning with these proposed changes.