1.0Taxmann Bloghttps://www.taxmann.com/postrich600338<blockquote class="wp-embedded-content" data-secret="NmH1U2ODXv"><a href="https://www.taxmann.com/post/blog/the-inglorious-fall-of-libor/">The Inglorious Fall of LIBOR</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.taxmann.com/post/blog/the-inglorious-fall-of-libor/embed#?secret=NmH1U2ODXv" width="600" height="338" title="“The Inglorious Fall of LIBOR” — Taxmann Blog" data-secret="NmH1U2ODXv" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); </script> https://www.taxmann.com/post/wp-content/uploads/2021/10/BlogBanner_Pushpinder3.jpg768450The LIBOR stands for London Interbank Offered Rate. It is the benchmark for various major global banks to lend short-term loans to one another. It is a globally accepted and revered benchmark rate that helps to determine the borrowing cost between banks. LIBOR is also the basis for various other securities like consumer loans, hence it also affects the general public as much as banks.