Q. Consider the following statements:

1. MIBOR (Mumbai Interbank Offer Rate) was launched as the overnight money market rate by the Bombay Stock Exchange.
2. MIBOR is used as a benchmark rate for Interest Rate Swaps, Forward Rate Agreements, Floating Rate Debentures and Term Deposits.

Which of the above statements is / are correct?
Answer: Only 2
Notes: Statement 1 is incorrect as MIBOR was introduced by the National Stock Exchange (NSE), not the Bombay Stock Exchange (BSE). Statement 2 is correct because MIBOR serves as the reference rate for various financial instruments including Interest Rate Swaps, Forward Rate Agreements, Floating Rate Debentures, and Term Deposits in India.