In the aftermath of the international scam linked to fixing of the London Interbank Offered Rate (Libor), the Reserve Bank of India has formed a committee to relook at equivalent financial benchmarks in the domestic market.

The committee will study the relevance and the use of existing benchmarks and suggest improvements or inclusion of new benchmarks, RBI said in a release on Friday. It will submit a report by 2013 end.

There is a need to review the process of computation and dissemination of major financial benchmarks in India, the governance mechanisms in the institutions involved in computing the benchmarks and other related issues, the central bank said.

In 2012, various European Banks were alleged to have rigged Libor rate.

The committee will look into the governance mechanisms within the organisations computing the benchmarks and will propose a supervisory oversight on these institutions.

It will be chaired by executive director Vijay Bhaskar and will have representatives from CCIL, academicians and senior officials from RBI.