P.S :- i am looking fr explaination...not full form.

The London Interbank Offered Rate (LIBOR) is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London wholesale money market (or interbank lending market). Alternatively, this can be seen from the point of view of the banks making the 'offers', as the interest rate the banks will lend to each other: that is 'offer' money in the form of a loan for various time periods (maturities) and in different currencies.

London Interbank Offered Rate - LIBOR

Mumbai Interbank Offered Rate - MIBOR

MIBOR

The interest rate at which banks can borrow funds, in marketable size, from other banks in the Indian interbank market. The Mumbai Interbank Offered Rate (MIBOR) is calculated everyday by the National Stock Exchange of India (NSEIL) as a weighted average of lending rates of a group of banks, on funds lent to first-class borrowers.

The MIBOR was launched on June 15, 1998 by the Committee for the Development of the Debt Market, as an overnight rate. The NSEIL launched the 14-day MIBOR on November 10, 1998, and the one month and three month MIBORs on December 1, 1998. Since the launch, MIBOR rates have been used as benchmark rates for the majority of money market deals made in India.

LIBOR

An interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers' Association. The LIBOR is derived from a filtered average of the world's most creditworthy banks' interbank deposit rates for larger loans with maturities between overnight and one full year

The LIBOR is the world's most widely used benchmark for short-term interest rates. It's important because it is the rate at which the world's most preferred borrowers are able to borrow money. It is also the rate upon which rates for less preferred borrowers are based. For example, a multinational corporation with a very good credit rating may be able to borrow money for one year at LIBOR plus four or five points. 

Countries that rely on the LIBOR for a reference rate includes the United States, Canada, Switzerland and the U.K.

LIBOR Can be defined in 2 ways

1) The rate at which funds are offered to a first class Bank in London for a Specific Maturity  Period

2)The rate at which a first class bank in London Offers funds to another first class bank in London

LIBOR rate attempts to measure the cost to a bank of raising new funds From the market in order to re-lend.