Financial benchmarks are standard rates primarily used for pricing, valuation and settlement purposes in financial markets and contracts. These rates like interest rate or foreign exchange rate are followed by several institutions and countries in financial transactions.
MIBOR is the interest rate that a bank is willing to charge from a borrower in the Mumbai Interbank money market (which is spread all across India).Effectively MIBOR is the average interest rate charged by banks from other banks (usually for loans on very short term like one or one month etc.).
MIBID is the rate at which banks would like to borrow/take loans from other banks. Hence, MIBID is quoted by borrower banks to obtain funds. In this context, MIBID rate would be lower than the MIBOR rate (as there is difference between lending rate and deposit rate).