CURRENT AFFAIRS

Detailed explanation-1: -The six-member taskforce, headed by Canara Bank Chairman TN Manoharan, also recommended amending the provisions for securitisation and assignment of loans, asset reconstruction, foreign portfolio investment, and external commercial borrowings. The RBI has sought public comments on the report by September 30.

Detailed explanation-2: -A secondary market for corporate loans allows smaller banks and non-banking finance companies, besides asset managers who take on long-term liabilities such as insurance and pension, to take part in a juicy credit opportunity. The original lenders get a chance to dilute their exposure and credit risk.

Detailed explanation-3: -RBI had set a WG on Digital Lending including Lending through Online Platforms and Mobile Apps, with Jayant Kumar Dash, Executive Director, RBI, as the Chairman to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players.

Detailed explanation-4: -The Reserve Bank of India had constituted a Working Group (WG) on digital lending including lending through online platforms and mobile apps on January 13, 2021, with Shri Jayant Kumar Dash, Executive Director, RBI as the Chairman.

Detailed explanation-5: -A group of 10 banks including State Bank of India, Bank of Baroda, Axis Bank and ICICI Bank formed the association. To begin with, Axis Bank has executed three project-financing deals of nearly ₹1,000 crore using SLMA-compliant standardised documentation that makes them qualify for listing and trading on the platform.