Current Affairs - May, 2019

Latest Current Affairs May, 2019 with Current Affairs, news summary on current events of National and International importance of May, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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RBI set up Task Force on Secondary Market for Corporate Loans

The Reserve Bank of India (RBI) constituted a task force on secondary market development in corporate loans.

About Task Force on Development of Secondary Market for Corporate Loans

  • Composition: It is a six-member body and is headed by Canara Bank chairman T. N. Manoharan.
  • The task force shall submit its report to RBI by end of August 2019.
  • Objective: To make recommendations to RBI on required policy and regulatory interventions for-
    1. Facilitating development of secondary market in corporate loans, which includes loan transaction platform for stressed assets
    2. Creating loan contract registry and ownership structure to remove information asymmetries between buyers and sellers.

Need:

Globally, there is a healthy corporate loan market where banks can sell their stressed assets and those assets get traded. But in India banks sell their stressed loans to Asset Reconstruction Companies (ARC’s) and sometimes ad hoc sale to other lenders (banks) but practically there is no other alternative to this and no formalised mechanism. Therefore-

  • a vibrant, deep and liquid secondary market for debt would increase efficiencies of debt market in general and would aid in resolution of stressed assets..
  • a well-developed secondary market for debt will aid in transparent price discovery of inherent riskiness of debt being traded.

Function:

  • The task force would design market structure for loan sales and auctions which will also include online platforms and other related trading and transaction reporting infrastructures.
  • It will suggest how participation can be enhanced in market and will also give suggestions on need for, and role of, third party intermediaries, like market makers, servicers, arrangers, etc.

Month:  Categories: Business, Economy & Banking

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New Wasp species identified in Goa

Scientists have recently identified a new species of wasp from the genus Kudakrumia in Goa. The wasp species was collected from Western Ghats forest.

Key Highlights

  • Nomenclature: The wasp is dubbed as Kudakrumia rangnekari. It has been named after Parag Rangnekar, a Goa-based researcher.
  • Genus: It belongs to genus Kudakrumia. The Kudakrumia is a genus of primitive wasps that is described and previously known only from Sri Lanka.
  • Found: The new Wasp species was collected in the Western Ghats forests from Cotigao Wildlife sanctuary (located in South Goa district).
  • About Wasp: It is any insect of order Hymenoptera and suborder Apocrita which means neither a bee nor an ant. Wasps are proficient at controlling pest populations and thus are deployed to protect crops. For instance in Brazil, farmers control sugarcane crop borers with a kind of parasitic wasp.

About Parag Rangnekar

  • He is founder-president of the Goa Bird Conservation Network (GBCN). He has now undertaken documentation of dragonflies in State.
  • His quest to document butterflies in the Western Ghats region has resulted in a record of 220 species, of which 13 species had not been spotted earlier.

Month:  Categories: Environment & Biodiversity

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