Reserve Bank of India (RBI) Current Affairs - 2020
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On January 01, 2020, the Reserve Bank of India launched the MANI application for visually challenged persons to identify new currency notes that were launched after demonetization. MANI is Mobile Aided Note Identifier.
MANI application scans currency notes using camera and gives audio output in Hindi and English. The Government of India launched several currency notes under “Mahatma Gandhi series”. Under the new series, denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 were released before 2 years. There were challenges faced by visually challenged in identifying these notes. Hence, the application has been launched to help visually aided in easily identifying the notes. However, the application does not detect genuine or counterfeit notes.
Mahatma Series Notes
The Mahatma Gandhi Notes were introduced in 1996. The currency was called so as the notes prominently displays portrait of Gandhiji. These notes replaced the Lion Capital Series. These notes have several security features.
They contain a security thread that can be seen as a straight line against a line source. Also, it contains the word “Bharat” written in Devanagari script. It reveals a hidden image of Mahatma when held against light source at an angle of 45 degrees. It also holds water mark and fluorescence. These notes were replaced by the Mahatma Gandhi (new) series that were launched in 2016.
The Intaglio Print
The currency notes hold intaglio print to help the visually impaired read the denominations. Intaglio is raised shape that are present in all notes other than Rs 10. Vertical rectangle is present in Rs 20, square in Rs 50, triangle in Rs 100, circle in Rs 500. Rs 2000 notes has a raised print of horizontal rectangle.
The application is a better means to identify the notes.
Tags: Currency • Currency Notes • Demonetisation • intaglio • MANI app
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-
- Facilitating development of secondary market in corporate loans, which includes loan transaction platform for stressed assets
- Creating loan contract registry and ownership structure to remove information asymmetries between buyers and sellers.
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.
- 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.
Tags: Asset Reconstruction Companies (ARC’s) • Indian Economy • Loan Contract Registry • Loan Transaction Platform for Stressed Assets • Reserve Bank of India (RBI)