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Business News

Sep 04, 2019
8:18AM

RBI task force calls for central corporate loan contract registry

@RBI
Reserve Bank-constituted task-force on developing a vibrant secondary market for corporate loans has called for setting up a central loan contract registry to remove information asymmetries between buyers and sellers. The six-member task force, headed by Canara Bank chairman TN Manoharan, was formed to examine the scope for developing a secondary market for corporate loans and make recommendations to facilitate rapid development of such a vibrant market. 

The task force submitted the report to Governor Shaktikanta Das yesterday. It has called for creating a loan contract registry to remove information asymmetries between buyers and sellers, its ownership structure and related protocols such as standardization of loan information, independent validation and data access. It also suggests creation of a self-regulatory body of the participants that can finalise detailed operational modalities of such a secondary market, including standardization of the documentation process.

The report also recommends setting up of an online loan sales platform to conduct auctions/sale process of secondary market loans.

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