RBI to set up task force for development of public credit registry
DSIJ Intelligence / 03 Aug 2017
On Wednesday, the Reserve Bank of India (RBI) said that it will set up a task force aimed at providing a roadmap for development of a public credit registry.
On Wednesday, the Reserve Bank of India (RBI) said that it will set up a task force aimed at providing a roadmap for development of a public credit registry.
Public credit registry (PCR) is accessible to all stakeholders and a database of credit information. Generally, a PCR is managed by a public authority and reporting of loan details to the PCR by lenders is mandated by law.
RBI Deputy Governor Viral Acharya said, "To improve transparency in credit markets and to facilitate better early intervention as well as risk-based counter cyclical provisioning, the Reserve Bank has decided to set up a high-level task force comprising experts and relevant stakeholders."
The existing public and private infrastructure for credit information will be evaluated by the task force along with assessing data gaps.
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