RBI sets up a panel for PCR

Mumbai Aug 3: A committee was formed yesterday.
The Reserve Bank of India yesterday has said it will soon set up a task force to provide a roadmap for the development of a public credit registry which is a database of credit information for India.

RBI Deputy Governor Viral Acharya has said: "that we have decided to set up a task force to improve transparency in credit markets and to facilitate better early intervention as well as risk-based counter cyclical provisioning".

The task force formed would comprise experts and relevant stakeholders. Central bank the main function of the new panel is it will evaluate the existing public and private infrastructure for credit information, assess any data gaps, study the best international practices and provide any roadmap for the development of near real-time public credit registry for India.

Sources say that Public credit registry (PCR) is a database of credit information that is accessible to all stakeholders and is managed by a public authority and reporting of loan details to the PCR by lenders is mandated by law.

Central Bank believes that the new registry formed would not just improve credit assessment by financial lenders but also of financial lenders themselves.