RBI sets up Task Force on Public Credit Registry
Published: Oct 24, 2017
By TIOLCORPLAWS News Service
MUMBAI, OCT 24, 2017: THE Reserve Bank of India (RBI) has set up a High-level Task Force on a Public Credit Registry for India. It has been under active consideration of the RBI – an extensive database of credit information that is accessible to all stakeholders. It would help in enhancing efficiency of the credit market, increase financial inclusion, improve ease of doing business and help control delinquencies. The Statement on Developmental and Regulatory Policies, issued on October 04, 2017 as part of the fourth Bi-monthly Monetary Policy Statement 2017, had announced the constitution of a High-level Task Force on Public Credit Registry for India. The Task Force may invite any experts from World Bank / ECB if required, with the permission of the chairman. The terms of reference of the Task Force are: (i) To review the current availability of information on credit in India.
(ii) To assess the gaps in India that could be filled by a comprehensive PCR.
(iii) To study the best international practices on PCR.
(iv) To determine the scope / target of the comprehensive PCR: type of information to be covered along with cut-off size of credit, if any.
(v) To decide the structure of the new information system or whether the existing systems can be strengthened / integrated to get a comprehensive PCR.
(vi) To suggest a roadmap, including the priority areas, for developing a transparent, comprehensive and near-real-time PCR for India.
The Task Force would have its secretariat at Department of Statistics & Information Management and it will submit its report within six months from the date of its constitution, i.e., by April 04, 2018.
