Reserve Bank of India (RBI) has initiated steps to set up wide-based digital Public Credit Registry (PCR) to capture loan information of individuals and corporate borrowers. In this regard, RBI has invited expression of interest (EOI) for developing PSC from companies with a turnover of over Rs 100 crore in the last three years. Setting up of PCR assumes significance amidst rising bad loans in the financial system. The non-performing assets (NPAs) in the Indian banking system is about Rs 10 lakh crore.
PCR is a digital registry of authenticated granular credit information. It will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem. It seeks to serve as a single point of mandatory reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower.
PCR will capture all details of borrowers, including wilful defaulters and also pending legal suits in order to check financial delinquencies. It will also include data from entities like market regulator SEBI, Corporate Affairs Ministry, Goods and Service Tax Network (GSTN) and Insolvency and Bankruptcy Board of India (IBBI) to enable banks and financial institutions to get 360-degree profile of existing and prospective borrowers on a real-time basis.