RBI sets up task force on ‘Public Credit Registry’

The Reserve Bank of India has constituted a 10-member ‘High Level Task Force on Public Credit Registry (PCR) for India’, which will, among other things, suggest a road map for developing a transparent, comprehensive and near-real-time PCR for India.

Headed by YM Deosthalee, ex-CMD, L&T Finance Holdings, the task force includes Sekar Karnam, DMD & Chief Credit Officer, SBI; Vishaka Mulye, ED, ICICI Bank; Rashesh Shah, Chairman and CEO, Edelweiss Group; and Sriram Kalyanaraman, MD and CEO, National Housing Bank.

The terms of reference of the task force include reviewing the current availability of information on credit in India, assessing the gaps in India that could be filled by a comprehensive PCR, and study the best international practices on PCR.

Envisaged as an extensive database of credit information for India that is accessible to all stakeholders, PCR is expected to enhance efficiency of the credit market, increase financial inclusion, improve ease of doing business and help control delinquencies.

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