The Reserve Bank of India (RBI) has shortlisted six major IT companies, including Tata Consultancy Services Ltd (TCS), Wipro Ltd and IBM India, to set up a wide-based digital Public Credit Registry for capturing details of all borrowers and wilful defaulters.
Context
The Reserve Bank of India (RBI) has shortlisted six major IT companies, including Tata Consultancy Services Ltd (TCS), Wipro Ltd and IBM India, to set up a wide-based digital Public Credit Registry for capturing details of all borrowers and wilful defaulters.
About
What is PCR?
Panel’s proposals
Why PCR is necessary?
PCR in other countries
Innovation in lending
Access to credit information, including debt details and repayment history would drive innovation in lending. For example, currently most banks focus on large companies for loans and consequently the micro, small and medium enterprises are left with limited options for borrowing. With satisfactory payment history and validated debt details made available, it will increase the credit availability to micro, small and medium enterprises along with deepening of the financial markets. This will support the policy of financial inclusion.
Verifying, please be patient.