NEW DELHI: The Reserve Bank has initiated steps to set up a wide-based virtual Public Credit Registry (PCR) to seize details of all borrowers, including wilful defaulters and also the pending criminal fits with the intention to take a look at financial delinquencies.
The PCR will even include knowledge from entities like marketplace regulator Sebi, the company affairs ministry, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) to enable the banks and monetary institutions to get 360 level profile of present and prospective borrowers on a real-time basis.
The Reserve Bank has invited expression of hobby (EOI) for creating the registry from corporations with a turnover of over Rs 100 crore within the last three years.
In June this year, the RBI had announced to set up a PCR for India with a view to cope with knowledge asymmetry, foster get entry to to credit score and improve the credit score culture within the economic system.
Earlier, a high-level job force (HTF) used to be constituted via the RBI to study the current availability of knowledge on credit score, the adequacy of the present knowledge utilities, and establish gaps which may be crammed via a PCR.
"In essence, PCR will be a digital registry of authenticated granular credit information and will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem," the EOI file mentioned.
The PCR would be the single point of mandatory reporting for all material events for every mortgage, notwithstanding any threshold within the mortgage quantity or form of borrower.
Currently, there are a couple of granular credit score knowledge repositories in India, with every having quite distinct objectives and coverage.
Within the RBI, CRILC is a borrower point supervisory dataset with a threshold in mixture exposure of Rs five crore.
Also there are 4 privately owned credit score knowledge corporations (CICs) running in India. The RBI has mandated all its regulated entities to post credit score knowledge personally to all 4 CICs.
As per the EOI, the proposed resolution will have to permit simple integration with ancillory knowledge sources, just like the Ministry of Corporate Affairs, Sebi, GSTN, CERSAI, software billers, Central Fraud Registry and Wilful Defaulter/Caution/Suit Filed Lists.
Besides, borrowers would also be capable of get entry to their very own credit score knowledge and seek corrections to the credit score knowledge reported on them.
Setting up of the PCR assumes significance amidst rising bad loans within the financial device. The non-performing property within the banking device is set Rs 10 lakh crore.
The PCR will even include knowledge from entities like marketplace regulator Sebi, the company affairs ministry, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) to enable the banks and monetary institutions to get 360 level profile of present and prospective borrowers on a real-time basis.
The Reserve Bank has invited expression of hobby (EOI) for creating the registry from corporations with a turnover of over Rs 100 crore within the last three years.
In June this year, the RBI had announced to set up a PCR for India with a view to cope with knowledge asymmetry, foster get entry to to credit score and improve the credit score culture within the economic system.
Earlier, a high-level job force (HTF) used to be constituted via the RBI to study the current availability of knowledge on credit score, the adequacy of the present knowledge utilities, and establish gaps which may be crammed via a PCR.
"In essence, PCR will be a digital registry of authenticated granular credit information and will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem," the EOI file mentioned.
The PCR would be the single point of mandatory reporting for all material events for every mortgage, notwithstanding any threshold within the mortgage quantity or form of borrower.
Currently, there are a couple of granular credit score knowledge repositories in India, with every having quite distinct objectives and coverage.
Within the RBI, CRILC is a borrower point supervisory dataset with a threshold in mixture exposure of Rs five crore.
Also there are 4 privately owned credit score knowledge corporations (CICs) running in India. The RBI has mandated all its regulated entities to post credit score knowledge personally to all 4 CICs.
As per the EOI, the proposed resolution will have to permit simple integration with ancillory knowledge sources, just like the Ministry of Corporate Affairs, Sebi, GSTN, CERSAI, software billers, Central Fraud Registry and Wilful Defaulter/Caution/Suit Filed Lists.
Besides, borrowers would also be capable of get entry to their very own credit score knowledge and seek corrections to the credit score knowledge reported on them.
Setting up of the PCR assumes significance amidst rising bad loans within the financial device. The non-performing property within the banking device is set Rs 10 lakh crore.
RBI kick-starts process to set up PCR for capturing details of borrowers
![RBI kick-starts process to set up PCR for capturing details of borrowers]()
Reviewed by Kailash
on
November 04, 2018
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