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RBI Ponders Over Credit Registry for a Strong Credit Culture
July 12, 2017
In light of the increasing non-performing assets and loan defaulting instances, which were especially highlighted through RBI’s disclosure of 12 mega defaulters that had overdue above Rs. 5,000 crores each, the central bank is mulling over setting a special task force. This task force will create a roadmap for public credit registry (PCR) which will help tackle the problem of loan defaults and establish a stronger credit culture with minimal liability.
RBI Deputy Governor Viral Acharya said that the lack of a central database of credit information creates restrictions for the lenders. With PCR, however, transparency will increase and delinquencies will decrease.
