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Public Credit Registry: Difference between revisions
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{{short description|Indian digital financial registry}} | {{short description|Indian digital financial registry}} | ||
'''Public Credit Registry''' (PCR), created by the [[Reserve Bank of India]], is a public digital registry to capture and store financial information of borrowers in [[India]], both existing and new borrowers. The credit registry will collate the borrowing history of both individuals and corporate borrowers. Borrowers will have access to their credit information and seek corrections.<ref name=":0">{{Cite news|url=https://www.thehindu.com/business/why-is-a-public-credit-registry-important/article24849543.ece|title=Why is a Public Credit Registry important?|last=Srihari|first=B. r|date=2018-09-02|work=The Hindu|access-date=2018-12-26|language=en-IN|issn=0971-751X}}</ref><ref>{{Cite web|url=https://www.indiatoday.in/business/story/rbi-s-public-credit-registry-will-give-complete-information-about-borrowers-viral-acharya-1410237-2018-12-15|title=RBI's public credit registry will give complete information about borrowers: Viral Acharya| | '''Public Credit Registry''' (PCR), created by the [[Reserve Bank of India]], is a public digital registry to capture and store financial information of borrowers in [[India]], both existing and new borrowers. The credit registry will collate the borrowing history of both individuals and corporate borrowers. Borrowers will have access to their credit information and seek corrections.<ref name=":0">{{Cite news|url=https://www.thehindu.com/business/why-is-a-public-credit-registry-important/article24849543.ece|title=Why is a Public Credit Registry important?|last=Srihari|first=B. r|date=2018-09-02|work=The Hindu|access-date=2018-12-26|language=en-IN|issn=0971-751X}}</ref><ref>{{Cite web|url=https://www.indiatoday.in/business/story/rbi-s-public-credit-registry-will-give-complete-information-about-borrowers-viral-acharya-1410237-2018-12-15|title=RBI's public credit registry will give complete information about borrowers: Viral Acharya|author=Mayuresh Ganapatye |date=December 15, 2018 |publisher=India Today|language=en|access-date=2018-12-26}}</ref> | ||
== History == | == History == | ||
The PCR is the culmination of recommendations given by the committee headed by Y.M. Deosthalee. The idea behind creating the public registry is to collate the financial information of individual and corporate borrowers under one platform, inclusive of financial delinquencies, pending legal suits, and willful defaulters. The objective was to strengthen the credit culture of the Indian economy.<ref>{{Cite news|url=https://economictimes.indiatimes.com/news/economy/policy/rbi-starts-process-to-set-up-digital-public-credit-registry-for-capturing-all-details-of-borrowers/articleshow/66496220.cms|title=RBI starts process to set up digital Public Credit Registry for capturing all details of borrowers|date=2018-11-04|work=The Economic Times|access-date=2018-12-26}}</ref><ref>{{Cite web|url=https://www.livemint.com/Companies/Vv6soSHBcY1i72vxAvPKEJ/RBI-shortlists-TCS-Wipro-IBM-3-others-for-setting-up-Publ.html|title=RBI shortlists TCS, Wipro, IBM, 3 others for setting up Public Credit Registry|last=PTI|date=2018-12-24|language=en|access-date=2018-12-26}}</ref> | The PCR is the culmination of recommendations given by the committee headed by Y.M. Deosthalee. The idea behind creating the public registry is to collate the financial information of individual and corporate borrowers under one platform, inclusive of financial delinquencies, pending legal suits, and willful defaulters. The objective was to strengthen the credit culture of the Indian economy.<ref>{{Cite news|url=https://economictimes.indiatimes.com/news/economy/policy/rbi-starts-process-to-set-up-digital-public-credit-registry-for-capturing-all-details-of-borrowers/articleshow/66496220.cms|title=RBI starts process to set up digital Public Credit Registry for capturing all details of borrowers|date=2018-11-04|work=The Economic Times|access-date=2018-12-26}}</ref><ref>{{Cite web|url=https://www.livemint.com/Companies/Vv6soSHBcY1i72vxAvPKEJ/RBI-shortlists-TCS-Wipro-IBM-3-others-for-setting-up-Publ.html|title=RBI shortlists TCS, Wipro, IBM, 3 others for setting up Public Credit Registry|last=PTI|date=2018-12-24|language=en|access-date=2018-12-26}}</ref> | ||
The move is a departure from the existing mechanism where there are multiple [[Credit bureau|credit information repositories]] with varied data objectives and coverage. The lack of credit information gap will be filled by the unified PCR. The data contained in the system will be made available to stakeholders such as banks and private financial institutions on a need-to-know basis.<ref>{{Cite | The move is a departure from the existing mechanism where there are multiple [[Credit bureau|credit information repositories]] with varied data objectives and coverage. The lack of credit information gap will be filled by the unified PCR. The data contained in the system will be made available to stakeholders such as banks and private financial institutions on a need-to-know basis.<ref>{{Cite magazine|url=https://www.indiatoday.in/business/story/rbi-s-public-credit-registry-will-give-complete-information-about-borrowers-viral-acharya-1410237-2018-12-15|title=RBI's public credit registry will give complete information about borrowers: Viral Acharya|author=Mayuresh Ganapatye |date=December 15, 2018 |magazine=India Today|language=en|access-date=2018-12-26}}</ref> | ||
It was suggested that the PCR would improve India’s ease of doing business parameters at the [[World Bank]].<ref name=":0" /> | It was suggested that the PCR would improve India’s ease of doing business parameters at the [[World Bank]].<ref name=":0" /> | ||
Latest revision as of 06:36, 20 April 2022
Public Credit Registry (PCR), created by the Reserve Bank of India, is a public digital registry to capture and store financial information of borrowers in India, both existing and new borrowers. The credit registry will collate the borrowing history of both individuals and corporate borrowers. Borrowers will have access to their credit information and seek corrections.[1][2]
History[edit]
The PCR is the culmination of recommendations given by the committee headed by Y.M. Deosthalee. The idea behind creating the public registry is to collate the financial information of individual and corporate borrowers under one platform, inclusive of financial delinquencies, pending legal suits, and willful defaulters. The objective was to strengthen the credit culture of the Indian economy.[3][4]
The move is a departure from the existing mechanism where there are multiple credit information repositories with varied data objectives and coverage. The lack of credit information gap will be filled by the unified PCR. The data contained in the system will be made available to stakeholders such as banks and private financial institutions on a need-to-know basis.[5]
It was suggested that the PCR would improve India’s ease of doing business parameters at the World Bank.[1]
References[edit]
- ↑ 1.0 1.1 Srihari, B. r (2 September 2018). "Why is a Public Credit Registry important?". The Hindu. ISSN 0971-751X. Retrieved 26 December 2018.
- ↑ Mayuresh Ganapatye (15 December 2018). "RBI's public credit registry will give complete information about borrowers: Viral Acharya". India Today. Retrieved 26 December 2018.
- ↑ "RBI starts process to set up digital Public Credit Registry for capturing all details of borrowers". The Economic Times. 4 November 2018. Retrieved 26 December 2018.
- ↑ PTI (24 December 2018). "RBI shortlists TCS, Wipro, IBM, 3 others for setting up Public Credit Registry". Retrieved 26 December 2018.
- ↑ Mayuresh Ganapatye (15 December 2018). "RBI's public credit registry will give complete information about borrowers: Viral Acharya". India Today. Retrieved 26 December 2018.
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