Updated By: LatestGKGS Desk
RBI to set up digital Public Credit Registry 'PCR' to track details of all borrower
RBI to set up digital Public Credit Registry 'PCR' for tracking details of borrowers: Details, Aim, Significance, Highlights
Reserve Bank of India (RBI) has proposed steps to set up wide-based digital Public Credit Registry (PCR) for tracking loan information of all individuals and corporate borrowers.
For this, RBI has invited expression of interest (EOI) for developing PSC from companies with a turnover of over Rs 100 crore in the last three years.
Setting up of PCR believed significance amidst rising bad loans in the financial system. The non-performing assets (NPAs) in the Indian banking system is about Rs 10 lakh crore.
About Public Credit Registry (PCR)
Public Credit Registry (PCR) is a digital registry of authenticated granular credit information. It will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem.
PCR aims to serve as single point of mandatory reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower.
PCR will capture all details of borrowers, including wilful defaulters and also pending legal suits in order to check financial delinquencies. It will also include data from entities like market regulator SEBI, Corporate Affairs Ministry, Goods and Service Tax Network (GSTN) and Insolvency and Bankruptcy Board of India (IBBI) to enable banks and financial institutions to get a 360-degree profile of existing and prospective borrowers on a real-time basis.
