Mumbai: The Reserve Bank of India (RBI) on Monday announced the composition and terms of reference of a 10-member task force on public credit registry (PCR), an extensive database to enhance the efficiency of credit market in India and help control delinquencies.
Chaired by Y.M. Deosthalee, former chairman and managing director of L&T Finance Holdings, the panel will be responsible for reviewing the current availability of credit information in India, assess gaps that could be filled by PCR, study international practices, decide a structure and suggest a roadmap a transparent and near real-time PCR for India.
The panel has representation from various stakeholders including the RBI, banks, non-banking financial companies, industry bodies and experts in information technology.
The task force will submit its report by 4 April 2018, the RBI said.
Viral Acharya, RBI deputy governor, had said on 6 July that the central bank is considering setting up a central database of bank loans to instil a better credit culture.
He had also said that to start with, the central bank may look at converting its existing Central Repository of Information on Large Credits (CRILC) into a PCR covering banks’ customers, which can then be expanded to cover other financial institutions. CRILC hosts credit information of those with loans above Rs5 crore as reported by lenders.