US raises concerns over RBI’s move to create credit registry
US has complained that PCR will limit PCBs’ access to data, hinder their ability to operate optimally
Instead, it wants India to create a PCR to provide regulators with data to perform supervisory duties
The US administration has objected to the Reserve Bank of India’s (RBI) move to create a new public credit registry (PCR), on the grounds that the non-profit credit information company will be anti-competitive for private credit bureaus (PCBs). The PCR is planned as a repository of loan information of individuals and corporate borrowers to curb bad loans.