Reserve Bank sets up task force on public credit registry

The Reserve Bank Monday said it has set up a high-level task force on a Public Credit Registry for India with an aim to improve ease of doing business and control delinquencies.

The 10-member panel headed by Y M Deosthalee, former CMD of L&T Finance Holdings, will review the current availability of information on credit in India.

In a statement, the RBI said it has been under its active consideration to set up a transparent and comprehensive public credit registry (PCR), an extensive database of credit information that is accessible to all stakeholders.

The PCR would "help in enhancing efficiency of the credit market, increase financial inclusion, improve ease of doing business and help control delinquencies," the release said.

The panel has been also asked to assess gaps in availability of information, determine the scope of the PCR, decide the structure of the new information system and suggest road map for developing a "transparent, comprehensive and near near real time PCR for India".

The panel has been asked to submit its report by April next year.

The members of the task force, include Rashesh Shah (Chairman and CEO of Edelweiss Group), Sriram Kalyanaraman (MD and CEO of NHB), Vishaka Mulye (ED, ICICI Bank) and Sekar Karnam (DMD and Chief Credit Officer, SBI).