Bill on NFIR to be finalised after discussions with stakeholders: Par Panel

A parliamentary panel on Thursday suggested that Bill on National Financial Information Registry (NFIR) should be finalised after discussions with all stakeholders and introduced in Parliament at the earliest.

The passage of the Bill will enable in setting up of a registry and thus help in consolidating all financial information and facilitate financial inclusion, and take the Indian economy onto a faster growth trajectory, the panel headed by BJP leader Jayant Sinha said.

The Budget 2023-24 proposed setting up of NFIR as a central repository of financial information to facilitate the efficient flow of credit, promote financial inclusion and foster financial stability in the country.

The committee also took note of the steps being undertaken as part of the global outreach to showcase the opportunities extended by GIFT IFSC and the continuous deliberations with globally prominent financial authorities and standard-setting bodies to aid the mutual exchange of information for the development of financial products and services.

It further said that the opportunities offered to Gift City are tapped, and a much more supportive ecosystem is fostered to support the growth of GIFT City to become a vibrant global hub for domestic and international entities alike.

The panel said various measures as advised to banks to minimise regional imbalances in credit deployment should be strictly adhered to and continuous efforts should be in place to develop strategies and policies for the banking sector to even out credit disbursal across the country.