RBI Deputy Governor bats for umbrella law for public credit registry

This law can go a long way in resolving the deep data asymmetry in the financial system that in turn can help prevent bad loan pile-up

Reserve Bank of India (RBI) Deputy Governor Viral V Acharya on Monday called for enacting a special law to enable the proposed public credit registry (PCR) to come into being, and said this can go a long way in resolving the deep data asymmetry in the financial system that in turn can help prevent bad loan pile-up. 
 

With a low credit-to-GDP ratio of a modest 55.7 per cent, the country is still under-penetrated financially and the proposed PCR can help the system move towards more equitable and timely access to credit, especially to the underserved segments, and thus democratise and