Lack of clarity haunts RBI's credit database that eyes a transformation

It remains unclear how exactly will the PCR function, who will get access to the data, and where will credit bureaus go if their monopoly over individuals' credit data is diluted?

The country’s credit information industry will be transformed when the Reserve Bank of India’s Public Credit Registry (PCR) becomes operational. But the lack of clarity around the soon-to-be-launched credit database has left credit bureaus worried about whether they would still be relevant. 

The RBI has provided licences to four credit information companies (CICs), namely TransUnion CIBIL, CRIF High Mark, Equifax, and Experian, seeking to get a broad-based picture of individuals’ standing with regard to credit, which these bureaus are not able to provide at times. 

Last month the central bank published a report that information asymmetry in the lending space