Govt's amendments must to boost credit bureaus, says NS Vishwanathan

Vishwanathan said formalisation of Medium, Small and Micro enterprises (MSMEs) is important for financial stability of the system

The Reserve Bank of India (RBI) wants to strengthen the credit bureaus, but to do that the government has to make some legislative amendments, RBI Deputy Governor NS Vishwanathan said on Monday.

"We have taken several measures in that direction (strengthening credit bureaus). Some of these are in terms of expanding the database that credit bureaus require, certain legal amendments and that is a work in progress," Vishwanathan said, while delivering the key note address at the national banking summit organised by IBA and Ficci. 

Telecom companies and power utilities have been demanding that their customers' payment history be shared