RBI may give mutual funds, NBFCs access to large credit information

Simply put, it will do away with the prevailing situation wherein non-banks have no clue on the status of credit exposure of borrowers with banks

The Reserve Bank of India (RBI) plans to make its Central Repository of Information on Large Credits (CRILC) open to a wider audience of financial stakeholders. The move, when given effect to, will in one fell swoop do away with the current information asymmetry because of it being restricted to banks, and make sensitive data available to mutual funds (MFs) and non-banking financial companies (NBFCs), among others.

Set up in 2014-15, CRILC, an important database for offsite supervision of banks, captures the credit information of large borrowers defined as those having aggregate fund-based and non-fund-based exposure ofRs 5 crore and