The Reserve Bank is looking at setting up a high level task force to prepare a road map for public credit registry (PCR) to help control loan defaults, improve credit culture and promote financial inclusion.

Making a strong case for it, RBI Deputy Governor Viral Acharya said a transparent and comprehensive PCR is the need of the hour in India.  Speaking at the 11th Statistics Day Conference at RBI’s Central Office here, he said such registers help enhance efficiency of the credit market, increase financial inclusion, improve ease of doing business and help control delinquencies.

“Governor (Urjit Patel) and I hope we can set up, as a matter of priority, a high-level task force that can provide a roadmap for attaining this goal of developing and unleashing a powerful credit information system for our country,” Acharya said.

Source: Economic Times

Editorial Comment:  India has a relatively well developed private sector credit bureau industry.  Why would one need a public credit registry at the expense of tax payers?