The Reserve Bank of India (RBI) has formed a high-level task force on public credit registry (PCR) for India. The task force, chaired by Y M Deosthalee, former CMD of L&T Finance Holdings Ltd will have nine other members. [BIIA has reported about this initiative previously]
The other members of the task force include, Sekar Karnam, DMD and chief credit officer at State Bank of India, Vishaka Mulye, executive director at ICICI Bank, Rashesh Shah, chef executive officer of Edelweiss Group, Sriram Kalyanaraman, MD and CEO at National Housing Bank, Bindisha Ganguly, chief economist of CII, Sharad Sharma, co-founder and chief executive at BrandSigma, iSpirt, Vivek Srivastava, senior VP at ReBIT, Parvathy Sundaram, CGM at RBI and Anujit Mitra, director, DSIM at the RBI.
The terms of reference of the task force include, reviewing the current availability of information on credit in the country, assessing gaps in India that could be filled by a comprehensive public credit registry and suggesting a “roadmap including the priority areas, for developing a transparent, comprehensive and near-real-time” public credit registry for India.
The task force will submit its report by April 4, 2018.
The RBI said the task force will also study the best international practices on public credit registry, decide the structure of the new information system. According to the RBI statement,the task force will “determine the scope/target of the comprehensive PCR” such as the type of information that should be covered along with the cut-off size of credit.
Currently, there are four credit bureaus in India — Credit Information Bureau (India) Limited (CIBIL), Equifax, Experian, and CRIF Highmark. These bureaus provide credit scores and allied reports and services. As of now, their analysis reports are used for issuing credit cards and for taking decisions mainly on retail loans. The bureaus are regulated by the RBI under the Credit Information Companies (Regulation) Act, 2005.
Source: The Indian Express