RBI sets up task force for India Public Credit Registry

The Reserve Bank of India (RBI) has constituted high-level task force on public credit registry (PCR) for India. It will be chaired by Y M Deosthalee, former CMD of L&T Finance Holdings Ltd and will have nine other members.
Public credit registry  keeps extensive database of credit information  that is accessible to all stakeholders. It helps good borrowers in securing credit at lowers costs and also improve access of credit to small and medium enterprises. It is mainly set up by central bank of the country for reporting of loan details to Registry by lenders and borrowers mandated by law. It mainly keeps records of individuals and firms on repayment history, unpaid debts, or credit outstanding.

Terms of reference of task force

It will review current availability of information on credit in country, assess gaps in India that could be filled by a comprehensive PCR and suggest roadmap including priority areas for developing a transparent, comprehensive and near-real-time PCR for India.
It will also study best international practices on PCR, decide structure of new information system. It will also determine scope and target of comprehensive PCR such as type of information that should be covered along with cut-off size of credit. It will submit its report by April 2018.


Currently, there are four credit bureaus in India — Credit Information Bureau (India) Limited (CIBIL), Experian, Equifax and CRIF Highmark. These bureaus are regulated by the RBI under the Credit Information Companies (Regulation) Act, 2005. They 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.



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