The Reserve Bank of India (RBI) has formed a 10-member task force on Public Credit Registry (PCR) for India to improve market efficiency. The task force will be headed by M Deosthalee, former chairman of L&T Finance Holdings. 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 also study the best international practices on public credit registry and will decide the structure of the new information system. It will submit its report by April 4, 2018.