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RBI Deputy Governor bats for umbrella law for public credit registry

This law can go a long way in resolving the deep data asymmetry in the financial system that in turn can help prevent bad loan pile-up

Reserve Bank of India
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FILE PHOTO: A security personnel member stands guard at the entrance of the Reserve Bank of India (RBI) headquarters in Mumbai | Photo: Reuters

Press Trust of India Mumbai
Reserve Bank of India (RBI) Deputy Governor Viral V Acharya on Monday called for enacting a special law to enable the proposed public credit registry (PCR) to come into being, and said this can go a long way in resolving the deep data asymmetry in the financial system that in turn can help prevent bad loan pile-up. 
 
With a low credit-to-GDP ratio of a modest 55.7 per cent, the country is still under-penetrated financially and the proposed PCR can help the system move towards more equitable and timely access to credit, especially to the underserved segments, and thus democratise and

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