An idea whose time has come: Will NFIR be a game-changer for India?

The proposed financial registry will kill information asymmetry, and change the dynamics for every stakeholder in the economy for the better, reports Raghu Mohan

Finance Minister Nirmala Sitharaman made a major announcement in her  Budget speech: “A national financial information registry (NFIR) will be set up to serve as the central repository of financial and ancillary information. This will facilitate the efficient flow of credit, promote financial inclusion, and foster financial stability.”
 

When operationalised, the NFIR will be a game-changer in ways not imagined. Sitharaman has given life to a long overdue idea flagged by the high-level task force on a Public Credit Registry (PCR) for India (2018), headed by the late Y M Deosthalee (ex-chairman and managing director of L&T Finance Holdings). The