RBI Deputy Guv Viral Acharya suggests setting up public credit database

Currently, India has private credit bureaus, mainly used for retail loans

Reserve Bank of India (RBI) Deputy Governor Viral Acharya wants the central bank to set up a public credit registry (PCR), an extensive database of credit information for India that is accessible to all stakeholders, to improve the credit culture of the country.

Such a registry is managed by a public authority such as the central bank or the banking supervisor, and reporting of loan details to the PCR by lenders and/or borrowers is mandated by law. The idea is to capture all relevant information in one large database on the borrower, in particular, the borrower’s entire set of borrowing