Public Credit Registry: What's that?

PCR needs to be backed and governed by a comprehensive Public Credit Registry Act in consultation with the govt, and it must follow the latest privacy guidelines based on a laid-down consent framework

The June 6, 2018 monetary policy of the Reserve Bank of India (RBI) announced that a Public Credit Registry (PCR) would be set up “in a modular and phased manner”. It also released the report of a high-level task force on Public Credit Registry for India, chaired by Y M Deosthalee.

The task force was set up “to review the current availability of information on credit, the adequacy of existing information utilities, and identify gaps that could be filled by a PCR”. Its report, submitted on April 4, 2018, recommended that “with a view to address information asymmetry, foster access