A working group appointed by Central Registry, CERSAI, has advocated for expanding scope of registration to movable assets including jewellery as well.
As of now Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) registers only immovable property like house, commercial real estate, land, etc.
As per the report prepared by Legal Working Group headed by M R Umarji, Chief Legal Advisor of Indian Banks' Association, the government can consider expanding registration requirement of security interests with the Central Registry on movable assets, tangibles and intangible.
This will help mitigate incidence of multiple loans by pledging same security.
The report which will be submitted to Finance Ministry shortly has also suggested integration of various registries like land and motor vehicle registry with the Central Registry through use of technology.
Central Registry is a company where Government of India holds 90.09 per cent with the balance held by public sector banks and the National Housing Bank.
The total number of transaction on CERSAI portal is nearly 10 million so far. As many as 378 financial institutions are registered with Central Registry for reporting data.
