The Reserve Bank of India has appointed a task force for developing a Public Credit Registry (PCR) in India. The idea was floated earlier this year by RBI deputy governor Viral Acharya in a speech. The task force will be headed by M Deosthalee, former Chairman and managing director, L&T Finance Holdings Limited. Other members include: Sharad Sharma, Co-founder and CEO, BrandSigma, iSPIRT Sekar Karnam, deputy managing editor and Chief Credit Officer, State Bank of India Vishaka Mulye, executive director, ICICI Bank Rashesh Shah, Chairman and CEO, Edelweiss Group Sriram Kalyanaraman, MD & CEO, National Housing Bank Bidisha Ganguly, Chief Economist, CII Vivek Srivastava, Sr. VP - Research and Innovation, ReBIT Parvathy V. Sundaram, CGM-in-Charge, DBS, RBI Anujit Mitra, Director, DSIM, RBI (who will also function as secretary) The task force will have to have to determine the scope and target of the PCR and look at the types of information to be covered including a cut-off size of credit. It will also need to decide if the PCR will have to be a new information system or whether existing systems could be integrated or strengthened. The task force will also have to suggest a roadmap "for developing a transparent, comprehensive and near-real-time PCR for India." The public credit registry will have unique identifiers for borrowers: Aadhaar for individuals, and Corporate Identification Number for companies. The new PCR is also looking to build credit profiles using "reputation collateral" for first-time borrowers by keeping a track of their digital transactions. From Acharya's earlier speech: “In contrast,…
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