India’s Finance Minister Nirmala Sitharaman on February 1, as part of her Budget 2023 speech, announced that the government will set up a national financial information registry to “serve as the central repository of financial and ancillary information.” “This will facilitate efficient flow of credit, promote financial inclusion, and foster financial stability,” Sitharaman said. “A new legislative framework will govern this credit public infrastructure, and it will be designed in consultation with the RBI,” she added. Why does this matter: One of the aims of such a registry is to make credit more easily available to those who are currently underserved by making it easier for lenders, including fintech companies, to assess creditworthiness. For lenders, it is expected to provide a better picture of the creditworthiness of a potential borrower. How will the registry work: Details on how the registry will work are scarce, but if it is to be like the public credit registry that has been in the news time and again, we do have some idea of how it might work. What is the public credit registry and how is it related: Back in 2018, a committee set up by the Reserve Bank of India (RBI) recommended setting up a public credit registry that functions as a 360-degree database of all types of credit information (loans, bonds, etc) of all types of borrowers (individuals, retail) that is accessible to all types of lenders (banks, NBFCs, fintechs, etc). It was pitched as a single point of information for…
Explained: What is the National Financial Information Registry?
India will set up a National Financial Information Registry to “serve as the central repository of financial and ancillary information.”
- Now Health Ministry says: ‘No report’ on the creation of health database by e-pharmacies March 20, 2023
- What are the new measures taken by American telecom regulator on scam robotexts? March 20, 2023
- Here’s why you should worry about Punjab’s Internet shutdown March 20, 2023
- Last day: Don’t forget to switch from SMS two-factor authentication on Twitter March 20, 2023
- Is it Piracy if “Digital Libraries” Provide Free Access to Books? US Court Weighs Tough Question March 20, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...