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RBI to Create Public Credit Registry for all Borrowers
June 07, 2018
The Reserve Bank of India said that it’s decided to set up a Public Credit Registry (PCR) which will contain the credit information of all the borrowers. It aims at improving the financial stability of the lenders and tightening the grasp on bad loans in the country.
The move was made by the central bank in consideration of the report submitted by High-Level Task Force. It said that the PCR will work as a common registry for all the credit contracts and will be verified by the reporting financial institutions.
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