RBI to set up PCR to capture details of all borrowers and willful defaulters

New Delhi, Dec 24 (KNN) In order to capture details of all borrowers and willful defaulters, the Reserve Bank of India (RBI) will set up a wide-based digital Public Credit Registry (PCR).

For the same, RBI has shortlisted six major IT companies, including TCS, Wipro and IBM India.

to enable banks and financial institutions to get a 360-degree profile of the existing, as well as prospective, borrowers on a real-time basis, the proposed PCR will also include data from entities such as SEBI, the Corporate Affairs Ministry, the Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI).

“Consequent to the publication of expression of interest (EOI) on October 27, 2018, the Reserve Bank had received responses from several vendors for implementation of end-end solution for PCR,” the central bank said.

Earlier, to review the current availability of information on credit, the adequacy of the existing information utilities, and to identify gaps that could be filled by a PCR, a high-level task force was constituted by the RBI.

The PCR will be the single point of mandatory reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower.

Capgemini Technology Services India, Dun and Bradstreet Information Services India, and Mindtree Ltd., are the other three shortlisted vendors.

The RBI will soon seek request for proposal from the six vendors.