RBI SHORTLISTS FIRMS TO SET UP PUBLIC CREDIT REGISTRY

NEW DELHI: The Reserve Bank of India has shortlisted six major IT companies, including TCS, Wipro and IBM India, to set up a widebased digital Public Credit Registry (PCR) for capturing details of all borrowers and wilful defaulters.

The proposed PCR will also include data from entities like market regulator Sebi, the corporate affairs ministry, Goods and Servicetaxnetwork(gstn)and the Insolvency and Bankruptcy Board of India (IBBI) 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.

“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 RBI said.

After evaluating the responses of the interested vendors, the RBI said it has been decided to shortlist the six firms.

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

The RBI would soon seek request for proposal from the six vendors. In June this year, the RBI had announced to set up a PCR for India to address information asymmetry, foster access to credit and strengthen the credit culture in the economy.