In an attempt to safeguard the interest of borrowers as well as hasten credit growth in the banking system, the RBI in its latest development has shortlisted some six names from the IT space to prepare PCR or Public Credit Registry. The digital database will feature details of borrowers as well as wilful defaulters.

The list of companies shortlisted for the task includes TCS, Wipro, IBM India Capgemini Technology Services India, Dun & Bradstreet Information Services India, and Mindtree Ltd.
The proposed PCR will also have details from organizations such as the MCA, SEBI, GSTN and IBBI or the Insolvency and Bankruptcy Board of India for enabling financial institutions access the complete profile of existing as well as future 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 central bank has said.

The RBI is likely to soon seek request for proposal from these shortlisted IT companies. And in a latest news it came up that the proposed PCR will be able to provide the credit score of an individual.

As per the EOI document, ""In essence, PCR will be a digital registry of authenticated granular credit information and will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem".

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