RBI plans to set up PCR to control loan defaults

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The Reserve Bank has said that it is looking at setting up a high-level task force to prepare a roadmap for public credit registry (PCR) to help control loan defaults, improve credit culture and promote financial inclusion. Commenting on the issue, RBI Deputy Governor Viral Acharya told the media, “A transparent and comprehensive PCR is the need of the hour in India. Such registers help enhance the efficiency of the credit market, increase financial inclusion, improve ease of doing business and help control delinquencies.”


“Governor (Urjit Patel) and I hope we can set up, as a matter of priority, a high-level task force that can provide a roadmap for attaining this goal of developing and unleashing a powerful credit information system for our country,” Acharya said. “A PCR, if put in place for India, will help in credit assessment and pricing by banks; risk-based, dynamic as well as countercyclical provisioning, and supervision and early intervention by regulators,” he added. “PCR will also help in understanding “if transmission of monetary policy is working, and if not, where are the bottlenecks and, (also) how to restructure stressed bank credits effectively,” he further said.

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