Banking regulator, the Reserve Bank of India (RBI) and two government arms have been tasked with supervising companies and indirect taxes to align for drafting a law that will help create a central borrower database.
This database will help in the improvement of underwriting standards and allow financiers to offer more loans to small businesses and individuals with limited credit backgrounds.
Moreover, the central bank is also in the final stage of zero down the companies that would set up the proposed repository, named as the Public Credit Registry (PCR), from an earlier shortlist of six IT majors, namely Tata Consultancy Services, Dun and Bradstreet, Wipro, IBM India, Capgemini and Mindtree.
“The selection of an agency to develop the technical platform, drafting of a comprehensive PCR Act, and consultation with the MCA and CBIC toward linking of corporate database and GST data under the ambit of the PCR are in progress,” said the RBI said in its latest Annual Report.
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