RBI shortlists IBM, Wipro, TCS and three other IT firms for setting up Public Credit Registry

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For setting up a wide-based digital Public Credit Registry (PCR), the Reserve Bank of India has shortlisted six leading IT firms, including TCS, Wipro and IBM India. This initiative will ensure capturing details of all borrowers and willful defaulters.

RBIThis PCR will carry data from several entities such as Sebi, Ministry of corporate affairs, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) for helping banks and financial institutions in maintaining a 360-degree profile of the current 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,” said the RBI.

The central bank decided to shortlist six leading IT firms after analysing the responses of the interested vendors.

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

The apex bank will soon be requesting proposals from all the six vendors.

The RBI in an announcement in June notified that a PCR will be set up soon for addressing irregularity pertaining to information, promote access to credit and boost up the credit culture in the economy.

RBI had constituted a high-level task force in a bid to review the ongoing availability of information on credit, the lack of the available information utilities, and to find out the gaps that could be filled by a PCR.

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