Public Credit Registry
| Company type | Government initiative |
|---|---|
| Industry | Financial services |
| Founder | Reserve Bank of India |
| Headquarters | India |
| Products | Credit information database |
| Owner | Reserve Bank of India |
Public Credit Registry (PCR), created by the Reserve Bank of India, functions as a digital database that records financial details of both individual and corporate borrowers across India. It integrates comprehensive borrowing records, encompassing defaults and ongoing legal cases, and enables borrowers to review and amend their credit information.
History
The concept of the PCR originated from suggestions made by a committee chaired by Y.M. Deosthalee, which proposed consolidating borrower financial data into a single platform to improve India’s credit ecosystem. This unified system replaces several distinct credit information sources, each with different aims, thereby filling existing information voids. Banks and financial institutions are granted access to PCR data strictly based on necessity.
The establishment of the PCR is anticipated to improve India's rankings in the World Bank's ease of doing business index.
Further reading
- Public Credit Registries – an international overview by Dwijaraj Bhattacharya
- Features of Public Credit Registries authored by Maria Fernandez & Dwijaraj Bhattacharya