TCS, IBM among firms shortlisted by RBI for setting up Public Credit Registry

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The Reserve Bank of India has now shortlisted around six tech companies to help it to set up a national digital public credit registry that will also look to capture details of the defaulters and borrowers in an effort to bring down the Rs 10 lakh crore of the bad loans chocking the banking sector.

The name of the six companies includes the Wipro Ltd, TCS, IBM, Capgemini Technology Services India Pvt Ltd, Mindtree Ltd, and Dun & Bradstreet Information Services India Pvt Ltd according to the disclosure by the central bank.

The PCR is likely to include the data from the institutions such as the capital markets regular securities and Exchange Board of India(SEBI), the Insolvency and Bankruptcy Board of India, the corporate affairs ministry of the Goods and Services Tax Network(GSTIN).

The RBI has invited the expressions of interest on the 27th of October for the implementation of an end to end solutions for the PCR. The central bank is likely to request the proposals from the six shortlisted companies soon.

In the month of June, Central Bank has revealed its intention of setting up a PCR after a high-level task force constituted by the bank reviewed the current inadequacies in accessing the lots of information about the credit profiles. The tasks also going to report that how the PCR could fill in the gaps in the present system of technology.

The taskforce recommended that the PCR should be the single point of mandatory reporting for all material events for each loan without any threshold in amount. “Thereby, the PCR will serve as a registry of all credit contracts, duly verified by reporting institutions,” according to the RBI document inviting expressions of interest.

The central bank has also asked for high availability and 100% uptime of the interface along with the seamless integration possibilities with the stakeholders such as the GSTIN, MCA, SEBI, and IBBI.

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