Y.M. Deosthalee Committee

The Y.M. Deosthalee committee was set up by RBI and had submitted its report in April, 2018. The major recommendations of this committee report are as follows:
  • RBI should set up a Public Credit Registry in due course and this should be backed by a legal framework. The central bank may also consider moving such registry to a separate non-profit entity.
  • PCR will work as a repository of all loan contracts, duly verified by reporting institutions for all / any lending in India, regardless of the amount of the loan.
  • PCR should also capture data such as external commercial borrowings, market borrowings, and all contingent liabilities; and should provide an holistic picture about the borrower’s indebtedness.
  • The registry should capture both positive and negative information about all loans. The borrowers should also be able to access their own history.
  • The PCR data should be available to all stakeholders such as banks on a need-to-know basis. There should be adequate safeguards on privacy protection.
  • Onus of data quality should be on reporting agencies and institutions and action should be taken against the institutions in case of any violations in rules.
  • The database should also be linked to defaulter databases such as those maintained by Export Credit Guarantee Corp. of India, GST network etc.
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Action Taken:
The Reserve Bank of India (RBI) has announced that it will set up a Public Credit Registry (PCR) as a repository of information regarding loan information of individuals and corporate borrowers.