RBI shortlists 6 IT Firms for Public Credit Registry (PCR)

Question: The non-performing assets in the Indian banking system stand at INR-
(a) 10 lakh crore
(b) 18 lakh crore
(c) 25 lakh crore
(d) 30 lakh crore
Answer: (a)
Related facts:

  • RBI has shortlisted six major IT companies to set up Public Credit Registry (PCR) in order to capture details of all borrowers and wilful defaulters.
  • These firms are – TCS, Wipro, IBM India, Capgemini Technology Services, Dun & Bradstreet Information Services India and Mindtree Ltd.
  • PCR is a wide-based digital Registry system for capturing details of all borrowers and willful defaulters.
  • The proposed PCR will also include data from entities like market regulator SEBI. The Corporate Affairs Ministry, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) to enable banks and financial institutions to get a 360-degree profile of the existing as well as prospective borrowers on a real-time basis.
  • Setting up of the PCR assumes significance amid rising bad loans in the financial system. The non-performing assets in the Indian banking system stand at about Rs. 10 lakh crore.

Links:
https://www.thehindubusinessline.com/money-and-banking/rbi-shortlists-tcs-wipro-ibm-to-set-up-public-credit-registry/article25813810.ece
https://timesofindia.indiatimes.com/india/rbi-kick-starts-process-to-set-up-pcr-for-capturing-details-of-borrowers/articleshow/66497313.cms

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