The Reserve Bank of India has shortlisted six major IT companies, including TCS, Wipro and IBM India, to set up a wide-based digital Public Credit Registry (PCR) for capturing details of all borrowers and wilful 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.
PCR assumes significance of rising bad loans in the financial system. The non-performing assets in the banking system stand at about Rs 10 lakh crore.CRILC is a borrower-level supervisory dataset that keeps record of loans of Rs 5 crore and above.
The other three shortlisted vendors are: Capgemini Technology Services India, Dun & Bradstreet Information Services India, and Mindtree Ltd.