The United States of America has opposed RBI’s decision to begin a new public credit registry (PCR) saying this will be anti-competitive for private credit bureaus (PCBs). The PCR is intended as a repository of loan information of individuals and corporate borrowers to discourage bad loans, reports Live Mint.
A PCR may help banks distinguish between good borrowers and bad borrowers.
The RBI’s decision is based on the suggestions made by a task force formed in 2017.
Meanwhile, allaying fears India has sent the US details explaining how the PCR will not affect the functioning of PCBs in the country.