To capture the details of the borrowers RBI has started the process to set up a PCR Which of the fol...........

Economic Affairs Types of Banks and Banking

To capture the details of the borrowers, RBI has started the process to set up a PCR. Which of the following correctly represents the acronym PCR?

Private Credit Registry

Prudential Credit Registry

Public Credit Registry

Provident Credit Registry

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Explanation:

Third option is correct.

The Reserve Bank of India (RBI) has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies.

The 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 the banks and financial institutions to get 360 degree profile of existing and prospective borrowers on a real-time basis.