RBI to set up PCR, encourage more players in retail payments market

New Delhi, June 6 (IANS) The Reserve Bank of India (RBI) on Wednesday announced various “developmental and regulatory policy measures”, especially its decision to set up a “Public Credit Registry” (PCR) in a modular and phased manner.

According to the central bank, it has accepted the recommendations of a Task Force set up to review the current availability of information on credit, the adequacy of existing information utilities, and identify gaps that could be filled by a PCR.

“The Task Force, which submitted its report on April 4, 2018, recommended that with a view to address information asymmetry, foster access to credit, and strengthen the credit culture in the economy, a PCR should be set up by the Reserve Bank,” the central bank said in a statement on Developmental and Regulatory Policies.

“An Implementation Task Force (ITF) is being constituted by the Reserve Bank to help design undertake logistics for the next steps in setting up of the PCR.”

On the retail payments market, the RBI said: “… it is important that the concentration risk in retail payment systems is minimised from a financial stability perspective”.

“The Reserve Bank plans to encourage more players to participate in and promote pan-India payment platforms so as to give a fillip to innovation and competition in the sector,” the statement said.

“A policy paper in this regard will be put out for public consultation by September 30, 2018.”

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