RBI to set up Public Credit Registry

<p>Mumbai (Maharashtra) [India], June 6 (ANI): The Reserve Bank of India (RBI) announced that a Public Credit Registry (PCR) would be set up in a modular and phased manner, to strengthen the economy's credit culture.</p><p>The RBI's High Level Task Force, which submitted its report on April 4, had 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.</p><p>In lieu of the same, the central bank, while announcing its bi-monthly monetary policy statement, said it has considered the recommendations of the Task Force and decided to set up a PCR in a modular and phased manner.</p><p>Furthermore, the RBI said an Implementation Task Force (ITF) is being constituted to help design undertake logistics for the next steps in setting up of the PCR.</p><p>Earlier in the day, the Reserve Bank's Monetary Policy Committee (MPC) announced a hike in the repo rate and reverse repo rate to 6.25 percent and 6 percent respectively.</p><p>Maintaining a neutral stance, the central bank's six-member MPC reiterated its commitment to achieving the medium-term target for headline inflation of 4 percent on a durable basis.</p><p>Furthermore, the Committee said GDP growth is projected in the range of 7.5-7.6 percent in H1 and 7.3-7.4 percent in H2, with risks evenly balanced. (ANI)</p><br/><center><em><p>This story has not been edited. It has been published as provided by ANI</p></em></center>

from business https://ift.tt/2JdlokV