National financial information registry
- February 12, 2023
- Posted by: OptimizeIAS Team
- Category: DPN Topics
No Comments
National financial information registry
Subject : Economy
Concept :
- National Financial Information Registry is aimed at expediting loan sanctions and credit flows by offering lenders a ‘360 degree’ perspective on potential borrowers, Reserve Bank of India (RBI) Governor Shaktikanta Das said.
National Financial Information Registry
- Finance Minister Nirmala Sithraman in her Budget 2023 speech announced that the government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information.
- This will facilitate efficient flow of credit and lending, promote financial inclusion, and foster financial stability.
- Lot of information is required by a bank, before a loan is sanctioned.
- The idea is to create one registry where, it can provide a 360 degree kind of information system which will be readily available to the lending institutions to ensure that it quickens the process of credit flow.
- The RBI has already prepared the draft bill, which is currently being deliberated upon in a post-budget interaction.
- The objective is to build a public infrastructure for credit-related information and right information can be made available by the NFIR to lending agencies.