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SBI Banking & Economics Conclave: Experts discuss the importance of public credit registry

Updated : September 10, 2019 07:17 PM IST

At the 6th SBI Banking and Economics Conclave, CNBC-TV18’s Latha Venkatesh spoke with eminent guests, including PK Gupta, MD of SBI; HR Khan, former deputy governor of RBI; Nilesh Shah, MD of Kotak Mahindra AMC; Cyril Shroff, Managing Partner of Cyril Amarchand Mangaldas and Amarjeet Singh, ED at SEBI and asked them about public credit registry, centralised KYC, security etc.

Khan said the public credit registry and the centralised KYC are two important things that can make life easier for creating a nice credit culture in the country and the delinquency of giving loans can come down sharply.

“The public credit registry has the advantage of ensuring that data quality and data governance has right proportion and they can get data from whole host of places – ECB will get captured, the pattern of your utility bill, mobile bills etc all your transaction information can get into public credit registry,” said Khan.

According to Khan, "The credit bureau is looking at the top-end and middle-end customers but if you have data for the bottom-end of the pyramid since many of them are first time customers without credit history and you can get their bill payment history, other history. So public credit registry in many countries have proved to be a good thing."

“ So centralised KYC with easy access and public credit registry with all information available and credit bureaus analysing and giving reports will be a real game changer,” said Khan.

Gupta said whether public credit registry comes or not, the data is becoming available through various sources. “Public credit registry as one place where all the data is aggregated and available could be more useful,” he said.

"The data currently is available at various sources and so the question it should it reside at so many places or should there be only one place where all the data resides and then get used," said Gupta.
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