Mumbai: The Reserve Bank of India (RBI) declared that a Public Credit Registry (PCR) would be set up in a modular and phased manner, to restore the economy's credit culture.
The RBI's High-Level Task Force, which presented its report on April 4, had suggested that with a view to addressing information asymmetry, foster access to credit, and strengthen the credit culture in the economy, a PCR should be set up.
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.
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.
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.
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.
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.