Public Credit Registry is back, under a new name

The National Financial Information Registry, announced in the Union Budget, is a rebranding of a proposal that’s been in the works for over five years.

In her budget speech last week, finance minister Nirmala Sitharaman announced that a National Financial Information Registry is being set up by the government in consultation with the Reserve Bank of India. The purpose of this registry is primarily to store “financial and ancillary information” that will “facilitate the efficient flow of credit, promote financial inclusion and foster financial stability”, she said.

Here’s what we know so far: Economic affairs secretary Ajay Seth, in a post-budget interaction, told news service PTI that the NFIR would function as a public database, storing the credit history of borrowers to be made available …