The Reserve Bank of India has initiated the process to set up a digital PCR to capture all the details of borrowers, including willful defaulters and also the pending legal suits in order to check financial delinquencies. What is the full form of PCR?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Private Credit Registry
B	Public Credit Registry
C	Public Common Registry
D	Public Credit Review

Explanation:

Detailed explanation-1: -The Y.M. Deosthalee committee, 2018 set up by the Reserve Bank of India (RBI) recommended the setting up of a PCR. Consequently, the RBI announced plans to establish a PCR as an independent unit within the RBI.

Detailed explanation-2: -RBI had set a WG on Digital Lending including Lending through Online Platforms and Mobile Apps, with Jayant Kumar Dash, Executive Director, RBI, as the Chairman to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players.

Detailed explanation-3: -The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.

Detailed explanation-4: -The different instruments of credit control used by the Reserve Bank of India are Statutory Liquidity Ratio (SLR), Cash Reserve Ratio (CRR), the Bank Rate Policy, Selective Credit Control (SCC), Open Market Operations (OMOs).

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