CURRENT AFFAIRS

Detailed explanation-1: -Public Credit Registry (PCR), created by the Reserve Bank of India, is a public digital registry to capture and store financial information of borrowers in India, both existing and new borrowers.

Detailed explanation-2: -Detailed Solution. The Reserve Bank of India has constituted a 10-member High-Level Task Force on Public Credit Registry (PCR) to suggest a roadmap for developing a transparent, comprehensive and near-real-time PCR for India. Public Credit Registry (PCR) committee is headed by YM Deosthalee.

Detailed explanation-3: -The June 6, 2018 monetary policy of the Reserve Bank of India (RBI) announced that a Public Credit Registry (PCR) would be set up “in a modular and phased manner”.

Detailed explanation-4: -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-5: -Provision coverage ratio (PCR), on the other hand, refers to the percentage of funds created against NPAs. A higher PCR ratio reflects that the bank has sufficient capital to withstand asset quality pressures and will not need significant incremental capital in case of extreme stress.