Amendments must to strengthen credit bureaus: RBI deputy governor

Delivering the key note address at the national banking summit organised by IBA and Ficci, RBI deputy governor NS Vishwanathan said there is a need to strengthen the credit bureaus but to do that some legislative amendments are needed. “We have several measures in that direction (strengthening credit bureaus). 

Some of these are in terms of expanding the database, that credit bureaus require, certain legal amendments and that is a work in progress,” he said. 

It can be noted that telecom companies and power utilities have been demanding that their customers’ payment history be shared with credit bureaus saying the definition of default must be extended beyond the domain of pure financial sector alone.