Government Prepares Bill for National Financial Information Registry

The Bill for establishing a National Financial Information Registry (NFIR) is nearing completion and may be introduced in the next parliamentary session. The NFIR will provide a central repository for financial information, aiding in improved credit flow, financial inclusion, and economic stability. The government has proposed NFIR in the Budget 2023-24.

The Bill for establishing a National Financial Information Registry (NFIR) is in its advanced preparatory stage and could be introduced in the next session of Parliament, Economic Affairs Secretary Ajay Seth announced.

“It is at an advanced stage, in the closing stages of inter-ministerial consultation. We will finalize the Bill soon,” Seth told PTI following the budget release. However, he confirmed that the Bill could not be introduced in the current session but is expected in the next session.

The NFIR aims to build public infrastructure for credit-related information, ensuring lending agencies have access to accurate data. This central repository will streamline credit flow, enhance financial inclusion, and bolster economic stability. The proposal, highlighted in the Budget 2023-24, aligns with efforts to consolidate financial data and expedite the country's growth trajectory. With a nominal GDP growth rate pegged at 10.5%, the government emphasizes fiscal prudence to prevent excess deficits and maintain economic stability.