National Financial Information Registry Bill Nears Completion for Improved Credit Rating

Economic Affairs Secretary Ajay Seth announced that the bill to establish a National Financial Information Registry is almost finalized. The registry aims to act as a central repository for credit-related information, thereby promoting financial stability and inclusion. Seth also stressed the importance of enhancing credit rating mechanisms, developing the secondary market, and expanding access to financial services.

Economic Affairs Secretary Ajay Seth on Tuesday revealed that the bill to set up a National Financial Information Registry is nearing completion. Aimed at bridging a critical gap in the credit rating mechanism, the registry will serve as a central repository for financial data.

Seth emphasized that the National Financial Information Registry will facilitate an efficient flow of credit, which in turn will promote financial inclusion and stability. He stated this while speaking at the CII Financing 3.0 Summit, noting that the bill has undergone extensive consultations.

Additionally, Seth highlighted the need to enhance the quality of financial services and expand access to credit, insurance, pension, and capital market products over the next 5-7 years. He also pointed to the success of the Pradhan Mantri Jan Dhan Yojana, celebrating a decade with 53 crore people brought into the formal banking system.

(With inputs from agencies.)