RBI's Central Fraud Registry on cards to curb bad loans

Published on May 24, 2015 18:35:18 PM

To keep a tab on proliferation of deceitful borrowers and also to have a quick access to the information in such regards, RBI is soon coming up with a setup of Central Fraud Registry.

This is first of its kind setup which acts as an early warning system under RBI supervision as there is no such existing database for lenders with access to all relevant information of previously reported frauds so far.

For good measure the Central Economic Intelligence Bureau (CEIB) and the CBI have shared their databases.