Swiss Banks To Share Info With India For Tightening Noose Around Black Money Hoarders

New Delhi: Switzerland has entered into an automatic exchange of information pact with India, which will open a continuous access to details about alleged black money hoarders in once-all-secret Swiss banks.

In a detailed notification and fact sheet published in its official gazette for introduction of “automatic exchange of information relating to financial accounts with India”, the Swiss government has also cited decisions by other financial centres like Liechtenstein and Bahamas to enter into similar pacts.

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RBI Considering To Set Up Public Credit Registry

New Delhi: The Reserve Bank of India (RBI) is planning to create a Public Credit Registry (PCR) as one of its development initiatives. The central bank has also asked for credit bureaus to provide more comprehensive reports and take further steps to develop the corporate debt market. 

RBI deputy governor Viral Acharya said that the registry will be near real-time and will aid credit assessment not just by lenders but of the lenders themselves.

According to Acharya, a PCR will help banks and regulators as credit information is a 'public good' and its utility is to the credit market at large and to society in general. "In the absence of a central database of credit information, creditors are restricted to the information they have about their clients based only on their limited transactions or interactions with the clients, and this could lead to suboptimal outcomes.