The National Financial Information Registry (NFIR) was announced in the Union Budget 2023-24.
- RBI Governor Shaktikanta Das said the idea is to quicken the process of credit sanction and credit flow to the borrowers.
- The registry would provide ‘360-degree kind of information’ on borrowers to quicken the banks’ process of credit delivery.
- As per the RBI Governor, lot of information is required by a bank before a loan is sanctioned. The idea is to create one registry where, to the extent possible, considering issues of privacy and other things… the idea is to provide the 360 degree kind of information system which will be readily available to the lending institutions to ensure that it quickens the process of credit flow.
- The bill for setting up NFIR will have to be finalised and then introduced in Parliament.
