Capgemini Current Affairs - 2019
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The Reserve Bank of India (RBI) has shortlisted six major IT firms to set up a wide-based digital Public Credit Registry (PCR) for capturing details of all borrowers and wilful defaulters. The RBI will now seek request for proposal from the six vendors.
Shortlisted IT Firms
The firms shortlisted by the RBI are TCS, Wipro, IBM India, Capgemini Technology Services India, Dun & Bradstreet Information Services India, and Mindtree Ltd.
Public Credit Registry
Public Credit Registry is a digital registry of authenticated granular credit information and will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem. It would be mandatory for reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower to the Public Credit Registry.
The public credit Registry will also allow borrowers to access their own credit information and seek corrections to the credit information reported on them.
Why there was a need of Public credit registry?
At present, there are multiple granular credit information repositories in India, with each having somewhat distinct objectives and coverage. Lack of integrated comprehensive information had become a bottleneck in tackling bad loans. Public credit registry will fill this gap.
Credit Management in India
Within RBI, CRILC (Central Repository of Information on Large Credits) is a borrower-level supervisory dataset that keeps the record of loans of Rs 5 crore and above. In India, there are four privately owned credit information companies (CICs). They are CIBIL, Equifax, Experian and High Mark Credit Information Services. The RBI has also mandated all its regulated entities to submit credit information individually to all four CICs.
The Union Minister of Commerce & Industry and Civil Aviation has launched mobile application “ReUnite” in New Delhi to track and trace missing and abandoned children in India. The app is available for both Android and iOS. It has been developed by Nobel Laureate Kailash Satyarthi‘s NGO Bachpan Bachao Andolan and IT company Capgemini.
The ReUnite app is multiuser where parents and citizens can upload pictures of children and provide detailed description like name, address, birth mark, search and identify missing kids and report to the police station. It uses Amazon Rekognition, a web based facial recognition service to identify missing kids. The photographs uploaded on the app will not be saved in the mobile phone’s physical memory.