Committtees Current Affairs
Punjab government has notified six-member Revenue Commission with an aim to bring greater efficiency and accountability in functioning of t Revenue Department. The Commission will be headed by (Retd.) Justice SS Saron of Punjab and Haryana High Court.
Terms of References
The commission will streamline existing laws, procedures and processes relating to land administration, in line with requirements of land for use of agriculture and industry. It will propose new laws and procedures, along with other methods, to make revenue administration more transparent and responsive to the needs of the people.
It will examine need for new Acts or amendment of existing laws to legalize land lease practices in order to provide a firm basis for a modern high value agriculture and horticulture in place of current mono culture of wheat-paddy.
It will have mandate to review organizational structure of revenue related aspirations, expectations, needs and requirements of contemporary Punjabi society. It will suggest norms of population, area etc. for all administrative units such as division, sub-division, tehsil, sub-tehsil and district.
The Reserve Bank of India (RBI) has constituted high-level task force on public credit registry (PCR) for India. It will be chaired by Y M Deosthalee, former CMD of L&T Finance Holdings Ltd and will have nine other members.
Public credit registry keeps extensive database of credit information that is accessible to all stakeholders. It helps good borrowers in securing credit at lowers costs and also improve access of credit to small and medium enterprises. It is mainly set up by central bank of the country for reporting of loan details to Registry by lenders and borrowers mandated by law. It mainly keeps records of individuals and firms on repayment history, unpaid debts, or credit outstanding.
Terms of reference of task force
It will review current availability of information on credit in country, assess gaps in India that could be filled by a comprehensive PCR and suggest roadmap including priority areas for developing a transparent, comprehensive and near-real-time PCR for India.
It will also study best international practices on PCR, decide structure of new information system. It will also determine scope and target of comprehensive PCR such as type of information that should be covered along with cut-off size of credit. It will submit its report by April 2018.
Currently, there are four credit bureaus in India — Credit Information Bureau (India) Limited (CIBIL), Experian, Equifax and CRIF Highmark. These bureaus are regulated by the RBI under the Credit Information Companies (Regulation) Act, 2005. They provide credit scores and allied reports and services. As of now, their analysis reports are used for issuing credit cards and for taking decisions mainly on retail loans.