TCS Current Affairs - 2019

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Six IT Firms in race to for setting up Public Credit Registry

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.

Month: Categories: Business, Economy & Banking

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TCS becomes first Company to close over Rs. 7 Trillion Market Cap

India’s IT major Tata Consultancy Services (TCS) became first listed company in India to close day’s trade with market capitalisation (m cap) of over Rs. 7 lakh crore (over $103 billion). M cap is value of company that is traded on stock market, calculated by multiplying total number of shares by present share price.

Key Facts

TCS achieved this feat after its board approved share buyback of 76,190,476 equity shares of Rs. 1 face value at Rs. 2,100 per share for about Rs. 16,000 crore (over $2 billion). The buyback size was 1.99% of the total paid-up equity share capital.

This is second time the global software major resorted to buy back its shares after it bought 5.61 crore shares in April 2017 for Rs. 16,000 crore at Rs. 2,850 per share.

The buyback was made from shareholders of Company on proportionate basis under tender offer route using stock exchange mechanism in accordance with provisions contained in SEBI (Buy Back of Securities) Regulations and Companies Act, 2013 and rules made thereunder.

Month: Categories: Business, Economy & Banking

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