Budget 2023: Financial information registry in the works, RBI to play a pivotal role, says FM

Finance Minister Nirmala Sitharaman outlined the setting up of a national financial information registry in the Union Budget 2023. The registry will serve as the central repository of financial and ancillary information.

The NFRI will facilitate the efficient flow of credit, promote financial inclusion, and foster financial stability. A new legislative framework will govern this credit public infrastructure, and it will be designed in consultation with the RBI.

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This is widely anticipated to improve the internal modalities and functioning of fintech and data-led credit disbursement companies. It will also help the banking authorities promote financial inclusion and foster stronger credit facilities.