look news india
Mumbai/New Delhi, September 03 (HS). Department of Economic Affairs Secretary Ajay Seth said on Tuesday that the bill to establish a National Financial Information Registry to help bridge the gap in the credit rating system is almost ready.
Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, said this while addressing the Confederation of Indian Industry (CII) Financing 3.0 Summit here. He said that more work needs to be done on credit rating and development of capital market. Seth said that the aim is to create a public infrastructure for credit related information.
Seth said that the National Financial Information Registry (NFIR) can provide accurate information to lending agencies. He further said that collaboration is very important to solve the challenges we face. Seth said that no institution, organization or sector can solve them alone. He said that the government, regulatory bodies, industry associations and civil society, all need to work together on policy making, sharing best practices and developing innovative solutions to deal with the common challenges we face.