In yet another tussle between finance ministry and the central bank over the information on borrowers who had taken loans of more than Rs 5 crore, the RBI has denied permission to the government seeking access to the database, according to a report in The Economic Times.
The RBI had set up Central Repository of Information on Large Credits (CRILC) to check unscrupulous loan borrowers from manipulating the system. Meanwhile, the ministry has said the information is important to keep a tab on the process of loan approvals by lenders.
If RBI shares such database with the government, the finance ministry would not only receive information about the loans given to borrowers by various banks, but also their credit score and asset classification - which could allow the government to be proactive in cases where intervention is needed and pave way for the projects that are stuck due to clearance issues.
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