Average loan amounts are also curtailed to address this information risk. Contract enforcement and repossession norms are certain other issues that plague lender confidence and, thus, in the process, hinder credit off-take. It is in this context that the role of the CICs assumes significance. The CICs should help identify the credit worthy people in the system.
We are confident that digital innovation can co-exist alongside BSP’s key mandates of maintaining monetary, financial stability and the efficiency and safety of payments and settlements systems.