RBI Deputy Governor Viral Acharya has said that a transparent and comprehensive Public Credit Registry – PCR is the need of the hour in India. Speaking at the 11th Statistics Day Conference in Mumbai, Dr. Acharya said the registry will help in controlling loan defaults, improve credit culture and promote financial inclusion. RBI Deputy Governor said that a PCR will also help in understanding if the transmission of monetary policy is working or not.Dr. Acharya added that a transparent public credit registry would help bankers to rely on objective data for making credit decisions and will also enable them to defend their actions when subjected to scrutiny. He added that the registry will also improve funding for small entrepreneurs and start-ups.