New Delhi, July 3 -- In a major move to enhance credit score accuracy and minimise reporting discrepancies, the Reserve Bank of India (RBI) has proposed making a unique borrower identification number mandatory for all loan accounts. As reported by the Times of India, this initiative is expected to bring greater transparency and consistency to the country's credit information ecosystem.

"Credit information companies rely on credit institutions to provide accurate and validated IDs. Without this, duplication and misreporting remain risks. We must move towards a unique borrower identifier, which is secure, verifiable, and consistent across the system," RBI deputy governor M Rajeshwar Rao said in his keynote address at the 25th anniversary o...