In a stellar inaugural speech, A.K. Ralhan detailed the technological evolution in the financial services space, which has made many products and services available on a 24x7 basis. “A key enabler underpinning this rapid evolution, an enabler that might not be familiar to the average consumer of financial products, is financial infrastructure,” he said.
A 'central registry'
Technological evolution has made many products and services available on a 24x7 basis
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Ralhan added that CERSAI is focusing on setting up a new IT system which, regulations permitting, will allow CERSAI to offer registration facilities for hypothecation of movable and intangible assets. This will especially be of use to MSMEs and micro units, and will lead to greater financial inclusion. Registration of security interests created through other types of mortgages, such as simple mortgage, english mortgage as well as registration of Agreement to Sell, which is how most apartments and under-construction buildings in the country are financed today.
Ralhan also detailed CERSAI’s aim of becoming a true ‘central registry’ where details on all
encumbrances, whether they are on immovable or movable properties, can be accessed by financial institutions so that they can improve the efficiency of their operations and increase convenience for their customers. The pilot Central KYC project is something that everyone is eagerly looking forward to so that it can bring in convenience and reduce costs when enrolling into new financial schemes.
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