The group, however, noted that the existing laws prohibit disclosure of customers of banks. The group's observations are pertinent as last week RBI deputy governor SP Talwar announced that banks will soon be allowed to insert a new clause to enable them to make the name of loan defaulters public, irrespective of whether it is a suit-filed account or not

The group has recommended that the bureau should collect all information relating to credit, trade and finance including external commercial borrowings on corporate and retail segments like credit facilities availedof by borrowers from banks, finance companies, housing finance companies, credit cards and cellular companies.

The group felt that a foreign technology partner may be roped in for the setting up of the bureau.

Establishing the bureau would require enactment of master legislation to facilitate collection and sharing of information. The working group has suggested that the bureau be set up as a company registered under the companies act or as a subsidiary with share capital contribution fromits user groups like banks, financial institutions and RBI-registered NBFCs.

The credit information bureau should use the latest information technology with minimum manual intervention, the group felt. It has recommended building up an effective system and evolving a code of conduct among the members for protection of data and its regulation.