Credit Information Bureau (India) Limited (CIBIL) has been granted ‘In-principle approval’ for Certificate of Registration by the Reserve Bank of India. The approval is in line with the provisions of the Credit Information Companies (Regulation) Act, 2005, which regulates the flow of credit information in the country.
Commenting on receiving the approval, Mr. Arun Thukral, Managing Director, CIBIL said, “We are pleased to receive the approval from RBI and feel that this is a significant step for the development of the credit information industry. This will enable us to provide services to other industry verticals such as telecommunications and insurance, and also to consumers in near future.” He added, “This will add impetus to our current strength of providing comprehensive and reliable credit data and analytical solutions to better assist our members”.
CIBIL pioneered credit information sharing in India, and has contributed significantly to helping improve the functionality and stability of the Indian financial system. CIBIL has been operating in India for over five years and, in partnership with TransUnion, introduced India’s first generic risk score. “Our over 135 million accounts strong database will enable us to bring advanced risk management tools to the Indian marketplace at a faster pace”, added Mr. Thukral. CIBIL will continue to work closely with its members, which include all scheduled commercial banks and leading financial institutions, to offer information-based services covering the complete customer lifecycle, from customer acquisition to portfolio management to advanced collection strategy.
CIBIL’s partnership with TransUnion and Dun & Bradstreet, leading global credit information companies, will continue to support the quest to help financial institutions mitigate risk and maximize profitability while allowing access to credit at better terms and conditions for the Indian consumer.
CIBIL is India’s first credit information bureau. CIBIL creates immense value for financial institutions by providing objective data and tools to help them manage risk, and devise appropriate lending strategies thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of borrowers. CIBIL provides its members with information on both consumer and commercial borrowers, thus enabling them to make sound credit decisions across both individuals and corporations. Source: Press Release
BIIA Newsletter September 2009 Issue