- CIBIL
-
Credit Information Bureau (India) Limited 
Type Public Founded 2000 Headquarters Mumbai, Maharashtra, India [1] Key people Mr Arun Thukral, Managing Director [2] Mr M.V.Nair, Chairman [3] Services Research, Risk and Policy Advisory Website Official Website CIBIL is India's first credit information bureau. [4] Its a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its members in the form of credit information reports.[5]
As on September 2009, CIBIL has an information base on over 160 million consumer trades, and 4 million commercial trades which continues to grow at a fast pace and shares credit information with its 175 member base on the principle of reciprocity.[6] CIBIL’s members include all leading banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies. [2]
Contents
History and origin
The need of credit information system was increasingly felt in order to enable informed credit decisions and aid fact based risk management. It was also imperative to arrest accretion of fresh NPAs in the banking system through an efficient system of credit information on borrowers as a first step in credit risk management. In this context, the requirement of an adequate, comprehensive and reliable information system on the borrowers through an efficient database system was keenly felt by the Reserve Bank of India Government as well as credit institutions. A Working Group with representatives from select public sector banks, IDBI, ICICI, Indian Banks' Association and Reserve Bank was constituted by the Reserve Bank in the year 1999, to explore the possibilities of setting up a Credit Information Bureau (CIB). The Working Group had recommended setting up a CIB under the Companies Act, 1956 with equity participation from commercial banks, FIs and NBFCs registered with the Reserve Bank. As per the recommendations made by the Working Group, Credit Information Bureau (India) Ltd., (CIBIL) was set up in January 2000.[7]
CIBIL was promoted by the State Bank of India, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Trans Union International Inc. In 2004, SBI and HDFC divested a part of their stake in CIBIL to other shareholders: leading banks and financial institutions in the country. [3] The current shareholding pattern is as follows[8]:
Percent Shareholding Entity / Entities 19.99% TransUnion International Inc 10% State Bank of India, HDFC Bank, ICICI Bank 5% Bank of Baroda, Bank of India, HSBC Ltd., Indian Overseas Bank, Punjab National Bank, Union Bank of India, Citicorp Finance (India) Ltd., Central Bank of India, Standard Chartered Bank 2.5% Sundaram Finance Ltd., GE Strategic Investments India 0.01% Dun & Bradstreet Information Services India Pvt. Ltd. TransUnion and Dun & Bradstreet are the technical and equity partners of CIBIL. TransUnion is one of the largest consumer credit bureaus in the world. Dun & Bradstreet is world’s leading source of commercial information and insights on businesses.
Aid in improving credit in India
According to the World Bank over the last few years several reforms have improved the environment for getting credit in India. Credit Information Bureau (India) Limited, a private partnership between several commercial banks and credit information service providers, has started to increase the amount of credit information available in the country. CIBIL’s coverage has more than doubled in the last few years.[9]
Credit Information Reports
The data that CIBIL collects is used in creating credit information reports, also known as CIRs. These reports contain; basic borrower information (such as names, DOB's and addresses), past payment history, overdue amounts, records of all the credit facilities availed by the borrower, suit-filed status and number of inquiries made on that borrower, by different Members.
References
- ^ "Welcome to CIBIL". Cibil.com. http://www.cibil.com/contactus.htm. Retrieved 2010-12-08.
- ^ a b "Cibil to launch mortgage default database". Hindustan Times. 2010-07-08. http://www.hindustantimes.com/Cibil-to-launch-mortgage-default-database/Article1-568987.aspx. Retrieved 2010-12-08.
- ^ a b "SBI, HDFC dilute stake in CIBIL". The Hindu Business Line. 2005-05-17. http://www.thehindubusinessline.com/2005/05/17/stories/2005051700970600.htm. Retrieved 2010-12-08.
- ^ "Mortgage check product from CIBIL soon". The Hindu Business Line. 2009-08-27. http://www.thehindubusinessline.com/2009/08/27/stories/2009082752370600.htm. Retrieved 2010-12-08.
- ^ "What everyone must know about CIBIL". Rediff.com. http://www.rediff.com/money/2008/dec/29what-everyone-must-know-about-cibil.htm. Retrieved 2010-12-08.
- ^ Agencies (2010-09-03). "Loan fraudsters face Cibil crackdown". Express India. http://www.expressindia.com/latest-news/Loan-fraudsters-face-Cibil-crackdown/676679/. Retrieved 2010-12-08.
- ^ "Origin of CIBIL" (in English). http://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=814. Retrieved 23 March 2010.
- ^ http://www.cibil.com/faqs.htm
- ^ "Country Profile" (in English). The World Bank. http://siteresources.worldbank.org/SOUTHASIAEXT/Resources/Publications/448813-1171300070514/india.pdf. Retrieved 23 March 2010.
External Reference
Categories:- Companies based in Mumbai
- Companies established in 2000
- Credit rating agencies in India
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