RBI/2013-14/63
DBOD No. CID.BC. 3 /20.16.003/2013-14
July 1, 2013
- All scheduled commercial banks (excluding RRBs and LABs) and
- All India Notified Financial Institutions
Dear Sir,
Master Circular on Wilful Defaulters
As you are aware, the Reserve Bank of India has, from time to time, issued a
number of circulars to banks and financial institutions (FIs) containing
instructions on matters relating to wilful defaulters. In order to enable the
banks/FIs to have all the existing instructions on the subject at one place,
this Master Circular has been prepared. The Master Circular incorporates all the
instructions/guidelines issued on cases of wilful default, which are operational
as on date. The Master Circular has also been placed on the RBI web-site
(http://www.rbi.org.in).
Yours faithfully,
(Rajesh Verma)
Chief General Manager
Master Circular on ‘Wilful Defaulters’
Purpose:
To put in place a system to disseminate credit information pertaining to willful
defaulters for cautioning banks and financial institutions so as to ensure that
further bank finance is not made available to them.
Application:
To all scheduled commercial banks (excluding RRBs and LABs) and All India
Notified Financial Institutions.
Structure:
1. Introduction
Pursuant to the instructions of the Central Vigilance Commission for collection
of information on wilful defaults of Rs.25 lakhs and above by RBI and
dissemination to the reporting banks and FIs, a scheme was framed by RBI with
effect from 1st April 1999 under which the banks and notified All India
Financial Institutions were required to submit to RBI the details of the wilful
defaulters. Wilful default broadly covered the following:
a) Deliberate non-payment of the dues despite adequate cash flow and good
networth;
b) Siphoning off of funds to the detriment of the defaulting unit;
c) Assets financed either not been purchased or been sold and proceeds have been
misutilised;
d) Misrepresentation / falsification of records;
e) Disposal / removal of securities without bank's knowledge;
f) Fraudulent transactions by the borrower.
Accordingly, banks and FIs started reporting all cases of wilful defaults, which
occurred or were detected after 31st March 1999 on a quarterly basis. It covered
all non-performing borrowal accounts with outstandings (funded facilities and
such non-funded facilities which are converted into funded facilities)
aggregating Rs.25 lakhs and above identified as wilful default by a Committee of
higher functionaries headed by the Executive Director and consisting of two
GMs/DGMs. Banks/FIs were advised that they should examine all cases of wilful
defaults of Rs 1.00 crore and above for filing of suits and also consider
criminal action wherever instances of cheating/fraud by the defaulting borrowers
were detected. In case of consortium/multiple lending, banks and FIs were
advised that they report wilful defaults to other participating/financing banks
also. Cases of wilful defaults at overseas branches were required be reported if
such disclosure is permitted under the laws of the host country.
2. Guidelines issued on wilful defaulters
Further, considering the concerns expressed over the persistence of wilful
default in the financial system in the 8th Report of the Parliament's Standing
Committee on Finance on Financial Institutions, the Reserve Bank of India, in
consultation with the Government of India, constituted in May 2001 a Working
Group on Wilful Defaulters (WGWD) under the Chairmanship of Shri S. S. Kohli,
the then Chairman of the Indian Banks' Association, for examining some of the
recommendations of the Committee. The Group submitted its report in November
2001. The recommendations of the WGWD were further examined by an In House
Working Group constituted by the Reserve Bank. Accordingly, the Scheme was
further revised by RBI on May 30, 2002.
The above scheme was in addition to the Scheme of Disclosure of Information on
Defaulting Borrowers of banks and FIs introduced in April 1994, vide RBI
Circular DBOD.No.BC/CIS/47/20.16.002/94 dated 23 April 1994.
2.1 Definition of wilful default
The term "wilful default" has been redefined in supersession of the earlier
definition as under:
A "wilful default" would be deemed to have occurred if any of the following
events is noted :-
(a) The unit has defaulted in meeting its payment / repayment obligations to the
lender even when it has the capacity to honour the said obligations.
(b) The unit has defaulted in meeting its payment / repayment obligations to the
lender and has not utilised the finance from the lender for the specific
purposes for which finance was availed of but has diverted the funds for other
purposes.
(c) The unit has defaulted in meeting its payment / repayment obligations to the
lender and has siphoned off the funds so that the funds have not been utilised
for the specific purpose for which finance was availed of, nor are the funds
available with the unit in the form of other assets.
(d) The unit has defaulted in meeting its payment / repayment obligations to the
lender and has also disposed off or removed the movable fixed assets or
immovable property given by him or it for the purpose of securing a term loan
without the knowledge of the bank/lender.
2.2 Diversion and siphoning of funds
The terms “diversion of funds” and “siphoning of funds” should construe to mean
the following:-
2.2.1 Diversion of funds, referred to at para 2.1(b) above, would be construed
to include any one of the undernoted occurrences:
(a) utilisation of short-term working capital funds for long-term purposes not
in conformity with the terms of sanction;
(b) deploying borrowed funds for purposes / activities or creation of assets
other than those for which the loan was sanctioned;
(c) transferring funds to the subsidiaries / Group companies or other corporates
by whatever modalities;
(d) routing of funds through any bank other than the lender bank or members of
consortium without prior permission of the lender;
(e) investment in other companies by way of acquiring equities / debt
instruments without approval of lenders;
(f) shortfall in deployment of funds vis-à-vis the amounts disbursed / drawn and
the difference not being accounted for.
2.2.2 Siphoning of funds, referred to at para 2.1(c) above, should be construed
to occur if any funds borrowed from banks / FIs are utilised for purposes
un-related to the operations of the borrower, to the detriment of the financial
health of the entity or of the lender. The decision as to whether a particular
instance amounts to siphoning of funds would have to be a judgement of the
lenders based on objective facts and circumstances of the case.
The identification of the wilful default should be made keeping in view the
track record of the borrowers and should not be decided on the basis of isolated
transactions/incidents. The default to be categorised as wilful must be
intentional, deliberate and calculated.
2.3 Cut-off limits
While the penal measures indicated at para 2.5 below would normally be attracted
by all the borrowers identified as wilful defaulters or the promoters involved
in diversion / siphoning of funds, keeping in view the present limit of Rs. 25
lakh fixed by the Central Vigilance Commission for reporting of cases of wilful
default by the banks/FIs to RBI, any wilful defaulter with an outstanding
balance of Rs. 25 lakh or more, would attract the penal measures stipulated at
para 2.5 below. This limit of Rs. 25 lakh may also be applied for the purpose of
taking cognisance of the instances of 'siphoning' / 'diversion' of funds.
2.4 End-use of Funds
In cases of project financing, the banks / FIs seek to ensure end use of funds
by, inter alia, obtaining certification from the Chartered Accountants for the
purpose. In case of short-term corporate / clean loans, such an approach ought
to be supplemented by 'due diligence' on the part of lenders themselves, and to
the extent possible, such loans should be limited to only those borrowers whose
integrity and reliability are above board. The banks and FIs, therefore, should
not depend entirely on the certificates issued by the Chartered Accountants but
strengthen their internal controls and the credit risk management system to
enhance the quality of their loan portfolio.
Needless to say, ensuring end-use of funds by the banks and the FIs should form
a part of their loan policy document for which appropriate measures should be
put in place. The following are some of the illustrative measures that could be
taken by the lenders for monitoring and ensuring end-use of funds:
(a) Meaningful scrutiny of quarterly progress reports / operating statements /
balance sheets of the borrowers;
(b) Regular inspection of borrowers’ assets charged to the lenders as security;
(c) Periodical scrutiny of borrowers’ books of accounts and the no-lien accounts
maintained with other banks;
(d) Periodical visits to the assisted units;
(e) System of periodical stock audit, in case of working capital finance;
(f) Periodical comprehensive management audit of the ‘Credit’ function of the
lenders, so as to identify the systemic-weaknesses in the credit-administration.
(It may be kept in mind that this list of measures is only illustrative and by
no means exhaustive.)
2.5 Penal measures
In order to prevent the access to the capital markets by the wilful defaulters,
a copy of the list of wilful defaulters (non-suit filed accounts) and list of
wilful defaulters (suit filed accounts) are forwarded to SEBI by RBI and Credit
Information Bureau (India) Ltd. (CIBIL) respectively.
The following measures should be initiated by the banks and FIs against the
wilful defaulters identified as per the definition indicated at paragraph 2.1
above:
a) No additional facilities should be granted by any bank / FI to the listed
wilful defaulters. In addition, the entrepreneurs / promoters of companies where
banks / FIs have identified siphoning / diversion of funds, misrepresentation,
falsification of accounts and fraudulent transactions should be debarred from
institutional finance from the scheduled commercial banks, Development Financial
Institutions, Government owned NBFCs, investment institutions etc. for floating
new ventures for a period of 5 years from the date the name of the wilful
defaulter is published in the list of wilful defaulters by the RBI.
b) The legal process, wherever warranted, against the borrowers / guarantors and
foreclosure of recovery of dues should be initiated expeditiously. The lenders
may initiate criminal proceedings against wilful defaulters, wherever necessary.
c) Wherever possible, the banks and FIs should adopt a proactive approach for a
change of management of the wilfully defaulting borrower unit.
d) A covenant in the loan agreements, with the companies in which the banks /
notified FIs have significant stake, should be incorporated by the banks / FIs
to the effect that the borrowing company should not induct a person who is a
promoter or director on the Board of a company which has been identified as a
wilful defaulter as per the definition at paragraph 2.1 above and that in case,
such a person is found to be on the Board of the borrower company, it would take
expeditious and effective steps for removal of the person from its Board.
It would be imperative on the part of the banks and FIs to put in place a
transparent mechanism for the entire process so that the penal provisions are
not misused and the scope of such discretionary powers are kept to the barest
minimum. It should also be ensured that a solitary or isolated instance is not
made the basis for imposing the penal action.
2.6 Guarantees furnished by group companies
While dealing with wilful default of a single borrowing company in a Group, the
banks / FIs should consider the track record of the individual company, with
reference to its repayment performance to its lenders. However, in cases where a
letter of comfort and / or the guarantees furnished by the companies within the
Group on behalf of the wilfully defaulting units are not honoured when invoked
by the banks / FIs, such Group companies should also be reckoned as wilful
defaulters.
2.7 Role of auditors
In case any falsification of accounts on the part of the borrowers is observed
by the banks / FIs, and if it is observed that the auditors were negligent or
deficient in conducting the audit, they should lodge a formal complaint against
the auditors of the borrowers with the Institute of Chartered Accountants of
India (ICAI) to enable the ICAI to examine and fix accountability of the
auditors.
With a view to monitoring the end-use of funds, if the lenders desire a specific
certification from the borrowers’ auditors regarding diversion / siphoning of
funds by the borrower, the lender should award a separate mandate to the
auditors for the purpose. To facilitate such certification by the auditors the
banks and FIs will also need to ensure that appropriate covenants in the loan
agreements are incorporated to enable award of such a mandate by the lenders to
the borrowers / auditors.
2.8 Role of Internal Audit / Inspection
The aspect of diversion of funds by the borrowers should be adequately looked
into while conducting internal audit/inspection of their offices/branches and
periodical reviews on cases of wilful defaults should be submitted to the Audit
Committee of the bank.
2.9 Reporting to RBI / Credit Information Companies
Banks/FIs should submit the list of suit-filed accounts of wilful defaulters of
Rs.25 lakh and above as at end-March, June, September and December every year to
a credit information company which has obtained certificate of registration from
RBI in terms of Section 5 of the Credit Information Companies (Regulation) Act,
2005 and of which it is a member. Reserve Bank of India has, in exercise of the
powers conferred by the Act and the Rules and Regulations framed thereunder,
granted Certificate of Registration to (i) Experian Credit Information Company
of India Private Limited, (ii) Equifax Credit Information Services Private
Limited, (iii) High Mark Credit Information Services Private Limited and (iv)
Credit Information Bureau (India) Limited (CIBIL) to commence/carry on the
business of credit information. Banks/FIs should, however, submit the quarterly
list of wilful defaulters where suits have not been filed only to RBI in the
format given in Annex 1. Credit Information Companies have also been advised to
disseminate the information pertaining to suit filed accounts of Wilful
Defaulters on their respective websites.
Explanation
In this connection, it is clarified that banks need not report cases where
(i) outstanding amount falls below Rs.25 lakh and
(ii) in respect of cases where banks have agreed for a compromise settlement and
the borrower has fully paid the compromised amount.
3. Grievances Redressal Mechanism
Banks/FIs should take the following measures in identifying and reporting
instances of wilful default:
(i) With a view to imparting more objectivity in identifying cases of wilful
default, decisions to classify the borrower as wilful defaulter should be
entrusted to a Committee of higher functionaries headed by the Executive
Director and consisting of two GMs/DGMs as decided by the Board of the concerned
bank/FI.
(ii) The decision taken on classification of wilful defaulters should be well
documented and supported by requisite evidence. The decision should clearly
spell out the reasons for which the borrower has been declared as wilful
defaulter vis-à-vis RBI guidelines.
(iii) The borrower should thereafter be suitably advised about the proposal to
classify him as wilful defaulter along with the reasons therefor. The concerned
borrower should be provided reasonable time (say 15 days) for making
representation against such decision, if he so desires, to a Grievance Redressal
Committee headed by the Chairman and Managing Director and consisting of two
other senior officials.
(iv) Further, the above Grievance Redressal Committee should also give a hearing
to the borrower if he represents that he has been wrongly classified as wilful
defaulter.
(v) A final declaration as ‘wilful defaulter’ should be made after a view is
taken by the Committee on the representation and the borrower should be suitably
advised.
4. Criminal Action against Wilful Defaulters
4.1 J.P.C. Recommendations
Reserve Bank examined, the issues relating to restraining wilful defaults in
consultation with the Standing Technical Advisory Committee on Financial
Regulation in the context of the following recommendations of the JPC and in
particular, on the need for initiating criminal action against concerned
borrowers, viz.
a. It is essential that offences of breach of trust or cheating construed to
have been committed in the case of loans should be clearly defined under the
existing statutes governing the banks, providing for criminal action in all
cases where the borrowers divert the funds with malafide intentions.
b. It is essential that banks closely monitor the end-use of funds and obtain
certificates from the borrowers certifying that the funds have been used for the
purpose for which these were obtained.
c. Wrong certification should attract criminal action against the borrower.
4.2 Monitoring of End Use
Banks / FIs should closely monitor the end-use of funds and obtain certificates
from borrowers certifying that the funds are utilised for the purpose for which
they were obtained. In case of wrong certification by the borrowers, banks / FIs
may consider appropriate legal proceedings, including criminal action wherever
necessary, against the borrowers.
4.3 Criminal Action by Banks / FIs
It is essential to recognise that there is scope even under the existing
legislations to initiate criminal action against wilful defaulters depending
upon the facts and circumstances of the case under the provisions of Sections
403 and 415 of the Indian Penal Code (IPC) 1860. Banks / FIs are, therefore,
advised to seriously and promptly consider initiating criminal action against
wilful defaulters or wrong certification by borrowers, wherever considered
necessary, based on the facts and circumstances of each case under the above
provisions of the IPC to comply with our instructions and the recommendations of
JPC.
It should also be ensured that the penal provisions are used effectively and
determinedly but after careful consideration and due caution. Towards this end,
banks / FIs are advised to put in place a transparent mechanism, with the
approval of their Board, for initiating criminal proceedings based on the facts
of individual case.
5. Reporting names of Directors
5.1 Need for Ensuring Accuracy
RBI / Credit Information Companies disseminate information on non-suit filed and
suit filed accounts respectively, as reported to them by the banks / FIs and
responsibility for reporting correct information and also accuracy of facts and
figures rests with the concerned banks and financial institutions. Therefore,
banks and financial institutions should take immediate steps to up-date their
records and ensure that the names of current directors are reported. In addition
to reporting the names of current directors, it is necessary to furnish
information about directors who were associated with the company at the time the
account was classified as defaulter, to put the other banks and financial
institutions on guard. Banks and FIs may also ensure the facts about directors,
wherever possible, by cross-checking with Registrar of Companies.
5.2 Position regarding Independent and Nominee directors
Professional Directors who associate with companies for their expert knowledge
act as independent directors. Such independent directors apart from receiving
director's remuneration do not have any material pecuniary relationship or
transactions with the company, its promoters, its management or its
subsidiaries, which in the judgment of Board may affect their independent
judgment. As a guiding principle of disclosure, no material fact should be
suppressed while disclosing the names of a company that is a defaulter and the
names of all directors should be published. However, while doing so, a suitable
distinguishing remark should be made clarifying that the concerned person was an
independent director. Similarly the names of directors who are nominees of
government or financial institutions should also be reported but a suitable
remark 'nominee director' should be incorporated.
Therefore, against the names of Independent Directors and Nominee Directors,
they should indicate the abbreviations “Ind" and "Nom" respectively in brackets
to distinguish them from other directors.
5.3 Government Undertakings
In the case of Government undertakings, it should be ensured that the names of
directors are not to be reported. Instead, a legend "Government of --------
undertaking" should be added.
5.4 Inclusion of Director Identification Number (DIN)
In order to ensure that directors are correctly identified and in no case,
persons whose names appear to be similar to the names of directors appearing in
the list of wilful defaulters, are wrongfully denied credit facilities on such
grounds, banks/FIs have been advised to include the Director Identification
Number (DIN) as one of the fields in the data submitted by them to Reserve Bank
of India / Credit Information Companies.
ANNEX 1
Format for submission of data on cases of wilful default (non-suit
filed accounts) of Rs.25 lakh & above to RBI on quarterly basis:
The banks/FIs are required to submit data of wilful defaulters (non-suit filed
accounts) in Compact Disks(CDs) to RBI on quarterly basis, using the following
structure (with the same field names):
Field |
Field Name |
Type |
Wi-dth |
Description |
Remarks |
1 |
SCTG |
Numeric |
1 |
Category of bank/FI |
Number 1/2/4/6/8 should be fed 1 SBI and its associate banks 2 Nationalised banks
4 Foreign banks 6 Private Sector Banks 8 Financial Institutions |
2 |
BKNM |
Character |
40 |
Name of bank/FI |
Name of the bank/FI |
3 |
BKBR |
Character |
30 |
Branch name |
Name of the branch |
4 |
STATE |
Character |
15 |
Name of state |
Name of state in which branch is situated |
5 |
SRNO |
Numeric |
4 |
Serial No. |
Serial No. |
6 |
PRTY |
Character |
45 |
Name of Party |
The legal name |
7 |
REGADDR |
Character |
96 |
Registered address |
Registered Office address |
8 |
OSAMT |
Numeric |
6 |
Outstanding amount in Rs. lakhs (Rounded off) |
|
9 |
SUIT |
Character |
4 |
Suit filed or not |
Type ‘SUIT’ in case suit is filed. For other cases this field should be kept
blank. |
10 |
OTHER_BK |
Character |
40 |
Name of other banks/ FIs |
The names of other banks/FIs from whom the party has availed credit facility
should be indicated. The names may be fed in abbreviated form e.g. BOB for Bank
of Baroda, SBI for State Bank of India etc. |
11 |
DIR1 |
Character |
40 |
Name of director |
(a) Full name of Director should be indicated.
(b) In case of Government companies the legend “Govt. of ____undertaking” alone
should be mentioned.
(c) Against the names of nominee directors of banks/ FIs/ Central Govt./ State
Govt., abbreviation 'Nom' should be indicated in the brackets.
(d) Against the name of independent directors, abbreviation ''Ind' should be
indicated in the brackets.
(e) In the case of Directors who held office at the time the account of the
borrower entity was classified as defaulter, but are no longer on its Board, the
symbol @ should be indicated in brackets against their names. |
12 |
DIN_DIR1 |
Numeric |
8 |
Director Identification Number of DIR1 |
8 digit Director Identification Number of the Director at DIR1 |
13 |
DIR2 |
Character |
40 |
Name of director |
As in DIR1 |
14 |
DIN_DIR2 |
Numeric |
8 |
Director Identification Number of DIR2 |
8 digit Director Identification Number of the Director at DIR2 |
15 |
DIR3 |
Character |
40 |
Name of director |
As in DIR1 |
16 |
DIN_DIR3 |
Numeric |
8 |
Director Identification Number of DIR3 |
8 digit Director Identification Number of the Director at DIR3 |
17 |
DIR4 |
Character |
40 |
Name of director |
As in DIR1 |
18 |
DIN_DIR4 |
Numeric |
8 |
Director Identification Number of DIR4 |
8 digit Director Identification Number of the Director at DIR4 |
19 |
DIR5 |
Character |
40 |
Name of director |
As in DIR1 |
20 |
DIN_DIR5 |
Numeric |
8 |
Director Identification Number of DIR5 |
8 digit Director Identification Number of the Director at DIR5 |
21 |
DIR6 |
Character |
40 |
Name of director |
As in DIR1 |
22 |
DIN_DIR6 |
Numeric |
8 |
Director Identification Number of DIR6 |
8 digit Director Identification Number of the Director at DIR6 |
23 |
DIR7 |
Character |
40 |
Name of director |
As in DIR1 |
24 |
DIN_DIR7 |
Numeric |
8 |
Director Identification Number of DIR7 |
8 digit Director Identification Number of the Director at DIR7 |
25 |
DIR8 |
Character |
40 |
Name of director |
As in DIR1 |
26 |
DIN_DIR8 |
Numeric |
8 |
Director Identification Number of DIR8 |
8 digit Director Identification Number of the Director at DIR8 |
27 |
DIR9 |
Character |
40 |
Name of director |
As in DIR1 |
28 |
DIN_DIR9 |
Numeric |
8 |
Director Identification Number of DIR9 |
8 digit Director Identification Number of the Director at DIR9 |
29 |
DIR10 |
Character |
40 |
Name of director |
As in DIR1 |
30 |
DIN_DIR10 |
Numeric |
8 |
Director Identification Number of DIR10 |
8 digit Director Identification Number of the Director at DIR10 |
31 |
DIR11 |
Character |
40 |
Name of director |
As in DIR1 |
32 |
DIN_DIR11 |
Numeric |
8 |
Director Identification Number of DIR11 |
8 digit Director Identification Number of the Director at DIR11 |
33 |
DIR12 |
Character |
40 |
Name of director |
As in DIR1 |
34 |
DIN_DIR12 |
Numeric |
8 |
Director Identification Number of DIR12 |
8 digit Director Identification Number of the Director at DIR12 |
35 |
DIR13 |
Character |
40 |
Name of director |
As in DIR1 |
36 |
DIN_DIR13 |
Numeric |
8 |
Director Identification Number of DIR13 |
8 digit Director Identification Number of the Director at DIR13 |
37 |
DIR14 |
Character |
40 |
Name of director |
As in DIR1 |
38 |
DIN_DIR14 |
Numeric |
8 |
Director Identification Number of DIR14 |
8 digit Director Identification Number of the Director at DIR14 |
|
Total bytes |
953 |
|
|
- If total numbers of directors exceed 14, the name of additional directors
may be entered in blank spaces available in the other directors’ columns.
- The data / information should be submitted in the above format in Compact
disks as .dbf file only. While submitting the CD, the banks/FIs should ensure
that:
- the CD is readable and is not corrupted / virus-affected.
- the CD is labelled properly indicating name of the bank, name of the list and
period to which the list belongs, and the name of list indicated on label and in
the letter are same.
- the name and width of each of the fields and order of the fields is strictly as
per the above format.
- records with outstanding amount of less than Rs.25 lakh have not been included.
- no suit-filed account has been included.
- use of following types of words have been avoided (as the fields can not be
properly indexed) : ‘M/s’, ’Mr’, ‘Shri’ etc.
- the words ‘Mrs’, ‘Smt’, ‘Dr’ etc. have been fed at the end of name of the
person, if applicable.
- Except for field "SUIT" and some of the fields from DIR1 To DIR 14, as
applicable, information is completely filled in and columns are not kept blank.
- In case of 'Nil' data, there is no need to send any CD and the position can
be conveyed through a letter/fax.
- A certificate signed by a sufficiently senior official stating that ‘the
list of wilful defaulters has been correctly compiled after duly verifying the
details thereof and RBI’s instructions in this regard have been strictly
followed’ is sent along with the CD.
ANNEX 2
List of Circulars consolidated by the Master Circular
Sr. No. |
Circular No. |
Date |
Subject |
Para No. |
1. |
DBOD.No.DL(W).BC.12/20.16.002(1)/98-99 |
20.02.1999 |
Collection and Dissemination of Information on Cases of Wilful Default of Rs.25 lakh and above |
1 |
2. |
DBOD.No.DL.BC.46/20.16.002/98-99 |
10.05.1999 |
Disclosure of information regarding defaulting borrowers - Lists of Defaulters/
Suit filed accounts and Data on Wilful Default |
Annex 1 |
3. |
DBOD.No.DL(W).BC.161/20.16.002/99-2000 |
01.04.2000 |
Collection and Dissemination of information on defaulting borrowers of banks and Financial Institutions |
5 and Annex 1 |
4. |
DBOD.No.DL.BC.54 /20.16.001/2001-02 |
22.12.2001 |
Collection and dissemination of information on defaulters
|
5 |
5. |
DBOD.No.DL(W).BC110/20.16.003(1)/2001-02 |
30.05.2002 |
Wilful defaulters and action thereagainst |
2, 2.1 to 2.8 |
6. |
DBOD.No.DL.BC.111/20.16.001/ 2001-02 |
04.06.2002 |
Submission of Credit Information to Credit Information Bureau (CIB)
|
2.9 |
7. |
DBOD.No.DL(W).BC 58/20.16.003/2002-03
|
11.01.2003 |
Wilful defaulters and Diversion of funds - Action thereagainst
|
2.1, 2.2 |
8. |
DBOD.No.DL.BC.7/20.16.003/2003-04 |
29.07.2003 |
Wilful Defaulters and action thereagainst
|
3 |
9. |
DBOD.No.DL.BC.95/20.16.002/2003-04 |
17.06.2004 |
Annual Policy Statement for the year 2004-05 -
Dissemination of Credit Information - Role of CIBIL |
2.9 |
10. |
DBOD.No.DL.BC.94/20.16.003/2003-04 |
17.06.2004 |
Annual Policy Statement: 2004-05 - Wilful Defaulters – Clarification on Process
|
3 |
11. |
DBOD.No.DL.BC.16 /20.16.003/2004-05 |
23.07.2004 |
Checking of wilful defaults and measures against Wilful Defaulters
|
4 |
12. |
DBOD No. DL(W)BC.87/20.16.003/2007-08
|
28.05.2008 |
Wilful Defaulters and action thereagainst
|
2.1 |
13. |
Mail-Box Clarification |
17.04.2008 |
Reporting of accounts under compromise settlement
|
2.9 |
14. |
DBOD No.DL12738/20.16.001/2008-09 |
03.02.2009 |
Submission of information about List of Defaulters (non-suit filed accounts) /
Wilful Defaulters (non-suit filed accounts) on Compact Disks. |
Annex I |
15. |
DBOD.No.DL.15214/20.16.042/2009-10 |
04.03.2010 |
Grant of ‘Certificate of Registration’ – For Commencing business of credit information – Experian Credit Information Company of India Private Limited |
2.9 |
16. |
DBOD.No.DL.BC.83/20.16.042/2009-10 |
31.03.2010 |
Grant of ‘Certificate of Registration’ – For Commencing business of credit information – Equifax Credit Information Services Private Limited
|
2.9 |
17. |
DBOD.No.DL.BC.110/20.16.046/2009-10 |
11.06.2010 |
Submission of data to Credit Information Companies – Format of data to be
submitted by Credit Institutions |
2.9 |
18. |
DBOD.No.CID.BC.40/20.16.046/2010-11 |
21.09.2010 |
Submission of credit data to Credit Information Companies – Inclusion of
Director Identification Number (DIN) |
5.4 and Annex1 |
19. |
DBOD.No.CID.BC.64/20.16.042/2010-11 |
01.12.2010 |
Grant of ‘Certificate of Registration’ – For Commencing business of credit
information – High Mark Credit Information Services Private Limited
|
2.9 |
20. |
DBOD.No.CID.BC.30/20.16.042/2011-12 |
05.09.2011 |
Submission of Credit Information to credit Information Companies – Defaulters of
Rs. 1 Crore and above and Wilful Defaulters of Rs. 25 lakh and above-
Dissemination of Credit Information of suit filed accounts. |
2.9 |
21. |
DBOD.No.CID.BC.84/20.16.042/2011-12 |
05.03.2012 |
Grant of ‘Certificate of Registration’ – For carrying on the business of credit
information – Credit Information Bureau (India) Limited |
2.9 |