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Submission of Credit Information to Credit Information Bureau (CIB)
DBOD No. DL. BC.
111-20.16.001-date 4th June 2002
As you are aware, in
pursuance to the Finance Minister �s announcement in his Budget proposals of
2000-01, Credit Information Bureau (India) Ltd (CIBIL) has been set up in
January 2001 to serve as an effective mechanism for exchange of information
between banks and FIs for curbing growth of NPAs. The Government of India is
also examining a draft legislation covering, inter alia, responsibilities of
CIBs, rights and obligations of the member/reporting credit institutions, and
safeguarding of the privacy rights that may arise in the information sharing
process by CIBs. Pending the enactment of CIB Regulation Bill, as a first step
towards activating the Bureau, RBI constituted a Working Group in December 2001
to examine the possibility of the CIB performing the role of collecting and
disseminating information on the suit filed accounts and the list of defaulters,
presently being reported to RBI by banks and notified financial institutions.
The Working Group submitted its report in January 2002. The report of the Group
was placed on the RBI website for public information and comments. RBI has since
decided to implement some of the recommendations of the Working Group which
satisfy the existing legal framework, as under.
2.
Banks and FIs should submit the list of suit-filed accounts of Rs.1 crore
and above as on March 31, 2002 and quarterly updates thereof till December 2002
and suit-filed accounts of wilful defaulters of Rs.25 lakh and above as at
end-March, June, September and December 2002 to RBI as well as to CIBIL for a
period of 1 year till 31 March 2003. Thereafter, aforesaid information should be
submitted to CIBIL only and not to RBI. The address of CIBIL is as under:
The
Chairman
Credit
Information Bureau (India) Limited
Apeejay
House, 2nd Floor, 3, Dinshaw Vachha Road, Churchgate, Mumbai 400 020
Phone:
2850032, 2043846 Fax No. 2043756
3.
Banks and notified FIs are however advised to continue to submit the data
relating to non-suit filed accounts of Rs. 1 crore and above, classified as
doubtful or loss, as on March 31, and September 30 and also quarterly list of
wilful defaulters where suits have not been filed only to RBI as hitherto. A
list of statements that are being submitted on the subject is indicated in the
Annexure for ready reference.
4.
This direction is issued under Section 35 A of the Banking Regulation
Act, 1949.
5.
Please acknowledge receipt of the letter.
Encl: 1
Annexure
Submission
of credit information in terms of RBI circular No
BC.DL/161/20.16.002/99-2000
dated 1st April 2000
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Nature
of Information
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To
whom to be submitted
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Periodicity
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1.
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Suit-filed accounts
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(a)
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Particulars
of suit-filed accounts of Rs.1 crore and above on floppy diskettes.
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i)
Reserve Bank of India
ii)
Credit Information Bureau of (India) Limited, Apeejay House, 2nd Floor, 3,
Dinshaw Vachha Road, Churchgate, Mumbai - 400 020
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Annually
- As on March 31, 2002 Quarterly updates (additions/deletions of accounts
during quarter) as at end- June, September & December 2002.
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Do --
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Credit
Information Bureau of (India) Limited (CIBIL)
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Annually
- As on March 31, 2003 and onwards Quarterly updates as on June 30, 2003
and onwards
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(b)
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List
of suit-filed accounts of wilful defaulters of Rs.25 lakhs and above
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i)
RBI
II)
CIBIL
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Quarterly
- As on March, June, September and December 2002
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--
Do --
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CIBIL
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Quarterly
- For March 2003 and onwards
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II.
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Non
suit-filed accounts
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(a)
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List
of non-suit filed doubtful and loss accounts of Rs.1 crore and above
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Reserve
Bank of India
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As
on 31 March and 30 September
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(b)
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List
of wilful defaulters of Rs. 25 lakhs and above excluding suit-filed
accounts
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Reserve
Bank of India
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Quarterly
- As at end-March, June, September and December
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