Financial Daily from THE HINDU group of publications
Tuesday, Feb 07, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 07, 2006 |
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Money & Banking
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Financial Services CIBIL plans to launch commercial bureau next fiscal N.S. Vageesh
Chennai , Feb. 6 THE Credit Information Bureau of India Ltd (CIBIL) will be launching its commercial bureau in the early part of the next financial year. CIBIL collects, collates and disseminates credit information on all types of borrowers to a group of lending institutions including banks, housing finance , credit card companies among others. CIBIL's operations currently comprise its consumer bureau that offers credit information on over 42 million individual accounts. The proposed bureau will offer credit information on non-individual borrowers, ie. companies, partnerships and proprietorships. Mr S. Santhanakrishnan, Chairman, CIBIL, said that compiling data for the commercial bureau was more complex than for the consumer bureau. He said that a critical mass of relevant data that was representative of companies across all regions had to be obtained before launching these operations. The commercial bureau would help banks get information on the small and medium enterprises segment. "This would enable transparent and better pricing of loans to small companies," he said. About 50 banks and finance companies were now sharing information with CIBIL, according to Mr Santhanakrishnan. Many banks are in the final stages of obtaining consent from borrowers. Mr Santhanakrishan said he was impressed by the efforts taken by banks to collect data. He said that co-operative banks, which are currently not under CIBIL's purview, would also be brought into the information-sharing fold. Declining to share the exact number of queries that were raised by banks, he said, "It is substantial". He said that CIBIL was able to respond to online queries within 10 seconds.
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