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Allahabad Bank today entered into an agreement with state-run National e-Governance Services Limited (NeSL) for utilizing the latter’s Information Utility Services envisaged under the Insolvency and Bankruptcy Code, 2016.
MD and CEO of Allahabad Bank Usha Ananthasubramanian stressed on the need for Information Utility Services in the present context when most banks are reeling under NPA pressure, especially in large value accounts, and looking for quick resolutions, the bank said in a statement.
She emphasized the role it can play in minimizing the resolution period in NCLT referred cases. Also, in the future, the services can be utilized by the banks in paperless documentation process, she added.
NeSL, owned by the government, is the first Information Utility entity registered by Insolvency and bankruptcy Board of India under IBBI (IU) Regulations, 2017.
S Ramann, MD & CEO, NeSL, said the Information Utility Services would serve as a storehouse of authenticated financial information which can be accessed by any concerned party to specific accounts as well as by Resolution Professionals and NCLT.
He said that the system would lead to early and quick solutions for frivolous litigations created by defaulters to delay the process.
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