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Corporation Bank has signed an information utility (IU) agreement with National e-Governance Services Ltd (NeSL), the first IU registered with the Insolvency and Bankruptcy Board of India (IBBI), to share financial and security information under IBBI (IU) Regulation 2017.
A press release by the bank said here on Thursday that IUs function under the regulatory supervision of IBBI. They serve the needs of the banking system by providing data to insolvency professionals, adjudicating authority and the Insolvency and Bankruptcy Board of India on the proof of borrowing, proof of default and security interest data in respect of NCLT cases while adhering to prescribed standards of information security.
The agreement was signed here in the presence of Jai Kumar Garg, Managing Director and Chief Executive Officer of Corporation Bank, Gopal Murli Bhagat, Executive Director of the bank, and U Venkata Rao, Vice-President (IU Operations) of NeSL.
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