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smbhappy

Good news - cibil is a public authority!!?

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smbhappy

READING THE FOLLOWING PASSAGE AMPLY HOLDS THAT THE CIBIL IS A PUBLIC AUTHORITY PROMOTED BY THE GOVERMENT OF INDIA AND THE RESERVE BANK OF INDIA AS A COMPANY UNDER HE COMPANIES ACT 1956 INCORPORATED IN YEAR 2000

 

The role of Credit Information Bureau India Limited (CIBIL) in Credit Rating:

 

 

 

Credit Information Bureau (India) Limited (CIBIL), incorporated in the year 2000, plays a very vital role in credit ratings in India.

 

 

 

CIBIL – India’s first credit information bureau- is a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its Members in the form of credit information reports.

 

 

The establishment of CIBIL is an effort made by the Government of India and the Reserve Bank of India to improve the functionality and stability of the Indian financial system by containing NPAs while improving credit grantors’ portfolio quality. CIBIL provides a vital service, which allows its Members to make informed, objective and faster credit decisions. CIBIL’s aim is to fulfill the need of credit granting institutions for comprehensive credit information by collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers, to a closed user group of Members. Banks, Financial Institutions, Non Banking Financial Companies, Housing Finance Companies and Credit Card Companies use CIBIL’s services.

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karira

Under which subsection of Sec 2(h) does it fall, as a PA ?

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smbhappy

The company is created by the GOI and RBI, as mentioned by CIBIL on its website at : Welcome to CIBIL

 

LINK ABOUT US > OVERVIEW > INTEGRAL SOLUTION The establishment of CIBIL is an effort made by the Government of India and the Reserve Bank of India to improve the functionality and stability of the Indian financial system by containing NPAs while improving credit grantors’ portfolio quality. CIBIL provides a vital service, which allows its Members to make informed, objective and faster

credit decisions.

 

 

As such it is a PA undr Section 2(h) as indicated by the red highlighted portion of the Section.

 

(h) "public authority" means any authority or body or institution of self- government established or constituted—

(a) by or under the Constitution;

(b) by any other law made by Parliament;

© by any other law made by State Legislature;

(d) by notification issued or order made by the appropriate Government,

and includes any—

(i) body owned, controlled or substantially financed;

(ii) non-Government organisation substantially financed,

directly or indirectly by funds provided by the appropriate Government;

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karira

It is not created by GOI or RBI.

It was just an effort by them.

 

Please go strictly by various subsections of 2(h).

 

CIBIL does not fall under any of those categories.

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Atul Patankar

It seems 40% shares of CIBIL are owned by public sector banks. Will that make it substantially financed? I think someone will have to take the effort of going to a high court to prove this point.

 

Anyway, most of the users want only to access their own credit reports. This is already possible, without using RTI

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smbhappy

The Credit or as may put it "Discredit" reports are there without the consent of the individual and mostly to the detriment of the individuals. Whats worst that the data about the individual has been exposed without any knowledge and permission of an individual. Even if the entire amount of a credit has been cleared in a negotiated settlement, it is considered as negative bearing on the individual. There is no parameters disclosed for judging the credibility. No opportunity has been afforded to each individual for the rating in which he is put. The action are arbitrary and wrong evaluation. Every individual should have a right to post hia own comments to what banks or the financial institutions have stated about that individual in the Report. Banks and Financial Institutions are no saints. All the Consumers and civil cases decided against the banks and Financial institutions should also be reported on the CIBIL which an individual has won against the bank or financial Institution. The CIBIL is, in fact, a bad caucus of the High and mighty with the government support. It should be a equal playing field. CIBIL is one sided, unilateral, arbitrary, manafide and is against the natural justice equality and fair play. It is not a yard slick to judge the credibility of an individual under any law and it is thus unlawful.

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altafbatliwala

Dear All

 

CIBIL comes under RTI as the share holding of CIBIL was 51% by govt. banks at the time of its formation and was substancially financed directly/indirectly by the appropriate govt. The change in shareholding pattern does not decide that the body is govt. body or not, as at one day the govt may reduces its share and the next day increase its share in CIBIL. You may refer to landmark decisions of CIC with respect to IFCI and LIC Mutual Fund.

 

Format of RTI is as under

 

Information under the Right to Information Act 2005

 

To,

Director & CPIO

Ministry of Company Affairs,

R.No.534, 5th Floor, A- Wing,

Shastri Bhavan,

Dr. Rajendra Prasad Road

New Delhi- 110 001.

 

 

1) Full Name of the Applicant:

 

2) Address:

 

3) Particulars of information:

(i) Subject matter of information: Credit Information Bureau (India) Limited (CIBIL)

(ii) Period to which the information relates: Current

(iii) Description of the information required: With reference to the above

subject, kindly provide me the following information in public interest,

 

1)Shareholding pattern of Credit Information Bureau (India) Limited (CIBIL) at the time of its formation and at present.

 

2)Credit Information Bureau (India) Limited (CIBIL) has 51 per cent or more of the paid-up share capital held by the Central Government /State Governments/Govt. Banks, at the time of its formation, whether it becomes a Government company.

If no, on what grounds.

 

3)Credit Information Bureau (India) Limited (CIBIL) is a subsidiary of a Government company, whether it becomes a Government company.

If no, on what grounds.

 

4)Whether Credit Information Bureau (India) Limited (CIBIL) a Government company.

If no, on what grounds.

 

5)Is the Credit Information Bureau (India) Limited (CIBIL) a public authority within the meaning of Section 2(h) of the Right to Information Act, 2005 (RTI Act)?

If no, on what grounds.

 

6)Is Credit Information Bureau (India) Limited (CIBIL) a public limited company under the Companies Act, 1956?

If no, on what grounds.

 

(iv) Whether the information is required by post or in person: By post.

(v) In case by post (Ordinary, Registered or Speed): Registered.

 

4) Whether the applicant is below poverty line (if yes, attach the photocopy of the proof .

thereof): No

 

Place: Mumbai

Date: 30/09/2010 Signature of Applicant

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Marikar

MCA carries following data on CIBIL :

 

CIN : U72300MH2000PLC128359

Company Name : CREDIT INFORMATION BUREAU (INDIA) LIMITED

ROC Code : Mumbai

Registration Number : 128359

Company Category : Company Limited by Shares

Company Subcategory : Indian Non Govt Company

Class of Company : Public

Authorized Capital(in Rs.) : 500,000,000.00

Paid up capital(in Rs.) : 250,000,000.00

Date of Incorporation : 21.08.2000

 

Shareholding pattern of CIBIL:

 

Transunion International Inc - 27.5%

 

NATIONALISED BANKS 40%

SBI - 10%

PNB - 5%

BOB - 5%

UBI - 5%

CBI - 5%

BOI - 5%

IOB - 5%

 

 

PRIVATE INDIAN BANKS 15%

ICICI - 10%

HDFC Ltd - 5%

 

FOREIGN NBFC 5%

CitiCorp Fin (I) Ltd - 5%

 

FOREIGN BANKS 10%

HSBC - 5%

SCB - 5%

 

INDIAN NBFC 2.5%

Sundaram Finance Ltd - 2.5 %

 

-----------------

Anything that has to do with Banks/ FIs/ NBFCs/Foreign Banks/Foreign NBFCs is Governed by the RBI.

 

But "Banking and Insurance" is a portfolio of Finance Ministry.

 

LIST OF ACTS/LAWS BEING ADMINISTERED BY DEPARTMENT OF FINANCIAL SERVICES (FINMIN) is here : List of Acts/Laws Being Administered by Banking Division: Department of Financial Services, Ministry of Finance, Government of India

 

List of Acts/Laws Being Administered by Banking Division and available on the website About India Code Updated Acts (Legislative Department's Website)

 

............But Anything with CIBIL is governed by this

Credit Info Companies Rules and Regulations Act 2005

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Marikar

Attached is the Credit Information Companies (Regulation) Act, 2005 as a pdf file.

 

Pl go thru it, it must have some answers.

CIBIL_final.pdf

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Marikar

Banking and Insurance comes under Department of Financial Services.

 

Department of Financial Services is a Department of FIN-MIN.

 

And you know what ?

 

Links on the FIN-MIN website on RTI PAGE on Department of Financial Services does not work. :confused:

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Marikar

But good news :

 

I found a PIO who deals with such matters :

 

RTI INFORMATION RELATED TO BOII SECTION

CPIO - D. D. Maheshwari, Under Secretary (BO:II)

 

RTI on the subjects dealt with BO.II Section

 

NBFCs/Asset Restructuring Companies related Policy issues

All policy matters related to banking operations such as licensing, amalgamation, reconstruction, moratorium funds and acquisition of banks.

Overseas branches of Indian Banks

Operation of foreign banks in India

Matters relating to IFSC

Matters related to Appellate Authority on NBFCs

Opening of currency chest

Office of the Court Liquidator at Kolkata High Court

Terrorist financing matters

Court cases

Deposit Insurance and Credit Guarantee Corporation (DICGC) policy matters

All Acts and laws relating to commercial banks. Computerisation of PSBs

Banking sector reforms

International relations (banking, insurance and pension matters)

International co-operation in Joint Investment Fund (Bilateral Issues)

WTO and Border banking facilities.

Receipt and payment work of the Government

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Marikar

BOII Section Also Deals in the following :

 

BO.II Section : Customer Service in banks, publicity in PSBs, functioning of PSBs, disputes and arbitration between PSBs and between PSBs and other Govt. Deptt./PSEs, appointment of advocates in PSBs, acquisition/leasing/renting/vacation of premises, complaints relating to delay in clearance of cheques, non-payment/non-issue of drafts/duplicate drafts. Misbehaviour/rude behaviour/harassment by the staff of the Bank, non-settlement/ delay of deceased accounts, transfer of accounts from one branch to another, opening of new accounts, compliance with standing instructions of the customers, delay in payment to pensioners, including those related to credit cards against PSBs, private sector banks and foreign banks. NBFCs/Asset Restructuring Companies, residuary matters of Portuguese banks in Goa; Estate Officers under Public Premises Act, 1971; opening and shifting of administrative offices of banks, including currency chests, office of the Court Liquidator at Kolkata High Court, terrorist financing matters. Customer Service Centres, Banking Ombudsmen; Court cases; all kinds of complaints received from MPs and other VIPs and through PMO against private sector & foreign banks. Insurance and Credit Guarantee Corporation (DICGC) policy matters. All Acts and laws relating to commercial banks. Computerisation of PSBs; banking sector reforms; Securitisation and Foreclosure, subordinate legislations on the above matters.

 

BOII Section deals with Attached is the Credit Information Companies (Regulation) Act, 2005

 

It would be a good idea to send any RTI reg CIBIL to BOII Section. Any info on CIBIL can be had from BOII Section.

 

Mr. D.D. Maheshwari, Under Secretary (BO:II)

CPIO

Department of Financial Services

Ministry of Finance

Jeevandeep Building, Parliament Street,

New Delhi,

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Marikar

coming back to the original question :

Is CIBIL a public authority ??

 

 

No its not.

 

 

 

Its a Private company with 40% stake of Nationalized Banks.

 

Its an Indian Non Govt Company Limited by shares.

 

Its Governed by Credit Information Companies (Regulation) Act, 2005.

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Marikar

69/2008-09 September 2, 2008

 

AN RTI APPLICANT's QUERY

On which date the Credit Information Companies (Regulation) Act, 2005 came into force?

 

Whether Credit Information Bureau (India) Limited, as credit information company, has been granted a certificate of Registration under sub-section (2) of Section 5 of the Credit Information companies (Regulation) Act, 2005? If so, on which date was it registered?

 

Are the banks not duty bound to disclose to its customers when particulars are sought by them about the credit information furnished by it to Credit Information Company?

 

RBIs ANSWER TO IT

The Credit Information Companies (Regulation) Act, 2005 (CIC Act) came into force with effect from December 14, 2006.

 

The Reserve Bank of India has not yet granted Certificate of Registration (CoR) to Credit Information Bureau (India) Ltd. (CIBIL) for continuing business of credit information under CIC Act. Their application is pending with Reserve Bank of India.

 

In terms of Section 21 of the Act, a borrower can request for credit information report from credit institution if he/she has applied for a credit facility and it is mandatory for the credit institution to supply him/her with a copy of credit information report.

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karira
69/2008-09 September 2, 2008

 

AN RTI APPLICANT's QUERY

 

 

Whether Credit Information Bureau (India) Limited, as credit information company, has been granted a certificate of Registration under sub-section (2) of Section 5 of the Credit Information companies (Regulation) Act, 2005? If so, on which date was it registered?

 

 

RBIs ANSWER TO IT

 

 

The Reserve Bank of India has not yet granted Certificate of Registration (CoR) to Credit Information Bureau (India) Ltd. (CIBIL) for continuing business of credit information under CIC Act. Their application is pending with Reserve Bank of India.

 

 

Simply Unbelievable !

Is Sept 2, 2008 the date of RBIs reply ?

 

What is the situation as on today ? Does CIBIL have a CoR ?

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Marikar

On and prior to to Sept 2 2008 CIBIL was not selling credit info to end users.

 

But now they are in the business of selling credit info to Banks and etc. On the basis of that I assume they are covered.

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altafbatliwala

The Reserve Bank of India today released on its website for public comments, the Report of the Committee to recommend Data Format for Furnishing of Credit Information to Credit Information Companies (CICs). Comments may please be emailed or sent by post to Chief General Manager, Department of Banking Operations and Development, Reserve Bank of India, Shahid Bhagat Singh marg, Mumbai 400 001 on or before April 30, 2014.

The committee has made wide ranging recommendations on issues relating to credit information, such as, increasing its coverage, format of reports and best practices to be followed by credit institutions, credit information companies (CICs) and the Reserve Bank.

Making credit information more useful

The committee has stated that low usage of credit information by member institutions and other specified users needs to be addressed by requiring CICs to populate their databases with requisite credit information so that enquiries by specified users yield desired information. It has recommended that this can be done by increasing the coverage of credit information in terms of membership (all credit institutions should be members of all CICs) and products (also covering defaults in CPs and such other products) and by creating awareness about Credit Information Reports (CIRs).

Credit Information Report

The committee’s recommendations relating to CIR are:

CICs should have a common classification of Credit Scores so that it would be easier to understand and interpret. The Committee has recommended that the CIBIL method of calibrating from 300 to 900 could be adopted by other CICs.

CICs should report details of co-borrower and guarantor.

CICs may provide a single CIR for a borrower even if there are multiple addresses, using a unique identification number (PAN/Aadhaar No.).

CICs may have link with the database of Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) which has data on mortgages so that CIRs can also provide information on property mortgages.

An online data correction mechanism may be put in place by CICs to enable members to confirm/upload correction requests.

CIRs should disclose details of disputes relating to information in CIRs and customer comments thereon, if any.

Customer grievance redressal, especially in respect of complaints relating to updation/alteration of credit information, should be given top priority. This may be integrated with existing redressal systems, such as, Banking Ombudsman Scheme.

Banks/financial institutions (FIs) may report cases of wilful default, even in non-suit filed cases, directly to the CICs of which they are members and the system of banks/FIs reporting information on non-suit filed cases of defaulters to the Reserve Bank of India may be dispensed with.

CICs may make available the data in respect of suit-filed cases on their websites in a more user-friendly manner that would facilitate search across periods and banks.

The Committee has further suggested that providing customers with a free copy of their CIRs would help create awareness about the need to have credit discipline, enable customers to correct their behaviour and improve their score well before they plan to avail fresh credit of any kind, help detect identity theft at an early stage, help CICs correct and validate their database and increase their business in the long run. Use of common data formats, including additional information in the formats, such as, dispute codes, consumer comments on dispute, details of collateral, etc., and to institutionalise a continuing mechanism for making changes to data formats could help improve data quality, the committee has pointed out. The committee has recommended a common Data Quality Index that could assist credit institutions in determining the gaps in their data and also move towards improving their performance over a period of time.

Background

The Second Quarter Review of Monetary Policy 2012-13, (October 2012) of the Reserve Bank of India had stated that credit institutions should furnish timely and accurate credit information on their borrowers and make extensive use of available credit information as a part of their credit appraisal process. The post-policy meeting of the Reserve Bank with bankers in October 2012 had emphasised on the need for standardisation of data collection format as well as harmonisation/convergence among CICs to minimise duplication. The Reserve Bank later also met the heads of CICs in which it was suggested that a committee comprising a few banks, CICs and the Indian Banks’ Association be set up to finalise an updated data format. The committee was then set up with the heads of the CICs, a representative each from private sector bank, nationalised bank, foreign bank, urban cooperative bank, NBFC, MFI, IBA and the Legal Department of the Reserve Bank as members. Shri Aditya Puri, Chairman, HDFC Bank acted as the Chairman while Shri Rajesh Verma, CGM, DBOD was its member secretary. The committee recently submitted its report to the Reserve Bank.

Alpana Killawala

Principal Chief General Manager

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