Submission of Credit Information to Credit Information Companies – Dissemination of Credit Information of suit-filed accounts

 Submission of Credit Information to Credit Information Companies – Dissemination of Credit Information of suit-filed accounts

RBI/2011-12/165

DBOD.No. CID.BC.30 /20.16.042/2011-12

September 5, 2011

Chairmen/Managing Directors/CEOs

All Scheduled Commercial Banks

(excluding RRBs and LABs)

All India Notified Financial Institutions

Dear Sir,

Submission of Credit Information to Credit Information Companies –

Defaulters of Rs. 1 Crore and above and

Wilful Defaulters of Rs. 25 lakh and above – 

Dissemination of Credit Information of suit-filed accounts

Please refer to our Circulars DBOD.No.DL.BC.111/20.16.001/2001-02 dated June 4, 2002 regarding submission of credit information to Credit Information Bureau (India) Ltd (CIBIL) and DBOD No. DL.BC.95/20.16.002/2003-04 dated June 17, 2004regarding the Dissemination of Credit Information – Role of CIBIL.

2. As you are aware, Certificate of Registration (CoR) has since been issued to 3 Credit Information Companies (CICs), viz., M/s Experian Credit Information Company of India Pvt. Ltd, M/s Equifax Credit Information Services Pvt. Ltd and M/s High Mark Credit Information Services Pvt. Ltd to commence the business of credit information under the Credit Information Companies (Regulation) Act, 2005.

3. You are advised to submit the quarterly list of suit-filed accounts of Rs.1 Crore and above, classified as doubtful or loss, to CIBIL and/or any other credit information company which has obtained CoR from RBI and of which your bank is a member.

4. In terms of Para 2.9 of Master Circular on Wilful Defaulters dated July 1, 2011, Banks / FIs have already been advised to submit the list of suit-filed accounts of wilful defaulters of Rs. 25 lakh and above as at end-March, June, September and December every year to CIBIL and / or any other credit information company which has obtained CoR from RBI and of which that bank is a member.

5. Further, we advise that the above CICs have been advised to disseminate credit information covering data supplied by banks / FIs on such suit-filed accounts on their respective websites.

Yours faithfully

(P R Ravi Mohan)

Chief General Manager