CIBIL – The Key to Indian Financial Sector

CIBIL Indian Financial SectorCIBIL is probably one of the less-appreciated success stories of India’s financial sector evolution. It is today, probably the back-bone of the relatively high-quality and disciplined retail credit build out in India.

CIBIL has over 350 Mn accounts and adding 4 million new accounts every month – of which 30% are new accounts. Almost all key financial sector participants are contributing and using data from CIBIL. It gained momentum and customer acceptance

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CIBIL Reaches 300 Million Accounts, Defaulters Beware

CIBIL 300 Million Accounts CIBIL , India’s premier credit bureau, has become a game changer for retail credit – the backbone of high-quality retail growth. CIBIL is probably one of the less-appreciated success stories of India’s financial sector evolution. It is today, probably the back-bone of the relatively high-quality and disciplined retail credit build out in India.

Satish Pillai, COO of CIBIL has shared some interesting insights, CIBIL has 160m credit accounts (300m product accounts). 90% of new retail credits are backed by

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What is the Co-Relation Between CIBIL Credit Score & Loan Sanction ?

CIBIL CardBhai Interaction on Loan Approval & Credit ScoreThe demand for loans in India for various products, including home and auto loans from banks and other financial institutions in India, has grown a sharp 150% since 2010, according to CIBIL. As India’s largest credit information company, CIBIL has 930 credit institutions as its members and maintains information on over 290 million consumer trades and 14 million commercial trades

What are the hit rates on CIBIL? Have they gone up?

Citicard – Payment Defaulted, Account Blocked, then Regularized – Impact on CIBIL Score

Default Payment on Citicard - Later RegularisedIt is not uncommon for the Indian Youth to opt for a Credit Card as soon as they join the workforce and without realizing the consequences they head towards debt trap. Here is a Case which CardBhai’s Team Counseled and with Prior Written Permission of the Client we are publishing his Case Study so that this will help other Credit Card Borrowers / Defaulters understand the impact on Credit Scores.

Raj had a Citibank Credit Card account opened in May-2006. He made regular payments until Oct-2006 and then began to delay which immediately starts getting reflected in his CIBIL Credit Report. He tried his best to regularize his payments but on and off and was negotiating with the bank’s call center executives already for EMIs etc. However, matter became worse and in Aug-07 and Citibank finally decided to BLOCK the Card A/C. Summary of his First leg of Transactions and Payments as reflected in CIBIL Credit Report is Shown below.

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Government Rules on CIBIL Status Update for Settlement of Personal Loans / Credit Card Accounts

Now that we are getting lot of e-mails on the subject of what does the Actual RBI / Ministry of Finance Rules state on the Status of a Loan Account / Credit Card mutually settled between the Bank and the Customer. We had asked the RBI this Question,

In case of a Loan / Credit Card account settled mutually between the Bank and the Customer after the customer had defaulted on payments, I would like to know, what the Bank is supposed to update at Credit Bureau – CIBIL for “STATUS” column of this particular account under consideration in accordance with RBI rules / regulations / guidelines / act / etc. Kindly provide photocopy of appropriate RBI legal document / documents relevant to this subject.

RBI’s Response to the Question is as follows,

You may kindly

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