RBI sets stage for Cibil’s activation

RBI has decided to enlarge the coverage of credit information to be submitted to Cibil on suit-filed accounts below Rs 1 crore in two phases—balance outstanding (due from borrowers) between Rs 10 lakh and up to Rs 1 crore as on March 31, 2002, to be submitted on or before January 31, 2003, and the second return of the accounts between the same range-amount as on March 31, 2003, by June 30, 2003; and outstanding between Rs 1 lakh and Rs 10 lakh as on March 31, 2003, by September 30, 2003.

In a notification issued on June 4, 2002, the apex bank has asked banks to submit periodical information on suit-filed accounts of Rs 1 crore and above, and suit-filed accounts of wilful defaulters of Rs 25 lakh and above to it and Cibil till March 31, 2003, and thereafter only to Cibil. The data on suit-filed and non-suit filed accounts of below Rs 1 crore should be compiled by the banks as per the Cibil format to be advised to them separately, the RBI said.