CIBIL crosses 500 membership mark

With the addition of four district cooperative banks, Credit Information Bureau India Ltd (CIBIL),  a credit Information company has crossed 500 members mark. Today it has announced its association with four district cooperative bank associations across Maharashtra which include Kolhapur Zilla Nagari Banks Sahakari Association, Pune Zilla Nagari Sahakari Banks Association, Ahmednagar Zilla Nagari Banks Association and Satara Zilla Nagari Sahakari Banks Association.

With this development, CIBIL’s membership base now exceeds 500 members, which includes over 200 cooperative banks, over 300 banks, 27 Housing Finance Companies, 10 Financial Institutions, two credit card companies, eight state financial corporations and 170 non banking financial companies (NBFCs). CIBIL will provide credit risk management tools to its members.

Some of its products include- CIBIL TransUnion Score, CIBIL Locate Plus, CIBIL Detect, CIBIL Mortgage Check and CIBIL Market Insight.

Commenting on this development, Arun Thukral, managing director, CIBIL, said "We are now working with these cooperative bank associations to assist them in implementing and utilizing optimum benefits of credit information. This milestone in our member base is also testimony to our commitment to ensure the best of our services to our members. Through our innovative and valuable solutions, we expect to increase this count significantly in the coming years".

Sharing his views on this association, Mukund Ghaisas, Director, Maharashtra State Co-op Banks’ Association Ltd. said, "Banking sector in India is facing a critical problem of NPA’s and very often the loan is sanctioned without knowing the credit history of the borrower. Now with the help of CIBIL we will have adequate credit information available on the borrower for making prudent lending decisions and thereby reduce NPA’s and ensure growth."

CIBIL’s partnership with the two leading global credit information companies- TransUnion and Dun & Bradstreet will continue to support the quest to help the credit industry mitigate risk and maximize profitability while allowing access to credit at better terms and conditions for the Indian consumer.