IOB inks information utility pact with NeSL

Indian Overseas Bank (IOB), one of the leading public sector banks, on Friday entered into an agreement for information utility services with the National E-Governance Services Limited (NeSL).

The NeSL became India's first information utility (IU) for bankruptcy cases under the 'Insolvency and Bankruptcy Code (IBC) 2016' in October 2017.

With this agreement, the IOB branches will be able to provide high-quality, authenticated information about debts and defaults; which will have more transparency in maintaining the list of borrowers, debtors, creditors and loan defaulters.

"This agreement signifies the core services of NeSL under IBC and information utility regulations which would be available to IOB stakeholders. The information utility service will enable lenders in making decisions on credit transactions," said R M.A.Alagappan, General Manager, Indian Overseas Bank.