Thursday, November 12, 2009

CIBIL Reporting Procedures Of Foreign Banks In India

Credit information bureau of India limited is the body that keeps and preserves the data of a consumer and commercial loans and credit card payments history. This information is provided to cibil by its member banks and financial institutions only.

The information is made available to the members on special request and only those members can get the records who have submitted all their information with Cibil. Almost all banks are members with the credit bureau and presently, there are 143 members in total, out of which 77 are the banks itself.

All these banks report to cibil on a regular basis the data of their borrowers and the monthly updates on the loans and credit card payments.

Mentioned below are the cibil reporting procedures of Citibank, Deutsche bank, SCB and HSBC:

  • Generally all the members follow a similar pattern only; otherwise it would become very difficult for the bureau to keep a track of all the database of different members. All the banks in which the names of all the existing clients are there maintain a monthly sheet and all the new borrowers, who have become a part of the bank’s family, are added in the list every month.
  • It depends on the bank, whether they want to update this sheet weekly or in 15 days or at month end only, but the report to cibil is sent on the last date of every month. This is because, on this date it is easy to track the whole month’s work and also in the last days of the month, the banks calculate the total business and it becomes easy for them to update this sheet.
  • Now, when all the additions are done, the sheet is sent to credit information bureau of India ltd. This data is now transferred into the system of the credit bureau by its staff members. This is not all, banks update the status of every individual monthly status on payments (whether a customer has made the payment or not etc) to cibil by updating the same in the sheet that has been maintained.

So, this is how Citibank, deutsche bank, SCB and HSBC report to cibil.

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