SBI in pact with NeSL for sharing data under insolvency rules
Mumbai: State Bank of India (SBI) on Tuesday signed an agreement with National E-Governance Services Limited (NeSL) to share information under the insolvency regulation.
In September 2017, the Insolvency and Bankruptcy Board of India (IBBI) registered NeSL as the first information utility (IU).
Reserve Bank of India has directed all its regulated entities to share such data with IU.
Information utilities, under the Insolvency and Bankruptcy Code 2016, will collate information about debtors, accessible for a fee.
These databases maintained by the IUs seek to prevent serial defaulters from misusing the system. The corporate insolvency resolution process prescribes a time limit of 180 days to conclude proceedings. Information utilities are critical to this.
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