CIBIL
Encyclopedia
CIBIL is India
's first credit information bureau. Its a repository of information, which contains the credit history
of commercial
and consumer
borrowers. CIBIL provides this information to its members in the form of credit information reports.
As on September 2009, CIBIL has an information base on over 160 million consumer trade
s, and 4 million commercial trades which continues to grow at a fast pace and shares credit information with its 175 member base on the principle of reciprocity
. CIBIL’s members include all leading banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card
companies.
CIBIL was promoted by the State Bank of India
, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Trans Union International Inc. In 2004, SBI and HDFC divested a part of their stake in CIBIL to other shareholders: leading banks and financial institutions in the country. The current shareholding pattern is as follows:
TransUnion and Dun & Bradstreet are the technical and equity partners of CIBIL. TransUnion is one of the largest consumer credit bureaus in the world. Dun & Bradstreet is world’s leading source of commercial information and insights on businesses.
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
's first credit information bureau. Its a repository of information, which contains the credit history
Credit history
Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy...
of commercial
Commerce
While business refers to the value-creating activities of an organization for profit, commerce means the whole system of an economy that constitutes an environment for business. The system includes legal, economic, political, social, cultural, and technological systems that are in operation in any...
and consumer
Consumer
Consumer is a broad label for any individuals or households that use goods generated within the economy. The concept of a consumer occurs in different contexts, so that the usage and significance of the term may vary.-Economics and marketing:...
borrowers. CIBIL provides this information to its members in the form of credit information reports.
As on September 2009, CIBIL has an information base on over 160 million consumer trade
Trade
Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...
s, and 4 million commercial trades which continues to grow at a fast pace and shares credit information with its 175 member base on the principle of reciprocity
Reciprocity
Reciprocity may refer to:*Reciprocity , used to describe the concept of free trade with the United States of America** Reciprocal trade agreement, entered into in order to reduce tariffs, quotas and other trade restrictions on items traded between the signatories*Reciprocity , the relationship...
. CIBIL’s members include all leading banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
companies.
History and origin
The need of credit information system was increasingly felt in order to enable informed credit decisions and aid fact based risk management. It was also imperative to arrest accretion of fresh NPAs in the banking system through an efficient system of credit information on borrowers as a first step in credit risk management. In this context, the requirement of an adequate, comprehensive and reliable information system on the borrowers through an efficient database system was keenly felt by the Reserve Bank of India Government as well as credit institutions. A Working Group with representatives from select public sector banks, IDBI, ICICI, Indian Banks' Association and Reserve Bank was constituted by the Reserve Bank in the year 1999, to explore the possibilities of setting up a Credit Information Bureau (CIB). The Working Group had recommended setting up a CIB under the Companies Act, 1956 with equity participation from commercial banks, FIs and NBFCs registered with the Reserve Bank. As per the recommendations made by the Working Group, Credit Information Bureau (India) Ltd., (CIBIL) was set up in January 2000.CIBIL was promoted by the State Bank of India
State Bank of India
The State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest...
, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Trans Union International Inc. In 2004, SBI and HDFC divested a part of their stake in CIBIL to other shareholders: leading banks and financial institutions in the country. The current shareholding pattern is as follows:
| Percent Shareholding | Entity / Entities |
|---|---|
| 19.99% | TransUnion TransUnion TransUnion is the third largest credit bureau in the United States, which offers credit-related information to potential creditors. Like major competitors Equifax and Experian, TransUnion markets credit reports directly to consumers.- History :... International Inc |
| 10% | State Bank of India State Bank of India The State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest... , [HDFC Bank]], [ICICI Bank |
| 5% | Bank of Baroda Bank of Baroda Bank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank. BoB is ranked 763 in Forbes Global 2000 list. BoB has total assets in excess of Rs. 3.58 lakh crores, or Rs. 3,583 billion, a network of over 3,409 branches and... , Bank of India Bank of India Bank of India is a state-owned commercial bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is India's 4th largest bank, after State Bank of India, Punjab National Bank and Bank of Baroda. It has 3415 branches, including 29 branches outside India... , HSBC HSBC HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine... Ltd., Indian Overseas Bank Indian Overseas Bank Indian Overseas Bank is a major bank based in Chennai , with 2018 domestic branches and six branches overseas. Indian Overseas Bank has an ISO certified inhouse Information Technology department, which has developed the software that 2018 branches use to provide online banking to customers; the... , Punjab National Bank Punjab National Bank Punjab National Bank , was founded in 1894 and is currently the second largest state-owned commercial bank in India ahead of Bank of Baroda with about 5000 branches across 764 cities. It serves over 37 million customers. The bank has been ranked 248th biggest bank in the world by the Bankers... , Union Bank of India Union Bank of India Union Bank of India is one of India's largest state-owned banks , is listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank's branches have been networked with its 1135 ATMs. Its online Telebanking facility are available to all its Core Banking Customers - individual as... , Citicorp Finance (India) Ltd., Central Bank of India Central Bank of India Central Bank of India , a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai... , Standard Chartered Bank Standard Chartered Bank Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries... |
| 2.5% | Sundaram Finance Ltd., GE Strategic Investments India |
| 0.01% | Dun & Bradstreet Dun & Bradstreet Dun & Bradstreet is a Fortune 500 public company headquartered in Short Hills, New Jersey, USA that provides information on businesses and corporations for use in credit decisions, B2B marketing and supply chain management... Information Services India Pvt. Ltd. |
TransUnion and Dun & Bradstreet are the technical and equity partners of CIBIL. TransUnion is one of the largest consumer credit bureaus in the world. Dun & Bradstreet is world’s leading source of commercial information and insights on businesses.