National E-Governance Services (NeSL), is an Information Utility (IU), regulated by Insolvency & Bankruptcy Board of India (IBBI) under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC or Code). Debajyoti Ray Chaudhuri, MD & CEO, NeSL, throws light on its initiatives and achievements.
Mehul Dani: What is an Information Utility?
Debajyoti Ray Chaudhuri: An utility or IU, is widely information regarded as one of the 4 pillars of the code. It is an Indian innovation, having no parallel anywhere in the world. An IU accepts electronic submission of financial information on debt, obtains verification and authentication from all the parties to the debt, stores the authenticated information in a safe and secure manner and provides access to the persons duly authorized under the code.
The authenticated information stored with an IU serves as legal evidence in the insolvency resolution process under IBC. This removes the asymmetry in financial information related to a debt and facilitates in adhering to the timelines provided for insolvency resolution under IBC. An IU accepts financial information both on financial and on operational credits, from regulated institutions like banks and even from private financial creditors.
Why should a creditor submit information to information utility?
Section 215(2) of the IBC mandates submission of data on all loans granted by financial creditors to the information utility. Further, Reserve Bank of India, has advised all the banks/financial institutions regulated by it, to comply with the above provision of IBC, by putting appropriate mechanisms in place, for submission of data on all the loans/ advances granted by them to information utility.
By uploading the data on loans/ advances, the banks / financial institutions derive the following 6 benefits:
Diese Geschichte stammt aus der January 2023-Ausgabe von Banking Frontiers.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 2023-Ausgabe von Banking Frontiers.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
