NeSL records ₹184 tn worth of debt
Banking Frontiers|January 2023
NeSL's application and data are hosted in a dedicated infrastructure with tier 4 data centre provider:
NeSL records ₹184 tn worth of debt

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:

この記事は Banking Frontiers の January 2023 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は Banking Frontiers の January 2023 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

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