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:
Denne historien er fra January 2023-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 2023-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
EC tests the prowess of DLT through a sandbox
The European Blockchain Regulatory Sandbox is helping regulators to understand the benefits of blockchain in financial services domain:
GDPR vs DPDP & what it means to BFSI
The recently enacted Digital Personal Data Protection Act, 2023, of India, has cast itself as a game-changing framework for addressing the privacy and data protection needs of a rapidly digitizing nation.
Insurance, investments & financial planning for women to rise
What percentage of your customers are women? What percentage of your overall business comes from women customers? How have both these figures changed over the last few years?
AIMING WITH AI
An organization can have multiple goals with Al. We have selected 3 key goals Front Office, Back Office and Strategic Decisions. Six CIOs/CTOS/ CDOs from India, Sri Lanka, Uganda, Nigeria and Ecuador share their perspectives on these 3 goals and on skills, consultants and partners:
SBI launches Har Ghar Lakhpati & SBI Patrons deposit schemes
The State Bank of India (SBI), the two new deposit schemes-Har Ghar Lakhpati and SBI Patrons-designed to offer customers greater financial flexibility and value.
L&T Finance collaborates with Amazon Finance India for innovative credit solutions
L&T Finance (LTF) has entered into a multi-year strategic partnership with Amazon Finance India to co-develop cuttingedge credit solutions designed to enhance affordability for eligible Amazon customers and merchants.
Pay Later extended to stocks
Paytm Money has launched the 'Pay Later' margin Pay trading facility, allowing investors to buy and invest in stocks by paying just a fraction of the total value upfront.
30% for EV, 30% for Solar
ADB has invested US$25 million in Vivriti Capital's first climate bond for renewable energy and EV infrastructure. Smitha Jain Arora, Head Sustainability & Impact, lays the road ahead:
Professional competencies must complement AI
Anooshka Soham Bathwal, CEO & Founder of Dhanvesttor, navigates the challenges of costs and skills shortages along with the opportunities of AI and innovation:
RBI issues stringent guidelines to combat mobile number fraud in digital transactions
The widespread adoption of digital transactions, while providing unparalleled convenience and efficiency, has also led to an increase in fraudulent activities, raising serious concerns that require collective action.
