National e-Governance Services (NeSL) is India's leading repository of electronic financial records, providing secure and simplified operations in the financial ecosystem, contributing to the Indian economy's overall growth and stability. NeSL operates under the regulatory framework of the Insolvency and Bankruptcy Board of India (IBBI) and provides information verification, authentication, and storage services. It serves as the central depository for financial transaction records, including collateral and security interests, in order to improve transparency and efficiency in the lending and borrowing process.
Objectives To Abide By
Committed to fulfilling a number of important goals in the financial industry, one of the key objectives of NeSL is to accelerate time-bound resolution by giving creditors and adjudicating authorities certified information without the need for further verification. Additionally, NeSL assures that if a default is brought against a debtor, all creditors connected to that debtor are promptly notified. NeSL seeks to minimise information asymmetry between parties engaged in debt and encourage better credit monitoring by creditors. Moreover, NeSL strives to create a mutually agreed upon declaration of the outstanding balance between parties, which enhances the transparency and clarity of financial transactions. Harnessing information technology, NeSL works actively to assist all stakeholders in the ecosystem of the Insolvency and Bankruptcy Code by serving all aspects of the code.
Aiding Digital Makeover
This story is from the 29 July 2023 edition of Businessworld India.
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This story is from the 29 July 2023 edition of Businessworld India.
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