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NBFCs push for parity with banks, seek access to credit repository of large borrowers SECTIONS Share Synopsis Non-bank lenders that are mandated to report the relevant credit information every quarter don’t have access to the data on their own customers, or prospective customers, through the CRILC portal. Non-bank lenders, considered crucial for helping further the cause of financial inclusion in India’s layered but burgeoning economy, want parity with their banking peers in accessing an exclusive database on large borrowers for early stress warnings that should give financiers adequate lead time to deploy the defensive moat. The grouping that represents such lenders has written to the Reserve Bank of India (RBI) for full access to the Central Repository of Information on Large Credits, or CRILC, arguing that information on such accounts should strengthen the credit appraisal process and help enforce greater credit discipline among borrowers. ....
HC sets aside JLF call over fraud account Updated: Updated: Share Article The Telangana High Court in Hyderabad. | Photo Credit: Nagara Gopal The Telangana High Court had set aside a decision of the Joint Lenders Forum (JLF), a group of banks, declaring the bank account of a company called M/s B.S. Limited as fraud. Pronouncing its verdict in a writ petition filed by the company’s former chairman Rajesh Agarwal, a division bench of Chief Justice Raghvendra Singh Chauhan and Justice B. Vijaysen Reddy had also set aside the resolution of Fraud Identification Committee identifying the company’s account as fraud. ....