CIBIL launches iScan to prevent commercial loan delinquencies in banks

Launching CIBIL iScan, Satish Pillai, Managing Director, CIBIL said: “We are committed to partnering with our members and the Reserve Bank of India to create insights, content and solutions that can support the growth of the Industry. CIBIL iScan is aimed at helping financial institutions in reducing the risk and time taken in opening of current accounts by providing them a concise view of all the credit relationships the entity has across other financial institutions.”

 

The Indian Banks’ Association (IBA) had recommended the creation and usage of CIBIL iScan to help prevent increase in stressed assets and establish best practices for building a strong system for risk mitigation and fraud control. 

 

 Ashwani Kumar, Chairman, IBA said: “IBA in the past has been observing increase in instances of borrowers of stressed accounts, often opening current accounts with banks outside their borrowing arrangement. We are happy to note that CIBIL is launching CIBIL iScan, which will provide banks with comprehensive details of corporate's credit history spread across all financial and credit institutions.  This will help  the banks in ensuring that current accounts are not opened with outside banks other than the one with which they have borrowing arrangement.”