State Bank of India (SBI) on Tuesday announced signing of a Information Utility (IU) agreement with National E-Governance Services Limited (NeSL), the first information utility registered with the Insolvency and Bankruptcy Board of India (IBBI), to share financial and security information under IBBI (IU) regulation 2017.
The agreement was signed in the presence of State Bank of India Managing Director of Risk, IT & Subsidiaries Dinesh Kumar Khara and IBBI Chairman M.S. Sahoo, along with senior officials of both SBI and NeSL.
Reserve Bank of India (RBI) through its notification dated December 19, 2017 has also advised all financial creditors regulated by RBI to adhere to the relevant provisions of IBC, 2016 and IBBI (IUs) Regulation 2017 and submit financial and security information to IU.
Under IBC, IU is proposed to offer services for accepting electronic submission of financial information, recording the same safely and accurately, verifying and authenticating the financial information submitted by a person and providing access to information stored to persons specified by the regulations.
IU will function under the regulatory supervision of IBBI and serve the needs of the banking system by providing data to insolvency professionals, adjudicating authority, IBBI on the proof of borrowing, proof of default and security interest data in respect of National Company Law Tribunal (NCLT) cases while adhering to prescribed standards of information security.
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