State Bank of India to ink deal with exporters for credit assessment

Banks have strengthened compliance rules and cut loan exposure to the entire jewellery sector since the scam

SBI will sign a memorandum of understanding  later this month with the Gems and Jewellery Export Promotion Council (GJEPC), to use the latter’s data bank for credit assessment of their members.

After the $2-billion PNB-Nirav Modi scam broke out in January 2018, the GJEPC creat­ed a database of jewellery exporters, revised daily. With a registry of around 6,000 entities, MyKYC, as it is termed, has complete details of jewe­llery exporters from India and their clients abroad. Even if exporters ship a consig­nment to own factories abroad, the detail is on MyKYC. “We have tied up with leading trade associations in India,