The Indian Overseas Bank signs Information Utility pact with NeSL

The Indian Overseas Bank (IOB) has signed Information Utility (IU) pact with National E-Governance Services Limited (NeSL) to share financial and security information under the Insolvency and Bankruptcy Board of India (IU) regulation 2017.. With this agreement, the IOB branches will be able to provide high-quality, authenticated information about debts and defaults; which will have more transparency in maintaining the list of borrowers, debtors, creditors and loan defaulters. The NeSL is the India’s first IU registered by the Insolvency and Bankruptcy Board of India (IBBI) for bankruptcy cases under the ‘Insolvency and Bankruptcy Code (IBC) 2016’ in October 2017. IU stores financial information that helps to establish defaults as well as verify claims expeditiously and thereby facilitates completion of transactions under the Insolvency and Bankruptcy Code, 2016 in a time bound manner.

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