Leading Cooperative Banks across Maharashtra take CIBIL Membership

CIBIL’s membership base now crosses 500 which comprise of over 200 cooperative banks

Pune, April 13, 2011: To expand its membership base and encompass cooperative banks in its fold, CIBIL – India’s leading Credit Information Company, today announced its association with four leading cooperative bank associations across Maharashtra. These include Kolhapur Zilla Nagari Banks Sahakari Association, Pune Zilla Nagari Sahakari Banks Association, Ahmednagar Zilla Nagari Banks Association and Satara Zilla Nagari Sahakari Banks Association.

With this development, CIBIL’s membership base now exceeds 500 members, which includes over 200 cooperative banks. With information on over 200 million consumer trades and 7 million commercial trades, CIBIL is very well positioned to provide its members with world-class credit risk management tools. Within a short span of 6 years, CIBIL has grown into India’s leading credit information company and has proven to be a reliable partner in risk management to its members.

At present, over 500 credit grantors across India are members of CIBIL. These include over 300 banks, 27 Housing Finance Companies, 10 Financial Institutions, 2 Credit Card Companies, 8 State Financial Corporations and 170 Non Banking Financial Companies (NBFCs).

Commenting on this development, Mr. Arun Thukral, Managing Director, CIBIL, said “We are honored to be the chosen partner of these four leading Cooperative Bank Associations and we are now working with them to assist them in implementing and utilizing optimum benefits of credit information.

This milestone in our member base is also testimony to our commitment to ensure the best of our services to our members. Through our innovative and valuable solutions, we expect to increase this count significantly in the coming years”.

Members find it beneficial to use credit information in their lending decisions. This advantage helps them make faster and more reliable decisions across the customer lifecycle. Credit information sharing also benefits borrowers.  Financially disciplined borrowers are able to avail credit faster and at better terms.

Sharing his views on this association, Prof. Mukund Ghaisas, Director, Maharashtra State Co-op Banks’ Association Ltd. said, “Banking sector in India is facing a critical problem of NPA’s and very often the loan is sanctioned without knowing the credit history of the borrower. Now with the help of CIBIL we will have adequate credit information available on the borrower for making prudent lending decisions and thereby reduce NPA’s and ensure growth.”

While sharing his thoughts on taking CIBIL membership, Mr. Kiran Karnad, Executive Officer, Kolhapur Zilla Nagari Banks Sahakari Association Ltd. said, “We are very pleased to be associated with CIBIL, India’s leading Credit Information Company. Membership to CIBIL will not only help us in achieving compliance with the Credit Information Companies (Regulations) Act, but also enable us to experience the benefits of using credit information for making prudent lending decisions. We are confident that CIBIL’s credit information service will help us to better manage risks, improve operational efficiencies, and drive higher credit penetration.”

CIBIL has pioneered credit information sharing in India, and has contributed significantly in help improving the functionality and stability of the Indian financial system. CIBIL has successfully developed and delivered solutions based on the market trends and the risk management requirements of its members. Some of its products include- CIBIL TransUnion Score, CIBIL Locate Plus, CIBIL Detect, CIBIL Mortgage Check, CIBIL Market Insights etc.

CIBIL’s partnership with the two leading global credit information companies- TransUnion and Dun & Bradstreet will continue to support the quest to help the credit industry mitigate risk and maximize profitability while allowing access to credit at better terms and conditions for the Indian consumer.