At present, 175 credit grantors have accepted membership to CIBIL. These include 78 banks accounting for over 90% of the total credit outstanding amongst the commercial banks, 18 HFCs accounting for over 70% of the total credit outstanding amongst the HFCs, 10 FIs accounting for over 90% of the total credit outstanding amongst the FIs, 2 Credit Card Companies accounting for over 90% of the total credit outstanding amongst the CCCs, 7 State Financial Corporations and 60 major NBFCs representing a substantial portion of the credit outstanding of that sector.

Regulatory & Legal Environment

Reserve Bank of India (RBI), in its continued support of CIBIL, has issued several notifications to credit grantors covering the following:

• Boards of banks and FIs to closely monitor submission of data to CIBIL
• Penalties could be imposed on banks for non-submission of data
• CIBIL, in consultation with RBI, SIDBI and IBA, to develop a mechanism to facilitate the flow of credit to the SME sector

The Credit Information Companies (Regulation) Act’05 and the Rules & Regulations for the same have been notified. The legislation has enabled banks to submit data to CIBIL without obtaining borrower consent.

Consumer Bureau

The Consumer Bureau was launched on April 5, 2004 with a database of 4 million accounts contributed by 13 Members. Subsequently, our database has grown over 144 million accounts contributed by 114 Members. The Consumer Bureau reports are available to Members, who have submitted all their data to CIBIL in an acceptable format (Principle of Reciprocity).

Commercial Bureau

The Commercial Bureau, which has credit information on non-individual borrowers, has been launched on May 8, 2006, with a database of 6.73 Lakh accounts contributed by 37 Members. Subsequently, our database has grown over 3.47 million accounts contributed by 95 Members. As per the relevant RBI circulars, CIBIL is already maintaining a database of Suit-Filed accounts of Rs. 1 Crore and above and Suit-Filed accounts (willful defaulters) of Rs. 25 Lacs and above.

In its initiative to improve Credit flow to SMEs, CIBIL is being supported under SME Financing and Development Project implemented by Project Management Division, SIDBI, with an aim to ensure flow of credit to the under penetrated SME sector while increasing banks’ profitability and market penetration (via sound credit decisions) and reducing non-performing loans (via credit information tools).