Central Bank sells entire stake in CIBIL to Transunion

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24 Mar, 2014

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CIBIL

Central Bank sells entire stake in CIBIL to Transunion

State-run Central Bank of India during March 2014 sold its entire stake in credit information provider CIBIL to Transunion International Inc. (TII) for an undisclosed amount. Central Bank had a 5% stake in CIBIL while Transunion is the majority shareholder in CIBIL at 27.5%. Among others, Bank of Baroda, Bank of India, Punjab National Bank, Union Bank, Citicorp Finance (India), HSBC, Standard Chartered Bank, Indian Overseas Bank and HDFC Ltd each hold 5 % stake in CIBIL. State Bank of India and ICICI Bank carry 10 per cent each, while rest of 2.5 per cent is with Sundaram Finance Ltd.

What is CIBIL?

Credit Information Bureau of India Limited (CIBIL) collects and maintains records of an individual’s payments of loans and credit cards. Records are submitted to CIBIL by banks and other lenders on a monthly basis. Such information is used to create Credit Information Reports (CIR) and credit scores which are provided to lenders to help evaluate and approve loan applications.

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