Central Bank sells entire stake in CIBIL

Central Bank sells entire stake in CIBIL
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27 Mar, 2014

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Banking, Economy,

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State-run Central Bank of India has 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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