Prospects of non-eligibility for loans due to delayed payment of phone & electricity bills!
Posted on: 05/Mar/2015 10:09:15 AM - No. of views : (1305)
Reserve Bank of India is examining the possibility of non-eligibility for loans to individuals who have failed to pay their phone & electricity bills.
CIBIL (Credit Investment Bureau India Ltd) has been setting up the grading system for credit worthiness.
CIBIL reduces the grading for individuals who have failed to make timely return payments for the loans already taken in case they apply for fresh loans.
This grading is applied only to housing, vehicle, and other private loans.
RBI is now planning to introduce non-payment or delayed payment of phone/electricity bills also for lower grading for credit worthiness.
This will result an additional deployment of 70% more personnel for the job of collecting/verifying these data.
It is gathered that RBI has initiated steps for sourcing these information from non-banking institutions such as telecom service providers and other government departments.
