IOB signs an agreement with National E-Governance Services Limited for Information Utility Services
Posted on: 24/Apr/2018 10:23:29 AM - No. of views : (1949)
Indian Overseas Bank (IOB) one of the leading public sector bank in southern India, today entered into an agreement for Information Utility Services with National E-Governance Services Limited (NeSL). The NeSL became India�s first information utility (IU) for bankruptcy cases under the �Insolvency and Bankruptcy Code (IBC) 2016� in October 2017.
With this agreement IOB�s will be able to provide high-quality, authenticated information about debts and defaults; which will have more transparency in maintaining the list of borrowers, debtors, creditors and loan defaulters.
At the signing of the agreement, Shri.RM.A.Alagappan, General Manager, Indian Overseas Bank said �This agreement signifies the core services of NeSL under IBC and Information Utility Regulations which would be available to IOB stakeholders. The Information Utility Service will enable lenders in making decisions on credit transactions�
About IOB:
Indian Overseas Bank (NSE: IOB) is one of the leading Public Sector Bank established in the year 1937 headquartered in Chennai with a strong domestic presence of 3342 Branches & 3278 ATMs as of Dec 2017. 57% of Branches catering to the needs of Rural and Semi Urban centres enhancing deeper Financial Inclusion. IOB is a strong brand that enjoys the trust of over 35 million active customers. As of 31st December 2017, the Bank had a total business of Rs. 3,68,128 crores with Deposits of Rs. 2,16,592 crores and Advances of Rs. 1,51,536 crores. The CASA portfolio of the Bank stood at Rs. 76,526 crores with a CASA% of 35.33%. The Credit to Deposit Ratio of the Bank stood at 69.96 %. The RAM (Retail/Agri/MSME) portfolio contributes to around 64.75% of domestic advances synchronising with the Banks efforts towards rebalancing its Balance sheet. Recently Moody�s upgraded Indian Overseas Bank Rating Outlook to `Positive`.
