Bank of India has entered into an agreement with National e-Governance Services Ltd (NeSL) for availing of the latter’s Information Utility (IU) service to expedite the Corporate Insolvency Resolution Process. This is in compliance with the the provisions of the Insolvency and Bankruptcy Code 2016.
MD&CEO of Bank of India, Dinabandhu Mohapatra, said the operationalisation of IUs will mark a new era in Indian banking and the IU infrastructure will strengthen lenders in terms of its potential for faster resolution of accounts under IBC 2016, good housekeeping of borrower accounts and faster MIS, among others.
Under the IBC 2016, IU will offer services for accepting electronic submission of financial information, recording the same safely and accurately, verifying and authenticating the financial information submitted by a person and providing access to information stored to persons specified by the regulations. RBI has also advised banks to immediately put in place appropriate systems and procedures for operationalising information exchange with IU.
