MUMBAI: National e-Governance Services Ltd, a union government company has received an in-principle approval for establishing information utility in India.
NeSL is owned and promoted by leading public institutions including, LIC, Canara Bank, Bank of, ICICI Bank, CDSL, HDFC and NABARD among others.
NeSL, is the country’s first information utility set up to receive and store financial information in a universally accessible format duly authenticated by borrowers or creditors. It would deal with critical financial information projects that aim at serving the financial sector and its stakeholders.
On receiving approval, S. Ramann, MD & CEO of NeSL said “we are pleased to receive a go-ahead from the regulator recently. Within strict timelines, we are also endeavouring to put in place
infrastructure and commitments under IBC and in that respect exploring various synergies with banks, financial institutions and Indian Bank Association (IBA). Within a year, we hope to be fully functional benefiting borrowers and creditors.”
Prior to joining NeSL, Ramann, a senior civil servant was an executive director with Sebi.
Suvan Law Advisors and SNG & Partners are the law firms advising NeSL.
