CEIB launches a portal for potential borrowers, NPA pre-verification
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New Delhi: The Central Economic Intelligence Bureau (CEIB) on Friday launched a portal for banks that will help in pre-verification of potential borrowers and NPAs.
This portal will help in streamlining the intelligence approval process for giving loans. CEIB Director General Amit Mohan Govil and SBI Chairman Dinesh Khara introduced the portal during a meeting with public sector banks in Mumbai earlier this week.
Indian Banks Association said in a statement that the purpose of this portal is to provide fast information to banks to take the right decision while giving loans. As per the Framework for Timely Detection, Reporting, Investigation etc. of Large Amount Bank Frauds issued by the Department of Financial Services, Ministry of Finance on May 13, 2015 and November 6, 2019, all Public Sector Banks (PSBs) are required to: Before sanctioning a loan of more than Rs 50 crore to a new borrower, he should get the CEIB report in this regard.
Apart from this, it was also said that a report should be given in case the existing borrower’s account turns into NPA. Following this request, CEIB prepared a uniform format for seeking reports and advised all PSBs to appoint nodal officers, the statement said. According to the statement, banks have appointed nodal officers on their own behalf and the list of nodal officers has been shared by IBA with CEIB. Apart from this a separate email ID has been created to communicate with the lenders.
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