BJP leader Subramanian Swamy has urged RBI Governor Urjit Patel to probe into the major foreign shareholding pattern in Credit Information Bureau India Limited (CIBIL). Pointing out that there was a denial of mandatory security clearance by Home Ministry, Swamy said the activities of the CIBIL has to be suspended till they obtain security clearance.
He said that CIBIL is at present having 70 percent shareholding(according to the latest data on the site, it is 82%) by American firms. It is a credit rating agency started in mid 90s under RBI and later several foreign companies were granted shares.
“I write this letter to raise with you my concern about the security of the new institution under the name of CIBIL. According to my information CIBIL was denied security clearance by the Home Ministry. On the face of it, it appears to be against our national interest because American shareholders hold 70% of the equity of CIBIL.”
“The UID was also struck down on this ground by the Supreme Court. Aadhar is presently under the purview of the Apex Court on the question of fundamental right to privacy. The RBI may either place CIBIL operations on suspension till the matter is cleared of security concerns, and appropriate action taken, or alternatively a directive from the Reserve Bank of India to all the banks that till the matter is sorted out fully they should follow the hitherto conventional way of credit rating or agency deployed for the same,” said Swamy.
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