Swamy urges RBI Governor to probe into foreign shareholding of CIBIL, seeks suspension of operations

Swamy writes to the RBI Governor, urges suspension of CIBIL till MHA clearance is obtained

Suspend CIBIL till MHA Clearance - Swamy to RBI Governor
Suspend CIBIL till MHA Clearance - Swamy to RBI Governor

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.



Swamy letter to Urjit Patel

4 COMMENTS

  1. Our Company i.e. Martin Industries Pvt Ltd, a Kolkata based SSI unit engaged in manufacturing precision components for Indian Ordnance Factories, had applied for Term Loan to our bankers i.e. United Bank of India a couple of months back to install new macineries. But CIBIL because of their ineptitude has clubbed our credit rating with a firm of similar name located in a different address. Consequently our credit rating has been downgraded as the other firm has very bad financial records. All this they have intimated to our bankers vide their REPORT ORDER NO 41456276 dt 9th Sept 16. Our constant efforts in contacting them since last six weeks to update their records as we are adversely affected by their report have proved futile. Meanwhile we are unable to go for expansion because there unable to process our request as they are claiming that their system is not functioning.

    • Agreed.This is the peril of living and working in a corrupt inefficient country like ours.If i were you, I will take it up legally, at least have some fun,laugh at the jokers manning CIBIL .Is it not better than having all the money and do nothing or coming to this forum and cry?

      • obviously you watch too many hollywood movies and think that western countries are so called “efficient” and not “corrupt”. Ever heard of word’s biggest ponzi scheme monetary system followed by western countries?

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