Bank of India enters into an agreement with National E-Governance Services Ltd (NeSL) for Information Utility(IU) arrangement under Insolvency and Bankruptcy Code (IBC 2016)

Mumbai, April 23, 2018 :In compliance to the provisions of IBC 2016, Bank of India has entered into an agreement with NeSL for availing their service to expedite Corporate Insolvency Resolution Process.

The agreement was signed by Shri. Arun Kr. Mandal, General Manager, Bank of India and Shri. S. Ramann IA&AS, MD, NeSL at a brief function held at the Bank of India Head Office, Mumbai. On the occasion, MD&CEO of Bank of India, Shri Dinabandhu Mohapatra has remarked that the operationalization of IUs will mark a new era in Indian Banking and the IU infrastructure will strengthen the lenders in terms of its potential for faster resolution of accounts under IBC 2016, good housekeeping of borrower accounts, faster MIS etc.

Under the IBC 2016, IU is proposed to 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 operationalizing information exchange with IU.