IOB signs an agreement with NeSL for information utility services

One of the leading public sector bank in southern India, Indian Overseas Bank (IOB) entered into an agreement for Information Utility Services with National E-Governance Services Limited (NeSL) on Monday.

The NeSL became India’s first information utility (IU) for bankruptcy cases under the ‘Insolvency and Bankruptcy Code (IBC) 2016’ in October 2017.

Following the agreement, IOB will be able to provide high-quality, authenticated information about debts and defaults; which will have more transparency in maintaining the list of borrowers, debtors, creditors and loan defaulters.

As of December 31, 2017, the bank had a total business of Rs. 3,68,128 crore with deposits of Rs. 2,16,592 crore and advances of Rs. 1,51,536 crore. The CASA portfolio of the bank stood at Rs. 76,526 crore with a CASA percentage of 35.33. The credit to deposit ratio of the bank stood at 69.96 per cent as of December 2017 .

The retail, agriculture and MSME portfolio contributes around 64.75 per cent to the domestic advances synchronising with the banks efforts towards rebalancing its balance sheet.