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More enquiries over credit profile post financial crisis: CIBIL

“Earlier while the banks used to give loans to entities with score of 600 out of 900 in the profile rating, now they mostly prefer a higher rating of around 800,” CIBIL managing director Arun Thukral said

New Delhi: Credit Information Bureau (CIBIL) on Wednesday said financial institutions are making more enquiries about credit profile of entities post the financial crisis, and about 20% of them are about auto loans, reports PTI.

 

“More than 20% of all enquiries made at CIBIL by credit institutions for assessing new loan applicants are for auto loans, with Delhi NCR contributing to over 34% of all auto loan enquiries (made in bigger cities),” CIBIL managing director Arun Thukral said.

 

He said after the 2008 financial crisis, banks have tightened their credit policies and have reduced their exposure specifically to unsecured debt like credit cards and personal loans.

 

The banks, Thukral said, are now more cautious in giving housing loans to customers with a lower credit rating.

 

“Earlier while the banks used to give loans to entities with score of 600 out of 900 in the CIBIL profile rating, now they are mostly preferring a higher rating of around 800,” Thukral said.

 

According to CIBIL data, the main drivers of credit growth post June quarter of 2009 has been in the secured loans segment like auto, two-wheeler and home loans.

 

The data also showed that auto loans have been on a rise in smaller cities in India over the past three years.

 

The smaller cities contribute to over 57% of all auto loan enquiries and have shown the highest growth in number of auto loan enquiries in last three years, CIBIL said.

 

It said that while overall number of auto loans disbursed is growing, the average loan size has also been on the rise since the past three years.

 

CIBIL, India's largest credit information bureau maintains credit information of more than 22 crore consumers and one lakh businesses. CIBIL score helps borrowers gauge their current financial position and improve their chances of acquiring a loan.

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Indian Overseas Bank signs MoU with Deutsche Bank

Indian Overseas Bank will have access to a full suite of solutions to support its global cross-currency payable and receivable flows through Deutsche Bank’s cross currency payment solution FX4Cash

 

Chennai: Public sector Indian Overseas Bank (IOB) has inked a memorandum of understanding with Deutsche Bank for using its cross-currency payment solution FX4Cash to offer cash management services across 125 local currencies in more than 160 countries, reports PTI.

 

“By using Deutsche Bank cross currency payment solution FX4Cash, Indian Overseas Bank will have access to a full suite of solutions to support its global cross-currency payable and receivable flows”, Indian Overseas Bank said in a statement.

 

“FX4 Cash” would enable the bank to gain efficiencies with a streamlined automated process for dealing and payments, it said.

 

“The platform provides fast and reliable execution of payments made through leading client access channels up to 125 local currencies via wire transfer, cheque across 160 countries”, it said.

 

“By leveraging the bank’s FX4Cash payments solution, we will not only gain new efficiencies, but we will also add value to the services we provide to our corporate and retail clients”, Indian Overseas Bank, CMD, M Narendra said.

 

Being fully integrated with Deutsche Bank’s electronic banking platform, Indian Overseas Bank would be able to initiate real-time trading activity on FX4Cash, providing additional efficiency and flexibility.

 

“We are pleased to expand our long-standing relationship with Indian Overseas Bank. FX4Cash will bring significant benefits to Indian Overseas Bank's service offering”, Deutsche Bank, Global Transaction Banking, Head-India, Anjali Mohanty said.

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