**Policy Summary: RBI Directive on Submission of Financial Information to Information Utilities**
This directive, RBI201718110 DBR.No.Leg.BC.9809.08.019201718, issued by the Reserve Bank of India (RBI) on December 19, 2017, addresses the submission of financial information to Information Utilities (IUs) as mandated by Section 215 of the Insolvency and Bankruptcy Code (IBC), 2016. The directive applies to all Scheduled Commercial Banks (including RRBs, Small Finance Banks, and Local Area Banks), all Cooperative Banks, all Non-Banking Financial Companies (NBFCs), and all India Financial Institutions.
The directive emphasizes adherence to the IBC, 2016, and the Insolvency and Bankruptcy Board of India (IBBI) Information Utilities Regulations, 2017, particularly Chapter V, which specifies the form and manner in which financial creditors must submit information to IUs. It also references Section 238 of the IBC, 2016, which stipulates that the Code's provisions supersede any inconsistent provisions in other laws.
The communication highlights the registration of National E-Governance Services Limited (NeSL) as the first IU under the IBBI IUs Regulations, 2017, effective September 25, 2017.
Regulated financial creditors are instructed to immediately implement appropriate systems and procedures to ensure full compliance with the provisions of the IBC, 2016, and the IBBI IUs Regulations, 2017.
For further information, contact Prakash Baliarsingh, Chief General Manager, Department of Banking Regulation, Central Office, at Tel No: 22661602, 22601000 or Fax No: 0222270 5670, 2260 5671, 5691 2270, 2260 5692. The central office is located at 12th-13th Floor, Central Office Bhavan, Shahid Bhagat Singh Marg, Mumbai 400001.
Key Entities Referenced
Insolvency and Bankruptcy Code IBC, 2016: A law in India concerning insolvency resolution and bankruptcy.
Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017: Regulations specifying the form and manner in which financial creditors submit information to Information Utilities.
Insolvency and Bankruptcy Board of India IBBI: An organisation that regulates insolvency professionals, insolvency professional agencies and information utilities in India.
National E Governance Services Limited NeSL: The first Information Utility (IU) registered under the IBBI IUs Regulations, 2017.
All Scheduled Commercial Banks: A category of banks regulated by the Reserve Bank of India.
Reserve Bank of India RBI: The central bank of India.
Mumbai, Maharashtra: City in India, location of the Central Office of the Department of Banking Regulation.
All India Financial Institutions: Financial institutions operating at the national level in India.
RBI/2017-18/110
DBR.No.Leg.BC.98/09.08.019/2017-18 December 19, 2017
All Scheduled Commercial Banks (Including RRBs),
Small Finance Banks, Local Area Banks,
All Co-operative Banks,
All NBFCs and All India Financial Institutions
Dear Sir/Madam
Submission of Financial Information to Information Utilities
According to Section 215 of Insolvency and Bankruptcy Code (IBC), 2016, a financial
creditor shall submit financial information and information relating to assets in relation to
which any security interest has been created, to an information utility (IU) in such form
and manner as may be specified by regulations. Chapter V of the Insolvency and
Bankruptcy Board of India (Information Utilities) Regulations, 2017, which has come into
force with effect from April 1, 2017, has specified the form and manner in which financial
creditors are to submit this information to IUs. Further, as per Section 238 of the IBC,
2016 the provisions of the Code shall have effect, notwithstanding anything inconsistent
therewith contained in any other law for the time being in force or any instrument having
effect by virtue of any such law.
2. The Insolvency and Bankruptcy Board of India (IBBI) has registered National E-
Governance Services Limited (NeSL) as the first IU under the IBBI (IUs) Regulations,
2017 on September 25, 2017.
3. All financial creditors regulated by RBI are advised to adhere to the relevant
provisions of IBC, 2016 and IBBI (IUs) Regulations, 2017 and immediately put in place
appropriate systems and procedures to ensure compliance to the provisions of the
Code and Regulations.
Yours faithfully
(Prakash Baliarsingh)
Chief General Manager
ब��कंग �व�नयमन �वभाग, क�द्र�य कायार्लय, 12वीं और 13वीं मंिज़ल, क�द्र�य कायार्लय भवन, शह�द भगत �सहं माग,र् मुंबई 400001
टेल�फोन /Tel No: 22661602, 22601000 फैक्स/Fax No: 022-2270 5670, 2260 5671, 5691 2270, 2260 5692
Department of Banking Regulation, Central Office,12th & 13th Floor,Central Office Bhavan,Shahid Bhagat Singh Marg,Mumbai - 400001
Tel No: 22661602, 22601000 Fax No: 022-2270 5670, 2260 5671, 5691 2270, 2260 5692