State-run Bank of India (BoI) today said it has entered into an agreement with National E-Governance Services (NeSL) for information utility (IU) arrangement under the Insolvency and Bankruptcy Code (IBC). As per the agreement, BoI will avail NeSL service to expedite corporate insolvency resolution process.
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.
In September 2017, the Insolvency and Bankruptcy Board of India (IBBI) registered NeSL as the first IU. The Reserve Bank of India has also advised banks to immediately put in place appropriate systems and procedures for operationalising information exchange with IU.