Comments for SALIAN.IN http://www.salian.in Having Solemnly Resolved. Thu, 12 Nov 2009 09:43:11 +0000 http://wordpress.org/?v=2.9.2 hourly 1 Comment on Is CIBIL depriving Indian Consumers of their Civil Rights? by Naarayanaa http://www.salian.in/money/finance/is-cibil-depriving-indian-consumers-of-their-civil-rights/comment-page-1#comment-54 Naarayanaa Thu, 12 Nov 2009 09:43:11 +0000 http://www.salian.in/?p=11#comment-54 CIBIL is nothing but a private corporation who just keep database of credit history of customer from various bank sources. Everyone might have heard about of DUNS and BRADSTREET , these are people who basically operate CIBIL. But the ultimate power to provide credit or deny depends solely on the bank. That why bank keep the clause while signing your application that it can "reject or approve at its discretion". The subject described and solution provided Salian holds good. Banks are practising the lending practise unethically. They are targeting for people who will default in the near future to be the potential customer. Since the profit earnings on such customer is higher than the customer who will pay regularly. As mentioned , you can control the country by controlling its credit, everybody will fall in line because of CIBIL, its there ultimate goal. Major stock holders of CIBIL are SBI, and major banks. And it is clearly evident that CIBIL does not comply with the RTI act of India, there workings, mode of operation are kept secretive. Its left to the law makers to enforce and enact on transparency of these institutions. And for the mistakes and crimes committed by the bank are left unaccounted since Indian people 99% don't file the case against the injustice caused to them. but advantage of CIBIL it can stop major financial crisis due to mass default and give key metrics to the banks, but require legislation to make them responsible for the actions and accountability of incorrect information entered. CIBIL is nothing but a private corporation who just keep database of credit history of customer from various bank sources. Everyone might have heard about of DUNS and BRADSTREET , these are people who basically operate CIBIL. But the ultimate power to provide credit or deny depends solely on the bank. That why bank keep the clause while signing your application that it can “reject or approve at its discretion”.

The subject described and solution provided Salian holds good. Banks are practising the lending practise unethically. They are targeting for people who will default in the near future to be the potential customer. Since the profit earnings on such customer is higher than the customer who will pay regularly.

As mentioned , you can control the country by controlling its credit, everybody will fall in line because of CIBIL, its there ultimate goal. Major stock holders of CIBIL are SBI, and major banks.

And it is clearly evident that CIBIL does not comply with the RTI act of India, there workings, mode of operation are kept secretive.

Its left to the law makers to enforce and enact on transparency of these institutions. And for the mistakes and crimes committed by the bank are left unaccounted since Indian people 99% don’t file the case against the injustice caused to them.

but advantage of CIBIL it can stop major financial crisis due to mass default and give key metrics to the banks, but require legislation to make them responsible for the actions and accountability of incorrect information entered.

]]> Comment on Is CIBIL depriving Indian Consumers of their Civil Rights? by Binay Thakuri http://www.salian.in/money/finance/is-cibil-depriving-indian-consumers-of-their-civil-rights/comment-page-1#comment-47 Binay Thakuri Sat, 12 Sep 2009 04:31:12 +0000 http://www.salian.in/?p=11#comment-47 There should be clear picture of the credit report. As every person cannot be a defaulter or a fraud when ever a person is in need does not get any help from any organization as to fulfill the need there should be a distinct and clear picture so that even the person whose credit check is done can be satisfied. As if a person applies for a Loan or Credit Card the person does not know what is credit history is as whenever there is a check it should be informed that what his or her credit history is so the person can be satisfied if the criteria is met or not. Thanks Regards Binay Thakuri There should be clear picture of the credit report. As every person cannot be a defaulter or a fraud
when ever a person is in need does not get any help from any organization as to fulfill the need there should be a distinct and clear picture so that even the person whose credit check is done can be satisfied. As if a person applies for a Loan or Credit Card the person does not know what is credit history is as whenever there is a check it should be informed that what his or her credit history is so the person can be satisfied if the criteria is met or not.

Thanks

Regards
Binay Thakuri

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