PSBs can now check on big borrowers on unified portal

La Excellence IAS Academy

February 24, 2024

No Comments

Array

Economy

PSBs can now check on big borrowers on unified portal

Current Affairs Daily Articles & Editorials

La Excellence IAS Academy | February 24, 2024 | Economy

Syllabus: GS-III

Subject: Economy

Topic: Banking and Financial Intermediaries

Issue: Central Economic Intelligence Bureau

Context: An “Automated Search Portal” was operationalised by the Central Economic Intelligence Bureau (CEIB) in collaboration with the State Bank of India.

Objective: To check the antecedents of prospective large borrowers.

Ascertain the existence of any non-performing assets against their name.
All Public Sector Banks are mandated to seek a report from the CEIB before sanctioning loans exceeding ₹50 crore to new borrowers.
To help in making informed decisions regarding

Prelims Connect: (Institutions in News)

Central Economic Intelligence Bureau (CEIB)

It is an intelligence agency responsible for gathering information and monitoring the economic and financial sectors for economic offences and warfare.
Established in 1985.
Nodal agency for economic intelligence in the country.
functions under the Department of Revenue, Ministry of Finance.

Source: The Hindu