Controversy over data of 55 crore customers of Indian banks in the hands of American company: Case in Delhi High Court

There are no definite criteria for maintaining the credit score of bank customers: a private company draws up Rs 3 crore daily.

The private company has been in controversy for some time now as the data of 550 million customers affiliated with India's nationalized private and co-operative banks is in the hands of an American company. It has also come out that he is earning Rs.

When the American Trans Union Sibyl Limited Company was started in the year 2000, the nationalized and private banks of India held a 77% stake. These banks then sold their stake in it to Trans Union Cibil Company.

A man named Abhijeet Mishra has recently filed a public interest litigation in the Delhi High Court against various banks in India for submitting data on loan, credit card, housing loan and personal loan to American Trans Union Cibil Company. The central government's finance department and the Reserve Bank of India have been given notice to disclose the basis on which the bank's customer data is shared.

As the case is currently being heard in the Delhi High Court, shocking information has come out that there are an estimated 1,11,126 branches of nationalized private and co-operative banks operating in India, involving about 55 crore customers. The company has to use data to view the credit score of 55 crore bank customers.

While it costs Rs 50 to Rs 200 to check a CIBIL credit score, even if a bank branch checks a CIBIL score, it is estimated that an American company earns around Rs 3 crore a day.

Technical support was received from Transunion Cibil Company to collect no data for customers of State Bank of India, Punjab National and Bank of Baroda, HDFC and ICICI Bank.

Thus, the data of 550 million customers of Indian banks should be with an Indian company instead of with an Indian company or the government. The situation is as it is.

The data of 55 crore customers of banks must be with the government or an Indian company

Bharat Gupta, a leader of the Central Gujarat Chamber of Commerce and Industry, said that the US private Trans Union Cibil Company has data on 550 million bank customers in India, but based on old records, bank customer data remains intact and bank customers are facing difficulties due to lack of specific criteria. The Bank of India and Trans Union have written a letter to the chairman of CIBIL asking him to remove the problem of customers and also to make arrangements for the company of India or the central government to keep the data of bank customers.

Referring to the frequent letters he has written since 2018, he said that just as Infosys has all the Aadhaar card data, the data of the bank's 550 million customers should also be under the control of the central government. The credit score of the bank's customers seven years ago and the loans that have been written off or repaid by the American company are also being submitted to the deta banks so that the difficulties faced by the bank's customers in getting loans should be removed in the present circumstances.

No specific guideline or criteria has been set or disclosed as to how the Trans Union Sibyl Company maintains the credit score of the bank's customers. At the same time, if the finance department of the central government takes the right decision in the interest of the customers of the banks and assigns the responsibility of keeping the data of the bank customers to the Indian company, it will also be possible to prevent the foreign company from pulling the country's currency.

Indian banks account for only 23% of the American company

State Bank of India Punjab National Bank of Baroda sold 5% stake held by HDFC and ICIC between 2015 and March 2016 and then to American Trans Union Cibil Company. So at present only 23 per cent of India's Indian Overseas Bank, Union Bank of India, Bank of India 5 per cent, Aditya Birla Trustee Company 4 per cent, India Alternative Private Equity 2.09 per cent India Infoline Finance only 1 per cent Has been.