Central Economic Intelligence Bureau (CEIB) recently introduced “Automated Search Portal” for Antecedent Verification of Prospective Borrowers and NPAs.
As per the “Framework for timely detection, reporting, investigation, related to large value bank frauds” dated 13.05.2015 and 06.11.2019 issued by Department of Financial Services, Ministry of Finance, all Public Sector Banks (PSBs) seeks report from the Central Economic Intelligence Bureau (C.E.I.B) before sanction of loan exceeding Rs.50 Crs and above in case of new borrowers and if the existing borrower’s accounts turn NPA.
In August-2022, at the request of Indian Banks’ Association (IBA), C.E.I.B devised a uniform format for seeking reports and also advised all the PSBs to appoint nodal officers as a designated Single Point of Contact (SPOC) to communicate with banks. Banks, have since appointed Nodal officers and the list of Nodal officers has been shared by IBA with C.E.I.B. Further a dedicated email id was created at C.E.I.B to communicate with banks.
For digitalization part, C.E.I.B ties up with SBI and has developed a digital platform that would help all public sector banks to obtain mandatory intelligence clearance from C.E.I.B in a prompt manner, which will facilitate timely disbursement of funds.
