BJP leader Subramanian Swamy’s next target is TransUnion Cibil Limited which was earlier known as Credit Information Bureau (India) Limited or Cibil. It is a credit information company founded in August 2000.
According to www.wikipedia.or, Cibil collects and maintains records of an individual’s payments pertaining to loans and credit cards. These records are submitted to Cibil by member banks and credit institutions on a monthly basis. “This information is then used to create credit information reports (CIRs) and credit scores which are provided to credit institutions in order to help evaluate and approve loan applications. Cibil was created to play a critical role in India’s financial system, helping loan providers manage their business and helping consumers secure credit quicker and on better terms.”
Swamy’s objection arises from the fact that the majority stake of Cibil is held by an American entity, TransUnion International Inc (66.1 per cent). Swamy, who is also a prominent economist, has already tweeted against the credit rating company: “CIBIL is another anti national fraud perpetrated by PC and R3. The MHA had declined security clearance and yet UPA put it place. Continues.” In Swamy’s lexicon, PC stands for former finance minister P. Chidambaram and R3 for former RBI governor Raghuram Rajan, the two men he dislikes.
Swamy expressed his displeasure over the existence of Cibil at a function to release a book, Stock and Credit Audit, by his long-time associate Suneel Maggo. Talking about his future course of action, Swamy told THC that he would adopt the standard operating procedure: a letter to the Prime Minister against Cibil; if that doesn’t bear fruit, he would move the court.