Allahabad Bank ties up with NeSL

Source: The Hitavada      Date: 31 Dec 2017 09:27:05


Dec 30,


ALLAHABAD Bank on Saturday entered into an agreement with State-run National e-Governance Services Limited (NeSL) for utilising the latter’s Information Utility Services envisaged under the Insolvency and Bankruptcy Code, 2016. MD and CEO of Allahabad Bank, Usha Ananthasubramanian stressed on the need for Information Utility Services in the present context when most banks are reeling under NPA pressure, especially in large value accounts, and looking for quick resolutions, the bank said in a statement.

She emphasised the role it can play in minimising the resolution period in NCLT referred cases. Also, in the future, the services could be utilised by the banks in paperless documentation process, she added. NeSL, owned by the Government, is the first Information Utility entity registered by Insolvency and bankruptcy Board of India under IBBI (IU) Regulations, 2017.