CIBIL score must for bank job

  • July 4, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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CIBIL score must for bank job

Subject :Economy

Section: Monetary Policy and Banking sector

Context:

  • The Institute of Banking Personnel Selection (IBPS), the common recruitment agency for participating public sector banks (excluding State Bank of India), has a new credit history clause for applicants.
  • The candidate applying shall ensure that they maintain a healthy Credit history and shall have a minimum Cibil score of 650. Candidates with no bank account shall not be required to produce their CIBIL status.
Personal credit score

Personal credit score is a numerical rating representing the perceived ability of a person or organization to fulfil their financial commitments, based on an analysis of their credit history and current financial circumstances. CIBIL along with Equifax, Experian, and CRIF Highmark are the four credit bureaus that compute credit scores in India.

  • CIBIL score is a three-digit number ranging between 300 and 900 that denotes your creditworthiness.
  • The CIBIL Score is derived using the credit history found in the CIBIL Report.
  • It takes into account borrowers’ credit profile over the last 36 months.
  • The credit profile includes all kinds of loans such as home loans, credit cards, personal loans, automobile loans, overdraft facilities etc that one has availed and their payment history.

About CIBIL: TransUnion CIBIL Limited is a credit information company operating in India.

TransUnion CIBIL Limited (formerly Credit Information Bureau (India) Limited) was incorporated based on recommendations made by the RBI Siddiqui Committee.

CIBIL score must for bank job economy