State-run Bank of India (BoI) has entered into an agreement with National E-Governance Services (NeSL) for information utility (IU) arrangement under the Insolvency and Bankruptcy Code (IBC).
As per the agreement, BoI will avail NeSL service to expedite corporate insolvency resolution process. Under the IBC 2016, IU is proposed to offer services for accepting electronic submission of financial information, recording the same safely and accurately, verifying and authenticating the financial information submitted by a person.
Source- The Moneycontrol
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
- The NeSL became India’s first information utility (IU) for bankruptcy cases under the ‘Insolvency and Bankruptcy Code (IBC) 2016’ in October 2017.
- Bank of India Headquarters- Mumbai, CEO- Dinabandhu Mohapatra.