Current Affairs - Banking - Discussion

Allahabad Bank entered into an agreement with National e-Governance Services Limited (NeSL) for utilizing its Information Utility Services envisaged under the Insolvency and Bankruptcy Code, 2016. State-owned NeSL is the first Information Utility entity registered by Insolvency and bankruptcy Board of India under IBBI (IU) Regulations, 2017. Information utility is an information network which procures and stores financial data like borrowings, default and security interests of various entities. Information stored by Information Utility Services can be accessed by concerned parties during insolvency resolution process under National Company Law Tribunal (NCLT).