In Indian case, the Credit Information Bureau (India) Limited (CIBIL), incorporated in 2000, aims at fulfilling the need of credit granting institutions for comprehensive credit information by collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers. At the same time banks must exercise due diligence before declaring a borrower as defaulter.
Significant stress was also observed in our domestic government securities market in August to October 2015, due to the tighter liquidity conditions and a perception of increased borrowing requirements. Market conditions stabilized and then improved towards the end of 2015 – inflation expectations are now better anchored, interest rates have fallen to normal levels, and the foreign exchange market has remained stable.