The proposed CIB is being contemplated for the collection of credit information relating to borrowers from lending institutions and for provision of such information to the financial system with a view to facilitating distribution of credit to all sectors of the economy and for related or incidental matters.

However, the committee is yet to decide on how should the CIB be structured and who should be allowed to participate in it. "The role of private sector participation will also be examined by the committee. However, private sector participation in the Credit Information Bureau would require legislative ammendments," banking sources said.

The group, asked to submit its report by August 31, 1999, will also identify the members eligible for availing of thecredit information and to decide on the cost of dissemination of the data. The methodology for maintenance of data bank on borrowers from lending institutions and its dissemination including supportive technology requirements therefore would also be listed by the group.

It will examine issues relating to furnishing of credit information by CIB, on request, to financial institutions and to prescribe the forms in which such information is to be furnished. Any other matter relevant to the setting up of a CIB would be considered by the group.