The Credit Information Bureau of India (Cibil) and 10 large commercial banks have joined hand to fight against frauds. In the month of June the Indian Banks' Association (IBA) and Cibil will be starting a pilot project for collecting information on frauds, building ground to create a database from 2009-10.
Senior Bankers informed that on regular basis banks submit information on frauds to the Reserve Bank of India (RBI), but now they will be sharing information among themselves which will in turn help them to be alert and protect them from being duped by fraudsters, said senior bankers.
IBA has currently decided to launch the project on a pilot basis. Cibil and Trans Union in cooperation with 10 banks are expected to execute the project in three phases.
An IBA official informed that after evaluating the feedback from the pilot project, the provisional plan will be drafted to run the project for the banking industry from the next year.
In the first phase of the project database will be formulated according to the format approved by banks and the time period for the data collection can be over six months.